CIMB-PRINCIPAL EQUITY INCOME FUND
CONTENTS
INVESTORS' LETTER
MANAGER’S REPORT
PAGE(S)
1
2-8
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
9
TRUSTEE’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 - 50
51
52 - 56
CIMB-PRINCIPAL EQUITY INCOME FUND
INVESTORS' LETTER
Dear Valued Investors,
Thank you for investing in CIMB-Principal Equity Income Fund. We are pleased to let you know that
we have been recently named the Best Asset & Fund Manager (2007-2016) in Malaysia by Alpha
Southeast Asia for its Southeast Asia's 10th Annual Best Financial Institutions Awards 2016. The
award came at the right time, proving that CIMB-Principal is a consistent performer beyond the
industry benchmarks even in a challenging market environment.
Please be informed that with effect from 30 June 2016, the following sentence under the "Processing
a withdrawal” in the Fund's prospectus has been removed: "If you request a specific amount in
Ringgit Malaysia (“RM”), the number of units will be calculated by dividing the requested amount in
RM by the unit pricing, and the number of units will be rounded to the second decimal place."
Nevertheless, you are able to withdraw the desired amount from the CIMB-Principal Equity Income
Fund where the amount will be derived by multiplying the units of the Fund with the Net Asset Value
(“NAV”) per unit of the Fund, subject to the minimum withdrawal unit. Please refer to the Master
Prospectus Issue No. 20 dated 30 June 2016 for further details.
Moving forward, we are committed to deliver a better customer experience to you. For your
information, we have started a customer information update exercise through e-mails, phone and
registered mail so that we can interact better with you in the future. For those who have not updated
their information, you are strongly encouraged to contact our Customer Care Centre directly at 037718 3100 or your Consultant to update your latest information.
We would like to take this opportunity 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-PRINCIPAL EQUITY INCOME FUND
MANAGER’S REPORT
FUND OBJECTIVE AND POLICY
What is the investment objective of the Fund?
The Fund aims to provide investors with an opportunity to gain consistent and stable income by
investing in a diversified portfolio of dividend yielding equities and fixed income securities. The Fund
may also provide moderate capital growth potential over the medium to long-term period.
Has the Fund achieved its objective?
For the six months financial period under review, the Fund has achieved its stated objective of
providing capital growth over the medium to long-term period. On a 3-year basis, the Fund achieved
a total return of 23.02% against the benchmark return of 9.91%. On a 5-year basis, the Fund
achieved a total return of 37.79% against the benchmark return of 18.01%.
What are the Fund investment policy and principal investment strategy?
The Fund may invest between 70% to 98% (both inclusive) of its NAV in equities in order to gain
long-term capital growth. The Fund may opt to invest in foreign equities up to a maximum of 70% of
its NAV. Such foreign equities must be equity securities of companies domiciled in, listed in, and/or
have significant operations in Asia ex Japan. ‘Significant operations’ means major businesses of the
company. For example, the Fund can invest in a company with significant business/operations in
Thailand but listed on the New York Stock Exchange (“NYSE”). The threshold for ‘significant
operations’ would be if more than 30% of total group revenue derives from countries in Asia ex
Japan. The calculation would be based on the most recent financial reports released by the
companies (e.g. interim and annual reports). In line with its objective, the investment policy and
strategy of the Fund will be to invest in a diversified portfolio of high dividend yielding stocks and/or
fixed income securities aimed at providing a stable income stream in the form of distributions to
investors.
The investment management function for the foreign investments of this Fund has been delegated to
CIMB-Principal Asset Management (Singapore) Pte Ltd (“CIMB-Principal (S)”) with the approval of
the Securities Commission Malaysia (“SC”). CIMB-Principal (S) will be responsible for investing and
managing these foreign investments in accordance with the investment objective and within the
investment restrictions.
Fund category/type
Equity/Income
How long should you invest for?
Recommended between three (3) years to five (5) years or more
Indication of short-term risk (low, moderate, high)
High
When was the Fund launched?
1 October 2003
What was the size of the Fund as at 31 July 2016?
RM44.52 million (38.35 million units)
What is the Fund’s benchmark?
50% Financial Times Stock Exchange ("FTSE") Bursa Malaysia Top 100 (“FBM100”) Index + 50%
Morgan Stanley Capital International All Country (“MSCI AC”) Asia ex Japan
Note: The benchmark is customised as such to reflect the structure/composition of the portfolio.
What is the Fund distribution policy?
Distribution (if any) is expected to be distributed annually, depending on the performance of the Fund
and at the Manager’s discretion.
2
CIMB-PRINCIPAL EQUITY INCOME FUND
FUND OBJECTIVE AND POLICY (CONTINUED)
What was the net income distribution for the six months financial period ended 31 July 2016?
The Fund distributed a total net income of RM3.05 million to unit holders for the six months financial
period ended 31 July 2016. As a result, the NAV per unit dropped from RM1.2571 to RM1.1721 on 27
July 2016.
PERFORMANCE DATA
Details of portfolio composition of the Fund for the last three unaudited financial periods are as
follows:
Collective investment scheme
Quoted securities
- Basic Materials
- Construction
- Consumer Products
- Energy
- Finance
- Health Care
- Industrials
- Infrastructure Project Companies (“IPC”)
- Plantation
- Properties
- Real Estate Investment Trusts ("REITs")
- Technology
- Telecommunications
- Trading/Services
- Utilities
Cash and other net assets
31.07.2016
%
31.07.2015
%
31.07.2014
%
1.26
-
-
1.54
1.83
14.69
1.95
25.08
0.75
6.93
1.02
2.01
2.26
10.31
3.43
17.67
0.78
8.49
100.00
1.17
2.20
9.61
4.11
31.69
11.35
1.82
0.89
0.05
2.61
3.94
6.34
15.33
1.32
7.57
100.00
0.94
1.70
15.34
1.14
27.27
10.90
3.72
2.70
0.72
6.12
1.74
19.61
8.10
100.00
Performance details of the Fund for the last three unaudited financial periods are as follows:
NAV (RM Million)
Units in circulation (Million)
NAV per unit (RM)
31.07.2016
44.52
38.35
1.1608
31.07.2015
47.89
38.88
1.2317
31.07.2014
49.84
40.23
1.2389
Highest NAV per unit (RM)
Lowest NAV per unit (RM)
- Total return (%)
- Capital growth (%)
- Income distribution (%)
01.02.2016
to 31.07.2016
1.2493
1.1406
6.45
(0.74)
7.25
01.02.2015
to 31.07.2015
1.3984
1.2317
0.84
(4.54)
5.59
01.02.2014
to 31.07.2014
1.2824
1.1723
9.06
3.26
5.80
3
CIMB-PRINCIPAL EQUITY INCOME FUND
PERFORMANCE DATA (CONTINUED)
Management Expense Ratio (“MER”) (%) ^
Portfolio Turnover Ratio (“PTR”) (times) #
01.02.2016
to 31.07.2016
1.15
0.40
01.02.2015
to 31.07.2015
1.14
0.53
01.02.2014
to 31.07.2014
1.04
0.61
^ The Fund’s MER increased from 1.14% to 1.15% due to foreign tax agent’s fee paid during the
financial period.
