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Annual Review 2019 For the Financial Year Ended 31 December 2019 Manulife Investment-Linked Fund Manulife EAP Managed Fund
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Page 1: Manulife Investment-Linked Fund Manulife EAP Managed Fund · Annual Reiew 2019 • Manulife EAP Managed Fund Market Commentary Investment Objective The Manulife EAP Managed Fund (the

Annual Review 2019For the Financial Year Ended 31 December 2019

Manulife Investment-Linked Fund Manulife EAP Managed Fund

Page 2: Manulife Investment-Linked Fund Manulife EAP Managed Fund · Annual Reiew 2019 • Manulife EAP Managed Fund Market Commentary Investment Objective The Manulife EAP Managed Fund (the

AboutMANULIFE MALAYSIA

Manulife Holdings Berhad is part of a leading Canadian-based financial services group, Manulife Financial Corporation. Subsidiary companies under Manulife Holdings Berhad are Manulife Insurance Berhad, Manulife Investment Management (M) Berhad and Manulife Insurance Labuan Limited. Through its subsidiary companies, Manulife Malaysia offers an innovative range of financial protection, health and wealth management products and services to meet different customer needs. We currently serve the

needs of over 270,000 policyholders and wealth management customers. We aspire to be the trusted and most preferred financial services provider in Malaysia by making our customers’ decisions easier and their lives better. Manulife Holdings Berhad has been listed on the Main Board of Bursa Malaysia since 1984. As at 31 December 2019, its assets under management were over RM11 billion. Manulife Malaysia can be found on the Internet at www.manulife.com.my.

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Market Commentary

Fund Performance• Comparative Performance Table• Investment Information

Summary Of Financial Statement

Notes To The Financial Information

Statement By Manager

Independent Auditors’ Report

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4Annual Review 2019 • Manulife EAP Managed Fund

M A R K E TC O M M E N T A R Y

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

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5Annual Review 2019 • Manulife EAP Managed Fund

Market Commentary

Investment ObjectiveThe Manulife EAP Managed Fund (the “Fund”) is designed to help build the annuity principal for potentially higher annuity income stream. It seeks to achieve long term total return via income and capital growth over its investment horizon.

Investment Review

It was an eventful year for the financial year under review (1st January 2019 to 31st December 2019). In the initial period of the financial year under review, despite trade tensions, equity markets were positive as they made a recovery from a weak end in 2018 with easing US-China trade tensions and the US Federal Reserve turning dovish on fears of potentially negative impacts brought on by the trade tension.

Meanwhile, the US government also ended their shut down as President Trump signed into law a funding package, allaying fears of potential prolonged shutdown and its negative effect on the US economy. Going into the second and third quarters, developed and emerging market equities fortunes started to differ. While developed markets continued to gain despite a new round of tariffs being implemented by both the US and China as trade tensions between the two countries took a turn for the worse, emerging market equities bore the brunt of the heightened tension. Chinese equities were particularly impacted as Chinese telecoms giant Huawei was blacklisted by the US over national security grounds, leading to a sell-off in the wider Chinese market. Japan and South Korea also started a trade spat of their own.

Meanwhile, the intensifying Hong Kong protests and strengthening US dollar further hampered sentiment on Asian emerging market equities. As the US-China trade tensions started easing again towards the end of the financial period, emerging market equities staged a recovery, while developed market equities continued to chalk new highs. Two key events boosted sentiment: a third rate cut delivered by the US Federal Reserve for the year in October and the US-China Phase One agreement of a trade deal, where China agreed to increase its purchase of US goods in return for US not proceeding with a 15% tariff hike on USD160bn of Chinese imports that was scheduled in mid-December. REITS markets in Asia also did well in 2019. Buying interests in Asia REITs were buoyed by material shift in global interest rate expectations from monetary tightening to loosening, as global economic growth momentum stalled on rising US-China trade tensions. The biggest underperformer was Hong Kong REITs as the market was weighed down by country specific issues. Healthy gains in the HK REITs in the 1st half of 2019 were pared after the violent protests broke out on the streets from July 19.

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6Annual Review 2019 • Manulife EAP Managed Fund

Market Commentary (continued)

Investment Review (continued)

Locally, Malaysia’s FBM KLCI ended the period in the red, weighed down by domestic factors. The index started out at the 1,800 level as it continued its recovery from 2018 and had a brief rally for the first two months of 2019, in-line with the recovery in global equities on the back of trade talk hopes and a more dovish Fed. The momentum however, did not sustain as weaker domestic corporate earnings came into focus, primarily in the financial sector which was impacted by an OPR cut in May; while policy uncertainties kept investors on the sidelines. Outflows due to reduced weighting of Malaysia as a result of China’s A-share inclusion across the MSCI’s Asia-related indices also added to the downward pressure. The bright spot was in the plantation sector as CPO price saw a sharp rally towards the end of the financial period. For the financial year under review, CPO price gained 55.0% to RM3,025/MT, its highest in more than three years.

The FBM KLCI registered a decline of 6.0% y-o-y for the financial year under review. The broader market performance however was more positive with the FBM Small Cap adding a hefty 25.4% while the FBM Mid 70 gained 8.7%. Against the regional markets, the FBM KLCI underperformed the MSCI Asia ex-Japan Index which registered a gain of 15.4%. Among Asian equity markets, China and Taiwan equities were among the best performing market in the region. Major indexes in Shanghai and Shenzhen gained 22.3% and 35.9% respectively while Taiwan equities rose 23.3%, led by technology.

On the fixed income front, the US Treasury (UST) curve shifted down during the period. 2-year, 5-year and 10-year UST came down 91, 90 and 76 bps to end of the period at 1.56%, 1.69% and 1.92% respectively. Global economy has turned dovish with sluggish economy growth. During end of the period, the treasury yields saw a broad rally after the Feds turned rather dovish during its FOMC escalation of US-China trade war.

Malaysia Government Securities (MGS) yield curve followed UST and shifted down as with the 3-year, 5-year and 10-year yields coming down 62 bps, 61 bps and 77 bps and closed at 3.00%, 3.15% and 3.30%. During the beginning of year 2019, a dovish US Fed reinforced the markets’ view for an OPR cut by Bank Negara Malaysia (BNM) later. BNM cut the Overnight Policy Rate (OPR) by 25bps to 3.00% at the Monetary Policy Committee (MPC) meeting on 6-7 May 2019, the first change since the 25bps hike in Jan 2018. During end of the period, regional central banks have followed the rate cutting trends which boosted the local bond market with higher probability of further local rate cut.

Since beginning of the period, MYR corporate bond primary market issuances have lessened amid uncertainties in government policies and cancellation of mega infrastructure projects. Due to the limited supply, market investors continued chasing for yields in the secondary market, causing corporate bond yields to slide further and credit spreads to compress significantly. However, during end of the period, there were more primary issuances as the cost of funding were lower after the yields has shifted down a lot.

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7Annual Review 2019 • Manulife EAP Managed Fund

Market Commentary (continued)

Investment Review (continued)

Malaysia’s GDP for the third quarter of 2019 (3Q19) grew 4.4%, primarily attributed to lower growth in key sectors and a decline in mining and construction activities, according to BNM. On the demand side, most domestic demand components and net exports registered slower growth momentum. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.9%. Overall growth going into 4Q19 and year 2020 will be mainly supported by private sector activity, particularly household spending, driven by continued expansion in employment and income.

Bank Negara Malaysia (BNM) held OPR steady and remained cautious on the growth outlook. FTSE Russell will continue to maintain Malaysia’s rating albeit still keeping us on its watch list for potential downgrade at its next review in March 2020. This news is a temporary relieve to the local bond market as FTSE Russell said it will continue to monitor the efficacy of the local authority’s initiatives to further improve liquidity and accessibility for market participants.

Outlook and Strategy

The Asia Pacific markets started the year with a favourable macro backdrop. Central banks are expected to maintain accommodative monetary policies and the positive real rates in most countries provide more room for easing in the near to medium-term. The fiscal impulse of governments around the region remains strong with some countries, e.g. Indonesia, South Korea and India, prepared to raise their fiscal deficits. The completion of phase one of the US-China trade deal and the US Federal Reserve Board’s commitment to hold rates steady in 2020 are expected to at least keep the US dollar relatively steady against Asian currencies. While the outbreak of coronavirus is likely to disrupt China’s economy, we believe the momentum in the underlying economy, such as the resumption of corporate capital expenditure, should provide a buffer. The Chinese government has acted decisively to contain the spread of the virus while the central bank has injected liquidity into the financial system. The authorities might engage in further policy easing to ensure growth stability.

On the local front, Malaysia equity was one the worst-performing market in the region in 2019. Hence, we believe market expectations are low. Investors continued to see uncertainties and concerns (earnings, policy and politics) for Malaysia. However, market could improve once earnings growth bottoms and confidence recovers. The corporate earnings in 2020 could be driven by recovery of external environment, trade diversion and manufacturing diversification to Malaysia, the rebound in crude palm oil prices and pick up in oil & gas upstream activities. On top of that, domestic policy clarity and execution of reforms could boost market confidence. We also believe the government has fiscal room and we may see infrastructure and construction projects being brought forward or revived to boost the economy.

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8Annual Review 2019 • Manulife EAP Managed Fund

Market Commentary (continued)

Outlook and Strategy (continued)

For the local bond market, we do not anticipate a repeat of 2019’s bullish market movement given the improved growth outlook following de-escalation of the US-China trade tension, which implies fewer propensities for further monetary and financial easing going forward. On the local front, potential exclusion of Malaysia from the FTSE Russell World Global Bond Index in March 2020, as well as the reduction of Malaysia’s weightage in the GBI-EM Global Diversified Index to make way for China’s inclusion, poses outflow risks. This cast an overhang on the bond market, though we expect impact to be gradual and temporary as the local market has sufficient depth and size to absorb the impact.

Nonetheless, we expect the local bond market to demonstrate resiliency and improve over time. Domestic liquidity is strong, underpinned by demands from pension funds and financial institutions. Central banks are likely to keep their monetary policy stance accommodative and we do not rule out more Overnight Policy Rate cuts by Bank Negara Malaysia should growth disappoint. If Malaysia’s public health stays robust, foreign interest may return to Malaysia given the relatively attractive real interest rates.

From a regional perspective, we expect the fundamentals of Asia to remain intact, and grow relatively faster compared to rest of the world in the medium to longer-term. Furthermore, Asia is one of the few regions that still boast the capacity for both monetary and fiscal stimulus. Interest rates in Asian markets are generally higher than in developed markets, which provide room for further and effective monetary policy easing before a handoff to fiscal policy. We believe Asian fixed income may continue to be a beneficiary of a favourable macro backdrop in 2020.

Overall, although there will be market volatility in the near term, we do not expect the coronavirus outbreak to materially alter the narrative of a global economic recovery. Nevertheless, we tactically trim the risk of our portfolio due to vulnerability in equity markets to negative news and risk of an unexpected re-acceleration of new coronavirus cases as a result of Chinese factories re-openings. We believe that staying flexible and nimble to exploit asset allocation opportunities as and when they arise will be important in 2020 and beyond.

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9Annual Review 2019 • Manulife EAP Managed Fund

Market Commentary (continued)

Top 5 Holdings

As at 31st December 2019

Top 5 Equity Holding Weight %Manulife Investment Al-Ma'mun 18.1Manulife Investment Money Market Fund 17.0Manulife Investment Asia Pacific Ex Japan Fund 9.9Manulife Global Fund - Asia Total Return Fund 8.0Manulife Investment Dividend Fund 7.0

Asset Allocation

As at 31st December 2019

Equities CIS : 38.9%Bonds and Money Market CIS : 60.1%Cash and Others : 1.0%Total : 100.0%

Bonds and Money Market CIS 60.1%

Cash 1.0%

Equities CIS 38.9%

Management FeeFund management fee of 1.25% is charged to the Fund during the year. It is calculated on a daily basis based on the net asset value of the Fund.

Manulife EAP Managed Fund is managed by Manulife Investment Management (M) Berhad (formerly known as Manulife Asset Management Services Berhad). This report is prepared for information purposes only.

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10Annual Review 2019 • Manulife EAP Managed Fund

F U N DP E R F O R M A N C E

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

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11Annual Review 2019 • Manulife EAP Managed Fund

Fund Performance

For the period under review, Manulife EAP Managed Fund was up by 6.45% in 2019, outperforming its absolute benchmark’s return of 6.00%

Against an absolute benchmark return, the Fund’s outperformance was mainly attributable to positive returns generated by all asset classes. Asset allocation in equities which averaged about 36.1% (vs. a maximum of 70%) during the year was the main contributor, driven by fund selections in the Asia Ex Japan equities and the domestic mid & small cap fund. Asset allocation in the fixed income and money market funds also added value to the fund, providing stability and income.

Fund Performance calculated as at 31st December 2019

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 1 1.17 1.80 1.06 6.45 0.19Benchmark** 0.50 1.48 2.98 6.00 12.97Relative +/(-) 0.67 0.32 (1.92) 0.45 (12.78)

* Inception Date: 28th November 2017

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 2 1.18 1.82 1.07 6.47 (0.43)Benchmark** 0.50 1.48 2.98 6.00 12.45Relative +/(-) 0.68 0.34 (1.91) 0.47 (12.88)

* Inception Date: 27th December 2017

** Benchmark of total 6% return p.a.

The Fund’s performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of future results. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the insurance product.

Note: The fund performance is based on the last trading day of the month/year and returns are adjusted for quarterly payouts.

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12Annual Review 2019 • Manulife EAP Managed Fund

Fund Performance (continued)

Fund Performance calculated as at 31st December 2019 (continued)

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 3 1.17 1.82 1.07 6.46 (1.29)Benchmark** 0.50 1.48 2.98 6.00 11.91Relative +/(-) 0.67 0.34 (1.91) 0.46 (13.20)

* Inception Date: 26th January 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 4 1.17 1.81 1.06 6.45 0.51Benchmark** 0.50 1.48 2.98 6.00 11.36Relative +/(-) 0.67 0.33 (1.92) 0.45 (10.85)

* Inception Date: 26th February 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 5 1.18 1.82 1.07 6.46 2.54Benchmark** 0.50 1.48 2.98 6.00 10.85Relative +/(-) 0.68 0.34 (1.91) 0.46 (8.31)

* Inception Date: 27th March 2018

** Benchmark of total 6% return p.a.

The Fund’s performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of future results. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the insurance product.

