CIMB ISLAMIC EQUITY AGGRESSIVE FUND
CONTENTS
PAGE(S)
INVESTORS’ LETTER
1
MANAGER'S REPORT
2-7
Fund Objective And Policy
Performance Data
Market Review
Fund Performance
Portfolio Structure
Market Outlook
Investment Strategy
Unit Holdings Statistics
Soft Commissions and Rebates
STATEMENT BY MANAGER
8
TRUSTEE'S REPORT
9
SHARIAH ADVISER’S REPORT
10
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
11
UNAUDITED STATEMENT OF FINANCIAL POSITION
12
UNAUDITED STATEMENT OF CHANGES IN EQUITY
13
UNAUDITED STATEMENT OF CASH FLOWS
14
NOTES TO THE FINANCIAL STATEMENTS
DIRECTORY
LIST OF CWA (an agency force of CIMB-Principal) OFFICES
15 - 35
36
37 - 40
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
INVESTORS' LETTER
Dear Valued Investors,
Thank you for investing in CIMB-Principal Asset Management Berhad (“CIMB-Principal”) funds. Our
commitment to you is to deliver consistent risk-adjusted returns by combining sound investment and
strong corporate governance. By placing clients at the heart of everything we do, we will continue to
strive in delivering quality products and services that meet our clients’ financial and investment needs.
CIMB-Principal continues to shine in the industry by bagging more industry awards! These awards
recognize CIMB-Principal’s dedication in providing the best total asset management solutions and this
augurs well with our aspirations to be Southeast Asia’s most valued investment management
company offering total asset management solutions. Please find below our latest coveted awards:
1. The Asset Triple A Asset Servicing, Investor and Fund Management Awards 2015
Fund Management Company of the Year, Malaysia (2nd year in a row)
2. Alpha Southeast Asia 9th Annual Best Financial Institution Awards in Southeast Asia
Marquee Award: Best Asset Manager in Southeast Asia (6th year in a row)
Not only that the funds below have recently been selected as Fundsupermart’s Recommended Unit
Trusts 2015/16.
Category
Core Equity, Global – Developed Markets
Fund Name
CIMB-Principal Global Titans Fund
Asia ex-Japan
CIMB-Principal Asia Pacific Dynamic
Income Fund
Asia ex-Japan (Islamic)
CIMB Islamic Asia Pacific Equity Fund
Supplementary, Sub Regional Equity Greater China
CIMB-Principal Greater China Equity
Fund
Winning these awards is a reflection of the capabilities of our experienced fund managers in managing
diversified funds in the market. We are pleased to be able to share these awards with our clients, and
would like to thank you for your continuous support and confidence in our services. CIMB-Principal
remains committed in helping you to grow your investment.
Yours faithfully,
for CIMB-Principal Asset Management Berhad
Munirah Khairuddin
Chief Executive Officer/Executive Director
1
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
MANAGER’S REPORT
FUND OBJECTIVE AND POLICY
What is the investment objective of the Fund?
The objective of the Fund is to earn reasonable returns for investors by investing in approved equities
listed on Bursa Malaysia as well as unlisted securities and other non-interest bearing assets
acceptable under Shariah principles.
Has the Fund achieved its objective?
For the financial period under review, the Fund’s total return increased by 1.37% while the benchmark
declined by 2.38%. Nevertheless, the Fund’s objective of providing capital growth over the long term is
still in place.
What are the Fund investment policy and principal investment strategy?
The Fund may invest a minimum of 70% and up to a maximum of 98% of its Net Asset Value (“NAV”)
in local Shariah-compliant equities. As an aggressive Fund, the Fund will be managed with higher beta
and tracking error. The investment policy and strategy of the Fund is to invest in Shariah-compliant
stocks which are selected based on their future growth prospects with benchmarking of the Fund
being a secondary consideration. As such, the Fund may hold a larger percentage of its NAV (may
exceed 10%) in Shariah-compliant stocks of companies with small capitalisation. In addition, Shariahcompliant liquid assets with at least 2% of its NAV may also be strategically used if the Manager feels
that the market downside risk is high in the short-term.
Fund category/type
Equity (Shariah-compliant)/Growth
How long should you invest for?
Recommended five (5) years or more
Indication of short-term risk (low, moderate, high)
High
When was the Fund launched?
15 June 1995
What was the size of the Fund as at 30 June 2015?
RM99.67 million (128.20 million units)
What is the Fund’s benchmark?
Financial Times Stock Exchange (“FTSE”) Bursa Malaysia (“FBM”) EMAS Shariah Index
What is the Fund distribution policy?
Distribution (if any) is expected to be distributed every January at the Manager’s discretion.
What was the net income distribution for the six months financial period ended 30 June 2015?
The Fund distributed a total net income of RM5.56 million to unit holders for the six months financial
period ended 30 June 2015. As a result, the NAV per unit dropped from RM0.8425 to RM0.7975 on 27
January 2015.
2
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
PERFORMANCE DATA
Details of portfolio composition of the Fund for the last three financial periods are as follows:
Shariah-compliant quoted securities
- Construction
- Consumer Products
- Finance
- Industrials
- Infrastructure Project Companies (“IPC”)
- Plantation
- Properties
- Real Estate Investment Trusts (“REITs”)
- Technology
- Trading/Services
Cash and other net assets
30.06.2015
%
30.06.2014
%
30.06.2013
%
7.68
10.77
7.22
4.72
1.48
8.64
7.87
7.58
4.32
1.93
47.49
8.75
100.00
6.33
4.37
4.17
13.99
4.15
9.00
0.38
1.47
0.88
44.48
10.78
100.00
16.27
6.42
2.80
0.49
0.48
41.18
13.91
100.00
Performance details of the Fund for the last three financial period are as follows:
NAV (RM million)
Units In circulation (Million)
NAV per Unit (RM)
30.06.2015
99.67
128.20
0.7774
30.06.2014
98.99
113.05
0.8756
30.06.2013
79.76
101.06
0.7892
Highest NAV per unit (RM)
Lowest NAV per unit (RM)
Total return (%)
- Capital growth (%)
- Income distribution (%)
Management Expense Ratio (“MER”) (%) ^
Portfolio Turnover Ratio (“PTR”) (times) #
01.01.2015
to
30.06.2015
0.8437
0.7744
1.37
(4.05)
10.07
0.84
0.92
01.01.2014
to
30.06.2014
0.8791
0.7892
5.48
0.43
5.43
0.83
0.97
01.01.2013
to
30.06.2013
0.8097
0.6835
10.94
10.94
1.13
0.52
^ The Fund's MER increased slightly from 0.83% to 0.84% due to the increase in expenses after the
implementation of Goods and Services Tax ("GST") effective 1 April 2015.
# The Fund’s PTR declined marginally from 0.97 times to 0.92 times as trading activities continued to
remain high during the financial period under review due to the volatility of the market.
Date of distribution
Gross distribution per unit (sen)
Net distribution per unit (sen)
27.01.2015
4.50
4.50
3
22.01.2014
4.44
4.39
-
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
PERFORMANCE DATA (CONTINUED)
Annual total return
30.06.2015
%
30.06.2014
%
30.06.2013
%
30.06.2012
%
30.06.2011
%
(6.21)
16.89
16.17
(0.93)
24.74
(Launch date: 15 June 1995)
Past performance is not necessarily indicative of future performance and that unit prices and investment returns may go
down, as well as up. All performance figures for the financial period have been extracted from Lipper.
MARKET REVIEW (1 JANUARY 2015 TO 30 JUNE 2015)
In January 2015, the confirmation that the European Central Bank (“ECB”) would embark on
quantitative easing boosted market sentiment around the world. Sentiment was lifted further when
global oil prices rebounded in February 2015. Locally, corporate earnings released during the month
were not as bad as feared. From CIMB’s coverage on companies that reported in February 2015, 41
companies were in line, 22 below and 18 above. The revision ratio of 0.82 times is a big improvement
over the third quarter of 2014’s ratio of only 0.36 times.
March 2015 was a volatile month. Local sentiment was initially hurt by the continued strong dollar but
regional bourses recovered later in the month after China reported additional stimulus measures to
boost its slowing economy. April 2015 started off on a strong note for Malaysia as the FBM Kuala
Lumpur Composite Index (“FBMKLCI”) rose to 7-month highs on the back of a stabilising ringgit and
oil prices. Buoyant regional markets and the Invest Malaysia 2015 event also helped boost interest in
the market. But all of the gains and more were given up towards the end of the month on the back of
heavy profit taking.
May 2015 was a difficult month for Malaysia as the KLCI fell convincingly below the 1,800-point
psychological support on the back of weak corporate results and heightened political concerns. The
tabling of the 11th Malaysia Plan (“11MP”) on 21 May 2015 failed to stem selling pressure, let alone
excite the market. The FBMKLCI fell 2.3% month-on-month (“m-o-m”) in June 2015, partly driven by a
confluence of worries including the weaker Ringgit and a potential Fitch rating downgrade.