# The Fund’s PTR decreased from 0.53 times to 0.40 times due to lower frequency of repositioning of
the Fund.
Date of distribution
Gross/Net distribution per unit (sen)
Annual total return
27.07.2016
8.50
24.07.2015
7.00
23.06.2014
7.00
31.07.2016
31.07.2015
31.07.2014
31.07.2013
31.07.2012
%
%
%
%
%
0.13
6.37
15.50
16.75
(4.06)
(Launch date: 1 October 2003)
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 for the financial period has been extracted from Lipper.
MARKET REVIEW (1 FEBRUARY 2016 TO 31 JULY 2016)
Asia Pacific ex-Japan
The benchmark MSCI AC Asia ex Japan increased 13% in Malaysian Ringgit (“MYR”) terms during
the financial period under review, benefiting from signaling by global Central Banks of their intent for
more drastic monetary stimulus. The key topics were Central Banks role in stabilising the markets,
Brexit, Emerging Market (“EM”) inflows, and stabilisation of the Chinese economy.
Asian equity markets stabilised in February 2016 from an overly pessimistic position following from
concerns on China’s economy since mid-2015 and staged a strong rally in March 2016 on the back of
the US Federal Reserve (the “Fed”) Chairwoman Janet Yellen’s dovish speech. Oil prices stabilised,
the US Dollar (“USD”) weakened, and near term shifts in sentiment from an overly pessimistic
position resulted in a rebound in the stock markets. Fund flows were positive for certain markets and
the China Foreign exchange reserves stabilised post trending downwards for most of 2014 to 2015.
The risk-on rally petered out in April 2016 with concerns over the Bank of Japan’s (“BOJ”) ability to
stimulate the economy, and the sustainability of the China’s economic rebound in the face of a
spiraling debt burden. Following a strong ‘risk-on’ rally in March 2016, the market appears to have
petered out momentarily.
Asian equity markets weakened in May 2016 with India and Philippines bucking the trend rising
3.10% and 4.10% in USD terms respectively. A slew of stronger-than-expected US economy data led
to expectations that the Fed would raise interest rates before September 2016. This caused Asian
currencies to weaken and Asian bond yields to rise. An above normal monsoon forecast and earnings
season which is largely in line contributed to the positive momentum in the Indian market while the
presidential victory of Rodrigo Duterte of Philippines provided markets hope of reforms and
infrastructure spending.
4
CIMB-PRINCIPAL EQUITY INCOME FUND
MARKET REVIEW (1 FEBRUARY 2016 TO 31 JULY 2016) (CONTINUED)
Asia Pacific ex-Japan (continued)
In June 2016, Brexit was a surprise for most market observers but Asian equity markets were
relatively unscathed in the aftermath of Brexit. Asian markets gained 2% in June 2016, with
Indonesia, Philippines and Taiwan leading the rally, while Thailand, Hong Kong and Korea were
laggards. Equity markets in Asia have been supported by central bank easing. In the past quarter,
central banks of Korea, Taiwan, Indonesia, India and Thailand have cut policy rates, without
adversely impacting their currencies. Real rates remain generally positive across the region, with
inflation continuing to ease across most countries. The rally across Asia rallied into July 2016 with
strong portfolio flows into both equities and bonds.
Local
For the financial period under review, the FBM100 Index was flat, rising marginally from 11,279.86
points to 11,283.78 points. Equities had a rocky start in 2016. The Index fell sharply earlier in January
2016 before rebounding towards the end. The sharp selloff globally spooked traders and Malaysia
was not spared. In February 2016, the Index continued its downtrend. The key global events in
February 2016 were: 1) US and Chinese growth worries; 2) possibility of the Fed rate hike mistake; 3)
Brexit risk; and 4) widening credit spreads. In Malaysia, companies reported weak earnings in the
fourth quarter of 2015. The MYR weakened slightly from RM4.148 to RM4.203 against USD. The
fourth quarter of 2015 Consumer Sentiment Index touched a new low of 63.80. In March 2016
however, the downtrend reversed on the back of higher oil prices, stronger MYR and increasing
investor optimism that the Fed may delay its future Fed Funds rate hike. The confluence of these
positive macro factors led to a RM6.10 billion net foreign equity inflow into the Malaysian market.
But the Index gave up most of its gains in March 2016, falling 2.45% month-on-month (“m-o-m”) to
11,334.19 points in the following month of April 2016. Investors were rattled by news of 1Malaysia
Development Berhad’s (“IMDB”) bond default, which triggered a cross default on two other notes.
Bank Negara Malaysia’s (“BNM”) new internally sourced governor failed to lift the market. Net foreign
equity inflows slowed to RM427 million, bringing year-to-date (“YTD”) net foreign equity inflows to
RM6 billion. 10-year Malaysian Government Securities (“MGS”) closed the month at 3.87%, while the
MYR was weaker at RM3.90 against USD, down 0.78% m-o-m. In May 2016, the Index continued to
fall 2.20% m-o-m to 11,084.78 points. The MSCI rebalancing subjected the Malaysian market to
repositioning and short-selling activities, resulting in net foreign equity outflows of RM4.30 billion in
May 2016. In June 2016, the Index shrugged off the Brexit vote, rising 1.38% m-o-m to 11,238.05
points, partly due to mid-year window dressing activities. In July 2016, the Index remained flat for the
month despite oil prices receding by 13.9% to USD41.6 per barrel and heightened political
noise. YTD, the Index was relatively flat. Post-Brexit, the resulting flight to safety has caused global
government bond yields to collapse, signaling deflationary growth concerns. In the US, the likelihood
of a rate hike this year has fallen significantly. On the local front, Barisan Nasional’s two by-election
victories fuelled speculation of early elections.
5
CIMB-PRINCIPAL EQUITY INCOME FUND
FUND PERFORMANCE
Income
Capital
Total Return
Benchmark
Average Total
Return
6 months
to 31.07.2016
%
7.25
(0.74)
6.45
5.88
1 year
to 31.07.2016
%
7.25
(6.60)
0.13
0.18
3 years
to 31.07.2016
%
19.81
2.67
23.02
9.91
5 years
to 31.07.2016
%
27.95
7.69
37.79
18.01
Since inception
to 31.07.2016
%
97.78
23.74
145.78
134.96
N/A
0.13
7.15
6.62
7.25
The Fund recorded a total return of 6.45% for the financial period under review, which outperformed
the benchmark by 0.57%. The Fund has also outperformed the benchmark by 13.11% over 3 years
and 19.78% over 5 years.
180.00%
CIMB-Principal Equity Income Fund
160.00%
50% FBM100 Index + 50% MSCI AC Asia ex
Japan
140.00%
120.00%
100.00%
80.00%
60.00%
40.00%
20.00%
31-Jul-16
30-Apr-16
31-Jan-16
31-Oct-15
31-Jul-15
30-Apr-15
31-Jan-15
31-Oct-14
31-Jul-14
30-Apr-14
31-Jan-14
31-Oct-13
31-Jul-13
30-Apr-13
31-Jan-13
31-Oct-12
31-Jul-12
30-Apr-12
31-Jan-12
31-Oct-11
31-Jul-11
0.00%
Changes in NAV
NAV (RM Million)
NAV/Unit (RM)
31.07.2016
31.07.2015
44.52
1.1608
47.89
1.2317
Changes
%
(7.04)
(5.76)
The Fund’s NAV decreased by 7.04% to RM44.52 million as at 31 July 2016 from RM47.89 million a
year ago partly due to unit redemptions over the financial period. Meanwhile, NAV per unit dropped
by 5.76% from RM1.2317 per unit to RM1.1608 per unit.