Note: The fund performance is based on the last trading day of the month/year and returns are adjusted for quarterly payouts.

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13Annual Review 2019 • Manulife EAP Managed Fund

Fund Performance (continued)

Fund Performance calculated as at 31st December 2019 (continued)

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 6 1.17 1.82 1.07 6.46 3.41Benchmark** 0.50 1.48 2.98 6.00 10.32Relative +/(-) 0.67 0.34 (1.91) 0.46 (6.91)

* Inception Date: 26th April 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 7 1.17 1.81 1.06 6.45 2.94 Benchmark** 0.50 1.48 2.98 6.00 9.75 Relative +/(-) 0.67 0.33 (1.92) 0.45 (6.81)

* Inception Date: 28th May 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 8 1.18 1.82 1.07 6.45 4.47 Benchmark** 0.50 1.48 2.98 6.00 9.23 Relative +/(-) 0.68 0.34 (1.91) 0.45 (4.76)

* Inception Date: 27th June 2018

** Benchmark of total 6% return p.a.

The Fund’s performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of future results. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the insurance product.

Note: The fund performance is based on the last trading day of the month/year and returns are adjusted for quarterly payouts.

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14Annual Review 2019 • Manulife EAP Managed Fund

Fund Performance calculated as at 31st December 2019 (continued)

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 9 1.17 1.81 1.06 6.45 2.95 Benchmark** 0.50 1.48 2.98 6.00 8.71 Relative +/(-) 0.67 0.33 (1.92) 0.45 (5.76)

* Inception Date: 27th July 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 10 1.17 1.81 1.07 6.45 2.91 Benchmark** 0.50 1.48 2.98 6.00 8.15 Relative +/(-) 0.67 0.33 (1.91) 0.45 (5.24)

* Inception Date: 28th August 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 11 1.18 1.81 1.06 6.45 3.32 Benchmark** 0.50 1.48 2.98 6.00 7.65 Relative +/(-) 0.68 0.33 (1.92) 0.45 (4.33)

* Inception Date: 26th September 2018

** Benchmark of total 6% return p.a.

The Fund’s performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of future results. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the insurance product.

Note: The fund performance is based on the last trading day of the month/year and returns are adjusted for quarterly payouts.

Fund Performance (continued)

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15Annual Review 2019 • Manulife EAP Managed Fund

Fund Performance (continued)

Fund Performance calculated as at 31st December 2019 (continued)

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 12 1.17 1.81 1.07 6.46 6.31 Benchmark** 0.50 1.48 2.98 6.00 7.09 Relative +/(-) 0.67 0.33 (1.91) 0.46 (0.78)

* Inception Date: 29th October 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 13 1.17 1.81 1.06 6.45 5.03 Benchmark** 0.50 1.48 2.98 6.00 6.58 Relative +/(-) 0.67 0.33 (1.92) 0.45 (1.55)

* Inception Date: 28th November 2018

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 14 1.18 1.82 1.07 6.46 6.67 Benchmark** 0.50 1.48 2.98 6.00 6.08 Relative +/(-) 0.68 0.34 (1.91) 0.46 0.59

* Inception Date: 27th December 2018

** Benchmark of total 6% return p.a.

The Fund’s performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of future results. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the insurance product.

Note: The fund performance is based on the last trading day of the month/year and returns are adjusted for quarterly payouts.

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16Annual Review 2019 • Manulife EAP Managed Fund

Fund Performance calculated as at 31st December 2019 (continued)

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 15 1.17 1.81 1.07 - 4.75Benchmark** 0.50 1.48 2.98 - 5.53Relative +/(-) 0.67 0.33 (1.91) - (0.78)

* Inception Date: 29th January 2019

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

Since Inception*

%Tranche 16 1.18 1.82 1.07 - 3.09Benchmark** 0.50 1.48 2.98 - 4.77Relative +/(-) 0.68 0.34 (1.91) - (1.68)

* Inception Date: 15th March 2019

** Benchmark of total 6% return p.a.

The Fund’s performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of future results. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the insurance product.

Note: The fund performance is based on the last trading day of the month/year and returns are adjusted for quarterly payouts.

Fund Performance (continued)

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17Annual Review 2019 • Manulife EAP Managed Fund

Fund Performance (continued)

Average Annual Returns1 and Benchmark

Performance 1 Year%

Tranche 1 6.45Benchmark** 6.00Relative +/(-) 0.45Tranche 2 6.47Benchmark** 6.00Relative +/(-) 0.47*Tranche 3 6.46Benchmark** 6.00Relative +/(-) 0.46*Tranche 4 6.45Benchmark** 6.00Relative +/(-) 0.45*Tranche 5 6.46Benchmark** 6.00Relative +/(-) 0.46*Tranche 6 6.46Benchmark** 6.00Relative +/(-) 0.46*Tranche 7 6.45Benchmark** 6.00Relative +/(-) 0.45*Tranche 8 6.45Benchmark** 6.00Relative +/(-) 0.45

** Benchmark of total 6% return p.a.

* Tranche launched during the year

1 Returns are adjusted for quarterly payouts.

Note: The fund performance is based on the last trading day of the year

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18Annual Review 2019 • Manulife EAP Managed Fund

Average Annual Returns1 and Benchmark (continued)

Performance 1 Year%

*Tranche 9 6.45Benchmark** 6.00Relative +/(-) 0.45*Tranche 10 6.45Benchmark** 6.00Relative +/(-) 0.45*Tranche 11 6.45Benchmark** 6.00Relative +/(-) 0.45*Tranche 12 6.46Benchmark** 6.00Relative +/(-) 0.46*Tranche 13 6.45Benchmark** 6.00Relative +/(-) 0.45*Tranche 14 6.46Benchmark** 6.00Relative +/(-) 0.46*Tranche 15 - Benchmark** - Relative +/(-) - *Tranche 16 - Benchmark** - Relative +/(-) -

** Benchmark of total 6% return p.a.

* Tranche launched during the year

1 Returns are adjusted for quarterly payouts.

Note: The fund performance is based on the last trading day of the year

Fund Performance (continued)

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19Annual Review 2019 • Manulife EAP Managed Fund

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

C O M P A R A T I V EP E R F O R M A N C E

T A B L E S

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20Annual Review 2019 • Manulife EAP Managed Fund

The table below shows the performance table of the Fund by the individual tranches:

Tranche 1Launched on 28 November 2017

2019RM

2018RM

2017RM

Net asset value (NAV) 19,591,603 20,437,124 23,160,069Number of units in circulation 23,601,165 24,443,476 24,178,165NAV per unit 0.8301 0.8361 0.9579Highest NAV per unit during the financial year 0.8648 0.9676 0.9580Lowest NAV per unit during the financial year 0.8183 0.8330 0.9425

Capital growth (%) (0.72) (12.72) 0.83Policy benefits (%) 6.00 6.00 -Income distribution (%) - - -

Tranche 2Launched on 27 December 2017

2019RM

2018RM

2017RM

Net asset value (NAV) 12,311,786 13,476,134 15,580,491Number of units in circulation 14,969,501 16,241,209 16,368,700NAV per unit 0.8225 0.8297 0.9518Highest NAV per unit during the financial year 0.8597 0.9615 0.9519Lowest NAV per unit during the financial year 0.8218 0.8281 0.9500

Capital growth (%) (0.87) (12.83) 0.19Policy benefits (%) 6.00 6.00 -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

Comparative Performance Tables

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21Annual Review 2019 • Manulife EAP Managed Fund

The table below shows the performance table of the Fund by the individual tranches: (continued)

Tranche 3Launched on 26 January 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 17,496,694 17,457,785 -Number of units in circulation 21,093,840 20,864,081 -NAV per unit 0.8295 0.8367 -Highest NAV per unit during the financial year 0.8623 0.9500 -Lowest NAV per unit during the financial year 0.8191 0.8336 -

Capital growth (%) (0.86) (11.93) -Policy benefits (%) 4.50 4.50 -Income distribution (%) - - -

Tranche 4Launched on 26 February 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 4,164,450 4,356,582 -Number of units in circulation 4,917,111 5,106,270 -NAV per unit 0.8469 0.8532 -Highest NAV per unit during the financial year 0.8824 0.9500 -Lowest NAV per unit during the financial year 0.8364 0.8500 -

Capital growth (%) (0.74) (10.19) -Policy benefits (%) 4.50 4.50 -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

Comparative Performance Tables (continued)

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22Annual Review 2019 • Manulife EAP Managed Fund

Comparative Performance Tables (continued)

The table below shows the performance table of the Fund by the individual tranches: (continued)

Tranche 5Launched on 27 March 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 4,275,694 4,382,770 -Number of units in circulation 4,936,937 5,033,559 -NAV per unit 0.8661 0.8707 -Highest NAV per unit during the financial year 0.9022 0.9552 -Lowest NAV per unit during the financial year 0.8646 0.8690 -

Capital growth (%) (0.53) (8.35) -Policy benefits (%) 4.50 4.50 -Income distribution (%) - - -

Tranche 6Launched on 26 April 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 8,350,262 8,551,023 -Number of units in circulation 9,385,663 9,572,386 -NAV per unit 0.8897 0.8933 -Highest NAV per unit during the financial year 0.9216 0.9607 -Lowest NAV per unit during the financial year 0.8786 0.8900 -

Capital growth (%) (0.40) (5.97) -Policy benefits (%) 3.00 3.00 -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

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23Annual Review 2019 • Manulife EAP Managed Fund

Comparative Performance Tables (continued)

The table below shows the performance table of the Fund by the individual tranches: (continued)

Tranche 7Launched on 28 May 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 6,719,704 6,677,315 -Number of units in circulation 7,590,009 7,508,362 -NAV per unit 0.8853 0.8893 -Highest NAV per unit during the financial year 0.9198 0.9564 -Lowest NAV per unit during the financial year 0.8743 0.8860 -

Capital growth (%) (0.45) (6.39) -Policy benefits (%) 3.00 3.00 -Income distribution (%) - - -

Tranche 8Launched on 27 June 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 5,743,305 5,978,766 -Number of units in circulation 6,380,991 6,623,565 -NAV per unit 0.9001 0.9027 -Highest NAV per unit during the financial year 0.9355 0.9646 -Lowest NAV per unit during the financial year 0.8976 0.9009 -

Capital growth (%) (0.29) (4.98) -Policy benefits (%) 3.00 3.00 -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

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24Annual Review 2019 • Manulife EAP Managed Fund

Comparative Performance Tables (continued)

The table below shows the performance table of the Fund by the individual tranches: (continued)

Tranche 9Launched on 27 July 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 6,479,895 6,658,880 -Number of units in circulation 7,193,518 7,367,912 -NAV per unit 0.9008 0.9038 -Highest NAV per unit during the financial year 0.9326 0.9507 -Lowest NAV per unit during the financial year 0.8895 0.9004 -

Capital growth (%) (0.33) (4.86) -Policy benefits (%) 1.50 1.50 -Income distribution (%) - - -

Tranche 10Launched on 28 August 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 6,000,062 5,937,379 -Number of units in circulation 6,662,970 6,571,024 -NAV per unit 0.9005 0.9036 -Highest NAV per unit during the financial year 0.9345 0.9503 -Lowest NAV per unit during the financial year 0.8893 0.9002 -

Capital growth (%) (0.34) (4.88) -Policy benefits (%) 1.50 1.50 -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

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25Annual Review 2019 • Manulife EAP Managed Fund

Comparative Performance Tables (continued)

The table below shows the performance table of the Fund by the individual tranches: (continued)

Tranche 11Launched on 26 September 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 3,269,927 3,398,146 -Number of units in circulation 3,614,759 3,746,735 -NAV per unit 0.9046 0.9070 -Highest NAV per unit during the financial year 0.9400 0.9510 -Lowest NAV per unit during the financial year 0.9019 0.9036 -

Capital growth (%) (0.26) (4.53) -Policy benefits (%) 1.50 1.50 -Income distribution (%) - - -

Tranche 12Launched on 29 October 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 5,357,709 5,391,861 -Number of units in circulation 5,648,161 5,683,595 -NAV per unit 0.9486 0.9487 -Highest NAV per unit during the financial year 0.9796 0.9636 -Lowest NAV per unit during the financial year 0.9367 0.9451 -

Capital growth (%) (0.01) (0.14) -Policy benefits (%) - - -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

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26Annual Review 2019 • Manulife EAP Managed Fund

Comparative Performance Tables (continued)

The table below shows the performance table of the Fund by the individual tranches: (continued)

Tranche 13Launched on 28 November 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 6,046,237 6,389,089 -Number of units in circulation 6,456,605 6,816,314 -NAV per unit 0.9364 0.9373 -Highest NAV per unit during the financial year 0.9695 0.9520 -Lowest NAV per unit during the financial year 0.9247 0.9338 -

Capital growth (%) (0.10) (1.34) -Policy benefits (%) - - -Income distribution (%) - - -

Tranche 14Launched on 27 December 2018

2019RM

2018RM

2017RM

Net asset value (NAV) 5,687,049 6,014,078 -Number of units in circulation 5,970,968 6,318,245 -NAV per unit 0.9525 0.9519 -Highest NAV per unit during the financial year 0.9873 0.9519 -Lowest NAV per unit during the financial year 0.9465 0.9500 -

Capital growth (%) 0.06 0.20 -Policy benefits (%) - - -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

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27Annual Review 2019 • Manulife EAP Managed Fund

Comparative Performance Tables (continued)

The table below shows the performance table of the Fund by the individual tranches: (continued)

Tranche 15Launched on 29 January 2019

2019RM

2018RM

2017RM

Net asset value (NAV) 2,797,556 - -Number of units in circulation 2,946,326 - -NAV per unit 0.9495 - -Highest NAV per unit during the financial year 0.9806 - -Lowest NAV per unit during the financial year 0.9376 - -

Capital growth (%) - - -Policy benefits (%) - - -Income distribution (%) - - -

Tranche 16Launched on 15 March 2019

2019RM

2018RM

2017RM

Net asset value (NAV) 12,854,194 - -Number of units in circulation 13,767,178 - -NAV per unit 0.9337 - -Highest NAV per unit during the financial year 0.9663 - -Lowest NAV per unit during the financial year 0.9311 - -

Capital growth (%) - - -Policy benefits (%) - - -Income distribution (%) - - -

Note: The fund performance is based on the last calendar day of the year.