Year-to-date (“YTD”), the KLCI has lost 3.1%. From a high of 1,863 on 21 April 2015, the Index has
plunged 9.2%, falling below the 1,700 support level on 29 June 2015, before closing the month at
1,706. During the month, the market was weighed down by both external and internal risk factors: (1)
Greece default risk; (2) US rate rise; (3) Fitch rating downgrade (on the last day of June 2015, Fitch
reaffirmed Malaysia’s rating); (4) current account deficit due to weaker Liquefied Natural Gas (“LNG”)
exports; and (5) consistent foreign funds outflows.
For the financial period under review, the FBM EMAS Shariah Index was down 298.18 points or 2.4%
to close at 12,208.85.
4
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
FUND PERFORMANCE
Income
Capital
Total Return
Benchmark
Average Total
Return
6 months
to
30.06.2015
%
10.07
(4.05)
1.37
(2.38)
1 year
to
30.06.2015
%
10.07
(11.22)
(6.21)
(8.80)
3 years
to
30.06.2015
%
16.07
14.29
27.37
10.96
5 years
to
30.06.2015
%
21.37
34.78
57.40
39.30
10 years
to
30.06.2015
%
45.93
72.87
126.37
109.51
Since
inception
to
30.06.2015
%
119.35
(18.17)
173.42
135.13
N/A
(6.21)
9.88
10.34
8.80
2.96
For the financial period under review, the Fund rose by 1.37% while the benchmark declined by
2.38%. As such, the Fund outperformed its benchmark by 3.75%.
For both the six-month and one-year periods ended 30 June 2015, the Fund was ranked in the 3rd
Quartile of the Lipper rankings table under Islamic Equity Malaysia category.
Changes in NAV
NAV (RM million)
NAV/unit (RM)
30.06.2015
30.06.2014
99.67
0.7774
98.99
0.8756
Changes
(%)
0.69
(11.60)
The NAV of the Fund increased marginally by 0.69% while NAV per unit fell by 11.60% due to
negative investment performance.
Performance data represents the combined income and capital return as a result of holding units in the fund for the specified
length of time, based on NAV to NAV price. The performance data assumes that all earnings from the fund are reinvested
and are net of management and trustee fees. Past performance is not reflective of future performance and income
distributions are not guaranteed. Unit prices and income distributions, if any, may fall and rise. All performance figures for the
financial period have been extracted from Lipper.
5
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
PORTFOLIO STRUCTURE
Asset allocation
(% of NAV)
Shariah-compliant quoted securities
Cash and other net assets
TOTAL
30.06.2015
86.09
13.91
100.00
30.06.2014
91.25
8.75
100.00
Asset allocation was reduced from 91.25% as at 30 June 2014 to 86.09% as at 30 June 2015 as the
Fund took profit in view of the persistent selling on mid-small cap stocks, especially in the oil & gas
sector.
MARKET OUTLOOK *
Global monetary conditions remain accommodative with the ECB, Peoples Bank of China (“PBOC”)
and Bank of Japan in easing mode. We remain cautiously optimistic on global equities on the back of
the ongoing concerns about Greece and the slowdown in the Chinese economy. United States market
trends will be driven by earnings and Earnings Per Share (“EPS”) guidance. Significant buyback
activities in the coming months will underpin the market amidst US Federal Reserve (the “Fed”) rate
hike in the fourth quarter of 2015.
In Malaysia, the Goods and Services Tax (“GST”) was effective from 1 April 2015. It will erode
purchasing power. Sales for domestic consumer companies in the second and third quarter of 2015
may be lackluster. Further, banks continue to face margin squeeze although loan growth is targeted at
8.0% to 10.0%. Earnings growth will be in the mid single digits. And with Crude Palm Oil (“CPO”)
prices at RM2,050 level, the plantation sector looks expensive with Price-to-Earnings Ratio (“PER”) in
the high teens to low twenties.
Although the FBMKLCI rebounded 1.0% in July 2015, the FBMKLCI is still down 2.2% YTD. The Index
closed the month above the 1,700 support level, at 1723. With the Greece issue temporarily
contained, focus is now trained on the China slowdown, which has muscled its way to the top of most
macro narratives. This concern was reflected in the sharp 8.4% one-day drop in the Shanghai Stock
Exchange Composite Index on 27 July 2015. Over in the US, the liftoff in 2015 should be very
expected by now.
The Ringgit hit a high of 3.83 on 31 July 2015, amid a sharp drop in foreign exchange reserves to
USD100.5 billion in July 2015 from USD105.5 billion in June 2015. We expect the MYR to remain
under pressure. Net foreign selling rose to RM11.7 billion as at end of July 2015.
As we remain cautious of the political scene, market continues to be very narrow and lacks any major
positive catalyst at this point in time. Nevertheless, we expect domestic liquidity to support a rangebound market at these levels. Healthy earnings growth is an essential ingredient for the market to
move up from here, as multiple expansion is becoming less of a driver. EPS growth is at 7.0%-9.2%
with corresponding PERs of 16.1 times to 14.8 times for 2015 and 2016 respectively. With the 5-year
average PER of 14.7 times, the market continues to look fair for 2016.
* This market outlook does not constitute an offer, invitation, commitment, advice or recommendation to make a purchase of
any investment. The information given in this article represents the views of CIMB-Principal or based on data obtained from
sources believed to be reliable by CIMB-Principal. Whilst every care has been taken in preparing this, CIMB-Principal makes
no guarantee, representation or warranty and is under no circumstances liable for any loss or damage caused by reliance on,
any opinion, advice or statement made in this market outlook.
6
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
INVESTMENT STRATEGY
We continue to find defensive growth in exporters (technology, gloves, and furniture), ports and
utilities. As such, the Fund is overweighted in Globetronics Technology Bhd, IQ Group Holdings Bhd,
Top Glove Corporation Bhd, Kossan Rubber Industries Bhd, Heveaboard Bhd, Westports Holdings
Bhd and YSP Southeast Asia Holding Bhd.
UNIT HOLDING STATISTICS
Breakdown of unit holdings by size as at 30 June 2015 are as follows:
Size of unit holdings (units)
No. of unit holders
No. of units held
(million)
% of units held
5,000 and below
5,001-10,000
10,001-50,000
50,001-500,000
500,001 and above
3,147
1,495
2,183
339
8
7.91
10.73
45.64
31.20
32.72
6.18
8.37
35.59
24.34
25.52
Total
7,172
128.20
100.00
SOFT COMMISSIONS AND REBATES
CIMB-Principal Asset Management Berhad (the “Manager”) and the Trustee (including their officers)
will not retain any form of rebate or soft commission from, or otherwise share in any commission with,
any broker in consideration for directing dealings in the investments of the Funds unless the soft
commission received is retained in the form of goods and services such as financial wire services and
stock quotations system incidental to investment management of the Funds. All dealings with brokers
are executed on best available terms.
During the financial period under review, the Manager and the Trustee did not receive any rebates
from the brokers or dealers but have retained soft commission in the form of goods and services such
as financial wire services and stock quotations system incidental to investment management of the
Funds.
7
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
STATEMENT BY MANAGER TO THE UNIT HOLDERS OF
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
We, being the Directors of CIMB-Principal Asset Management Berhad (the “Manager”), do hereby
state that, in the opinion of the Manager, the accompanying unaudited financial statements set out on
pages 11 to 35 are drawn up in accordance with the provisions of the Deeds and give a true and fair
view of the financial position of the Fund as at 30 June 2015 and of its financial performance, changes
in equity and cash flows for the financial period then ended in accordance with Malaysian Financial
Reporting Standards ("MFRS") 134 - Interim Financial Reporting and International Accounting
Standards ("IAS") 34 - Interim Financial Reporting.
For and on behalf of the Manager,
CIMB-Principal Asset Management Berhad
(Company No.: 304078-K)
MUNIRAH KHAIRUDDIN
Chief Executive Officer/Executive Director
PEDRO ESTEBAN BORDA
Executive Director
Kuala Lumpur
28 August 2015
8
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
TRUSTEE’S REPORT TO THE UNIT HOLDERS OF
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
We have acted as the Trustee for CIMB Islamic Equity Aggressive Fund (the “Fund”) for the six
months financial period ended 30 June 2015. To the best of our knowledge, CIMB-Principal Asset
Management Berhad (the “Manager”), has operated and managed the Fund in accordance with the
following:
(a)
limitations imposed on the investment powers of the Manager and Trustee under the Deeds,
the Securities Commission‘s (“SC”) Guidelines on Unit Trust Funds, the Capital Markets and
Services Act 2007 and other applicable laws;
(b)
valuation/pricing is carried out in accordance with the Deeds of the Fund and applicable
regulatory requirements;
(c)
creation and cancellation of units for the Fund have been carried out in accordance with the
Deeds of the Fund and applicable regulatory requirements; and
(d)
the distribution of returns of 4.50 sen per unit (gross) for the six months financial period ended
30 June 2015 by the Fund is relevant and reflects the investment objectives of the Fund.
For and on behalf of the Trustee
Amanahraya Trustees Berhad
HABSAH BINTI BAKAR
Chief Executive Officer
Kuala Lumpur
28 August 2015
9
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
SHARIAH ADVISER’S REPORT TO THE UNIT HOLDERS OF
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
We have acted as the Shariah Adviser of CIMB Islamic Equity Aggressive Fund. Our responsibility is
to ensure that the procedures and processes employed by CIMB-Principal Asset Management Berhad
are in accordance with Shariah.