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.
6
CIMB-PRINCIPAL EQUITY INCOME FUND
PORTFOLIO STRUCTURE
Asset allocation
(% of NAV)
Collective investment scheme
Quoted securities - local
Quoted securities - foreign
Cash and other net assets
TOTAL
31.07.2016
1.26
41.34
48.91
8.49
100.00
31.07.2015
45.33
47.10
7.57
100.00
Equity exposure was slightly lower in the financial period under review. The Fund was 41.34%
invested in local equities as of 31 July 2016, which was a drop from 45.33% a year ago, while the
investment in foreign securities rose to 48.91% as of 31 July 2016 from 47.10% a year ago.
MARKET OUTLOOK*
Asia Pacific ex-Japan
Equity markets in Asia continue to be supported by central bank easing. In the past quarter, central
banks of Korea, Taiwan, Indonesia, India, Malaysia and Thailand have cut policy rates, without
adversely impacting their currencies. Real rates remain generally positive across the region, with
inflation continuing to ease across most countries.
As we head into second half of 2016, we see that conditions for a sustained rally - fund inflows,
positive political development, fiscal spending and lower interest rates - are still intact.
Local
We maintain the view that the FBM100 Index will continue to trade range-bound in the short term with
key catalysts being: 1) stabilisation of earnings in the upcoming second quarter of 2016 results; 2)
speculation of early elections in first half of 2017; and 3) more stimulus by the Government to support
growth. On 13 July 2016, BNM cut the Overnight Policy Rate (“OPR”) earlier than expected by 25
basis points (“bps”) from 3.25% to 3.00%.
*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.
INVESTMENT STRATEGY
Asia Pacific ex-Japan
We are neutral on Asian equities but would look to buy on weakness. Previously, jitters from large
macro events (like a sharp China slowdown and “Brexit”) have been buying opportunities and this
would probably continue to be the case as long as policymakers are concerned about muted
economic growth and high leverage.
We see the ingredients for a slow grind upwards for markets, e.g. fund inflows, economic reforms,
fiscal stimulus and low interest rates. The key is that inflation remains low or is falling for most
countries. We are overweight in Indian, Thailand and Philippine financials, Chinese internet names,
and companies that will benefit from the automation trend.
7
CIMB-PRINCIPAL EQUITY INCOME FUND
INVESTMENT STRATEGY (CONTINUED)
Local
Stock picking remains key to alpha generation and we remain selective. We continue to like high
dividend yielders such as REITs, construction, utilities and selective services companies. From a
research perspective, we seek ideas in the Malaysian Government-Linked Companies (“GLC”)
restructuring story, which will be an ongoing theme within Corporate Malaysia in the next 12 months,
especially when revenues and profitability remain challenging. These include companies in the
plantation, property and services sectors.
UNIT HOLDINGS STATISTICS
Breakdown of unit holdings by size as at 31 July 2016 are as follows:
Size of unit holdings (units)
No. of unit holders
5,000 and below
5,001 - 10,000
10,001 - 50,000
50,001 - 500,000
500,001 and above
Total
12,893
361
586
75
6
13,921
No. of units held
(million)
1.03
2.68
12.83
7.04
14.77
38.35
% of units held
2.69
7.01
33.42
18.36
38.52
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 commissions in the form of goods and services
such as financial wire services and stock quotations system incidental to investment management of
the Funds.
8
CIMB-PRINCIPAL EQUITY INCOME FUND
STATEMENT BY MANAGER TO THE UNIT HOLDERS OF
CIMB-PRINCIPAL EQUITY INCOME 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 50 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 31 July 2016 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
ALEJANDRO ECHEGORRI
Executive Director
Kuala Lumpur
30 September 2016
9
CIMB-PRINCIPAL EQUITY INCOME FUND
TRUSTEE’S REPORT TO THE UNIT HOLDERS OF
CIMB-PRINCIPAL EQUITY INCOME FUND
We, Universal Trustee (Malaysia) Berhad, being the Trustee of CIMB-Principal Equity Income Fund
(the “Fund”), are of the opinion that CIMB-Principal Asset Management Berhad (the “Manager”),
acting in the capacity of Manager of the Fund, have fulfilled their duties in the following manner for
the six months financial period ended 31 July 2016:
(a)
the Fund is being managed in accordance with the limitations imposed on the investment
powers of the Manager and the Trustee under the Deeds, the Securities Commission’s
Guidelines on the 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 and relevant regulatory
requirements; and
(c)
creation and cancellation of units are carried out in accordance with the Deeds and relevant
regulatory requirements.
During this financial period, a total distribution of 8.50 sen per unit (gross) has been distributed to the
unit holders of the fund. We are of the view that the distribution is consistent with the objective of the
Fund.
For and on behalf of the Trustee,
UNIVERSAL TRUSTEE (MALAYSIA) BERHAD
ONG TEE VANN
Chief Executive Officer
Kuala Lumpur
30 September 2016
10
CIMB-PRINCIPAL EQUITY INCOME FUND
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 JULY 2016
01.02.2016
to 31.07.2016
RM
01.02.2015
to 31.07.2015
RM
698,190
19,289
838,487
22,243
8
2,658,471
14,865
3,390,815
364,383
(376,440)
848,673
4
5
398,157
42,072
121,033
7,780
17,636
41,336
628,014
475,716
39,481
211,590
7,120
2,948
68,237
805,092
2,762,801
43,581
(25,051)
(85,157)
2,737,750
(41,576)
(379,060)
3,116,810
2,737,750
4,429,061
(4,470,637)
(41,576)
Note
INVESTMENT INCOME
Dividend income
Interest income
Net gain on financial assets at fair value through profit
or loss
Net foreign exchange gain/(loss)
EXPENSES
Management fee
Trustee’s and custodian fees
Transaction costs
Audit fee
Tax agent’s fee
Other expenses
PROFIT BEFORE TAXATION
7
Taxation
PROFIT/(LOSS) AFTER TAXATION AND TOTAL
COMPREHENSIVE INCOME/(LOSS) FOR THE
FINANCIAL PERIOD
Profit/(Loss) after taxation is made up as follows:
Realised amount
Unrealised amount
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
11
CIMB-PRINCIPAL EQUITY INCOME FUND
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2016
31.07.2016
RM
31.01.2016
Audited
RM
3,928,298
40,055,696
1,201,951
94,796
43,863
45,324,604
2,117,325
40,780,577
923,085
595,891
30,155
44,447,033
538,248
36,016
68,967
2,263
127,362
28,056
800,912
1,165,206
86,037
68,572
2,224
138
31,300
1,353,477
NET ASSET VALUE OF THE FUND
44,523,692
43,093,556
EQUITY
Unit holders’ capital
Retained earnings
NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS
9,377,146
35,146,546
44,523,692
7,636,982
35,456,574
43,093,556
38,354,592
36,822,547
1.1608
1.1703
Note
ASSETS
Cash and cash equivalents
Financial assets at fair value through profit or loss
Amount due from stockbrokers
Amount due from Manager
Dividends receivable
TOTAL ASSETS
9
8
LIABILITIES
Amount due to stockbrokers
Amount due to Manager
Accrued management fee
Amount due to Trustee
Distribution payable
Other payables and accruals
TOTAL LIABILITIES
NUMBER OF UNITS IN CIRCULATION (UNITS)
10
NET ASSET VALUE PER UNIT (RM)
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
12
CIMB-PRINCIPAL EQUITY INCOME FUND
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 JULY 2016
Note
Balance as at 1 February 2016
Movement in unit holders’
contributions:
- Creation of units from applications
- Creation of units from distribution
- Cancellation of units
Total comprehensive income for the
financial period
Distribution
Balance as at 31 July 2016
Balance as at 1 February 2015
Movement in unit holders’
contributions:
- Creation of units from applications