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28Annual Review 2019 • Manulife EAP Managed Fund

The table below shows the performance table of the Fund by the individual tranches: (continued)

Total 2019RM

2018RM

2017RM

Net asset value (NAV) 127,146,130 115,106,932 38,740,560Number of units in circulation 145,135,702 131,896,733 40,546,865NAV per unit 0.8760 0.8727 0.9555

Note: The fund performance is based on the last calendar day of the year.

The table below shows the percentage of investment holding to the Fund’s net asset value:

Categories of investments

2019Percentage

of NAV%

2018Percentage

of NAV%

2017Percentage

of NAV%

Quoted securities within Malaysia 81.00 73.01 53.97Foreign investments 17.93 18.77 5.97Fixed deposits with licensed banks in Malaysia 0.93 7.83 40.71

Note: The fund performance is based on the last calendar day of the year.

Comparative Performance Tables (continued)

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29Annual Review 2019 • Manulife EAP Managed Fund

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

I N V E S T M E N TI N F O R M A T I O N

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30Annual Review 2019 • Manulife EAP Managed Fund

Investment Information

The details of investments of the Fund as at 31 December 2019 are set out as follows:

Quantity Cost RM

Market Value

RM

Percentage of Net Asset

Value%

Quoted securities (Within Malaysia)

Manulife Investment Money Market Fund 21,431,433 22,007,544 21,675,751 17.05

Manulife Investment Al-Mamun 23,036,131 23,396,494 22,950,898 18.05Manulife Investment Progress

Fund 19,337,101 6,388,817 6,367,707 5.01Manulife Investment Al-Fauzan 23,311,341 6,951,875 6,333,691 4.98Manulife Investment Dividend

Fund 32,375,388 9,416,970 8,861,144 6.97Manulife Investment Asia-Pacific

REIT Fund 5,155,374 2,603,020 2,541,599 2.00Manulife Investment Bond Fund 8,721,631 7,592,034 7,651,487 6.02Manulife Investment Growth Fund 20,499,597 6,502,599 6,332,325 4.98Manulife Investment Asia-Pacific

Ex Japan Fund 41,104,945 12,041,251 12,615,108 9.92Manulife Investment As-Saad 6,676,563 7,592,287 7,651,343 6.02Total 201,649,504 104,492,891 102,981,053 81.00

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31Annual Review 2019 • Manulife EAP Managed Fund

The details of investments of the Fund as at 31 December 2019 are set out as follows: (continued)

Quantity Cost RM

Market Value

RM

Percentage of Net Asset

Value%

Foreign InvestmentManulife Global Fund Asia Total

Return Fund 2,261,528 10,350,977 10,150,039 7.98Manulife Global Fund Dragon

Growth Fund 318,202 1,186,797 1,263,900 0.99Manulife Global Fund Greater

China Opportunities Fund 818,465 2,374,342 2,524,860 1.99Manulife Global Fund Asean

Equity Fund 336,613 1,281,081 1,269,824 1.00Manulife Global Fund Taiwan

Equity Fund 348,524 1,254,262 1,267,038 1.00Manulife Global Fund Strategic

Income Fund 1,483,286 6,403,077 6,323,960 4.97Total 5,566,618 22,850,536 22,799,621 17.93

207,216,123 127,343,428 125,780,674 98.93

Investment Information (continued)

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32Annual Review 2019 • Manulife EAP Managed Fund

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

S U M M A R Y O FF I N A N C I A L

I N F O R M A T I O N

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33Annual Review 2019 • Manulife EAP Managed Fund

Summary of Financial Information

Statement of Income and ExpenditureFor the Financial Year Ended 31 December 2019

2019 RM

2018RM

INCOME

Net investment income Interest income 85,695 191,394 Dividend income 5,375,594 3,059,115Rebate income 965,556 605,415Realised exchange gains 565,814 30,285Unrealised exchange gains - 384,762Unrealised capital gains 4,576,726 -Current tax - 118,795Deferred tax - 462,867Total income 11,569,385 4,852,633

OUTGO

Management expenses 1,638,174 1,045,669Loss on disposal of investments 1,007,983 3,270,567Unrealised capital losses - 6,141,949Unrealised exchange losses 615,725 -Policy benefits 8,582,187 4,796,663Current tax 196,258 -Deferred tax 317,898 -Total outgo 12,358,225 15,254,848

Excess of outgo over income (788,840) (10,402,215)Undistributed (losses)/income brought forward (10,179,604) 222,611Undistributed losses carried forward (10,968,444) (10,179,604)

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34Annual Review 2019 • Manulife EAP Managed Fund

Summary of Financial Information (continued)

Statement of Assets and Liabilities As At 31 December 2019

2019 RM

2018RM

ASSETS

Investments Quoted securities 102,981,053 84,041,804 Foreign investment 22,799,621 21,603,165 Fixed deposits with licensed banks in Malaysia 1,180,499 9,015,991Current tax asset - 119,318Deferred tax asset 125,020 442,918Other receivables 853,364 69,173Cash and cash equivalents 166,570 21,610Total assets 128,106,127 115,313,979

LIABILITIES

Payables 769,980 207,047Current tax liabilities 190,017 -Total liabilities 959,997 207,047

NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS 127,146,130 115,106,932

REPRESENTED BY:Policyholders' capital 138,114,574 125,286,536Undistributed losses carried forward (10,968,444) (10,179,604)

NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS1 127,146,130 115,106,932

NUMBER OF UNITS IN CIRCULATION1 145,135,702 131,896,733

NET ASSET VALUE ATTRIBUTABLE TO POLICYHOLDERS PER UNIT1 0.8760 0.8727

1 Refer to the Comparative Performance table for the Net Asset Value of respective tranches

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35Annual Review 2019 • Manulife EAP Managed Fund

Summary of Financial Information (continued)

Statement of Changes in Net Asset ValueFor the Financial Year Ended 31 December 2019

2019 RM

Net asset value at the beginning of the financial year 115,106,932Net realised losses after taxation (4,749,841)Net unrealised gains on investments 3,961,001Amounts received from net creation of units 18,274,832Amounts paid for net cancellation of units (5,446,794)Net asset value at the end of the financial year 127,146,130

2018 RM

Net asset value at the beginning of the financial year 38,740,560 Net realised losses after taxation (4,645,028)Net unrealised losses on investments (5,757,187)Amounts received from net creation of units 87,949,178Amounts paid for net cancellation of units (1,180,591)Net asset value at the end of the financial year 115,106,932

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36Annual Review 2019 • Manulife EAP Managed Fund

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

N O T E S T O T H EF I N A N C I A L

I N F O R M A T I O N

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37Annual Review 2019 • Manulife EAP Managed Fund

Notes to the Financial Information

Notes to the Financial Information- 31 December 2019

1. PRINCIPAL ACTIVITIES

The principal activity of the Investment-Linked Fund of Manulife Insurance Berhad, Manulife EAP Managed Fund (“the Fund”) is to invest in authorised investments.

The Fund invests in collective investment schemes (“CIS”) across major asset classes, such as equities, real estate investment trusts (“REITS”) and fixed income securities with investment focus in domestic and Asia Pacific markets. The investment allocations are made based on the fund manager’s assessment of the fundamentals of asset classes, macroeconomic conditions and market sentiments. The Fund is designed to help build the annuity principal for potentially higher annuity income streams. It seeks to achieve long term total return via income and capital growth over its investment horizon.

The Manager of the Fund is Manulife Insurance Berhad, a company incorporated in Malaysia, engaged principally in the underwriting of life insurance business including investment-linked business.

2. BASIS OF PREPARATION

The financial information of the Fund has been prepared in accordance with the accounting policies as described in Note 3 to the financial information and the policy document on Investment-linked Business issued by Bank Negara Malaysia (“BNM”).

The financial information of the Fund has been prepared under the historical cost convention except as disclosed in the significant accounting policies in Note 3 to the financial information.

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38Annual Review 2019 • Manulife EAP Managed Fund

Notes to the Financial Information- 31 December 2019 (continued)

3. SIGNIFICANT ACCOUNTING POLICIES

(a) Financial assets and liabilities

(i) Classification

A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise.

A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favourable, or an equity instrument of another enterprise.

A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially unfavourable.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Fund’s loans and receivables comprise deposits with licensed financial institutions and other receivables. The Fund classifies payables as other financial liabilities.

(ii) Recognition and measurement

All purchases of investments are recognised on their trade dates, i.e. the date the commitment exists to purchase the investments. The investments are initially recorded at cost, being fair value of the consideration given. The attributable transaction costs are recognised in the profit or loss when incurred.

Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.

Financial liabilities are derecognised when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expired.

Notes to the Financial Information (continued)

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39Annual Review 2019 • Manulife EAP Managed Fund

Notes to the Financial Information (continued)

Notes to the Financial Information- 31 December 2019 (continued)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

(a) Financial assets and liabilities (continued)

(ii) Recognition and measurement (continued)

Financial assets at fair value through profit or loss

Investments of the Fund are designated at initial recognition at fair value through profit or loss.

After initial recognition, the investments are recorded at fair value and the unrealised gains or losses on re-measurement to fair value are taken to the statement of income and expenditure.

Investment in foreign assets comprises investments under the Underlying Fund which is valued at the net asset values of the underlying funds as at the date of the statement of assets and liabilities.

Other receivables

Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less any impairment losses.

Collectability of other receivables is reviewed on an on–going basis. An allowance account is used when there is objective evidence that the Fund will not be able to collect all amounts due according to the original terms of the receivables.

A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’).

The amount of the impairment allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short term receivables are not discounted if the effect of discounting is immaterial.

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40Annual Review 2019 • Manulife EAP Managed Fund

Notes to the Financial Information (continued)

Notes to the Financial Information- 31 December 2019 (continued)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

(a) Financial assets and liabilities (continued)

(ii) Recognition and measurement (continued)

Other receivables (continued)

The amount of the impairment loss is recognised in the statement of income and expenditure. When loans and receivables for which an impairment allowance had been recognised become uncollectible in a subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited to the statement of income and expenditure.

(b) 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. Net creation of units is recognised on a receipt basis.

(c) Net cancellation of units

Net cancellation of units represents cancellation of units arising from surrenders and withdrawals by policyholders. Net cancellation of units is recognised upon surrendering of the related insurance contracts.

(d) Income recognition

Dividend income is recognised when the right to receive payment is established.

Interest income earned is recognised on a time proportion basis, calculated as a percentage of the investment values of the underlying funds.

Gain or loss on disposal of financial assets is calculated by comparing the net proceeds with the original cost of the financial assets and is credited or charged to the statement of income and expenditure.

Rebate income is received from Manulife Investment Management (M) Berhad (formerly known as Manulife Asset Management Services Berhad), a fellow subsidiary of the Manager and is accrued on a daily basis.

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41Annual Review 2019 • Manulife EAP Managed Fund

Notes to the Financial Information (continued)

Notes to the Financial Information- 31 December 2019 (continued)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

(e) Management expenses

Management expenses charged to the Fund which include management fee, audit fee and tax fee and are recognised on an accrual basis.

(f) Policy Benefits

Policy benefits represent the quarterly payout to the policyholders in accordance with the terms under the insurance contracts.

(g) Foreign currencies

(i) Functional and presentation currency

Foreign currency items included in the financial information of the Fund are measured using the currency of the primary economic environment in which the Fund operates (“the functional currency”). The functional currency and presentation currency of the Fund are Ringgit Malaysia.

(ii) Transactions and balances

Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and expenditure.

(h) Taxation

The income tax charge is calculated at current tax rate based on the method prescribed under the Income Tax Act, 1967 for life insurance business.

Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial information.

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42Annual Review 2019 • Manulife EAP Managed Fund

Notes to the Financial Information (continued)

Notes to the Financial Information- 31 December 2019 (continued)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

(h) Taxation (continued)

Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences or unutilised tax losses can be utilised.

The tax rate enacted or substantively enacted by the date of the statement of assets and liabilities is used to determine deferred tax.

(i) Cash and cash equivalents

Cash and cash equivalents consist of cash and bank balances which have an insignificant risk of changes in value. Deposits with financial institutions are not part of cash and cash equivalents as these are held for investment purposes.

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates and judgements are continuously evaluated by the Manager and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Manager makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. To enhance the information content of the estimates, certain key variables that are anticipated to have material impact to the Fund’s results and financial position are tested for sensitivity to changes in the underlying parameters.

5. FUND PERFORMANCE AND AVERAGE ANNUAL RETURNS

The fund performance and average annual returns measurement against relevant benchmark indices of the Fund are set out on page 10 to 18 of the Fund Performance Report.

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43Annual Review 2019 • Manulife EAP Managed Fund

Notes to the Financial Information (continued)

Notes to the Financial Information- 31 December 2019 (continued)

6. INVESTMENT INFORMATION

The details of investments of the Fund and market value of investment holdings as a percentage of net asset value are set out on page 29 to 31 of the Fund Performance Report.

7. COMPARATIVE PERFORMANCE TABLES

The details of the Fund’s net asset value, units in circulation, percentage of investment holding to the Fund’s net asset value and the breakdown of the total annual returns of the Fund into capital growth, policy benefits and income distribution are set out on page 19 to 28 of the Fund Performance Report.

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44Annual Review 2019 • Manulife EAP Managed Fund

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

S T A T E M E N T B YM A N A G E R

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45Annual Review 2019 • Manulife EAP Managed Fund

We, Dato’ Md Agil Bin Mohd Natt and Lee Sang Hui, being two of the Directors of Manulife Insurance Berhad (“the Manager”), do hereby state that, in the opinion of the Manager, the accompanying financial information of Manulife Investment-Linked Fund, Manulife EAP Managed Fund set out on pages 32 to 43 have been prepared in accordance with the accounting policies described in Note 3 to the financial information and the policy document on Investment-linked Business issued by Bank Negara Malaysia.

On behalf of the Manager,

DATO' MD AGIL BIN MOHD NATT LEE SANG HUIDIRECTOR DIRECTOR

Kuala Lumpur23 March 2020

Statement By Manager

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46Annual Review 2019 • Manulife EAP Managed Fund

ANNUAL REVIEW 2019

Manulife EAP Managed Fund

I N D E P E N D E N TA U D I T O R S ’

R E P O R T

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47Annual Review 2019 • Manulife EAP Managed Fund

Independent Auditors’ Report

Independent auditors’ report to the policyholders ofManulife EAP Managed Fundof Manulife Insurance Berhad (Incorporated in Malaysia)

Report on the Audit of the Financial Information

Opinion

We have audited the financial information of Manulife EAP Managed Fund (“the Fund”), which comprise the statement of assets and liabilities as at 31 December 2019, and the statement of income and expenditure, statement of changes in net asset value of the Fund for the financial year ended 31 December 2019 and a summary of significant accounting policies, as set out on pages 32 to 43.