In our opinion, CIMB-Principal Asset Management Berhad has managed and administered CIMB
Islamic Equity Aggressive Fund in accordance with Shariah and complied with applicable guidelines,
rulings or decisions issued by the Securities Commission pertaining to Shariah matters for the six
months financial period ended 30 June 2015.
In addition, we also confirm that the investment portfolio of CIMB Islamic Equity Aggressive Fund
comprises securities which have been classified as Shariah-compliant by the Shariah Advisory
Council of the Securities Commission (“SACSC”) with the exception of JAKS Resources Berhad.
However, the said security has been disposed on 03 March 2015 at loss. As for securities and any
other instruments which are not certified by the SACSC, we have reviewed the said investments and
opine that the investments are in line with Shariah requirement.
For and on-behalf of Shariah Adviser
CIMB Islamic Bank Berhad
ABDUL GHANI ENDUT
Group Co-Head, Shariah & Governance/Designated Person Responsible for Shariah Advisory
Kuala Lumpur
28 August 2015
10
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 JUNE 2015
Note
INVESTMENT INCOME (SHARIAH-COMPLIANT)
Dividend income
Profit income
Net (loss)/gain on financial assets at fair value
through profit or loss
EXPENSES
Management fee
Trustee’s fee
Transaction costs
Audit fee
Tax agent’s fee
Other expenses
1,196,700
110,798
9
1,664,922
3,063,107
5,142,781
6,450,279
5
6
770,024
46,201
578,964
7,120
1,550
69,089
1,472,948
678,913
40,735
532,289
15,050
(350)
25,084
1,291,721
1,590,159
5,158,558
-
1,934
1,590,159
5,160,492
2,290,193
(700,034)
1,590,159
9,406,670
(4,246,178)
5,160,492
4
8
PROFIT AFTER TAXATION AND TOTAL
COMPREHENSIVE INCOME FOR THE
FINANCIAL PERIOD
Profit after taxation is made up as follows:
Realised amount
Unrealised amount
01.01.2014
to 30.06.2014
RM
1,216,370
181,815
PROFIT BEFORE TAXATION
Taxation
01.01.2015
to 30.06.2015
RM
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
11
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
RM
31.12.2014
Audited
RM
85,795,163
12,836,801
1,517,477
33,842
212,636
9,990
59,660
100,465,569
80,305,775
16,298,584
6,443,554
243,783
200,573
9,990
59,660
103,561,919
541,141
85,725
124,782
7,487
33,847
792,982
22,281
129,899
7,794
25,545
185,519
99,672,587
103,376,400
80,647,811
19024776
80,386,420
22,989,980
99,672,587
103,376,400
128,199,207
127,577,007
0.7774
0.8103
30.06.2015
Note
CURRENT ASSETS
Financial assets at fair value through profit or loss
(Shariah-compliant)
Cash and cash equivalents (Shariah-compliant)
Amount due from stockbrokers
Amount due from Manager
Dividend receivable
Other receivable
Tax recoverable
TOTAL ASSETS
9
10
CURRENT LIABILITIES
Amount due to stockbrokers
Amount due to Manager
Accrued management fee
Amount due to Trustee
Other payables and accruals
TOTAL LIABILITIES
NET ASSET VALUE OF THE FUND
EQUITY
Unit holders’ capital
Retained earnings
NET ASSETS ATTRIBUTABLE TO UNIT
HOLDERS
NUMBER OF UNITS IN CIRCULATION (UNITS)
11
NET ASSET VALUE PER UNIT (RM)
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
12
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 JUNE 2015
Note
Balance as at 1 January 2015
Movement in unit holders'
contributions:
- Creation of units from applications
- Creation of units from distribution
- Cancellation of units
Total comprehensive gain for
the financial period
Distribution
Balance as at 30 June 2015
Balance as at 1 January 2014
Movement in unit holders'
contributions:
- Creation of units from applications
- Creation of units from distribution
- Cancellation of units
Total comprehensive gain for
the financial period
Distribution
Balance as at 30 June 2014
Unit holders'
capital
RM
Retained
earnings
RM
Total
RM
80,386,420
22,989,980
103,376,400
-
10,058,483
5,239,338
(15,036,430)
10,058,483
5,239,338
(15,036,430)
7
80,647,811
1,590,159
(5,555,363)
19,024,776
1,590,159
(5,555,363)
99,672,587
59,580,001
30,473,655
90,053,656
-
19,952,764
4,172,110
(15,894,582)
19,952,764
4,172,110
(15,894,582)
67,810,293
7
5,160,492
(4,455,062)
31,179,085
5,160,492
(4,455,062)
98,989,378
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
13
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 JUNE 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Proceeds from disposal of Shariah-compliant quoted
securities
Purchases of Shariah-compliant quoted securities
Dividend income received
Profit income received from Shariah-compliant deposits
with licensed Islamic financial institutions and Hibah
Management fee paid
Trustee’s fee paid
Payment for other fees and expenses
Net cash (used in)/generated from operating
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from units created
Payment for cancellation of units
Distribution paid
Net cash generated from/(used in) financing
activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the
financial period
Cash and cash equivalents at the end of the financial
period
01.01.2015
to 30.06.2015
RM
01.01.2014
to 30.06.2014
RM
98,757,365
(97,708,572)
1,204,307
90,750,040
(85,964,730)
1,053,877
181,815
(775,141)
(46,508)
(54,462)
110,798
(673,503)
(40,410)
(41,571)
1,558,804
5,194,501
10,268,424
(14,972,986)
(316,025)
20,379,528
(21,235,183)
(282,953)
(5,020,587)
(1,138,608)
(3,461,783)
4,055,893
16,298,584
5,489,126
12,836,801
9,545,019
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
14
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 JUNE 2015
1.
THE FUND, THE MANAGER AND ITS PRINCIPAL ACTIVITY
CIMB Islamic Equity Aggressive Fund (the “Fund”) is governed by a Principal Master Deed
dated 15 May 2008, a First Supplemental Deed dated 26 May 2008, a Third Supplemental
Master Deed dated 25 June 2008, a Sixth Supplemental Master Deed dated 14 July 2008, a
Seventh Supplemental Master Deed dated 19 November 2008, a Twelfth Supplemental Master
Deed dated 14 June 2010, a Fourteenth Supplemental Master Deed dated 26 June 2012 and a
Seventeenth Supplemental Master Deed dated 25 March 2015 (collectively referred to as the
“Deeds"), made between CIMB-Principal Asset Management Berhad (the “Manager”) and
AmanahRaya Trustee Berhad (the “Trustee”).
The Fund may invest a minimum of 70% and up to a maximum of 98% of its NAV in local
Shariah-compliant equities. As an aggressive Fund, the Fund will be managed with higher beta
and tracking error. The investment policy and strategy of the Fund is to invest in Shariahcompliant stocks which are selected based on their future growth prospects with benchmarking
of the Fund being a secondary consideration. As such, the Fund may hold a larger percentage
of its NAV (may exceed 10%) in Shariah-compliant stocks of companies with small
capitalisation. In addition, Shariah-compliant liquid assets with at least 2% of its NAV may also
be strategically used if the Manager feels that the market downside risk is high in the shortterm.
All investments will be subjected to the Securities Commission Malaysia (“SC”) Guidelines on
Unit Trust Funds, SC requirements, the Deeds, except where exemptions or variations have
been approved by the SC, internal policies and procedures and the Fund’s objective.
The Manager, a company incorporated in Malaysia, is a subsidiary of CIMB Group Sdn Bhd
and regards CIMB Group Holdings Berhad as its ultimate holding company. The Manager is
also an associate of Principal International (Asia) Limited, which is a subsidiary of Principal
Financial Group Inc. The principal activities of the Manager are the establishment and
management of unit trust funds and fund management activities.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are
considered material in relation to the financial statements:
(a)
Basis of preparation
The financial statements have been prepared in accordance with the provisions of the
MFRS and International Financial Reporting Standards (“IFRS”).
The financial statements have been prepared under the historical cost convention, as
modified by financial assets at fair value through profit or loss.
The preparation of financial statements in conformity with MFRS and IFRS requires the
use of certain critical accounting estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenue and expenses
during the reported financial period. It also requires the Manager to exercise their
judgment in the process of applying the Fund’s accounting policies. Although these
estimates and judgment are based on the Manager’s best knowledge of current events
and actions, actual results may differ. The areas involving a higher degree of judgment
or complexity, or areas where estimates and assumptions are significant to the financial
statements are disclosed in Note 2(l).
15
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a)
Basis of preparation (continued)
The standards, amendments to published standards and interpretations to existing
standards that are applicable to the Fund but not yet effective and have not been early
adopted are as follows:
(i)
Financial year beginning on/after 1 January 2017
MFRS 15 “Revenue from Contracts with Customers” (effective from 1 January
2017) deals with revenue recognition and establishes principles for reporting
useful information to users of financial statements about the nature, amount,
timing and uncertainty of revenue and cash flows arising from an entity’s contracts
with customers. Revenue is recognised when a customer obtains control of a
good or service and thus has the ability to direct the use and obtain the benefits
from the good or service. The standard replaces MFRS 118 “Revenue” and
MFRS 111 “Construction Contracts” and related interpretations.