- Creation of units from distribution
- Cancellation of units
Total comprehensive loss for the
financial period
Distribution
Balance as at 31 July 2015
Unit holders’
capital
RM
Retained
earnings
RM
Total
RM
7,636,982
35,456,574
43,093,556
4,552,229
2,920,522
(5,732,587)
-
4,552,229
2,920,522
(5,732,587)
9,377,146
2,737,750
(3,047,778)
35,146,546
2,737,750
(3,047,778)
44,523,692
13,862,351
40,336,225
54,198,576
3,874,146
2,486,608
(10,027,034)
-
3,874,146
2,486,608
(10,027,034)
10,196,071
(41,576)
(2,599,357)
37,695,292
(41,576)
(2,599,357)
47,891,363
6
6
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
13
CIMB-PRINCIPAL EQUITY INCOME FUND
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 JULY 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Proceeds from disposal of quoted securities
Purchase of collective investment scheme
Purchase of quoted securities
Dividend income received
Interest income received from deposits with licensed
financial institutions
Management fee paid
Trustee’s and custodian fees paid
Payments for other fees and expenses
Net realised foreign exchange loss
Tax paid
Net cash generated from operating activities
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from units created
Payments for cancellation of units
Distribution paid
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents
Effects of foreign exchange differences
Cash and cash equivalents at the beginning of the
financial period
Cash and cash equivalents at the end of the financial
period
01.02.2016
to 31.07.2016
RM
01.02.2015
to 31.07.2015
RM
18,862,146
(516,915)
(15,976,970)
656,852
31,814,539
(26,644,621)
739,202
19,289
(397,762)
(42,033)
(69,997)
(24,855)
2,509,755
22,243
(482,425)
(39,698)
(70,805)
(27,097)
(38,630)
5,272,708
5,053,324
(5,782,608)
(32)
(729,316)
3,943,217
(10,200,084)
(6,256,867)
1,780,439
30,534
(984,159)
(370,625)
2,117,325
4,904,465
3,928,298
3,549,681
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
14
CIMB-PRINCIPAL EQUITY INCOME FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 JULY 2016
1.
THE FUND, THE MANAGER AND ITS PRINCIPAL ACTIVITY
CIMB-Principal Equity Income Fund (the “Fund”) is governed by a Principal Master Deed
dated 15 May 2008, a First Supplemental Master Deed dated 25 June 2008, a Third
Supplemental Master Deed dated 14 July 2008, an Eighth Supplemental Master Deed dated
14 June 2010, a Thirteenth Supplemental Master Deed dated 26 June 2012 and an
Eighteenth Supplemental Master Deed dated 25 March 2015 (collectively referred to as the
“Deeds”) between CIMB-Principal Asset Management Berhad (the “Manager”) and Universal
Trustee (Malaysia) Berhad (the “Trustee”).
The Fund may invest between 70% to 98% (both inclusive) of its NAV in equities in order to
gain long-term capital growth. The Fund may opt to invest in foreign equities up to a maximum
of 70% of its NAV. Such foreign equities must be equity securities of companies domiciled in,
listed in, and/or have significant operations in Asia ex Japan. ‘Significant operations’ means
major businesses of the company. For example, the Fund can invest in a company with
significant business/operations in Thailand but listed on the NYSE. The threshold for
‘significant operations’ would be if more than 30% of total group revenue derives from
countries in Asia ex Japan. The calculation would be based on the most recent financial
reports released by the companies (e.g. interim and annual reports). In line with its objective,
the investment policy and strategy of the Fund will be to invest in a diversified portfolio of high
dividend yielding stocks and/or fixed income securities aimed at providing a stable income
stream in the form of distributions to investors.
The investment management function for the foreign investments of this Fund has been
delegated to CIMB-Principal (S) with the approval of the SC. CIMB-Principal (S) will be
responsible for investing and managing these foreign investments in accordance with the
investment objective and within the investment restrictions.
All investments are subjected to the 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.
15
CIMB-PRINCIPAL EQUITY INCOME FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a)
Basis of preparation (continued)
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 revenues
and expenses during the reported 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
assumptions and estimates are significant to the financial statements are disclosed in
Note 2(l).
Standards, amendments to published standards and interpretations to existing
standards that are effective:
The Fund has applied the following amendments for the first time for the financial year
beginning 1 February 2016:
•
•
Amendments to MFRS 101 “Presentation of financial statements –
Disclosure Initiative”
Annual Improvements to MFRS 2012 - 2014 Cycle
The adoption of these amendments did not have any impact on the current financial
period or any prior period and is not likely to affect future periods.
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 February 2017
MFRS 15 ‘Revenue from Contracts with Customers’ (effective from 1 January
2017) replaces MFRS 118 ‘Revenue’ and MFRS 111 ‘Construction contracts’
and related interpretations. The standard 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 core principle in MFRS 15 is that an entity recognises revenue
to depict the transfer of promised goods or services to the customer in an
amount that reflects the consideration to which the entity expects to be entitled
in exchange for those goods or services.
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-PRINCIPAL EQUITY INCOME FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a)
Basis of preparation (continued)
(ii)
Financial year beginning on/after 1 February 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 an 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
interest.
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 OCI rather than the income
statement, unless this creates an accounting mismatch.
MFRS 9 introduces an expected credit loss model on impairment that replaces
the incurred loss impairment model used in MFRS 139. The expected credit
loss model is forward-looking and eliminates the need for a trigger event to
have occurred before credit losses are recognised.
The Fund will apply this standard when effective. This standard is not expected
to have a significant impact on the Fund’s financial statements.
(b)
Financial assets and financial liabilities
Classification
The Fund designates its investment in collective investment scheme and 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.
Loans 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 loans and receivables comprise cash and cash equivalents,
amount due from stockbrokers, amount due from Manager and dividends 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, distribution payable, and other payables and
accruals as other financial liabilities.
17
CIMB-PRINCIPAL EQUITY INCOME FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b)
Financial assets and financial liabilities (continued)
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. 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
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.
Collective investment scheme is valued based on the most recent published NAV per
unit or share of such collective investment scheme or, if unavailable, the last published
price of such unit or share (excluding any sales charge included in such selling price).
Quoted securities in Malaysia are valued at the last done market price quoted on
Bursa Malaysia Securities Bhd (“Bursa Securities”) at the date of the statement of
financial position.