In our opinion, the accompanying financial information of the Fund for the financial year ended 31 December 2019 are prepared, in all material respects in accordance with the accounting policies as described in Note 3 to the financial information and the policy document on Investment-linked Business issued by Bank Negara Malaysia.

Basis for Opinion

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

Emphasis of Matter

We draw attention to Note 2 to the financial information of the Fund, which describes the basis of accounting. The financial information of the Fund is prepared to assist the Fund in complying with the policy document on Investment-linked Business issued by Bank Negara Malaysia. As a result, the financial information of the Fund may not be suitable for another purpose. Our report is intended solely for the policyholders of the Fund, as a body and should not be distributed to or used by parties other than the policyholders of the Fund. Our opinion is not modified in respect of this matter.

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48Annual Review 2019 • Manulife EAP Managed Fund

Independent Auditors’ Report (continued)

Independent auditors’ report to the policyholders ofManulife EAP Managed Fundof Manulife Insurance Berhad (continued)(Incorporated in Malaysia)

Independence and Other Ethical Responsibilities

We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. Information Other than the Financial Information and Auditors’ Report Thereon

The directors of the Manager (“the directors”) are responsible for the other information. The other information comprises the information contained in the Annual Report of the Fund but does not include the financial information of the Fund and our auditors’ report thereon.

Our opinion on the financial information of the Fund does not cover the other information and we do not express any form of assurance conclusion thereon.

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

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

Responsibilities of the Directors of the Manager for the Financial Information

The directors are responsible for the preparation of financial information of the Fund that give a true and fair view in accordance with the accounting policies as described in Note 3 to the financial information and the policy document on Investment-linked 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 of the Fund that are free from material misstatement, whether due to fraud or error.

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Independent Auditors’ Report (continued)

Independent auditors’ report to the policyholders ofManulife EAP Managed Fundof Manulife Insurance Berhad (continued)(Incorporated in Malaysia)

Responsibilities of the Directors of the Manager for the Financial Information (continued)

In preparing the financial information of the Fund, the directors are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so.

Auditors’ Responsibilities for the Audit of the Financial Information

Our objectives are to obtain reasonable assurance about whether the financial information of the Fund as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial information.

As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial information of the Fund, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

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50Annual Review 2019 • Manulife EAP Managed Fund

Independent auditors’ report to the policyholders ofManulife EAP Managed Fundof Manulife Insurance Berhad (continued)(Incorporated in Malaysia)

Auditors’ Responsibilities for the Audit of the Financial Information (continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial information of the Fund or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

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

Ernst & Young PLT Ahmad Hammami Bin Muhyidin202006000003 (LLP002760-LCA) & AF: 0039 No. 03313/07/2021 JChartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia 23 March 2020

Independent Auditors’ Report (continued)

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MengenaiMANULIFE MALAYSIA

Manulife Holdings Berhad adalah sebahagian daripada kumpulan perkhidmatan kewangan terulung yang berpangkalan di Kanada, Manulife Financial Corporation. Anak-anak syarikat di bawah Manulife Holdings Berhad termasuk Manulife Insurance Berhad, Manulife Investment Management (M) Berhad dan Manulife Insurance Labuan Limited. Menerusi anak-anak syarikatnya, Manulife Malaysia menawarkan rangkaian produk dan perkhidmatan kewangan, kesihatan dan pengurusan kekayaan yang inovatif untuk memenuhi keperluan pelanggan yang berbeza.

Buat masa ini, kami berkhidmat untuk memenuhi keperluan 270,000 pemegang polisi dan pelanggan pengurusan kekayaan. Kami bercita-cita untuk menjadi penyedia perkhidmatan kewangan pilihan terutama yang dipercayai di Malaysia dengan memudahkan keputusan pelanggan dan menambah baik kehidupan mereka. Manulife Holdings Berhad disenaraikan di Papan Utama Bursa Malaysia sejak 1984. Pada 31 Disember 2019, aset di bawah pengurusannya berjumlah RM11 billion. Manulife Malaysia boleh dikunjungi menerusi Internet di www.manulife.com.my.

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Ulasan Pasaran

Prestasi Dana• Jadual Perbandingan Prestasi • Maklumat Pelaburan

Ringkasan Penyata Kewangan

Nota Kepada Maklumat Kewangan

Penyata Oleh Pengurus

Laporan Juruaudit Bebas

I S I K A N D U N G A N

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53Kajian Tahunan 2019 • Manulife EAP Managed Fund

U L A S A NP A S A R A N

KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

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54Kajian Tahunan 2019 • Manulife EAP Managed Fund

Ulasan Pasaran

Objektif DanaManulife EAP Managed Fund (“Dana”) dirangka untuk membantu membina nilai pokok anuiti dalam usaha menjana potensi aliran pendapatan anuiti yang lebih tinggi. Matlamat Dana ialah untuk mencapai pulangan keseluruhan jangka panjang menerusi pendapatan dan pertumbuhan modal dalam tempoh pelaburannya.

Penilaian Pelaburan

Tahun kewangan yang dilaporkan (1 Januari 2019 hingga 31 Disember 2019) penuh dengan pelbagai peristiwa menarik. Pada peringkat awal tahun dalam tinjauan, pasaran ekuiti dimulakan dengan positif sambil pulih daripada kelemahan pada penghujung tahun 2018 ekoran ketegangan AS-China yang semakin reda dan pendirian lebih lembut Rizab Persekutuan AS terhadap kebimbangan potensi kesan negatif akibat ketegangan dagangan.

Sementara itu, Kerajaan AS juga mengakhiri sekatannya apabila Presiden Trump menandatangani rang undang-undang pendanaan, yang mengurangkan kebimbangan tentang kemungkinan sekatan yang berlarutan dan kesan negatif terhadap ekonomi AS. Memasuki suku kedua dan ketiga, nasib ekuiti pasaran negara maju dan membangun mula berubah. Sambil pasaran negara maju terus meningkat walaupun dengan pusingan tarif baharu dilaksanakan di AS dan China sambil ketegangan dagangan antara dua negara semakin meruncing, ekuiti pasaran sedang membangun mengalami kesan persengketaan yang semakin memuncak. Ekuiti China dibelenggu kesan paling buruk apabila gergasi telekomunikasi Huawei disenarai hitam oleh AS atas dasar keselamatan negara, menyebabkan jualan di pasaran yang lebih meluas. Jepun dan Korea Selatan juga memulakan pertikaian dagangan mereka sendiri.

Sementara itu, bantahan di Hong Kong yang semakin memuncak terus menjejaskan sentimen dalam ekuiti pasaran sedang membangun Asia. Oleh kerana ketegangan dagangan antara AS-China mula reda menjelang akhir tahun kewangan, ekuiti pasaran sedang membangun kembali pulih manakala ekuiti pasaran negara-negara maju terus mencatatkan paras tertinggi. Dua peristiwa penting mengukuhkan sentimen: potongan kadar ketiga oleh Rizab Persekutuan AS bagi tahun dilaporkan pada bulan Oktober dan perjanjian dagangan Fasa Satu AS-China dengan China bersetuju meningkatkan pembelian barangan AS sebagai balasan bagi AS tidak meneruskan kenaikan tarif 15% ke atas lebih banyak import China yang dijadualkan pada pertengahan Disember. Pasaran REIT di Asia juga mencatatkan prestasi yang menggalakkan pada 2019. Minat pembelian dalam REIT Asia didorong oleh perubahan nyata dalam jangkaan kadar faedah global daripada dasar wang ketat kepada dasar wang longgar, memandangkan momentum pertumbuhan ekonomi global terhenti dengan ketegangan dagangan AS-China. Prestasi paling lemah dicatatkan oleh REIT Hong Kong kerana pasaran dibelenggu oleh isu-isu yang khusus kepada negara. Peningkatan kukuh dalam REIT HK pada separuh pertama 2019 disekat oleh tunjuk perasaan dan rusuhan yang berlaku sejak 19 Julai.

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55Kajian Tahunan 2019 • Manulife EAP Managed Fund

Ulasan Pasaran (sambungan)

Penilaian Pelaburan (sambungan)

Di dalam negara, FBM KLCI Malaysia mengakhiri tempoh pada paras lebih rendah, dibelenggu oleh faktor domestik. Indeks meneruskan pemulihannya dari akhir 2018 dan mencatatkan kenaikan sementara pada dua bulan pertama 2019, sejajar dengan pemulihan ekuiti global berasaskan harapan terhadap perbincangan dagangan dan sikap Fed yang lebih lembut. Bagaimanapun momentum tersebut tidak berterusan kerana pendapatan korporat lebih lemah juga mencuri tumpuan, terutamanya dalam sektor kewangan, yang terjejas akibat kesan pemotongan OPR pada bulan Mei; manakala ketidakpastian tentang dasar menyebabkan pelabur menunggu di tepi gelanggang. Aliran keluar dana ekoran penurunan wajaran Malaysia untuk memberi laluan kepada penyertaan saham A China di seluruh indeks berkaitan MSCI Asia juga menambah tekanan penurunan. Sektor perladangan membawa sinar harapan apabila minyak sawit mentah mencatatkan kenaikan ketara menjelang akhir tempoh kewangan. Bagi tahun kewangan yang dilaporkan, harga CPO meningkat 55.0% kepada RM3,025/MT, tertinggi dalam tempoh lebih tiga tahun.

Indeks FBM KLCI mencatatkan kemerosotan 6.0% secara tahunan. Namun prestasi pasaran secara lebih luas adalah lebih positif, memandangkan Indeks FBM Small Cap meningkat dengan ketara sebanyak 25.4% manakala Indeks FBM Mid 70 naik 8.7%. Berbanding pasaran serantau, Indeks FBM KLCI menunjukkan prestasi lebih rendah daripada Indeks MSCI Asia ex-Japan yang mencatatkan kenaikan 15.4%. Antara pasaran ekuiti Asia, ekuiti China dan Taiwan adalah antara pasaran ekuiti dengan prestasi terbaik di rantau ini. Indeks utama di Shanghai dan Shenzhen masing-masing meningkat 22.3% dan 35.9% manakala ekuiti Taiwan melonjak 23.3%, diterajui oleh teknologi.

Dari sudut pendapatan tetap, keluk Bon Perbendaharaan AS (UST) berganjak ke bawah. Kadar hasil 2-tahun, 5-tahun dan 10-tahun UST menyusut 91, 90 dan 76 mata asas masing-masing untuk mengakhiri tempoh pada 1.56%, 1.69% dan 1.92%. Ekonomi global semakin lemah sambil UST mencatatkan kenaikan menyeluruh selepas Rizab Persekutuan AS (Fed) mengambil pendirian lebih lembut akibat perang dagangan AS-China yang semakin sengit.

Keluk kadar hasil Sekuriti Kerajaan Malaysia (MGS) mengekori UST dan berganjak ke bawah sambil kadar hasil 3-tahun, 5-tahun dan 10-tahun merosot 62 bps, 61 bps dan 77 bps dan masing-masing ditutup pada 3.00%, 3.15% dan 3.30%. Pada awal 2019, Fed yang bersikap lebih lembut menekankan pandangan pasaran bahawa Bank Negara Malaysia (BNM) akan mengurangkan kadar. BNM memotong Kadar Dasar Semalaman (OPR) sebanyak 25 mata asas kepada 3.00% di Mesyuarat Jawatankuasa Dasar Wang (MPC) pada 6 – 7 Mei 2019, perubahan pertama sejak kenaikan 25 mata asas pada Jan 2018. Seterusnya, bank-bank pusat serantau mengikuti trend pemotongan kadar yang mengukuhkan pasaran bon tempatan dengan kemungkinan lebih tinggi potongan kadar tempatan selanjutnya.

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56Kajian Tahunan 2019 • Manulife EAP Managed Fund

Ulasan Pasaran (sambungan)

Penilaian Pelaburan (sambungan)

Sejak awal tempoh, penerbitan dalam pasaran bon korporat utama dalam MYR berkurangan di tengah-tengah ketidakpastian terhadap dasar kerajaan dan pembatalan projek infrastruktur mega. Disebabkan bekalan yang terhad, pelabur terus berusaha mengejar hasil pulangan dalam pasaran sekunder, menyebabkan pulangan bon korporat menyusut selanjutnya dan sebaran kredit menjadi semakin terhimpit. Namun begitu, menjelang akhir tempoh, terdapat lebih banyak penerbitan utama akibat kos pendanaan lebih rendah selepas kadar hasil berganjak ke bawah dengan ketara.

KDNK Malaysia pada suku ketiga 2019 (3S19) meningkat 4.4% secara tahunan, disebabkan oleh pertumbuhan lebih rendah dalam sektor penting dan kemerosotan dalam aktiviti perlombongan dan pembinaan. Dari sudut permintaan, sebahagian besar daripada komponen permintaan domestik dan eksport bersih mencatatkan momentum pertumbuhan lebih perlahan. Secara suku tahunan dan selepas dilaraskan mengikut musim, ekonomi berkembang sebanyak 0.9%. Pertumbuhan keseluruhan bagi tahun 2020 akan terutamanya disokong oleh aktiviti sektor swasta, khususnya perbelanjaan isi rumah, dipacu oleh pertumbuhan pekerjaan dan pendapatan.

Bank Negara Malaysia (BNM) mengekalkan OPR dan terus berhati-hati terhadap tinjauan pertumbuhan. FTSE Russell akan terus mengekalkan penarafan hutang Malaysia tetapi masih meletakkan kita dalam senarai pemerhatian untuk potensi diturunkan taraf pada tarikh penilaian yang seterusnya, iaitu Mac 2020. Berita ini memberikan kelegaan sementara kepada pasaran bon tempatan kerana FTSE Russell menyatakan langkah berterusannya dalam memantau keberkesanan inisiatif pihak berkuasa tempatan untuk terus meningkatkan kecairan dan kebolehcapaian bagi peserta pasaran.