The Fund will apply this standard when effective. This standard is not expected to
have a significant impact on the Fund’s financial statements.
(ii) Financial year beginning on/after 1 January 2018
MFRS 9 "Financial Instruments" (effective from 1 January 2018) will replace
MFRS 139 "Financial Instruments: Recognition and Measurement". The complete
version of MFRS 9 was issued in November 2014.
MFRS 9 retains but simplifies the mixed measurement model in MFRS 139 and
establishes three primary measurement categories for financial assets: amortised
cost, fair value through profit or loss and fair value through other comprehensive
income ("OCI"). The basis of classification depends on the entity's business
model and the contractual cash flow characteristics of the financial asset.
Investments in equity instruments are always measured at fair value through profit
or loss with a irrevocable option at inception to present changes in fair value in
OCI (provided the instrument is not held for trading). A debt instrument is
measured at amortised cost only if the entity is holding it to collect contractual
cash flows and the cash flows represent principal and profit.
For liabilities, the standard retains most of the MFRS 139 requirements. These
include amortised cost accounting for most financial liabilities, with bifurcation of
embedded derivatives. The main change is that, in cases where the fair value
option is taken for financial liabilities, the part of a fair value change due to an
entity’s own credit risk is recorded in other comprehensive income rather than the
income statement, unless this creates an accounting mismatch.
There is now a new expected credit losses model on impairment for all financial
assets that replaces the incurred loss impairment model used in MFRS 139. The
expected credit losses model is forward-looking and eliminates the need for a
trigger event to have occurred before credit losses are recognised.
MFRS 9 relaxes the requirements for hedge effectiveness by replacing the bright
line hedge effectiveness tests. It requires an economic relationship between the
hedged item and hedging instrument and for the "hedged ratio" to be the same as
the one management actually use for risk management purposes.
The Fund will apply this standard when effective. This standard is not expected to
have a significant impact on the Fund’s financial statements.
16
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b)
Financial assets and financial liabilities
Classification
The Fund designates its investments in Shariah-compliant quoted securities as
financial assets at fair value through profit or loss at inception.
Financial assets are designated at fair value through profit or loss when they are
managed and their performance evaluated on a fair value basis.
Financing and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market and have been included in current
assets. The Fund’s financing and receivables comprise cash and cash equivalents,
amount due from Manager, amount due from stockbrokers, other receivable and
dividend receivable.
Financial liabilities are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial liability.
The Fund classifies amount due to stockbrokers, amount due to Manager, accrued
management fee, amount due to Trustee, and other payables and accruals as other
financial liabilities.
Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade-date, the
date on which the Fund commits to purchase or sell the asset. Shariah-compliant
investments are initially recognised at fair value. Transaction costs are expensed in the
statement of comprehensive income.
Financial liabilities, within the scope of MFRS 139, are recognised in the statement of
financial position when, and only when, the Fund becomes a party to the contractual
provisions of the financial instrument.
Financial assets are derecognised when the rights to receive cash flows from the
Shariah-compliant 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.
Unrealised gains or losses arising from changes in the fair value of the financial assets
at fair value through profit or loss are presented in the statement of comprehensive
income within net gain or loss on financial assets at fair value through profit or loss in
the financial period which they arise.
Dividend income from financial assets at fair value through profit or loss is recognised
in the statement of comprehensive income as part of gross dividend income when the
Fund’s right to receive payments is established.
Shariah-compliant quoted securities in Malaysia are valued at the last done market
price quoted on Bursa Malaysia Securities Berhad (“Bursa Securities”) at the date of the
statement of financial position.
17
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b)
Financial assets and liabilities (continued)
Recognition and measurement (continued)
If a valuation based on the market price does not represent the fair value of the
securities, for example during abnormal market conditions or when no market price is
available, including in the event of a suspension in the quotation of the securities for a
period exceeding 14 days, or such shorter period as agreed by the Trustee, then the
securities are valued as determined in good faith by the Manager, based on the
methods or basis approved by the Trustee after appropriate technical consultation.
Shariah-compliant deposits with licensed Islamic financial institutions are stated at cost
plus accrued profit calculated on the effective profit method over the period from the
date of placement to the date of maturity of the respective deposits.
Financing and receivables and other financial liabilities are subsequently carried at
amortised cost using the effective profit method.
For assets carried at amortised cost, the Fund assesses at the end of the reporting
period whether there is objective evidence that a financial asset or group of financial
assets is impaired. 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’) and that loss event (or events) has an impact on the estimated future cash
flows of the financial asset or group of financial assets that can be reliably estimated.
The amount of the loss is measured as the difference between the asset’s carrying
amount and the present value of estimated future cash flows (excluding future credit
losses that have not been incurred) discounted at the financial asset’s original effective
interest rate. The asset’s carrying amount of the asset is reduced and the amount of the
loss is recognised in statement of comprehensive income. If ‘financing and receivables’
has a variable interest rate, the discount rate for measuring any impairment loss is the
current effective interest rate determined under the contract.
As a practical expedient, the Fund may measure impairment on the basis of an
instrument’s fair value using an observable market price.
If, in a subsequent financial period, the amount of the impairment loss decreases and
the decrease can be related objectively to an event occurring after the impairment was
recognised (such as an improvement in the debtor’s credit rating), the reversal of the
previously recognised impairment loss is recognised in statement of comprehensive
income.
When an asset is uncollectible, it is written off against the related allowance account.
Such assets are written off after all the necessary procedures have been completed
and the amount of the loss has been determined.
18
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(c)
Income recognition
Dividend income is recognised on the ex-dividend date when the right to receive
payment is established.
Profit income from Shariah-compliant deposits with licensed Islamic financial
institutions is recognised on a time proportionate basis using the effective interest rate
method on an accrual basis.
Realised gain or loss on disposal of Shariah-compliant quoted securities is accounted
for as the difference between the net disposal proceeds and the carrying amount of
Shariah-compliant quoted securities, determined on a weighted average cost basis.
(d)
Functional and presentation currency
Items included in the financial statements of the Fund are measured using the currency
of the primary economic environment in which the Fund operates (the “functional
currency”). The financial statements are presented in Ringgit Malaysia (“RM”), which is
the Fund’s functional and presentation currency.
(e)
Creation and cancellation of units
The Fund issues cancellable units, which are cancelled at the unit holder’s option and
are classified as equity. Cancellable units can be put back to the Fund at any time for
cash equal to a proportionate share of the Fund’s NAV. The outstanding units are
carried at the redemption amount that is payable at the date of the statement of
financial position if the unit holder exercises the right to put back the unit to the Fund.
Units are created and cancelled at the unit holder’s option at prices based on the
Fund’s NAV per unit at the time of creation or cancellation. The Fund’s NAV per unit is
calculated by dividing the net assets attributable to unit holders with the total number of
outstanding units.
(f)
Cash and cash equivalents
For the purpose of statement of cash flows, cash and cash equivalents comprise bank
balances and Shariah-compliant deposits held in highly liquid investments that are
readily convertible to known amount of cash and which are subject to an insignificant
risk of changes in value.
(g)
Taxation
Current tax expense is determined according to Malaysian tax laws at the current rate
based on taxable profit earned during the financial period.
(h)
Transaction costs
Transaction costs are costs incurred to acquire or dispose financial assets or liabilities
at fair value through profit or loss. They include fees and commissions paid to agents,
advisors, brokers and dealers. Transaction costs, when incurred, are immediately
recognised in the statement of comprehensive income as expenses.
19
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(i)
Amount due from/to stockbrokers
Amounts due from/to stockbrokers represent receivables for Shariah-compliant quoted
securities sold and payables for Shariah-compliant quoted securities purchased that
have been contracted for but not yet settled or delivered on the statement of financial
position date respectively.
These amounts are recognised initially at fair value and subsequently measured at
amortised cost using the effective profit method, less provision for impairment for
amount due from stockbrokers. A provision for impairment of amount due from
stockbrokers is established when there is objective evidence that the Fund will not be
able to collect all amounts due from the relevant stockbroker. Significant financial
difficulties of the stockbroker, probability that the broker will enter bankruptcy or
financial reorganisation, and default in payments are considered indicators that the
amount due from stockbrokers is impaired. Once a financial asset or a group of similar
financial assets has been written down as a result of an impairment loss, profit income
is recognised using the rate of profit used to discount the future cash flows for the
purpose of measuring the impairment loss.
The effective profit method is a method of calculating the amortised cost of a financial
asset or financial liability and of allocating the profit income or financing expense over
the relevant financial period. The effective interest rate is the rate that exactly discounts
estimated future cash payments or receipts throughout the expected life of the financial
instrument, or, when appropriate, a shorter period, to the net carrying amount of the
financial asset or financial liability. When calculating the effective interest rate, the Fund
estimates cash flows considering all contractual terms of the financial instrument but
does not consider future credit losses. The calculation includes all fees and points paid
or received between parties to the contract that are an integral part of the effective
interest rate, transaction costs and all other premiums or discounts.