Foreign quoted securities are valued at the last traded market price quoted on the
respective foreign stock exchanges at the close of the business day of the respective
foreign stock exchanges.
If a valuation based on the market price does not represent the fair value of the quoted
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 quoted
securities for a period exceeding 14 days, or such shorter period as agreed by the
Trustee, then the quoted securities are valued as determined in good faith by the
Manager, based on the methods or bases approved by the Trustee after appropriate
technical consultation.
Deposits with licensed financial institutions are stated at cost plus accrued interest
calculated on the effective interest method over the period from the date of placement
to the date of maturity of the respective deposits.
Loans and receivables and other financial liabilities are subsequently carried at
amortised cost using the effective interest method.
18
CIMB-PRINCIPAL EQUITY INCOME FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b)
Financial assets and financial liabilities (continued)
Impairment for assets carried at amortised cost
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 is reduced and the amount of the loss is
recognised in statement of comprehensive income. If ‘loans 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.
(c)
Income recognition
Dividend income is recognised on the ex-dividend date when the right to receive
payment is established.
Interest income from deposits with licensed 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 collective investment scheme and quoted
securities are accounted for as the difference between the net disposal proceeds and
the carrying amount of the investments, determined on a weighted average cost basis.
(d)
Foreign currency
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 RM, which is the
Fund’s functional and presentation currency.
19
CIMB-PRINCIPAL EQUITY INCOME FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(d)
Foreign currency (continued)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions or valuation where items are
remeasured. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at financial period end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in
statement of comprehensive income, except when deferred in OCI as qualifying cash
flow hedges.
(e)
Cash and cash equivalents
For the purpose of statement of cash flows, cash and cash equivalents comprise bank
balances and deposits held in highly liquid investments that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in
value.
(f)
Taxation
Current tax expense is determined according to Malaysian tax laws at the current rate
based upon the taxable profit earned during the financial period.
Tax on dividend income from foreign collective investment scheme and quoted
securities are based on the tax regime of the respective countries that the Fund
invests in.
(g)
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,
advisers, brokers and dealers. Transaction costs, when incurred, are immediately
recognised in the statement of comprehensive income as expenses.
(h)
Amount due from/to stockbrokers
Amount due from and amount due to stockbrokers represent receivables for quoted
securities and collective investment scheme sold and payables for quoted securities
and collective investment scheme 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 interest method, less provision for impairment. 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 stockbroker 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, interest income is recognised using the rate of
interest used to discount the future cash flows for the purpose of measuring the
impairment loss.
20
CIMB-PRINCIPAL EQUITY INCOME FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(i)
Distribution
A distribution to the Fund’s unit holders is accounted for as a deduction from realised
reserve. A proposed distribution is recognised as a liability in the financial period in
which it is approved by the Trustee.
(j)
Unit holders’ capital
The unit holders’ contributions to the Fund meet the criteria to be classified as equity
instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria
include:
•
•
•
•
the units entitle the holder to a proportionate share of the Fund’s NAV;
the units are the most subordinated class and class features are identical;
there is no contractual obligations to deliver cash or another financial asset
other than the obligation on the Fund to repurchase; and
the total expected cash flows from the units over its life are based substantially
on the profit or loss of the Fund.
The outstanding units are carried at the redemption amount that is payable at each
financial period if unit holder exercises the right to put the unit back to the Fund.
Units are created and cancelled 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.
(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.
(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 Fund’s results and financial position are
tested for sensitivity to changes in the underlying parameters.
Estimates and judgment 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.
21
CIMB-PRINCIPAL EQUITY INCOME FUND
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES
The investment objective of the Fund is to provide investors with an opportunity to gain
consistent and stable income by investing in a diversified portfolio of dividend yielding equities
and fixed income securities. The Fund may also provide moderate capital growth potential
over the medium to long-term period.
The Fund is exposed to a variety of risks which include market risk (inclusive of price risk,
interest rate risk and currency 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
This is the risk that the fair value of investment in collective investment scheme
and quoted securities will fluctuate because of changes in market prices (other
than those arising from interest rate risk and currency risk). The value of the
investments 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 collective
investment scheme and quoted securities and other financial instruments within
specified limits according to the Deeds.
(ii)
Interest rate risk
Fair value interest rate risk is the risk that the value of a financial instrument will
fluctuate due to changes in market interest rates.
Interest rate is a general economic indicator that will have an impact on the
management of the Fund.
The Fund’s exposure to fair value interest rate risk arises from deposits with
licensed financial institutions. The interest rate risk is expected to be minimal
as the Fund’s investments comprise mainly short term deposits with approved
licensed financial institutions. As at the end of each financial period, the Fund is
not exposed to a material level of interest rate risk.
The Fund is not exposed to cash flow interest rate risk as the Fund does not
hold any financial instruments at variable interest rate.
(iii)
Currency risk
Currency risk is associated with investments that are quoted and/or priced in
foreign currency denomination. Foreign currency risk is the risk that the value
of financial instruments will fluctuate due to changes in foreign exchange rates.
The Manager will evaluate the likely directions of a foreign currency versus RM
based on considerations of economic fundamentals such as interest rate
differentials, balance of payments position, debt levels, and technical chart
considerations.
22
CIMB-PRINCIPAL EQUITY INCOME FUND
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(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 deposits in licensed financial institutions is
managed by ensuring that the Fund will only place deposits in reputable licensed
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 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 balances and deposits with licensed 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.
(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.
23
CIMB-PRINCIPAL EQUITY INCOME FUND
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(d)
Fair value estimation (continued)
Fair value hierarchy
(i)
The table below analyses financial instruments carried at fair value. 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
categorised 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.
31.07.2016
Financial assets at
fair value through
profit or loss:
- Collective
investment
scheme
- Quoted
securities
Level 1
RM
Level 2
RM
Level 3
RM
Total
RM
561,492
-
-
561,492
39,494,204
40,055,696
-
-
39,494,204
40,055,696
24
CIMB-PRINCIPAL EQUITY INCOME FUND
3.
RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(d)
Fair value estimation (continued)
Fair value hierarchy (continued)
31.01.2016
Audited
Financial assets at
fair value through
profit or loss:
- Quoted
securities
Level 1
RM
Level 2
RM
Level 3
RM
Total
RM
40,780,577
-
-
40,780,577
Investments whose values are based on quoted market prices in active
markets, and are therefore classified within Level 1, include active listed
equities and collective investment scheme. 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 and dividends receivable and all
current liabilities are a reasonable approximation of their fair values due to their
short term nature.
MANAGEMENT FEE
In accordance with the Deeds, the Manager is entitled to a maximum management fee of up
to 3.00% per annum, calculated daily based on the NAV of the Fund.
For the six months financial period ended 31 July 2016, the management fee is recognised at
a rate of 1.85% per annum (31.07.2015: 1.85% per annum).
There will be no further liability to the Manager in respect of management fee other than the
amount recognised above.
5.
TRUSTEE’S AND CUSTODIAN FEES
In accordance with the Deeds, the Trustee is entitled to a maximum fee of up to 0.06% per
annum, calculated daily based on the NAV of the Fund.