Tinjauan dan Strategi

Pasaran Asia Pasifik memulakan tahun berlatarkan makroekonomi yang positif. Bank-bank pusat dijangka mengekalkan dasar wang mengembang dan kadar sebenar positif di kebanyakan negara memberikan lebih banyak ruang untuk melonggarkan dasar dalam jangka pendek hingga sederhana. Rangsangan fiskal kerajaan di seluruh rantau ini tetap kukuh dengan sesetengah negara seperti Indonesia, Korea Selatan dan India bersedia meningkatkan defisit fiskal masing-masing. Kejayaan menyempurnakan fasa satu Perjanjian Dagangan AS-China dan komitmen Lembaga Rizab Persekutuan untuk mengekalkan kadar pada 2020 dijangka memastikan dolar stabil berbanding mata wang negara-negara Asia. Walaupun kesan wabak koronavirus berkemungkinan mengganggu ekonomi China, kami percaya momentum wujud dalam ekonomi asas, seperti penyambungan perbelanjaan modal korporat, yang seharusnya menjadi penampan. Kerajaan China telah mengambil tindakan segera untuk mengekang penyebaran virus, manakala bank pusat telah menyuntik kecairan ke dalam sistem kewangan. Pihak berkuasa mungkin melakukan pelonggaran dasar selanjutnya untuk menjamin kestabilan pertumbuhan.

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57Kajian Tahunan 2019 • Manulife EAP Managed Fund

Ulasan Pasaran (sambungan)

Tinjauan dan Strategi (sambungan)

Di dalam negara, ekuiti Malaysia ialah antara pasaran dengan prestasi paling buruk di rantau ini pada 2019. Justeru, kami percaya jangkaan pasaran adalah rendah. Pelabur terus melihat ketidakpastian dan kebimbangan (pendapatan, dasar dan politik) bagi Malaysia. Bagaimanapun, pasaran mungkin bertambah baik apabila pertumbuhan pendapatan mencapai tahap terendah dan keyakinan pulih. Pendapatan korporat pada 2020 mungkin dipacu oleh pemulihan persekitaran luar, lencongan perdagangan dan pemelbagaian aktiviti pengeluaran ke Malaysia, pemulihan harga minyak sawit mentah dan peningkatan aktiviti minyak & gas. Di samping itu, dasar tempatan yang lebih jelas dan pelaksanaan reformasi boleh meningkatkan keyakinan pasaran. Kami juga percaya kerajaan mempunyai ruang untuk pengembangan fiskal dan kami meramalkan projek infrastruktur dan pembinaan dipercepatkan untuk mengukuhkan ekonomi.

Bagi pasaran bon tempatan, kami tidak meramalkan kenaikan pasaran yang berlaku pada 2019 akan berulang memandangkan tinjauan pertumbuhan lebih baik berikutan redanya ketegangan dagangan AS-China, yang mengandaikan kecenderungan lebih rendah bagi pelonggaran dasar wang dan kewangan dalam tempoh yang mendatang. Di dalam negara, kemungkinan Malaysia dikeluarkan daripada Indeks FTSE Russell World Global Bond pada Mac 2020, dan juga pengurangan wajaran Malaysia dalam Indeks GBI-EM Global Diversified untuk memberi ruang bagi kemasukan China, menimbulkan risiko aliran keluar. Ini mencetus masalah dalam pasaran bon, walaupun kami meramalkan kesannya beransur-ansur dan bersifat sementara memandangkan pasaran tempatan mempunyai kedalaman dan saiz yang sewajarnya untuk menampung kesannya.

Namun begitu, kami meramalkan pasaran bon tempatan untuk menunjukkan daya tahan dan beransur pulih. Kecairan tempatan adalah kukuh, dipacu oleh permintaan daripada dana persaraan dan institusi kewangan. Bank-bank pusat berkemungkinan mengekalkan pendekatan dasar wang longgar dan kami tidak menafikan kemungkinan lebih banyak potongan kadar faedah oleh Bank Negara sekiranya pertumbuhan menghampakan. Jika kedudukan kesihatan awam Malaysia tetap kukuh, kepentingan asing mungkin kembali ke Malaysia memandangkan kadar faedah sebenar yang menarik.

Dari perspektif serantau, kami meramalkan kedudukan asas Asia kekal kukuh, dan berkembang lebih pantas berbanding kawasan lain dunia dalam jangka pertengahan hingga panjang. Tambahan lagi, Asia ialah antara segelintir rantau yang mempunyai keupayaan untuk melaksanakan rangsangan wang dan fiskal. Kadar faedah di pasaran Asia umumnya lebih tinggi daripada pasaran negara-negara maju, yang menyediakan ruang untuk pelonggaran dasar wang selanjutnya secara berkesan sebelum berpindah kepada dasar fiskal. Kami percaya sekuriti pendapatan tetap Asia terus mendapat manfaat dalam suasana makro yang menguntungkan pada 2020.

Secara keseluruhan, walaupun terdapat ketidakstabilan pasaran dalam jangka pendek, kami tidak meramalkan penularan wabak akan mengubah proses pemulihan ekonomi global. Namun begitu, kami secara taktikal mengurangkan risiko dalam portfolio kami kerana pendedahan dalam pasaran ekuiti kepada berita negatif dan risiko peningkatan semula kes koronavirus berikutan pembukaan semula kilang di China. Kami percaya amat penting untuk mengekalkan fleksibiliti dan kestabilan untuk memanfaatkan peluang untuk melaraskan peruntukan aset apabila ia timbul pada 2020 dan selanjutnya.

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Ulasan Pasaran (sambungan)

5 Pegangan Utama

Pada 31 Disember 2019

5 Pegangan Ekuiti Utama Wajaran %Manulife Investment Al-Ma'mun 18.1Manulife Investment Money Market Fund 17.0Manulife Investment Asia Pacific Ex Japan Fund 9.9Manulife Global Fund - Asia Total Return Fund 8.0Manulife Investment Dividend Fund 7.0

Peruntukan Aset

Pada 31 Disember 2019

CIS Ekuiti : 38.9%CIS Bon dan Pasaran Wang : 60.1%Tunai dan Lain-lain : 1.0%Jumlah : 100.0%

CIS Bon dan Pasaran Wang 60.1%

Tunai 1.0%

CIS Ekuiti 38.9%

Yuran PengurusanYuran pengurusan Dana sebanyak 1.25% adalah dicaj atas Dana sepanjang tahun. Ia dikira secara harian berdasarkan nilai aset bersih Dana.

Manulife EAP Managed Fund diuruskan oleh Manulife Investment Management (M) Berhad (dahulunya dikenali sebagai Manulife Asset Management Services Berhad). Laporan ini disediakan untuk tujuan maklumat sahaja.

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KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

P R E S T A S ID A N A

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60Kajian Tahunan 2019 • Manulife EAP Managed Fund

Prestasi Dana

Untuk tempoh yang dilaporkan, Manulife EAP Managed Fund meningkat sebanyak 6.45% pada 2019, mengatasi pulangan penanda aras mutlaknya yang ditetapkan pada 6.00%.

Berbanding pulangan penanda aras mutlak, prestasi Dana yang memberangsangkan ini disebabkan oleh pulangan positif yang dijana oleh semua kelas aset. Peruntukan aset dalam ekuiti, yang mencatatkan purata kira-kira 36.1% (berbanding maksimum 70%) pada tahun yang dilaporkan, menjadi penyumbang utama, didorong oleh pemilihan dana dalam ekuiti Asia Tanpa Jepun dan dana bermodal sederhana & kecil. Peruntukan aset dalam pendapatan tetap dan dana pasaran wang juga menambah nilai kepada dana, memberikan kestabilan dan pendapatan.

Prestasi Dana yang dinilai pada 31 Disember 2019

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 1 1.17 1.80 1.06 6.45 0.19Penanda aras** 0.50 1.48 2.98 6.00 12.97Relatif +/(-) 0.67 0.32 (1.92) 0.45 (12.78)

* Tarikh Penubuhan: 28 November 2017

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 2 1.18 1.82 1.07 6.47 (0.43)Penanda aras** 0.50 1.48 2.98 6.00 12.45Relatif +/(-) 0.68 0.34 (1.91) 0.47 (12.88)

* Tarikh Penubuhan: 27 Disember 2017

** Penanda aras ialah jumlah pulangan 6% setahun

Prestasi Dana dinilai atas dasar NAB ke NAB. Nilai unit mungkin turun dan juga naik. Prestasi masa lalu bukan petunjuk keputusan masa depan. Prestasi dana adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai pulangan premium/sumbangan kasar produk insurans.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir bulan/tahun dan pulangan dilaraskan untuk pembayaran suku tahunan.

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61Kajian Tahunan 2019 • Manulife EAP Managed Fund

Prestasi Dana (sambungan)

Prestasi Dana yang dinilai pada 31 Disember 2019 (sambungan)

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 3 1.17 1.82 1.07 6.46 (1.29)Penanda aras** 0.50 1.48 2.98 6.00 11.91Relatif +/(-) 0.67 0.34 (1.91) 0.46 (13.20)

* Tarikh Penubuhan: 26 Januari 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 4 1.17 1.81 1.06 6.45 0.51Penanda aras** 0.50 1.48 2.98 6.00 11.36Relatif +/(-) 0.67 0.33 (1.92) 0.45 (10.85)

* Tarikh Penubuhan: 26 Februari 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 5 1.18 1.82 1.07 6.46 2.54Penanda aras** 0.50 1.48 2.98 6.00 10.85Relatif +/(-) 0.68 0.34 (1.91) 0.46 (8.31)

* Tarikh Penubuhan: 27 Mac 2018

** Penanda aras ialah jumlah pulangan 6% setahun

Prestasi Dana dinilai atas dasar NAB ke NAB. Nilai unit mungkin turun dan juga naik. Prestasi masa lalu bukan petunjuk keputusan masa depan. Prestasi dana adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai pulangan premium/sumbangan kasar produk insurans.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir bulan/tahun dan pulangan dilaraskan untuk pembayaran suku tahunan.

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62Kajian Tahunan 2019 • Manulife EAP Managed Fund

Prestasi Dana (sambungan)

Prestasi Dana yang dinilai pada 31 Disember 2019 (sambungan)

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 6 1.17 1.82 1.07 6.46 3.41Penanda aras** 0.50 1.48 2.98 6.00 10.32Relatif +/(-) 0.67 0.34 (1.91) 0.46 (6.91)

* Tarikh Penubuhan: 26 April 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 7 1.17 1.81 1.06 6.45 2.94 Penanda aras** 0.50 1.48 2.98 6.00 9.75 Relatif +/(-) 0.67 0.33 (1.92) 0.45 (6.81)

* Tarikh Penubuhan: 28 Mei 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 8 1.18 1.82 1.07 6.45 4.47 Penanda aras** 0.50 1.48 2.98 6.00 9.23 Relatif +/(-) 0.68 0.34 (1.91) 0.45 (4.76)

* Tarikh Penubuhan: 27 Jun 2018

** Penanda aras ialah jumlah pulangan 6% setahun

Prestasi Dana dinilai atas dasar NAB ke NAB. Nilai unit mungkin turun dan juga naik. Prestasi masa lalu bukan petunjuk keputusan masa depan. Prestasi dana adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai pulangan premium/sumbangan kasar produk insurans.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir bulan/tahun dan pulangan dilaraskan untuk pembayaran suku tahunan.

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63Kajian Tahunan 2019 • Manulife EAP Managed Fund

Prestasi Dana yang dinilai pada 31 Disember 2019 (sambungan)

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 9 1.17 1.81 1.06 6.45 2.95 Penanda aras** 0.50 1.48 2.98 6.00 8.71 Relatif +/(-) 0.67 0.33 (1.92) 0.45 (5.76)

* Tarikh Penubuhan: 27 Julai 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 10 1.17 1.81 1.07 6.45 2.91 Penanda aras** 0.50 1.48 2.98 6.00 8.15 Relatif +/(-) 0.67 0.33 (1.91) 0.45 (5.24)

* Tarikh Penubuhan: 28 Ogos 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 11 1.18 1.81 1.06 6.45 3.32 Penanda aras** 0.50 1.48 2.98 6.00 7.65 Relatif +/(-) 0.68 0.33 (1.92) 0.45 (4.33)

* Tarikh Penubuhan: 26 September 2018

** Penanda aras ialah jumlah pulangan 6% setahun

Prestasi Dana dinilai atas dasar NAB ke NAB. Nilai unit mungkin turun dan juga naik. Prestasi masa lalu bukan petunjuk keputusan masa depan. Prestasi dana adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai pulangan premium/sumbangan kasar produk insurans.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir bulan/tahun dan pulangan dilaraskan untuk pembayaran suku tahunan.

Prestasi Dana (sambungan)

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64Kajian Tahunan 2019 • Manulife EAP Managed Fund

Prestasi Dana (sambungan)

Prestasi Dana yang dinilai pada 31 Disember 2019 (sambungan)

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 12 1.17 1.81 1.07 6.46 6.31 Penanda aras** 0.50 1.48 2.98 6.00 7.09 Relatif +/(-) 0.67 0.33 (1.91) 0.46 (0.78)

* Tarikh Penubuhan: 29 Oktober 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 13 1.17 1.81 1.06 6.45 5.03 Penanda aras** 0.50 1.48 2.98 6.00 6.58 Relatif +/(-) 0.67 0.33 (1.92) 0.45 (1.55)

* Tarikh Penubuhan: 28 November 2018

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 14 1.18 1.82 1.07 6.46 6.67 Penanda aras** 0.50 1.48 2.98 6.00 6.08 Relatif +/(-) 0.68 0.34 (1.91) 0.46 0.59

* Tarikh Penubuhan: 27 Disember 2018

** Penanda aras ialah jumlah pulangan 6% setahun

Prestasi Dana dinilai atas dasar NAB ke NAB. Nilai unit mungkin turun dan juga naik. Prestasi masa lalu bukan petunjuk keputusan masa depan. Prestasi dana adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai pulangan premium/sumbangan kasar produk insurans.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir bulan/tahun dan pulangan dilaraskan untuk pembayaran suku tahunan.