(j)
Unit holders’ capital
The unit holders’ contributions to the Fund meet the definition of puttable instruments
classified as equity instruments under MFRS 132 “Financial Instruments: Presentation”.
The units in the Fund are puttable instruments which entitle the unit holders to a prorata share of the net asset of the Fund. The units are subordinated and have identical
features. There is no contractual obligation to deliver cash or another financial asset
other than the obligation on the Fund to repurchase the units. The total expected cash
flows from the units in the Fund over the life of the units are based on the change in the
net asset of the Fund.
(k)
Segment information
Operating segments are reported in a manner consistent with the internal reporting
used by the chief operating decision-maker. The chief operating decision-maker, is
responsible for allocating resources and assessing performance of the operating
segments.
20
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(l)
Critical accounting estimates and judgments in applying accounting policies
The Fund 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 Funds’ results and financial position are
tested for sensitivity to changes in the underlying parameters.
Estimates and judgments are continually 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.
In undertaking any of the Fund’s investment, the Manager will ensure that all assets of
the Fund under management will be valued appropriately, that is at fair value and in
compliance with the SC Guidelines on Unit Trust Funds.
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES
The Fund aims to earn reasonable returns for investors by investing in approved equities listed
on Bursa Malaysia as well as unlisted securities and other non-interest bearing assets
acceptable under Shariah principles.
The Fund is exposed to a variety of risks which include market risk (inclusive of price risk and
interest rate risk), credit risk and liquidity risk.
Financial risk management is carried out through internal control process adopted by the
Manager and adherence to the investment restrictions as stipulated in the Deeds and SC
Guidelines on Unit Trust Funds.
(a)
Market risk
(i)
Price risk
Price risk is the risk that the fair value of a Shariah-compliant investment in
quoted securities will fluctuate because of changes in market prices (other than
those arising from interest rate risk). The value of Shariah-compliant quoted
securities may fluctuate according to the activities of individual companies,
sector and overall political and economic conditions. Such fluctuation may
cause the Fund’s NAV and prices of units to fall as well as rise, and income
produced by the Fund may also fluctuate.
The price risk is managed through diversification and selection of Shariahcompliant quoted securities and other financial instruments within specified
limits according to the Deeds.
21
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(a)
Market risk (continued)
(ii)
Interest rate risk
Interest rate risk is the risk that the value of the Fund’s Shariah-compliant
investments and its return will fluctuate because of changes in market interest
rates.
The Fund’s exposure to fair value interest rate risk arises from investment in
money market instruments. The interest rate risk is expected to be minimal as
the Fund’s investments comprise mainly Shariah-compliant short term deposits
with approved licensed Islamic financial institutions. The Fund is not exposed to
cash flow interest rate risk as the Fund does not hold any financial instruments
at variable interest rate.
(b)
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligation
resulting in financial loss to the Fund.
The credit risk arising from placements of Shariah-compliant deposits in licensed
Islamic financial institutions is managed by ensuring that the Fund will only place
Shariah-compliant deposits in reputable licensed Islamic financial institutions. The
settlement terms of the proceeds from the creation of units’ receivable from the
Manager are governed by the SC Guidelines on Unit Trust Funds.
For amount due from stockbrokers, the settlement terms are governed by the relevant
rules and regulations as prescribed by respective stock exchange. The credit risk is
minimal as all transactions in Shariah-compliant quoted securities are settled/paid upon
delivery using approved stockbrokers.
(c)
Liquidity risk
Liquidity risk is the risk that the Fund will encounter difficulty in meeting its financial
obligations.
The Manager manages this risk by maintaining sufficient level of liquid assets to meet
anticipated payments and cancellations of the units by unit holders. Liquid assets
comprise bank balance, Shariah-compliant deposits with licensed Islamic financial
institutions and other instruments, which are capable of being converted into cash
within 7 business days. Generally, all investments are subject to a certain degree of
liquidity risk depending on the nature of the investment instruments, market, sector and
other factors. For the purpose of the Fund, the Manager will attempt to balance the
entire portfolio by investing in a mix of assets with satisfactory trading volume and
those that occasionally could encounter poor liquidity. This is expected to reduce the
risks for the entire portfolio without limiting the Fund’s growth potentials.
22
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(d)
Fair value estimation
Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the
measurement date (i.e. an exit price).
The fair value of financial assets traded in active markets (such as trading securities)
are based on quoted market prices at the close of trading on the financial period end
date. The Fund utilises the last traded market price for financial assets where the last
traded price falls within the bid-ask spread. In circumstances where the last traded
price is not within the bid-ask spread, the Manager will determine the point within the
bid-ask spread that is most representative of the fair value.
An active market is a market in which transactions for the asset or liability take place
with sufficient frequency and volume to provide pricing information on an ongoing basis.
The fair value of financial assets that are not traded in an active market is determined
by using valuation techniques.
Fair value hierarchy
(i)
The table below analyses financial instruments carried at fair value, by valuation
method. The different levels have been defined as follows:
•
•
•
Quoted prices (unadjusted) in active market for identical assets or
liabilities (Level 1)
Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (Level 2)
Inputs for the asset and liability that are not based on observable market
data (that is, unobservable inputs) (Level 3)
The level in the fair value hierarchy within which the fair value measurement is
categorized in its entirety is determined on the basis of the lowest level input
that is significant to the fair value measurement in its entirety. For this purpose,
the significance of an input is assessed against the fair value measurement in
its entirety.
If a fair value measurement uses observable inputs that require significant
adjustment based on unobservable inputs, that measurement is a Level 3
measurement.
Assessing the significance of a particular input to the fair value measurement in
its entirety requires judgment, considering factors specific to the asset or
liability.
The determination of what constitutes ‘observable’ requires significant judgment
by the Fund. The Fund considers observable data to be that market data that is
readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in
the relevant market.
23
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(d)
Fair value estimation (continued)
Fair value hierarchy (continued)
30.06.2015
Financial assets
at fair value
through profit or
loss:
- Shariahcompliant
quoted securities
31.12.2014
Financial assets
at fair value
through profit or
loss:
- Shariahcompliant
quoted securities
Level 1
RM
Level 2
RM
Level 3
RM
Total
RM
85,795,163
-
-
85,795,163
Level 1
RM
Level 2
RM
Level 3
RM
Total
RM
80,305,775
-
-
80,305,775
Shariah-compliant quoted securities whose values are based on quoted market
prices in active markets, and are therefore classified within Level 1, include
active listed equities. The Fund does not adjust the quoted prices for these
instruments. The Fund’s policies on valuation of these financial assets are
stated in Note 2(b).
(ii)
4.
The carrying values of cash and cash equivalents, amount due from
stockbrokers, amount due from Manager, dividend receivable, other receivable
and all current liabilities are a reasonable approximation of their fair values due
to their short term nature.
PROFIT INCOME
Profit income from Shariah-compliant deposits with
licensed Islamic financial institutions
Hibah
24
01.01.2015
to 30.06.2015
RM
01.01.2014
to 30.06.2014
RM
181,588
227
181,815
110,724
74
110,798
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
5.
MANAGEMENT FEE
In accordance with the Deeds, the Manager is entitled to a maximum management fee of
1.50% per annum calculated daily based on the NAV of the Fund.
For the six months financial period ended 30 June 2015, the management fee is recognised at
a rate of 1.50% per annum (30.06.2014: 1.50% per annum).
There will be no further liability to the Manager in respect of management fee other than the
amount recognised above.
6.
TRUSTEE’S FEE
In accordance with Deeds, the Trustee is entitled to a fee not exceeding 0.09% per annum
calculated daily based on the NAV of the Fund. The Trustee’s fee includes the local custodian
fee but excludes the foreign sub-custodian fee (if any).
For the six months financial period ended 30 June 2015, the Trustee’s fee is recognised at a
rate of 0.09% per annum (30.06.2014: 0.09% per annum).
There will be no further liability to the Trustee in respect of Trustee’s fee other than the amount
recognised above.
7.
DISTRIBUTION
Distribution to unit holders derived from the following sources:
Dividend income
Profit income from Shariah-compliant deposits with
licensed Islamic financial institutions
Net realised gain on disposal of Shariah-compliant
quoted securities
Less:
Expenses
Taxation
Net distribution amount
01.01.2015
to 30.06.2015
RM
01.01.2014
to 30.06.2014
RM
811,931
1,042,941
98,584
110,025
4,682,332
5,592,847
3,392,391
4,545,357
(37,484)
5,555,363
(41,239)
(49,056)
4,455,062
Distribution on 27 January 2015
Gross distribution per unit (sen)
Net distribution per unit (sen)
4.50
4.50
-
Distribution on 22 January 2014
Gross distribution per unit (sen)
Net distribution per unit (sen)
-
4.44
4.39
Gross distribution is derived using total income less total expenses. Net distribution above is
sourced from current financial years’ realised income.