The foreign custodian fee (safekeeping fee and transaction fee, including out of pocket
charges) is subject to a minimum of USD500 per month per fund and is charged monthly in
arrears. The safekeeping fee ranges from a minimum of 0.04% per annum. to a maximum of
0.38% per annum of the market value of the respective foreign portfolios, depending on the
country invested. The transaction fee is charged for every transaction and the amounts are
dependent on the country invested.
For the six months financial period ended 31 July 2016, the Trustee’s fee is recognised at a
rate of 0.06% per annum (31.07.2015: 0.06% per annum) while the foreign custodian fee is
recognised at RM29,007 (31.07.2015: RM24,052).
There will be no further liability to the Trustee and custodian in respect of Trustee’s and
custodian fees other than the amount recognised above.
25
CIMB-PRINCIPAL EQUITY INCOME FUND
6.
DISTRIBUTION
Distribution to unit holders is derived from the following sources:
01.02.2016
to 31.07.2016
RM
01.02.2015
to 31.07.2015
RM
24,009
298,206
594
(1,765)
3,027,114
3,049,952
10,706
2,572,459
2,881,371
(2,094)
(80)
3,047,778
(282,014)
2,599,357
Distribution on 27 July 2016
Gross distribution per unit (sen)
Net distribution per unit (sen)
8.50
8.50
-
Distribution on 24 July 2015
Gross distribution per unit (sen)
Net distribution per unit (sen)
-
7.00
7.00
Dividend income
Interest income from deposits with licensed financial
institutions
Net realised (loss)/gain on disposal of quoted securities
Prior financial period's realised income
Less:
Expenses
Taxation
Net distribution amount
Gross distribution is derived using total income less total expenses. Net distribution above is
sourced from current and prior financial periods’ realised income.
Gross distribution per unit is derived from gross realised income less expense, divided by the
number of units in circulation. Net distribution per unit is derived from gross realised income less
expenses and taxation, divided by the number of units in circulation.
26
CIMB-PRINCIPAL EQUITY INCOME FUND
7.
TAXATION
Tax charged for the financial period:
- Current taxation - foreign
01.02.2016
to 31.07.2016
RM
01.02.2015
to 31.07.2015
RM
25,051
85,157
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 24%
(31.07.2015: 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
Investment income subject to difference tax rate
Effects of foreign tax on foreign taxable income
Taxation
8.
01.02.2016
to 31.07.2016
RM
01.02.2015
to 31.07.2015
RM
2,762,801
43,581
663,072
10,895
(813,795)
45,909
(210,495)
79,075
104,814
25,051
25,051
122,198
(2,190)
(84,640)
85,157
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
31.07.2016
Designated at fair value through profit or loss at
inception:
- Collective investment scheme
- Quoted securities - local
- Quoted securities - foreign
27
RM
31.01.2016
Audited
RM
561,492
18,403,508
21,090,696
40,055,696
20,314,888
20,465,689
40,780,577
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Net gain on financial assets at fair value through profit or
loss:
- Realised (loss)/gain on disposals
- Unrealised fair value gain/(loss)
01.02.2016
to 31.07.2016
RM
01.02.2015
to 31.07.2015
RM
(427,845)
3,086,316
2,658,471
4,465,085
(4,100,702)
364,383
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
PT. CIMB Principal
Asset Management
Indo Domestic Equity
Fund
1,943,855
516,915
561,492
1.26
TOTAL COLLECTIVE
INVESTMENT
SCHEME
1,943,855
516,915
561,492
1.26
Name of counter
31.07.2016
COLLECTIVE
INVESTMENT
SCHEME
ACCUMULATED
UNREALISED GAIN
ON COLLECTIVE
INVESTMENT
SCHEME AT FAIR
VALUE THROUGH
PROFIT OR LOSS
44,577
TOTAL COLLECTIVE
INVESTMENT
SCHEME AT FAIR
VALUE THROUGH
PROFIT OR LOSS
561,492
28
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
163,100
159,800
65,600
167,402
170,145
208,854
238,126
186,966
222,384
0.53
0.42
0.50
101,600
490,100
159,900
706,301
167,640
815,116
0.38
1.83
6,900
170,628
176,640
0.40
43,600
82,100
63,100
226,449
187,640
80,964
212,768
196,219
76,351
0.48
0.44
0.17
51,600
247,300
129,477
795,158
111,456
773,434
0.25
1.74
8,800
128,298
124,960
0.28
40,800
76,100
169,206
340,548
162,384
327,230
0.36
0.73
252,303
31,500
1,272,150
421,753
1,107,610
413,280
2.49
0.93
14,700
110,612
102,283
637,098
221,341
1,019,947
1,880,820
5,454,063
223,734
887,108
1,994,519
5,240,825
0.50
1.99
4.48
11.76
66,900
111,743
117,075
0.26
67,200
37,200
40,600
211,900
424,376
738,027
177,255
1,451,401
440,160
825,096
263,900
1,646,231
0.99
1.85
0.59
3.69
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- LOCAL
Construction
Econpile Holdings Bhd
Gamuda Bhd
IJM Corporation Bhd
Sunway Construction
Group Bhd
Consumer Products
Fraser & Neave
Holdings Bhd
MSM Malaysia Holdings
Bhd
Power Root Bhd
Sasbadi Holdings Bhd
Y.S.P. Southeast Asia
Holdings Bhd
Finance
Aeon Credit Service (M)
Bhd
Alliance Financial Group
Bhd
AMMB Holdings Bhd
CIMB Group Holdings
Bhd
Hong Leong Bank Bhd
Hong Leong Financial
Group Bhd
Malayan Banking Bhd
Public Bank Bhd
Industrials
Pecca Group Bhd
Petronas Chemicals
Group Bhd
Petronas Gas Bhd
United U-Li Corp Bhd
29
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
45,400
30,000
75,400
216,557
134,288
350,845
225,184
225,600
450,784
0.51
0.51
1.02
172,800
12,500
268,424
126,849
319,680
131,750
0.72
0.30
19,000
204,300
433,951