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65Kajian Tahunan 2019 • Manulife EAP Managed Fund

Prestasi Dana yang dinilai pada 31 Disember 2019 (sambungan)

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 15 1.17 1.81 1.07 - 4.75Penanda aras** 0.50 1.48 2.98 - 5.53Relatif +/(-) 0.67 0.33 (1.91) - (0.78)

* Tarikh Penubuhan: 29 Januari 2019

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

SejakPenubuhan*

%Tranche 16 1.18 1.82 1.07 - 3.09Penanda aras** 0.50 1.48 2.98 - 4.77Relatif +/(-) 0.68 0.34 (1.91) - (1.68)

* Tarikh Penubuhan: 15 Mac 2019

** Penanda aras ialah jumlah pulangan 6% setahun

Prestasi Dana dinilai atas dasar NAB ke NAB. Nilai unit mungkin turun dan juga naik. Prestasi masa lalu bukan petunjuk keputusan masa depan. Prestasi dana adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai pulangan premium/sumbangan kasar produk insurans.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir bulan/tahun dan pulangan dilaraskan untuk pembayaran suku tahunan.

Prestasi Dana (sambungan)

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66Kajian Tahunan 2019 • Manulife EAP Managed Fund

Prestasi Dana (sambungan)

Purata Pulangan Tahunan1 dan Penanda Aras

Prestasi 1 Tahun%

Tranche 1 6.45Penanda aras** 6.00Relatif +/(-) 0.45Tranche 2 6.47Penanda aras** 6.00Relatif +/(-) 0.47* Tranche 3 6.46Penanda aras** 6.00Relatif +/(-) 0.46* Tranche 4 6.45Penanda aras** 6.00Relatif +/(-) 0.45* Tranche 5 6.46Penanda aras** 6.00Relatif +/(-) 0.46* Tranche 6 6.46Penanda aras** 6.00Relatif +/(-) 0.46* Tranche 7 6.45Penanda aras** 6.00Relatif +/(-) 0.45* Tranche 8 6.45Penanda aras** 6.00Relatif +/(-) 0.45

** Penanda aras ialah jumlah pulangan 6% setahun

* Tranche dilancarkan pada tahun yang dilaporkan

1 Pulangan dilaraskan untuk pembayaran suku tahunan.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir tahun

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67Kajian Tahunan 2019 • Manulife EAP Managed Fund

Purata Pulangan Tahunan1 dan Penanda Aras (sambungan)

Prestasi 1 Tahun%

* Tranche 9 6.45Penanda aras** 6.00Relatif +/(-) 0.45* Tranche 10 6.45Penanda aras** 6.00Relatif +/(-) 0.45* Tranche 11 6.45Penanda aras** 6.00Relatif +/(-) 0.45* Tranche 12 6.46Penanda aras** 6.00Relatif +/(-) 0.46* Tranche 13 6.45Penanda aras** 6.00Relatif +/(-) 0.45* Tranche 14 6.46Penanda aras** 6.00Relatif +/(-) 0.46*Tranche 15 - Penanda aras** - Relatif +/(-) - *Tranche 16 - Penanda aras** - Relatif +/(-) -

** Penanda aras ialah jumlah pulangan 6% setahun

* Tranche dilancarkan pada tahun yang dilaporkan

1 Pulangan dilaraskan untuk pembayaran suku tahunan.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir tahun

Prestasi Dana (sambungan)

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68Kajian Tahunan 2019 • Manulife EAP Managed Fund

KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

J A D U A LP E R B A N D I N G A N

P R E S T A S I

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69Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing:

Tranche 1Dilancarkan pada 28 November 2017

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 19,591,603 20,437,124 23,160,069Bilangan unit dalam edaran 23,601,165 24,443,476 24,178,165NAB seunit 0.8301 0.8361 0.9579NAB seunit tertinggi dalam tahun kewangan 0.8648 0.9676 0.9580NAB seunit terendah dalam tahun kewangan 0.8183 0.8330 0.9425

Pertumbuhan modal (%) (0.72) (12.72) 0.83Manfaat polisi (%) 6.00 6.00 -Pengagihan pendapatan (%) - - -

Tranche 2Dilancarkan pada 27 Disember 2017

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 12,311,786 13,476,134 15,580,491Bilangan unit dalam edaran 14,969,501 16,241,209 16,368,700NAB seunit 0.8225 0.8297 0.9518NAB seunit tertinggi dalam tahun kewangan 0.8597 0.9615 0.9519NAB seunit terendah dalam tahun kewangan 0.8218 0.8281 0.9500

Pertumbuhan modal (%) (0.87) (12.83) 0.19Manfaat polisi (%) 6.00 6.00 -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

Jadual Perbandingan Prestasi

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70Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Tranche 3Dilancarkan pada 26 Januari 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 17,496,694 17,457,785 -Bilangan unit dalam edaran 21,093,840 20,864,081 -NAB seunit 0.8295 0.8367 -NAB seunit tertinggi dalam tahun kewangan 0.8623 0.9500 -NAB seunit terendah dalam tahun kewangan 0.8191 0.8336 -

Pertumbuhan modal (%) (0.86) (11.93) -Manfaat polisi (%) 4.50 4.50 -Pengagihan pendapatan (%) - - -

Tranche 4Dilancarkan pada 26 Februari 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 4,164,450 4,356,582 -Bilangan unit dalam edaran 4,917,111 5,106,270 -NAB seunit 0.8469 0.8532 -NAB seunit tertinggi dalam tahun kewangan 0.8824 0.9500 -NAB seunit terendah dalam tahun kewangan 0.8364 0.8500 -

Pertumbuhan modal (%) (0.74) (10.19) -Manfaat polisi (%) 4.50 4.50 -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

Jadual Perbandingan Prestasi (sambungan)

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71Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual Perbandingan Prestasi (sambungan)

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Tranche 5Dilancarkan pada 27 Mac 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 4,275,694 4,382,770 -Bilangan unit dalam edaran 4,936,937 5,033,559 -NAB seunit 0.8661 0.8707 -NAB seunit tertinggi dalam tahun kewangan 0.9022 0.9552 -NAB seunit terendah dalam tahun kewangan 0.8646 0.8690 -

Pertumbuhan modal (%) (0.53) (8.35) -Manfaat polisi (%) 4.50 4.50 -Pengagihan pendapatan (%) - - -

Tranche 6Dilancarkan pada 26 April 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 8,350,262 8,551,023 -Bilangan unit dalam edaran 9,385,663 9,572,386 -NAB seunit 0.8897 0.8933 -NAB seunit tertinggi dalam tahun kewangan 0.9216 0.9607 -NAB seunit terendah dalam tahun kewangan 0.8786 0.8900 -

Pertumbuhan modal (%) (0.40) (5.97) -Manfaat polisi (%) 3.00 3.00 -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

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72Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual Perbandingan Prestasi (sambungan)

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Tranche 7Dilancarkan pada 28 Mei 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 6,719,704 6,677,315 -Bilangan unit dalam edaran 7,590,009 7,508,362 -NAB seunit 0.8853 0.8893 -NAB seunit tertinggi dalam tahun kewangan 0.9198 0.9564 -NAB seunit terendah dalam tahun kewangan 0.8743 0.8860 -

Pertumbuhan modal (%) (0.45) (6.39) -Manfaat polisi (%) 3.00 3.00 -Pengagihan pendapatan (%) - - -

Tranche 8Dilancarkan pada 27 Jun 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 5,743,305 5,978,766 -Bilangan unit dalam edaran 6,380,991 6,623,565 -NAB seunit 0.9001 0.9027 -NAB seunit tertinggi dalam tahun kewangan 0.9355 0.9646 -NAB seunit terendah dalam tahun kewangan 0.8976 0.9009 -

Pertumbuhan modal (%) (0.29) (4.98) -Manfaat polisi (%) 3.00 3.00 -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

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73Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual Perbandingan Prestasi (sambungan)

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Tranche 9Dilancarkan pada 27 Julai 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 6,479,895 6,658,880 -Bilangan unit dalam edaran 7,193,518 7,367,912 -NAB seunit 0.9008 0.9038 -NAB seunit tertinggi dalam tahun kewangan 0.9326 0.9507 -NAB seunit terendah dalam tahun kewangan 0.8895 0.9004 -

Pertumbuhan modal (%) (0.33) (4.86) -Manfaat polisi (%) 1.50 1.50 -Pengagihan pendapatan (%) - - -

Tranche 10Dilancarkan pada 28 Ogos 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 6,000,062 5,937,379 -Bilangan unit dalam edaran 6,662,970 6,571,024 -NAB seunit 0.9005 0.9036 -NAB seunit tertinggi dalam tahun kewangan 0.9345 0.9503 -NAB seunit terendah dalam tahun kewangan 0.8893 0.9002 -

Pertumbuhan modal (%) (0.34) (4.88) -Manfaat polisi (%) 1.50 1.50 -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

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74Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual Perbandingan Prestasi (sambungan)

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Tranche 11Dilancarkan pada 26 September 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 3,269,927 3,398,146 -Bilangan unit dalam edaran 3,614,759 3,746,735 -NAB seunit 0.9046 0.9070 -NAB seunit tertinggi dalam tahun kewangan 0.9400 0.9510 -NAB seunit terendah dalam tahun kewangan 0.9019 0.9036 -

Pertumbuhan modal (%) (0.26) (4.53) -Manfaat polisi (%) 1.50 1.50 -Pengagihan pendapatan (%) - - -

Tranche 12Dilancarkan pada 29 Oktober 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 5,357,709 5,391,861 -Bilangan unit dalam edaran 5,648,161 5,683,595 -NAB seunit 0.9486 0.9487 -NAB seunit tertinggi dalam tahun kewangan 0.9796 0.9636 -NAB seunit terendah dalam tahun kewangan 0.9367 0.9451 -

Pertumbuhan modal (%) (0.01) (0.14) -Manfaat polisi (%) - - -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

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75Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual Perbandingan Prestasi (sambungan)

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Tranche 13Dilancarkan pada 28 November 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 6,046,237 6,389,089 -Bilangan unit dalam edaran 6,456,605 6,816,314 -NAB seunit 0.9364 0.9373 -NAB seunit tertinggi dalam tahun kewangan 0.9695 0.9520 -NAB seunit terendah dalam tahun kewangan 0.9247 0.9338 -

Pertumbuhan modal (%) (0.10) (1.34) -Manfaat polisi (%) - - -Pengagihan pendapatan (%) - - -

Tranche 14Dilancarkan pada 27 Disember 2018

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 5,687,049 6,014,078 -Bilangan unit dalam edaran 5,970,968 6,318,245 -NAB seunit 0.9525 0.9519 -NAB seunit tertinggi dalam tahun kewangan 0.9873 0.9519 -NAB seunit terendah dalam tahun kewangan 0.9465 0.9500 -

Pertumbuhan modal (%) 0.06 0.20 -Manfaat polisi (%) - - -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

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76Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual Perbandingan Prestasi (sambungan)

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Tranche 15Dilancarkan pada 29 Januari 2019

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 2,797,556 - -Bilangan unit dalam edaran 2,946,326 - -NAB seunit 0.9495 - -NAB seunit tertinggi dalam tahun kewangan 0.9806 - -NAB seunit terendah dalam tahun kewangan 0.9376 - -

Pertumbuhan modal (%) - - -Manfaat polisi (%) - - -Pengagihan pendapatan (%) - - -

Tranche 16Dilancarkan pada 15 March 2019

2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 12,854,194 - -Bilangan unit dalam edaran 13,767,178 - -NAB seunit 0.9337 - -NAB seunit tertinggi dalam tahun kewangan 0.9663 - -NAB seunit terendah dalam tahun kewangan 0.9311 - -

Pertumbuhan modal (%) - - -Manfaat polisi (%) - - -Pengagihan pendapatan (%) - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

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77Kajian Tahunan 2019 • Manulife EAP Managed Fund

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)

Jumlah 2019RM

2018RM

2017RM

Nilai aset bersih (NAB) 127,146,130 115,106,932 38,740,560Bilangan unit dalam edaran 145,135,702 131,896,733 40,546,865NAB seunit 0.8760 0.8727 0.9555

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.

Jadual di bawah menunjukkan peratus pegangan pelaburan berbanding nilai aset bersih Dana:

Kategori pelaburan

2019Peratus

NAB%

2018Peratus

NAB%

2017Peratus

NAB%

Sekuriti disebut harga di dalam Malaysia 81.00 73.01 53.97Pelaburan asing 17.93 18.77 5.97Deposit tetap dengan bank berlesen di Malaysia 0.93 7.83 40.71

Jadual Perbandingan Prestasi (sambungan)

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78Kajian Tahunan 2019 • Manulife EAP Managed Fund

KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

M A K L U M A TP E L A B U R A N

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79Kajian Tahunan 2019 • Manulife EAP Managed Fund

Maklumat Pelaburan

Butiran pelaburan Dana pada 31 Disember 2019 dibentangkan seperti di bawah:

Kuantiti Kos RM

Nilai Pasaran

RM

Peratus Nilai Aset Bersih

%

Sekuriti Disebut Harga (Di dalam Malaysia)

Manulife Investment Money Market Fund 21,431,433 22,007,544 21,675,751 17.05

Manulife Investment Al-Mamun 23,036,131 23,396,494 22,950,898 18.05Manulife Investment Progress

Fund 19,337,101 6,388,817 6,367,707 5.01Manulife Investment Al-Fauzan 23,311,341 6,951,875 6,333,691 4.98Manulife Investment Dividend

Fund 32,375,388 9,416,970 8,861,144 6.97Manulife Investment Asia-Pacific

REIT Fund 5,155,374 2,603,020 2,541,599 2.00Manulife Investment Bond Fund 8,721,631 7,592,034 7,651,487 6.02Manulife Investment Growth Fund 20,499,597 6,502,599 6,332,325 4.98Manulife Investment Asia-Pacific

Ex Japan Fund 41,104,945 12,041,251 12,615,108 9.92Manulife Investment As-Saad 6,676,563 7,592,287 7,651,343 6.02Jumlah 201,649,504 104,492,891 102,981,053 81.00

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80Kajian Tahunan 2019 • Manulife EAP Managed Fund

Butiran pelaburan Dana pada 31 Disember 2019 dibentangkan seperti di bawah: (sambungan)

Kuantiti Kos RM

Nilai Pasaran

RM

Peratus Nilai Aset Bersih

%

Pelaburan AsingManulife Global Fund Asia Total

Return Fund 2,261,528 10,350,977 10,150,039 7.98Manulife Global Fund Dragon

Growth Fund 318,202 1,186,797 1,263,900 0.99Manulife Global Fund Greater

China Opportunities Fund 818,465 2,374,342 2,524,860 1.99Manulife Global Fund Asean