Gross distribution per unit is derived from gross realised income less expenses, divided by the
number of units in circulation. Net distribution for unit is derived from gross realised income
less expenses and taxation, divided by the number of units in circulation.
25
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
8.
TAXATION
01.01.2015
to 30.06.2015
RM
01.01.2014
to 30.06.2014
RM
-
(1,934)
Tax charged for the financial period:
- Over provision in prior financial period
A numerical reconciliation between the profit before taxation multiplied by the Malaysian
statutory income tax rate and tax expense of the Fund is as follows:
Profit before taxation
Taxation at Malaysian statutory rate of 25%
(2014: 25%)
Tax effects of:
Investment income not subject to tax
Expenses not deductible for tax purposes
Restriction on tax deductible expenses for unit
trust funds
Over provision in prior financial period
Taxation
9.
01.01.2015
to 30.06.2015
RM
01.01.2014
to 30.06.2014
RM
1,590,159
5,158,558
397,540
1,289,640
(765,777)
167,843
(1,612,570)
149,439
200,394
-
173,491
(1,934)
(1,934)
FINANCIAL ASSETS FAIR VALUE THROUGH PROFIT OR LOSS
Designated at fair value through
profit or loss at inception:
- Shariah-compliant quoted securities
Net gain on financial assets at fair value through profit
or loss:
- Realised gain on disposals
- Unrealised fair value loss
26
30.06.2015
RM
31.12.2014
RM
85,795,163
80,305,775
01.01.2015
to 30.06.2015
RM
01.01.2014
to 30.06.2014
RM
2,364,956
(700,034)
1,664,922
9,388,959
(4,246,178)
5,142,781
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
9.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
1,881,500
416,100
576,070
2,873,670
1,678,751
2,049,387
3,915,325
7,643,463
1,956,760
1,943,187
3,755,977
7,655,924
1.96
1.95
3.77
7.68
1,054,100
348,700
95,900
28,600
191,400
492,100
1,630,000
158,700
3,999,500
1,127,963
895,890
504,014
1,955,148
1,000,726
1,056,884
3,829,100
410,890
10,780,615
1,001,395
850,828
484,295
2,044,900
1,121,604
989,121
3,830,500
415,794
10,738,437
1.00
0.85
0.49
2.05
1.13
0.99
3.84
0.42
10.77
198,000
364,300
282,600
1,813,300
224,700
443,000
98,200
1,015,400
272,700
233,700
562,000
5,507,900
1,027,739
1,131,856
716,657
1,063,319
1,056,393
2,699,896
2,165,739
1,504,393
386,194
1,504,827
1,866,579
15,123,592
1,019,700
998,182
983,448
1,124,246
1,460,550
2,799,760
2,087,732
1,391,098
392,688
1,554,105
2,399,740
16,211,249
1.02
1.00
0.99
1.13
1.47
2.81
2.09
1.40
0.39
1.56
2.41
16.27
538,500
124,500
440,700
1,103,700
2,878,992
532,750
2,133,726
5,545,468
2,886,360
529,125
2,979,132
6,394,617
2.90
0.53
2.99
6.42
130,900
69,900
200,800
1,287,891
1,580,954
2,868,845
1,297,219
1,495,860
2,793,079
1.30
1.50
2.80
146,010
205,100
351,110
331,757
293,457
625,214
248,217
242,018
490,235
0.25
0.24
0.49
30.06.2015
SHARIAH-COMPLIANT QUOTED
SECURITIES
Construction
Econpile Holdings Bhd
Gamuda Bhd
IJM Corporation Bhd
Consumer Products
Bonia Corp Bhd
IQ Group Holdings Bhd
MSM Malaysia Holdings Bhd
Nestle (Malaysia) Bhd
Oriental Food Industries Holdings Bhd
Power Root Berhad
Sasbadi Holdings Bhd
YSP Southeast Asia Holding Bhd
Industrials
Cahya Mata Sarawak Bhd
Coastal Contracts Bhd
Heveaboard Bhd
KNM Group Bhd
Kossan Rubber Industries Bhd
Petronas Chemicals Group Bhd
Petronas Gas Bhd
Sarawak Cable Bhd
SLP Resources Bhd
Top Glove Corp Bhd
United U-Li Corp Bhd
IPC
Digi.Com Bhd
Lingkaran Trans Kota Holdings Bhd
TIME dotCom Bhd
Plantation
Genting Plantations Bhd
Kuala Lumpur Kepong Bhd
Properties
Eastern and Oriental Bhd
Malaysian Resources Corp Bhd
27
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
9.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
140,400
409,528
474,552
0.48
251,600
552,410
4,210,400
1,306,800
447,800
256,600
712,300
203,700
376,400
551,400
365,102
718,661
405,300
550,900
411,700
482,400
11,803,473
908,454
3,587,271
4,223,668
2,338,999
3,124,522
837,973
5,534,033
1,028,136
1,037,434
1,075,142
3,493,363
4,971,044
4,445,945
1,953,229
1,000,226
1,614,771
41,174,210
779,960
3,535,424
4,463,024
2,286,900
2,852,486
892,968
5,498,956
871,836
888,304
1,124,856
3,110,669
4,700,043
5,122,992
1,900,605
967,495
2,040,552
41,037,070
0.78
3.55
4.48
2.29
2.86
0.90
5.52
0.87
0.89
1.13
3.12
4.72
5.14
1.91
0.97
2.05
41.18
25,980,553
84,170,935
85,795,163
86.09
30.06.2015 (CONTINUED)
SHARIAH-COMPLIANT QUOTED
SECURITIES (CONTINUED)
Technology
Vitrox Corp Bhd
Trading/Services
AEON Co. (M) Bhd
Axiata Group Bhd
E.A. Technique (M) Bhd
Malakoff Corp Bhd
Maxis Bhd
MBM Resources Bhd
MISC Bhd
Pos Malaysia Bhd
Sapura Kencana Petroleum Bhd
Scicom (MSC) Bhd
Sime Darby Bhd
Telekom Malaysia Bhd
Tenaga Nasional Bhd
UEM Edgenta Bhd
Uzma Bhd
Westports Holdings Bhd
TOTAL SHARIAH-COMPLIANT
QUOTED SECURITIES
ACCUMULATED
UNREALISED GAIN ON
FINANCIAL ASSETS
AT FAIR VALUE
THROUGH PROFIT OR
LOSS
1,624,228
TOTAL FINANCIAL
ASSETS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
85,795,163
28
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
9.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
2,679,400
621,700
243,570
3,203,600
6,748,270
2,346,489
3,032,757
1,570,020
2,070,631
9,019,897
2,264,093
3,114,717
1,600,255
1,409,584
8,388,649
2.19
3.01
1.55
1.36
8.11
15,800
1,049,542
1,082,300
1.05
396,260
71,300
467,560
1,661,995
553,491
2,215,486
1,612,778
804,264
2,417,042
1.56
0.78
2.34
184,400
330,400
98,200
836,700
1,449,700
516,818
1,535,017
2,165,739
1,263,946
5,481,520
521,852
1,476,888
2,176,112
1,163,013
5,337,865
0.50
1.43
2.11
1.13
5.17
1,524,000
8,147,787
9,403,080
9.10
736,900
316,400
2,577,300
1,423,307
1,403,593
10,974,687
1,245,361
1,544,032
12,192,473
1.20
1.49
11.79
103,900
459,000
35,250
598,150
1,008,817
2,203,475
798,234
4,010,526
1,039,000
2,203,200
803,700
4,045,900
1.01
2.13
0.78
3.92
914,500
1,758,000
1,301,433
3,973,933
1,580,184
3,816,202
2,645,166
8,041,552
1,115,690
3,252,300
2,706,981
7,074,971
1.08
3.15
2.61
6.84
895,200
1,476,490
1,593,456
1.54
31.12.2014
SHARIAH-COMPLIANT QUOTED
SECURITIES
Construction
Econpile Holdings Bhd
Gamuda Bhd
IJM Corporation Bhd
JAKS Resources Bhd*
Consumer Products
Nestle (Malaysia) Bhd
Finance
BIMB Holdings Bhd
Syarikat Takaful Malaysia Bhd
Industrials
Coastal Contracts Bhd
Kossan Rubber Industries Bhd
Petronas Gas Bhd
Sarawak Cable Bhd
IPC
DiGi.Com Bhd
Success Transformer Corporation
Bhd
TIME dotCom Bhd
Plantation
Genting Plantations Bhd
IOI Corporation Bhd
Kuala Lumpur Kepong Bhd
Properties
Malaysian Resources Corporation
Bhd
Titijaya Land Bhd
YNH Property Bhd
Technology
Unisem (M) Bhd
29
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
9.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
251,600
823,100
755,400
568,300
1,495,500
656,802
438,447
517,200
1,148,800
329,700
6,984,849
908,454
5,213,818
5,229,616
3,814,846
4,285,101
6,284,403
2,791,510
4,894,188
1,253,912
1,035,965
35,711,813
792,540
5,802,855
5,174,490
4,103,126
3,738,750
6,036,010
3,016,515
7,137,360
1,263,680
1,107,793
38,173,119
0.77
5.61
5.01
3.97
3.62
5.84
2.92
6.91
1.22
1.06
36.93
23,710,762
77,981,513
80,305,775
77.69
31.12.2014 (CONTINUED)
SHARIAH-COMPLIANT QUOTED
SECURITIES (CONTINUED)
Trading/Services
AEON Co. (M) Bhd
Axiata Group Bhd
Maxis Bhd
MISC Bhd
Parkson Holdings Bhd
Sime Darby Bhd
Telekom Malaysia Bhd
Tenaga Nasional Bhd
Tiong Nam Logistics Holdings Bhd
Westports Holdings Bhd
TOTAL SHARIAH-COMPLIANT
QUOTED SECURITIES
ACCUMULATED
UNREALISED GAIN ON
FINANCIAL ASSETS
AT FAIR VALUE
THROUGH PROFIT OR
LOSS
2,324,262
TOTAL FINANCIAL
ASSETS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
80,305,775
* JAKS Resources Bhd has been delisted from the List of Shariah-Compliant Securities by SACSC
on 28 November 2014. During the financial period, the securities have been disposed at loss.