829,224
439,280
890,710
0.99
2.01
129,000
150,900
279,900
205,519
245,090
450,609
238,650
252,003
490,653
0.54
0.57
1.11
28,400
226,837
227,200
0.51
114,477
99,700
436,800
167,532
455,500
63,700
99,200
721,933
217,402
317,474
255,197
500,396
608,507
439,026
651,374
233,298
325,416
254,649
403,118
523,614
425,568
1.46
0.52
0.73
0.57
0.91
1.18
0.96
429,800
731,671
691,978
1.55
36,900
52,700
58,300
231,037
390,838
470,980
219,555
395,777
432,586
0.49
0.89
0.97
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- LOCAL
(CONTINUED)
IPC
Digi.Com Bhd
Time DotCom Bhd
Plantation
Felda Global Ventures
Holdings Bhd
Genting Plantations Bhd
Kuala Lumpur Kepong
Bhd
REITs
Pavilion REIT
Sunway REIT
Technology
Malaysian Pacific
Industries Bhd
Trading/Services
Axiata Group Bhd
Berjaya Auto Bhd
Bumi Armada Bhd
Dialog Group Bhd
E.A. Technique (M) Bhd
Genting Bhd
Genting Malaysia Bhd
Malakoff Corporation
Bhd
Malaysia Airports
Holdings Bhd
MISC Bhd
Sime Darby Bhd
30
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
121,993
129,300
849,831
1,569,779
833,212
1,859,334
1.87
4.18
207,600
82,100
2,555,602
288,628
293,782
7,886,481
330,084
288,992
7,868,555
0.74
0.65
17.67
4,730,000
18,150,919
18,403,508
41.34
1,403
427,746
470,400
1.09
516
287418
428465
0.99
1,919
715,164
898,865
2.08
Energy
China Petroleum &
Chemical Corp
76,000
227,792
219,346
0.51
Finance
China Life Insurance
Co. Ltd
56,930
704,576
527,216
1.22
Industrials
Sinotrans Ltd - H1
96,000
284,054
178,511
0.41
228,930
1,216,422
925,073
2.14
Name of counter
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- LOCAL
(CONTINUED)
Trading/Services
(continued)
Telekom Malaysia Bhd
Tenaga Nasional Bhd
Tiong Nam Logistics
Holdings Bhd
UEM Edgenta Bhd
TOTAL QUOTED
SECURITIES –
LOCAL
QUOTED SECURITIES
- FOREIGN
Cayman Islands
Consumer Products
Alibaba Group Holding
Ltd
Technology
NetEase Inc
TOTAL CAYMAN
ISLANDS
CHINA
TOTAL CHINA
31
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
11,656
24,800
36,456
651,630
349,572
1,001,202
554,371
384,511
938,882
1.29
0.89
2.18
71,000
324,296
345,121
0.80
130,000
201,000
248,815
573,111
273,738
618,859
0.64
1.44
32,100
465,231
807,912
1.87
6,800
38,900
684,578
1,149,809
682,092
1,490,004
1.58
3.45
Technology
Tencent Holdings Ltd
15,800
871,452
1,543,481
3.58
Telecommunications
China Mobile Ltd
15,000
700,953
751,522
1.74
Utilities
Power Assets Holdings
Ltd
8,500
334,940
338,152
0.78
315,656
4,631,467
5,680,900
13.17
1,100
212,249
248,264
0.58
4,127
15,721
19,848
218,992
228,170
447,162
231,107
240,904
472,011
0.54
0.56
1.10
Name of counter
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
HONG KONG
Consumer Products
CK Hutchison Holdings
Ltd
Sands China Ltd
Energy
CNOOC Ltd
Sinopec Kantons
Holdings Ltd
Finance
AIA Group Ltd
Hong Kong Exchanges
and Clearing Ltd
TOTAL HONG KONG
INDIA
Basic Materials
Ultra Tech Cement Ltd
Consumer Products
Hindustan Unilever Ltd
ITC Ltd
32
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
7,014
500,048
530,569
1.23
5,053
3,860
15,927
224,171
220,708
944,927
421,583
275,457
1,227,609
0.98
0.64
2.85
36,875
1,604,338
1,947,884
4.53
849,400
332,680
411,953
0.96
738,200
1,587,600
220,542
553,222
277,953
689,906
0.64
1.60
186,600
226,225
223,214
0.52
1,774,200
779,447
913,120
2.12
Consumer Products
Universal Robina Corp
19,100
351,738
329,560
0.76
Finance
Metropolitan Bank &
Trust Co.
68,290
485,792
558,284
1.30
Industrials
Megawide Construction
Corp
88,300
84,569
84,997
0.20
175,690
922,099
972,841
2.26
Name of counter
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
INDIA (CONTINUED)
Finance
HDFC Bank Ltd
Housing Development
Finance Corp Ltd
IndusInd Bank Ltd
TOTAL INDIA
INDONESIA
Consumer Products
Nippon Indosari
Corpindo Tbk PT
Ramayana Lestari
Sentosa Tbk PT
Industrials
Pembangunan
Perumahan Persero
Tbk PT
TOTAL INDONESIA
PHILIPPINES
TOTAL PHILIPPINES
33
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
Finance
Yoma Strategic
Holdings Ltd
158,500
217,498
277,105
0.64
REIT
Keppel DC REIT
135,500
366,546
494,210
1.15
TOTAL SINGAPORE
294,000
584,044
771,315
1.79
468
446,327
413,405
0.96
624
1,583
889
3,096
223,871
435,073
231,384
890,328
878,310
544,977
225,429
1,648,716
2.04
1.26
0.52
3.82
Finance
Samsung Securities Co.
Ltd
5,019
801,868
688,241
1.60
Health Care
i-Sens Inc
2,315
305,631
322,488
0.75
Industrials
CJ Korea Express Corp
876
637,060
637,162
1.48
Technology
Samsung Electronics
Co. Ltd
201
811,311
1,122,189
2.60
Telecommunications
LG Uplus Corp
11,070
503,178
439,737
1.02
TOTAL SOUTH
KOREA
23,045
4,395,703
5,271,938
12.23
Name of counter
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
SINGAPORE
SOUTH KOREA
Basic Materials
LG Chem Ltd
Consumer Products
Amorepacific Corp
Korea Kolmar Co Ltd
Nutribiotech Co Ltd
34
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
7,160
380,602
325,594
0.76
18,000
25,160
392,906
773,508
484,250
809,844
1.12
1.88
9,000
249,746
273,608
0.63
16,000
343,254
344,966
0.80
36,000
52,000
641,280
984,534
789,912
1,134,878
1.83
2.63
86,160
2,007,788
2,218,330
5.14
37,400
221,688
226,017
0.52
22,500
476,693
518,928
1.20
96,300
118,800
451,066
927,759
458,259
977,187
1.06
2.26
156,200
1,149,447
1,203,204
2.78
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
TAIWAN
Consumer Products
Eclat Textile Co Ltd
Taiwan FamilyMart Co.