Equity Fund 336,613 1,281,081 1,269,824 1.00Manulife Global Fund Taiwan

Equity Fund 348,524 1,254,262 1,267,038 1.00Manulife Global Fund Strategic

Income Fund 1,483,286 6,403,077 6,323,960 4.97Jumlah 5,566,618 22,850,536 22,799,621 17.93

207,216,123 127,343,428 125,780,674 98.93

Maklumat Pelaburan (sambungan)

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81Kajian Tahunan 2019 • Manulife EAP Managed Fund

KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

R I N G K A S A NP E N Y A T A

K E W A N G A N

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82Kajian Tahunan 2019 • Manulife EAP Managed Fund

Ringkasan Penyata Kewangan

Penyata Pendapatan Dan PerbelanjaanBagi Tahun Kewangan Berakhir 31 Disember 2019

2019 RM

2018RM

PENDAPATAN

Pendapatan pelaburan bersih Pendapatan faedah 85,695 191,394 Pendapatan dividen 5,375,594 3,059,115Pendapatan rebat 965,556 605,415Untung pertukaran terealisasi 565,814 30,285Untung pertukaran belum terealisasi - 384,762Untung modal belum terealisasi 4,576,726 -Cukai semasa - 118,795Cukai tertunda - 462,867Jumlah pendapatan 11,569,385 4,852,633

PERBELANJAAN

Perbelanjaan pengurusan 1,638,174 1,045,669Rugi atas pelupusan pelaburan 1,007,983 3,270,567Rugi modal belum terealisasi - 6,141,949Rugi pertukaran belum terealisasi 615,725 -Manfaat polisi 8,582,187 4,796,663Cukai semasa 196,258 -Cukai tertunda 317,898 -Jumlah perbelanjaan 12,358,225 15,254,848

Lebihan perbelanjaan berbanding pendapatan (788,840) (10,402,215)(Rugi)/Untung tidak diagih dibawa ke hadapan (10,179,604) 222,611Rugi tidak diagih dihantar ke hadapan (10,968,444) (10,179,604)

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Ringkasan Penyata Kewangan (sambungan)

Penyata Aset Dan Liabiliti Pada 31 Disember 2019

2019 RM

2018RM

ASET

Pelaburan Sekuriti disebut harga 102,981,053 84,041,804 Pelaburan asing 22,799,621 21,603,165 Deposit tetap dengan bank berlesen di Malaysia 1,180,499 9,015,991Aset cukai semasa - 119,318Aset cukai tertunda 125,020 442,918Penghutang lain 853,364 69,173Tunai dan kesetaraan tunai 166,570 21,610Jumlah aset 128,106,127 115,313,979

LIABILITI

Pemiutang 769,980 207,047Liabiliti cukai semasa 190,017 -Jumlah liabiliti 959,997 207,047

ASET BERSIH MILIK PEMEGANG POLISI 127,146,130 115,106,932

DIWAKILI OLEH:Modal pemegang polisi 138,114,574 125,286,536Rugi tidak diagih dihantar ke hadapan (10,968,444) (10,179,604)

ASET BERSIH MILIK PEMEGANG PEMEGANG POLISI1 127,146,130 115,106,932

BILANGAN UNIT DALAM EDARAN1 145,135,702 131,896,733

NILAI ASET BERSIH SEUNIT MILIK PEMEGANG POLISI1 0.8760 0.8727

1 Rujuk kepada jadual Perbandingan Prestasi bagi Nilai Aset Bersih tranche yang berkenaan

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Ringkasan Penyata Kewangan (sambungan)

Penyata Perubahan Nilai Aset Bersih Bagi Tahun Kewangan Berakhir 31 Disember 2019

2019 RM

Nilai aset bersih pada awal tahun kewangan 115,106,932Rugi terealisasi bersih selepas cukai (4,749,841)Untung belum terealisasi bersih atas pelaburan 3,961,001Jumlah diterima daripada penciptaan unit bersih 18,274,832Jumlah dibayar bagi pembatalan unit bersih (5,446,794)Nilai aset bersih pada akhir tahun kewangan 127,146,130

2018 RM

Nilai aset bersih pada awal tahun kewangan 38,740,560 Rugi terealisasi bersih selepas cukai (4,645,028)Untung belum terealisasi bersih atas pelaburan (5,757,187)Jumlah diterima daripada penciptaan unit bersih 87,949,178Jumlah dibayar bagi pembatalan unit bersih (1,180,591)Nilai aset bersih pada akhir tahun kewangan 115,106,932

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KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

N O T A K E P A D AM A K L U M A TK E W A N G A N

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Nota Kepada Maklumat Kewangan

Nota Kepada Maklumat Kewangan- 31 Disember 2019

1. KEGIATAN UTAMA

Kegiatan utama Dana Berkaitan Pelaburan Manulife Insurance Berhad, iaitu Manulife EAP Managed Fund (“Dana”), adalah untuk melabur dalam pelaburan yang dibenarkan.

Dana ini melabur dalam skim pelaburan bersama (“CIS”) merangkumi kelas aset utama, seperti ekuiti, amanah pelaburan hartanah (“REIT”) dan sekuriti pendapatan tetap dengan tumpuan pelaburan dalam pasaran domestik dan Asia Pasifik. Peruntukan pelaburan dibuat berasaskan penilaian pengurus dana terhadap kekuatan asas kelas aset, keadaan makroekonomi dan sentimen pasaran. Dana dirangka untuk membantu membina nilai pokok anuiti bagi mendapatkan potensi aliran pendapatan anuiti yang lebih tinggi. Dana berusaha mencapai pulangan jangka panjang menerusi pertumbuhan pendapatan dan modal sepanjang tempoh pelaburannya.

Pengurus Dana ialah Manulife Insurance Berhad, sebuah syarikat yang ditubuhkan di Malaysia, yang terlibat terutamanya dalam perniagaan taja jamin insurans hayat termasuk perniagaan berkaitan pelaburan.

2. ASAS PENYEDIAAN

Maklumat kewangan Dana telah disediakan menurut dasar perakaunan seperti yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia (“BNM”).

Maklumat kewangan Dana telah disediakan di bawah kelaziman kos sejarah kecuali seperti yang didedahkan dalam dasar perakaunan penting dalam Nota 3 kepada maklumat kewangan.

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Nota Kepada Maklumat Kewangan- 31 Disember 2019 (sambungan)

3. DASAR PERAKAUNAN PENTING

(a) Aset dan liabiliti kewangan

(i) Klasifikasi

Instrumen kewangan ialah sebarang kontrak yang menimbulkan aset kewangan bagi satu perusahaan dan liabiliti kewangan atau instrumen ekuiti bagi satu lagi perusahaan.

Aset kewangan ialah sebarang aset berbentuk tunai, hak di bawah kontrak untuk menerima tunai atau satu lagi aset kewangan daripada satu lagi perusahaan, hak di bawah kontrak untuk bertukar instrumen kewangan dengan perusahaan lain di bawah keadaan yang mungkin menguntungkan, atau instrumen ekuiti satu lagi perusahaan.

Liabiliti kewangan ialah sebarang liabiliti yang merupakan kewajipan di bawah kontrak untuk menyerahkan tunai atau satu lagi aset kewangan kepada satu lagi perusahaan, atau bertukar instrumen kewangan dengan satu lagi perusahaan, di bawah keadaan yang mungkin tidak menguntungkan.

Pinjaman dan penghutang ialah aset kewangan bukan derivatif dengan bayaran tetap atau yang boleh ditentukan yang disebut harga di pasaran aktif. Pinjaman dan penghutang Dana terdiri daripada deposit dengan institusi kewangan berlesen dan penghutang lain. Dana mengklasifikasikan pemiutang sebagai liabiliti kewangan lain.

(ii) Pengiktirafan dan pengukuran

Semua pembelian pelaburan diiktiraf pada tarikh dagangan masing-masing, iaitu tarikh wujud komitmen untuk membeli pelaburan. Pelaburan pada mulanya dicatatkan pada kos, yang merupakan nilai saksama pertimbangan yang diberikan. Kos urus niaga yang dikaitkan diiktiraf dalam untung atau rugi apabila ditanggung.

Aset kewangan tidak lagi diiktiraf apabila hak untuk menerima aliran tunai daripada pelaburan yang luput atau telah dipindahkan dan Dana telah memindahkan sebahagian besar daripada semua risiko dan ganjaran pemilikan.

Liabiliti kewangan tidak lagi diiktiraf apabila dihapuskan, iaitu apabila kewajipan yang dinyatakan dalam kontrak ditamatkan atau dibatalkan atau luput.

Nota Kepada Maklumat Kewangan (sambungan)

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Nota Kepada Maklumat Kewangan (sambungan)

Nota Kepada Maklumat Kewangan- 31 Disember 2019 (sambungan)

3. DASAR PERAKAUNAN PENTING (sambungan)

(a) Aset dan liabiliti kewangan (sambungan)

(ii) Pengiktirafan dan pengukuran (sambungan)

Aset kewangan pada nilai saksama menerusi untung atau rugi

Pelaburan Dana ditetapkan semasa pengiktirafan awal pada nilai saksama menerusi untung atau rugi.

Selepas pengiktirafan awal, pelaburan dicatatkan pada nilai saksama dan untung atau rugi belum terealisasi berdasarkan pengukuran semula nilai saksama diambil kira dalam penyata pendapatan dan perbelanjaan.

Pelaburan dalam aset asing terdiri daripada pelaburan di bawah Dana Asas yang dinilai pada nilai aset bersih dana asas pada tarikh penyata aset dan liabiliti.

Penghutang lain

Penghutang lain pada mulanya diiktiraf pada nilai saksama dan seterusnya diukur pada kos yang dilunaskan menggunakan kaedah kadar faedah efektif, ditolak sebarang kerugian rosot nilai.

Keupayaan mengutip hutang lain dinilai secara berterusan. Akaun peruntukan digunakan apabila terdapat bukti objektif bahawa Dana tidak akan dapat mengutip semua jumlah yang dihutang menurut syarat-syarat asal penghutang.

Aset kewangan atau kumpulan aset kewangan dianggap merosot nilai dan kerugian rosot nilai ditanggung jika terdapat bukti objektif rosot nilai disebabkan satu atau lebih peristiwa yang berlaku selepas pengiktirafan awal aset (satu ‘peristiwa kerugian’).

Jumlah peruntukan rosot nilai ialah perbezaan antara nilai dibawa aset dan nilai kini aliran tunai masa depan yang dijangka, yang didiskaunkan pada kadar faedah efektif asal. Aliran tunai yang berkaitan dengan penghutang jangka pendek tidak didiskaunkan jika kesan pendiskaunan adalah tidak penting.

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Nota Kepada Maklumat Kewangan (sambungan)

Nota Kepada Maklumat Kewangan- 31 Disember 2019 (sambungan)

3. DASAR PERAKAUNAN PENTING (sambungan)

(a) Aset dan liabiliti kewangan (sambungan)

(ii) Pengiktirafan dan pengukuran (sambungan)

Penghutang lain (sambungan)

Jumlah kerugian rosot nilai diiktiraf dalam penyata pendapatan dan perbelanjaan. Apabila pinjaman dan penghutang yang mana peruntukan rosot nilai telah diiktiraf baginya tidak boleh dikutip pada tempoh selanjutnya, ia dihapus kira berbanding akaun peruntukan. Perolehan semula selanjutnya jumlah yang telah dihapus kira dikreditkan kepada penyata pendapatan dan perbelanjaan.

(b) Penciptaan unit bersih

Penciptaan unit bersih mewakili premium yang dibayar oleh pemegang polisi sebagai bayaran untuk kontrak baharu atau bayaran selanjutnya untuk meningkatkan jumlah kontrak tersebut. Penciptaan unit bersih diiktiraf apabila wang diterima.

(c) Pembatalan unit bersih

Pembatalan unit bersih mewakili pembatalan unit yang timbul daripada penyerahan dan pengeluaran yang dibuat oleh pemegang polisi. Pembatalan unit bersih diiktiraf apabila kontrak insurans yang berkenaan diserahkan.

(d) Pengiktirafan pendapatan

Pendapatan dividen diiktiraf apabila hak untuk menerima bayaran ditentukan.

Pendapatan faedah yang diperolehi diiktiraf mengikut dasar kadar masa, dikira sebagai peratusan nilai pelaburan dana asas.

Untung atau rugi atas pelupusan aset kewangan dikira dengan membandingkan hasil bersih dengan kos asal aset kewangan dan dikreditkan atau dicajkan kepada penyata pendapatan dan perbelanjaan.

Pendapatan rebat diterima daripada Manulife Investment Management (M) Berhad (dahulunya dikenali sebagai Manulife Asset Management Services Berhad), iaitu anak syarikat pihak Pengurus dan terakru setiap hari.

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Nota Kepada Maklumat Kewangan (sambungan)

Nota Kepada Maklumat Kewangan- 31 Disember 2019 (sambungan)

3. DASAR PERAKAUNAN PENTING (sambungan)

(e) Perbelanjaan pengurusan

Perbelanjaan pengurusan yang dicajkan kepada Dana termasuk yuran pengurusan, yuran audit dan yuran cukai dan diiktiraf atas dasar akruan.

(f) Manfaat polisi

Manfaat polisi mewakili bayaran suku tahunan kepada pemegang polisi menurut terma di bawah kontrak insurans.

(g) Mata wang asing

(i) Mata wang fungsian dan pembentangan

Butiran mata wang asing yang dimasukkan dalam maklumat kewangan Dana diukur menggunakan mata wang persekitaran ekonomi utama di mana Dana beroperasi (“mata wang fungsian”). Mata wang fungsian dan mata wang pembentangan Dana ialah Ringgit Malaysia.

(ii) Urus niaga dan baki

Urus niaga dalam mata wang selain daripada mata wang fungsian (“mata wang asing”) diterjemahkan ke dalam mata wang fungsian menggunakan kadar tukaran yang diguna pakai pada tarikh urus niaga. Untung dan rugi terjemahan mata wang daripada penjelasan urus niaga tersebut dan daripada penterjemahan pada kadar tukaran akhir tahun bagi aset dan liabiliti wang yang disebut harga dalam mata wang asing diiktiraf dalam penyata pendapatan dan perbelanjaan.

(h) Cukai

Caj cukai pendapatan dikira pada kadar cukai semasa berasaskan kaedah yang ditetapkan dalam Akta Cukai Pendapatan 1967 untuk perniagaan insurans hayat.

Cukai tertunda diiktiraf sepenuhnya menggunakan kaedah liabiliti, atas perbezaan sementara yang timbul antara jumlah yang dikaitkan dengan aset dan liabiliti untuk tujuan cukai dan jumlah dibawa dalam maklumat kewangan.