Therefore, there is no amount to be channelled to charitable bodies as advised by the Shariah
Adviser.
30
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
10.
CASH AND CASH EQUIVALENTS (SHARIAH-COMPLIANT)
Shariah-compliant deposits with licensed Islamic financial
institutions
Bank balance
30.06.2015
RM
31.12.2014
RM
12,788,556
48,245
12,836,801
16,075,663
222,921
16,298,584
The weighted average effective profit rate per annum is as follows:
Shariah-compliant deposits with licensed Islamic financial
institutions
30.06.2015
%
31.12.2014
%
3.32
3.64
Shariah-compliant deposits with licensed Islamic financial institutions of the Fund have an
average maturity of 1.87 days (31.12.2014: 6 days).
11.
NUMBER OF UNITS IN CIRCULATION (UNITS)
At the beginning of the financial period/year
Add : Creation of units from applications
Add : Creation of units from distribution
Less : Cancellation of units
At the end of the financial period/year
12.
01.01.2015 to
30.06.2015
No of units
127,577,007
12,467,820
(18,415,324)
6,569,704
128,199,207
01.01.2014 to
31.12.2014
No of units
102,923,421
49,813,367
5,157,119
(30,316,900)
127,577,007
01.01.2015
to 30.06.2015
%
01.01.2014
to 31.12.2014
%
0.84
0.83
MANAGEMENT EXPENSE RATIO (“MER”)
MER
MER is based on the following calculation:
MER
=
(A + B + C + D + E) x 100
F
A
B
C
D
E
=
=
=
=
=
F
=
Management fee
Trustee’s fee
Audit fee
Tax agent’s fee
Other expenses excluding Goods and Services Tax (“GST”) on transaction
costs
Average NAV of the Fund calculated on a daily basis
The average NAV of the Fund for the financial period calculated on a daily basis is
RM103,512,642 (30.06.2014: RM91,355,921).
31
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
13.
PORTFOLIO TURNOVER RATIO (“PTR”)
01.01.2015
to 30.06.2015
01.01.2014
to 30.06.2014
0.92
0.97
PTR (times)
PTR is derived based on the following calculation:
(Total acquisition for the financial period + total disposal for the financial period) ÷ 2
Average NAV of the Fund for the financial period calculated on a daily basis
where:
total acquisition for the financial period =
total disposal for the financial period
=
14.
RM97,945,049 (30.06.2014: RM87,105,107)
RM91,755,628 (30.06.2014: RM90,829,618)
UNITS HELD BY THE MANAGER, PARTIES RELATED TO THE MANAGER, AND
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES
The related parties and their relationship with the Fund are as follows:
Related parties
Relationship
CIMB-Principal Asset Management Berhad
The Manager
CIMB Group Sdn Bhd
Holding company of the Manager
CIMB Group Holdings Berhad (“CIMB”)
Ultimate holding company of the Manager
CIMB Investment Bank Berhad
Fellow subsidiary to the Manager
CIMB Islamic Bank Berhad
Fellow subsidiary to the Manager
Subsidiaries and associates of CIMB as
disclosed in its financial statements
Subsidiary and associated companies
of the ultimate holding company of
the Manager
Units held by the Manager and parties related to the Manager
30.06.2015
Manager
CIMB-Principal Asset Management
Berhad
No. of
units
17,103
31.12.2014
RM
No. of
units
RM
13,296
75,340
61,048
In the opinion of the Manager, the above units were transacted at the prevailing market price.
The units are held beneficially by the Manager for booking purposes. Other than the above,
there were no units held by the Directors or parties related to the Manager.
In addition to related party disclosures mentioned elsewhere in the financial statements, set out
below are other significant related party transactions and balances. The Manager is of the
opinion that all transactions with the related companies have been entered into in the normal
course of business at agreed terms between the related parties.
32
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
14.
UNITS HELD BY THE MANAGER, PARTIES RELATED TO THE MANAGER, AND
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)
01.01.2015
to 30.06.2015
RM
01.01.2014
to 30.06.2014
RM
47,807
24,691
Significant related party transactions
Profit income from Shariah-compliant deposits with
licensed Islamic financial institutions:
- CIMB Islamic Bank Berhad
Significant related party balances
Shariah-compliant deposits with licensed Islamic
financial institutions:
- CIMB Islamic Bank Berhad
Bank balances:
- CIMB Islamic Bank Berhad
15.
30.06.2015
RM
31.12.2014
RM
2,000,175
3,050,568
48,245
222,921
TRANSACTIONS WITH BROKERS/DEALERS
Details of transactions with the top 10 brokers/dealers for the six months financial period ended
30 June 2015 are as follows:
Percentage
Percentage
of total
Value of
of total
Brokerage
brokerage
Brokers/Dealers
trades
trades
fees
fees
RM
%
RM
%
CIMB Islamic Bank
Berhad #
149,667,000
20.50
Public Islamic Bank
Berhad
136,421,000
18.69
RHB Islamic Bank Berhad
130,953,000
17.94
Bank Islam Malaysia
Berhad
102,022,000
13.97
CIMB Investment Bank
Berhad #
48,816,725
6.69
121,190
27.44
Maybank Securities
Berhad
25,294,082
3.46
56,311
12.75
Alliance Investment Bank
Berhad
22,722,594
3.11
51,161
11.58
Kenanga Investment Bank
Berhad
19,641,715
2.69
43,667
9.89
Hong Leong Investment
Bank Berhad
18,772,317
2.57
42,249
9.56
AmInvestment Bank
Berhad
15,421,175
2.11
34,697
7.85
Others
60,383,025
8.27
92,469
20.93
730,114,633
100.00
441,744
100.00
33
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
15.
TRANSACTIONS WITH BROKERS/DEALERS (CONTINUED)
Details of transactions with the top 10 brokers/dealers for the six months financial period ended
30 June 2014 are as follows:
Brokers/Dealers
Maybank Islamic Berhad
CIMB Islamic Bank
Berhad #
Public Bank Islamic
RHB Bank Islamic
Berhad
CIMB Investment Bank
Berhad #
RHB Investment Bank
Berhad
Kenanga Investment
Bank Berhad
Hong Leong Islamic
Bank Berhad
Maybank Securities
Berhad
AmInvestment Bank
Berhad
Others
#
Values of
trades
RM
88,827,000
Percentage
of total
trades
%
17.42
Brokerage
fees
RM
-
Percentage
of total
brokerage
fees
%
-
83,124,000
69,388,000
16.30
13.61
-
-
67,743,000
13.28
-
-
36,497,496
7.16
82,195
20.50
20,696,762
4.06
46,568
11.61
19,049,833
3.74
42,140
10.51
17,479,000
3.43
-
-
17,021,752
3.34
39,972
9.97
16,966,244
73,151,526
509,944,613
3.33
14.33
100.00
38,174
151,889
400,938
9.52
37.89
100.00
Included in the transactions are trades conducted with CIMB Islamic Bank Berhad and
CIMB Investment Bank Berhad, fellow subsidiaries to the Manager amounting to
RM149,667,000 (30.06.2014: RM83,124,000) and RM48,816,725 (30.06.2014:
RM36,497,496) respectively. The Manager is of the opinion that all transactions with the
related companies have been entered into in the normal course of business at agreed
terms between the related parties.
34
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
16.
SEGMENT INFORMATION
The internal reporting provided to the chief operating decision-maker for the Fund’s assets,
liabilities and performance is prepared on a consistent basis with the measurement and
recognition principles of MFRS and IFRS. The chief operating decision-maker is responsible
for the performance of the Fund and considers the business to have a single operating
segment located in Malaysia. Asset allocation decisions are based on a single, integrated
investment strategy and the Fund’s performance is evaluated on an overall basis.
The Fund aims to earn reasonable returns for investors by investing in approved equities listed
on Bursa Malaysia as well as unlisted securities and other non-interest bearing assets
acceptable under Shariah principles. The reportable operating segment derives its income by
seeking investments to achieve targeted returns consummate with an acceptable level of risk
within the portfolio. These returns consist of profit and dividend income earned from Shariahcompliant investments and gains on the appreciation in the value of Shariah-compliant
investments, which are derived from Ringgit-denominated Shariah-compliant deposits with
licensed Islamic financial institutions in Malaysia and Shariah-compliant quoted securities listed
on Bursa Malaysia.