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Nota Kepada Maklumat Kewangan (sambungan)

Nota Kepada Maklumat Kewangan- 31 Disember 2019 (sambungan)

3. DASAR PERAKAUNAN PENTING (sambungan)

(h) Cukai (sambungan)

Aset cukai tertunda diiktiraf setakat terdapat kemungkinan bahawa untung boleh dicukai akan diraih yang membolehkan perbezaan sementara ditolak atau kerugian cukai yang belum guna untuk dimanfaatkan.

Kadar cukai yang digubal atau digubal secara hakiki selewat-lewatnya pada tarikh penyata aset dan liabiliti digunakan untuk menentukan cukai tertunda.

(i) Tunai dan kesetaraan tunai

Tunai dan kesetaraan tunai terdiri daripada tunai dan baki bank yang tidak mempunyai risiko perubahan nilai yang ketara. Deposit dengan institusi kewangan bukan sebahagian daripada tunai dan kesetaraan tunai kerana dipegang untuk tujuan pelaburan.

4. ANGGARAN DAN PERTIMBANGAN PERAKAUNAN KRITIKAL

Anggaran dan pertimbangan sentiasa dinilai oleh Pengurus dan dibuat berasaskan pengalaman masa lepas dan faktor lain, termasuk jangkaan peristiwa masa depan yang dipercayai munasabah di bawah keadaan tersebut.

Pengurus membuat anggaran dan andaian berkaitan masa depan. Anggaran perakaunan yang dibuat, pada hakikatnya, jarang bersamaan dengan keputusan sebenar. Untuk menambah baik kandungan maklumat yang dianggarkan, pemboleh ubah tertentu yang dijangka mempunyai kesan penting kepada keputusan dan kedudukan kewangan dana diuji untuk kepekaan kepada perubahan parameter asas.

5. PRESTASI DAN PURATA PULANGAN TAHUNAN DANA

Prestasi dan purata pulangan tahunan Dana yang diukur berbanding indeks penanda aras Dana yang berkenaan dibentangkan pada muka surat 59 hingga 67 Laporan Prestasi Dana.

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Nota Kepada Maklumat Kewangan (sambungan)

Nota Kepada Maklumat Kewangan- 31 Disember 2019 (sambungan)

6. MAKLUMAT PELABURAN

Butiran pelaburan Dana dan nilai pasaran pegangan pelaburan sebagai peratus nilai aset bersih dibentangkan pada muka surat 78 hingga 80 Laporan Prestasi Dana.

7. JADUAL PERBANDINGAN PRESTASI

Butiran nilai aset bersih Dana, unit dalam edaran, peratus pegangan pelaburan berbanding nilai aset bersih Dana dan pecahan jumlah pulangan tahunan Dana kepada pertumbuhan modal, manfaat polisi dan pengagihan pendapatan dibentangkan pada muka surat 68 hingga 77 Laporan Prestasi Dana.

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KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

P E N Y A T A O L E HP E N G U R U S

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94Kajian Tahunan 2019 • Manulife EAP Managed Fund

Kami, Dato’ Md Agil bin Mohd Natt dan Lee Sang Hui, selaku dua daripada Pengarah Manulife Insurance Berhad (“Pengurus”), dengan ini menyatakan bahawa, pada pendapat Pengurus, maklumat kewangan yang disertakan bagi Dana Berkaitan Pelaburan Manulife, iaitu Manulife EAP Managed Fund, yang dibentangkan pada muka surat 81 hingga 92 telah disediakan menurut dasar perakaunan yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia

Bagi pihak Pengurus,

DATO' MD AGIL BIN MOHD NATT LEE SANG HUIPENGARAH PENGARAH

Kuala Lumpur23 Mac 2020

Penyata Oleh Pengurus

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95Kajian Tahunan 2019 • Manulife EAP Managed Fund

KAJIAN TAHUNAN 2019

Manulife EAP Managed Fund

L A P O R A NJ U R U A U D I T

B E B A S

Page 96: Manulife Investment-Linked Fund Manulife EAP Managed Fund · Annual Reiew 2019 • Manulife EAP Managed Fund Market Commentary Investment Objective The Manulife EAP Managed Fund (the

96Kajian Tahunan 2019 • Manulife EAP Managed Fund

Laporan Juruaudit Bebas

Laporan juruaudit bebas kepada pemegang polisiManulife EAP Managed FundManulife Insurance Berhad(Ditubuhkan di Malaysia)

Laporan terhadap Audit Maklumat Kewangan

Pandangan

Kami telah mengaudit maklumat kewangan Manulife EAP Managed Fund (“Dana”), yang terdiri daripada penyata aset dan liabiliti pada 31 Disember 2019, dan penyata pendapatan dan perbelanjaan, penyata perubahan nilai aset bersih Dana bagi tahun kewangan berakhir 31 Disember 2019 dan ringkasan dasar perakaunan penting, seperti yang dibentangkan pada muka surat 81 hingga 92.

Pada pandangan kami, maklumat kewangan Dana yang disertakan bagi tahun berakhir 31 Disember 2019, telah disediakan dalam segala hal yang penting, menurut dasar perakaunan yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.

Asas Pandangan

Kami menjalankan audit kami menurut piawaian pengauditan diluluskan di Malaysia dan Piawaian Pengauditan Antarabangsa. Tanggungjawab kami di bawah piawaian ini diterangkan selanjutnya dalam bahagian Tanggungjawab Juruaudit terhadap Audit Maklumat Kewangan dalam laporan kami. Kami percaya bukti audit yang kami perolehi adalah mencukupi dan wajar untuk membentuk pandangan kami.

Penekanan Perkara

Perhatian harus diberikan kepada Nota 2 maklumat kewangan Dana, yang menerangkan tentang asas perakaunan. Maklumat kewangan Dana disediakan untuk membantu Dana mematuhi dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia. Oleh yang demikian, maklumat kewangan Dana mungkin tidak sesuai untuk tujuan lain. Laporan kami adalah semata-mata untuk pemegang polisi Dana, sebagai sebuah badan dan tidak harus diedarkan atau digunakan oleh pihak selain daripada pemegang polisi Dana. Pandangan kami tidak diubah berhubung dengan hal ini.

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97Kajian Tahunan 2019 • Manulife EAP Managed Fund

Laporan Juruaudit Bebas (sambungan)

Laporan juruaudit bebas kepada pemegang polisiManulife EAP Managed FundManulife Insurance Berhad (sambungan)(Ditubuhkan di Malaysia)

Kebebasan dan Tanggungjawab Etika Lain

Kami adalah bebas daripada Dana menurut Undang-undang Kecil (mengenai Etika Profesional, Tingkah Laku dan Amalan) Institut Akauntan Malaysia (“Undang-undang Kecil”) dan Kod Etika Antarabangsa bagi Akauntan Profesional (termasuk Piawaian Kebebasan Antarabangsa) (“Kod IESBA”), dan kami telah memenuhi tanggungjawab etika lain kami menurut Undang-undang Kecil dan Kod IESBA. Maklumat Selain daripada Maklumat Kewangan dan Laporan Juruaudit Terhadapnya

Para pengarah pihak Pengurus (“para pengarah”) bertanggungjawab terhadap maklumat lain. Maklumat lain merangkumi maklumat yang terkandung dalam Laporan Tahunan Dana, tetapi tidak termasuk maklumat kewangan Dana dan laporan juruaudit kami terhadapnya.

Pandangan kami tentang maklumat kewangan Dana tidak meliputi maklumat lain dan kami tidak memberikan sebarang jaminan tentang kesimpulannya.

Berhubung dengan audit kami terhadap maklumat kewangan Dana, tanggungjawab kami adalah untuk membaca maklumat lain, dan semasa berbuat demikian, mempertimbangkan sama ada maklumat lain tidak konsisten secara ketara dengan maklumat kewangan Dana atau pengetahuan yang kami perolehi dalam audit atau yang kelihatan seperti disalah nyata dengan ketara.

Jika, berasaskan tugas yang kami jalankan, kami merumuskan bahawa terdapat salah nyata ketara tentang maklumat ini, kami perlu melaporkan fakta tersebut. Dalam hal ini, kami tidak ada apa-apa untuk dilaporkan.

Tanggungjawab Para Pengarah Pihak Pengurus Terhadap Maklumat Kewangan

Para pengarah bertanggungjawab terhadap penyediaan maklumat kewangan Dana yang memberikan gambaran yang benar dan saksama menurut dasar perakaunan yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia. Para Pengarah juga bertanggungjawab terhadap kawalan dalaman seperti yang ditentukan sebagai wajar oleh para pengarah untuk penyediaan maklumat kewangan Dana yang bebas daripada salah nyata ketara, sama ada disebabkan penipuan atau kesilapan.

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98Kajian Tahunan 2019 • Manulife EAP Managed Fund

Laporan Juruaudit Bebas (sambungan)

Laporan juruaudit bebas kepada pemegang polisiManulife EAP Managed FundManulife Insurance Berhad (sambungan)(Ditubuhkan di Malaysia)

Tanggungjawab Para Pengarah Pihak Pengurus Terhadap Maklumat Kewangan (sambungan)

Dalam menyediakan maklumat kewangan Dana, para pengarah bertanggungjawab bagi menilai keupayaan Dana untuk dikendalikan sebagai sebuah usaha berterusan, dengan mendedahkan, yang mana berkenaan, perkara berkaitan usaha berterusan menggunakan kaedah perakaunan usaha berterusan, melainkan para pengarah ingin menjual pegangan Dana atau menamatkan operasi, atau jika tiada pilihan munasabah melainkan untuk berbuat demikian.

Tanggungjawab Juruaudit terhadap Audit Maklumat Kewangan

Matlamat kami adalah untuk mendapatkan jaminan munasabah bahawa maklumat kewangan Dana secara keseluruhannya adalah bebas daripada salah nyata ketara, sama ada disebabkan penipuan atau kesilapan, dan untuk mengeluarkan laporan juruaudit yang memberikan pandangan kami. Jaminan munasabah ialah jaminan tahap tinggi, tetapi tidak menjamin sepenuhnya bahawa audit yang dijalankan menurut piawaian pengauditan yang diluluskan di Malaysia dan Piawaian Audit Antarabangsa, akan sentiasa mengesan salah nyata ketara yang wujud. Salah nyata boleh timbul daripada penipuan atau kesilapan dan dianggap penting jika secara berasingan atau secara keseluruhan, dijangka boleh mempengaruhi keputusan ekonomi yang diambil oleh pengguna berasaskan maklumat kewangan ini.

Sebagai sebahagian daripada audit menurut piawaian pengauditan yang diluluskan di Malaysia dan Piawaian Pengauditan Antarabangsa, kami memberikan pertimbangan profesional dan mengekalkan sifat keraguan wajar sepanjang audit. Kami juga:

• Mengenal pasti dan menilai risiko salah nyata ketara maklumat kewangan Dana, sama ada disebabkan penipuan atau kesilapan, merangka dan menjalankan prosedur audit sebagai tindak balas kepada risiko tersebut, dan mendapatkan bukti audit yang mencukupi dan wajar untuk menjadi asas bagi pandangan kami. Risiko tidak mengesan salah nyata ketara yang disebabkan oleh penipuan adalah lebih tinggi daripada yang disebabkan oleh kesilapan, kerana penipuan mungkin melibatkan subahat, pemalsuan, ketinggalan yang disengajakan, salah nyata atau pengabaian kawalan dalaman.

• Mendapatkan kefahaman tentang kawalan dalaman yang berkaitan dengan audit untuk merangka prosedur audit yang sesuai mengikut keadaan, tetapi bukan untuk tujuan menyatakan pandangan tentang keberkesanan kawalan dalaman Dana.

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99Kajian Tahunan 2019 • Manulife EAP Managed Fund

Laporan juruaudit bebas kepada pemegang polisiManulife EAP Managed FundManulife Insurance Berhad (sambungan)(Ditubuhkan di Malaysia)

Tanggungjawab Juruaudit terhadap Audit Maklumat Kewangan (sambungan)

• Menilai kesesuaian dasar perakaunan yang digunakan dan kewajaran anggaran perakaunan dan pendedahan berkaitan yang dibuat oleh para pengarah.

• Memutuskan kewajaran para pengarah menggunakan kaedah perakaunan usaha berterusan dan, berasaskan bukti audit yang diperolehi, menentukan sama ada ketidakpastian ketara wujud berkaitan dengan peristiwa atau keadaan yang mungkin menimbulkan keraguan nyata tentang keupayaan Dana untuk diteruskan sebagai sebuah usaha berterusan. Jika kami membuat kesimpulan bahawa ketidakpastian ketara wujud, kami perlu menyatakan demikian dalam laporan juruaudit kami berkaitan dengan pendedahan maklumat kewangan Dana, atau jika pendedahan tersebut tidak mencukupi, untuk mengubah pandangan kami. Kesimpulan kami adalah berasaskan bukti audit yang diperolehi sehingga tarikh laporan juruaudit kami. Bagaimanapun, kejadian atau keadaan masa depan mungkin menyebabkan Dana tidak lagi beroperasi sebagai sebuah usaha berterusan.

Kami berhubung dengan para pengarah berkaitan, antara perkara lain, skop dan masa yang dirancang bagi audit dan penemuan audit penting, termasuk sebarang kekurangan kawalan dalaman yang telah kami kenal pasti dalam audit kami.

Ernst & Young PLT Ahmad Hammami Bin Muhyidin202006000003 (LLP002760-LCA) & AF: 0039 No. 03313/07/2021 JAkauntan Berkanun Akauntan Berkanun

Kuala Lumpur, Malaysia 23 Mac 2020

Laporan Juruaudit Bebas (sambungan)

Nota: Ini adalah terjemahan Bahasa Malaysia untuk maklumat kewangan yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan para pemegang polisi Dana-dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan ini. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk maklumat kewangan dan laporan juruaudit yang telah disahkan. Sekiranya terdapat percanggahan di dalam Kenyataan Ulasan Tahunan, versi Bahasa Inggeris akan diguna pakai.

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Manulife Insurance Berhad (200801013654 (814942-M))

16th Floor, Menara Manulife, 6, Jalan Gelenggang, Damansara Heights, 50490 Kuala Lumpur Tel : 03 - 2719 9228 / 2719 9112 Fax : 03 - 2092 2960

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