There were no changes in reportable operating segment during the financial period.
.
35
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
DIRECTORY
Head office of the Manager
CIMB-Principal Asset Management Berhad (Company No.: 304078-K)
10th floor, Bangunan CIMB,
Jalan Semantan,
Damansara Height,
50490 Kuala Lumpur, MALAYSIA.
Postal address
CIMB-Principal Asset Management Berhad (Company No.: 304078-K)
P. O. Box 10571
50718 Kuala Lumpur MALAYSIA
Website
www.cimb-principal.com.my
E-mail address
service@cimb-principal.com.my
General investment enquiries
(03) 7718 3100
Trustee for the CIMB Islamic Equity Aggressive Fund
AmanahRaya Trustees Berhad (Company No.: 766894-T)
Tingkat 2, Wisma TAS,
No.21 Jalan Melaka,
50100 Kuala Lumpur, MALAYSIA
Shariah Adviser of the CIMB Islamic Equity Aggressive Fund
CIMB Islamic Bank Berhad. (Company No.: 671380-H)
Level 34, Menara Bumiputra-Commerce
No 11, Jalan Raja Laut
50350 Kuala Lumpur, MALAYSIA.
Tel: (03) 2619 1188
Fax: (03) 2691 3513, (03) 2691 3657
36
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
LIST OF CWA (an agency force of CIMB-Principal) OFFICES
ADDRESS
TELEPHONE
CWA BRANCHES
Central Region
• 46, 2nd Floor, Jalan SS 21/39 Damansara Utama,
47400, Petaling Jaya, Selangor.
03-77122888
• No 13B, 2nd Floor, Jalan Mamanda 7/1,
Off Jalan Ampang, 68000 Ampang, Selangor.
03-42702970
• 169-2, Jalan Radin Bagus, Bandar Baru Sri Petaling,
57000 Kuala Lumpur.
03-90592333
Northern Region
• No 5, Jalan Todak 4, Bandar Sunway,
Seberang Jaya, 13700 Perai, Penang.
04-3702155
04-3702156
• 30A, First Floor, Persiaran Greentown 1,
Greentown Business Centre, 30450 Ipoh, Perak.
05-2439001
05-2439002
East Coast Region
• Ground Floor, No 298-B,
Jalan Tok Hakim,
15000 Kota Bharu, Kelantan.
•
09-7471172
09-7471190
No. 44 & 44A, Jalan Putra Square 6,
Putra Square,
25000 Kuantan, Pahang.
09-5134410
Southern Region
• 23 & 23A Jalan Harimau Tarum,
Taman Century, 80250 Johor Bahru, Johor.
07-3341748
• 21, Jalan Melaka Raya 24,Taman Melaka Raya, 75000 Melaka.
06-2811111
East Malaysia Region
• No 1 Jalan Pasar Baru, Kampung Air,
88000 Kota Kinabalu, Sabah.
088-239951
088-239952
• 5B, Lot 414, Section 10, KTLD Jalan Rubber,
93400 Kuching, Sarawak.
082-259777
• 1st and 2nd Floor, Lot 1092, Jalan Merpati,
98000 Miri, Sarawak.
085-432525
37
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
LIST OF CWA (an agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
CWA SALES OFFICES
Central Region
• 32-3, 3rd Floor Jalan 1/27F, KL Satellite Centre (KLSC),
Wangsa Maju, Section 5, 53300 Kuala Lumpur.
03-41422911
• Unit B-3A-1, Setiawangsa Business Suites, Jalan Setiawangsa 11,
Taman Setiawangsa, 54200, Kuala Lumpur.
03-42566277
• J-06-01, Level 6, Block J, Solaris Mont Kiara,
Jalan Solaris, 50480 Kuala Lumpur.
03-62040113
• No 41B, 43B, Jalan Wan Kadir 2, Taman Tun Dr Ismail,
60000, Kuala Lumpur.
03-77241789
• A-2-1, Block A, 8 Jalan PJU 1A/20A,
Dataran Ara Damansara, 47301 Petaling Jaya, Selangor.
03-78430506
• Lot C-615 & Lot C-616, Level 6, Block C, Kelana Square,
17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor.
03-78806893
• A-2-3, Block A, 8 Jalan PJU 1A/20A,
Dataran Ara Damansara, 47301 Petaling Jaya, Selangor.
03-78430503
• No 3A, Jalan Hentian 3, Pusat Hentian Kajang,
43000, Kajang, Selangor.
03-87345695
• 2-6A Jalan PJU 8/3A, Bandar Damansara Perdana,
47820 Petaling Jaya, Selangor.
03-77256320
• The Strand, 32A-3, Jalan PJU5/20D, Kota Damansara,
47810, Petaling Jaya, Selangor.
03-61428382
• Lot No 35-2, 2nd Floor, Jalan Sepah Puteri 5/1B, Pusat Dagangan Seri Utama,
PJU5, Kota Damansara, 47410, Selangor.
03-61403046
• 1-91-2, Block I, Jalan Teknologi 3/9, Kota Damansara,
47810, Petaling Jaya, Selangor.
03-61407275
• 47A, Tingkat 1, Jalan Badminton 13/29, Seksyen 13,
Shah Alam, 40100, Selangor.
03-55232693
• 98A, Jalan SS21/39, Damansara Utama,
47400, Petaling Jaya, Selangor.
03-77250825
• D10-08-G & D10-08-1, Pusat Perdagangan Dana 1, Jalan PJU1A/46,
47301, Petaling Jaya, Selangor.
03-78311267
38
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
LIST OF CWA (an agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
CWA SALES OFFICES (CONTINUED)
Central Region (Continued)
• 37-2, Jalan Cecawi 6/33, PJU5, Kota Damansara,
47810, Petaling Jaya, Selangor.
03-61422970
• B-1-22 & B-2-22 & B-2-21 Block B 10 Boulevard, Jalan Cempaka,
Sungai Kayu Ara, 47400 Petaling Jaya, Selangor.
03-77223895
• No. 6-2, Jalan Dagang 1/1A, Taman Dagang,
68000 Ampang, Selangor.
03-42511129
• No 35B-2 (2nd Floor), Jalan Keluli Am7/Am, Pusat Perniagaan Bukit Raja,
40000 Seksyen 7, Shah Alam, Selangor.
03-33414978
• No 65-2, Jalan Nelayan A, 19/A, Pusat Daerah Seksyen 19,
40300 Shah Alam, Selangor.
03-54800296
• No B-3A-23, Merchant Square, Jalan Tropicana Selatan 1,
Tropicana Golf & Country Resort, 47410 Petaling Jaya, Selangor.
03-78874408
• Block E-1-03A & E-2-03A, Jalan SS6/20A, Dataran Glomac,
47301 Kelana Jaya, Selangor.
03-78807082
• No 12-01 D’Bayu Business Center, Jalan Serambi U8/24
Bukit Jelutong, 40150 Shah Alam, Selangor.
03-61428382
• No 41B 3B Curve Business Park, Medan Pusat Bandar 2D,
Seksyen 9, 43650 Bandar Baru Bangi, Selangor.
03-89264155
• 19-1 Jalan Adenium 2G/9, Adenium Business Center,
Bukit Beruntung, 48300 Rawang, Selangor.
03-60217385
East Coast Region
• Lot 252, No 73, Tingkat 1, Jalan Besar Pusat Niaga Paka,
23100, Paka, Terengganu.
09-8278001
• PT 10725, Ground Floor, Jalan Kubang Kurus, Taman Cukai Utama Fasa 4,
24000 Kemaman,Terengganu.
09-8589911
• No. 50A, Tingkat 1, Malay Town
25200 Kuantan, Pahang.
019-2366602
Southern Region
• No 38-01, Jalan Serangkai 18, Taman Bukit Dahlia,
81700 Pasir Gudang, Johor.
07-2326976
• 24-1 Jalan Padi Emas 4/1 Pusat Bandar Tampoi, Johor Bahru,
81200 Johor.
07-2326976
39
CIMB ISLAMIC EQUITY AGGRESSIVE FUND
LIST OF CWA (an agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
CWA SALES OFFICES (CONTINUED)
• No 55-2, 57-2, 59-2, Jalan TU 49A, Taman Tasik Utama,
Ayer Keroh, 75450 Melaka.
06-2533289
• No 18-1 S2 B18, Biz Avenue Seremban 2, 70300 Seremban,
Negeri Sembilan.
06-6015749
• 16-01 Jalan Padi Emas 1/5, UDA Business Centre,
81200 Johor Bahru, Johor.
07-3009350
East Malaysia Region
• 15A, Jalan Ruby, 96000 Sibu, Sarawak.
084-325515
• Shop Lot No.2, Block 49, of Parent Lot 2646, Park City Commerce Square,
Jalan Kambar, Off Jalan Tun Ahmad Zaidi, 97000 Bintulu, Sarawak.
40
012-2172269