Ltd
Industrials
AirTac International
Group
Technology
Posiflex Technology Inc
Taiwan Semiconductor
Manufacturing Co. Ltd
TOTAL TAIWAN
THAILAND
Consumer Products
CP ALL PCL – NVDR2
Finance
Kasikornbank PCL NVDR2
Thanachart Capital PCL
- NVDR2
TOTAL THAILAND
35
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
Telecommunications
Ctrip.com International
Ltd - ADR3
1,618
240,620
287,226
0.67
TOTAL UNITED
STATES
1,618
240,620
287,226
0.67
TOTAL QUOTED
SECURITIES FOREIGN
3,094,293
18,246,539
21,090,696
48.91
TOTAL QUOTED
SECURITIES
7,824,293
36,397,458
39,494,204
90.25
Name of counter
31.07.2016
(CONTINUED)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
UNITED STATES
ACCUMULATED
UNREALISED GAIN
ON QUOTED
SECURITIES AT
FAIR VALUE
THROUGH PROFIT
OR LOSS
3,096,746
TOTAL QUOTED
SECURITIES AT
FAIR VALUE
THROUGH PROFIT
OR LOSS
39,494,204
36
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
144,100
90,400
58,800
93,300
386,600
142,465
210,508
271,263
297,044
921,280
144,100
197,072
268,716
321,885
931,773
0.33
0.46
0.62
0.75
2.16
121,200
232,869
242,400
0.56
49,400
128,100
41,900
256,573
292,774
107,525
227,734
304,878
106,845
0.53
0.71
0.25
78,800
419,400
197,728
1,087,469
200,940
1,082,797
0.47
2.52
14,100
17,200
48,600
205,568
158,626
212,304
155,100
170,624
211,896
0.36
0.40
0.49
182,130
196,122
101,483
559,635
1,060,903
1,812,777
1,865,908
5,316,086
755,840
1,682,727
1,867,287
4,843,474
1.75
3.90
4.33
11.23
149,800
132,500
472,800
618,354
122,378
272,921
775,964
178,875
231,672
1.80
0.42
0.54
61,800
40,700
107,900
53,100
40,600
1,059,200
389,753
807,465
168,037
105,133
177,255
2,661,296
444,342
931,216
168,324
100,890
205,436
3,036,719
1.03
2.16
0.39
0.23
0.48
7.05
31.01.2016
Audited
QUOTED SECURITIES
- LOCAL
Construction
Econpile Holdings Bhd
Gadang Holdings Bhd
Gamuda Bhd
IJM Corporation Bhd
Consumer Products
IQ Group Holdings Bhd
MSM Malaysia Holdings
Bhd
Power Root Bhd
Sasbadi Holdings Bhd
Y.S.P. Southeast Asia
Holdings Bhd
Finance
Aeon Credit Service (M)
Bhd
Allianz Malaysia Bhd
AMMB Holdings Bhd
CIMB Group Holdings
Bhd
Malayan Banking Bhd
Public Bank Bhd
Industrials
Cahya Mata Sarawak
Bhd
Heveaboard Bhd
KNM Group Bhd
Petronas Chemicals
Group Bhd
Petronas Gas Bhd
Sarawak Cable Bhd
Superlon Holdings Bhd
United U-Li Corp Bhd
37
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Name of counter
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
41,400
68,200
109,600
219,855
305,281
525,136
202,032
521,048
723,080
0.47
1.21
1.68
23,200
82,200
235,432
380,381
265,408
398,670
0.62
0.93
30,500
135,900
696,605
1,312,418
728,950
1,393,028
1.69
3.24
79,700
150,900
230,600
117,460
245,090
362,550
126,723
221,823
348,546
0.29
0.51
0.80
40,000
8,900
48,900
319,626
30,073
349,699
324,000
29,014
353,014
0.75
0.07
0.82
140,025
167,532
196,800
45,200
81,900
887,001
255,197
212,170
126,033
360,304
785,540
264,701
206,640
105,768
366,093
1.82
0.61
0.48
0.25
0.85
429,800
106,400
44,800
28,800
111,600
731,671
789,093
300,683
60,776
903,143
696,276
933,128
275,520
58,176
900,612
1.62
2.17
0.64
0.13
2.09
31.01.2016
(CONTINUED)
Audited
(Continued)
QUOTED SECURITIES
- LOCAL
(CONTINUED)
IPC
Digi.Com Bhd
Time DotCom Bhd
Plantation
Genting Plantations Bhd
IOI Corporation Bhd
Kuala Lumpur Kepong
Bhd
REITs
Pavilion REIT
Sunway REIT
Technology
Malaysian Pacific
Industries Bhd
Vitrox Corp Bhd
Trading/Services
Axiata Group Bhd
Dialog Group Bhd
E.A. Technique (M) Bhd
Gas Malaysia Bhd
Genting Malaysia Bhd
Malakoff Corporation
Bhd
MISC Bhd
Pharmaniaga Bhd
Scicom MSC Bhd
Sime Darby Bhd
38
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
121,993
110,900
849,831
1,272,721
792,954
1,508,240
1.84
3.50
204,100
77,400
54,900
1,922,150
290,962
288,076
164,093
7,491,754
242,879
243,036
222,894
7,602,457
0.56
0.56
0.52
17.64
4,871,985
20,027,688
20,314,888
47.14
Consumer Products
Alibaba Group Holding
Ltd
1,403
427,746
389,809
0.91
TOTAL CAYMAN
ISLANDS
1,403
427,746
389,809
0.91
24,500
24,800
49,300
445,730
349,572
795,302
458,009
353,987
811,996
1.06
0.82
1.88
166,000
60,000
226,000
497,546
255,940
753,486
382,823
151,791
534,614
0.89
0.35
1.24
Name of counter
31.01.2016
(CONTINUED)
Audited
(Continued)
QUOTED SECURITIES
- LOCAL
(CONTINUED)
Trading/Services
(continued)
Telekom Malaysia Bhd
Tenaga Nasional Bhd
Tiong Nam Logistics
Holdings Bhd
UEM Edgenta Bhd
Westports Holdings Bhd
TOTAL QUOTED
SECURITIES –
LOCAL
QUOTED SECURITIES
- FOREIGN
CAYMAN ISLANDS
HONG KONG
Consumer Products
MTR Corp Ltd
Sands China Ltd
Energy
China Petroleum &
Chemical Corp
PetroChina Co. Ltd
39
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
40,700
589,873
928,852
2.16
56,930
704,576
569,427
1.32
11,656
651,630
598,139
1.39
6,800
684,578
616,773
1.43
29,500
145,586
226,904
2,857,561
169,686
2,882,877
0.39
6.69
18,000
96,000
114,000
277,813
284,054
561,867
203,720
179,465
383,185
0.47
0.42
0.89
Technology
Tencent Holdings Ltd
14,400
756,802
1,111,302
2.58
Telecommunications
China Mobile Ltd
18,500
864,509
844,411
1.96
13,000
455,262
504,053
1.17
12,000
25,000
470,874
926,136
451,858
955,911
1.05
2.22
592,786
7,515,663
7,524,296
17.46
Name of counter
31.01.2016
(CONTINUED)
Audited
(Continued)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
HONG KONG
(CONTINUED)
Finance
AIA Group Ltd
China Life Insurance
Co. Ltd
CK Hutchison Holdings
Ltd
Hong Kong Exchanges
and Clearing Ltd
Shimao Property
Holdings Ltd
Industrials
China Merchants
Holding Co. Ltd
Sinotrans Limited - H1
Utilities
Cheung Kong
Infrastructure Holdings
Ltd
Power Assets Holdings
Ltd
TOTAL HONG KONG
40
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
6,222
361,203
393,622
0.91
9,581
683,057
614,581
1.43
6,503
13,235
29,319
288,499
248,981
1,220,537
468,853
186,113
1,269,547
1.09
0.43
2.95
Industrials
Ultra Tech Cement Ltd
1,291
243,922
224,027
0.52
Telecommunications
Bharti Infratel Ltd
13,189
342,600
291,072
0.68
TOTAL INDIA
50,021
2,168,262
2,178,268
5.06
Name of counter
31.01.2016
(CONTINUED)
Audited
(Continued)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
INDIA
Energy
Reliance Industries Ltd
Finance
HDFC Bank Ltd
Housing Development
Finance Corp Ltd
ICICI Bank Ltd
INDONESIA
Telecommunications
Axiata Tbk PT
360,800
365,581
398,578
0.92
TOTAL INDONESIA
360,800
365,581
398,578
0.92
Consumer Products
Universal Robina Corp
19,100
351,738
319,602
0.74
Finance
Metropolitan Bank &
Trust Co.
46,170
347,554
284,209
0.66
TOTAL PHILIPPINES
65,270
699,292
603,811
1.40
PHILIPPINES
41
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
Consumer Products
ComfortDelGro Corp Ltd
24,800
209,234
204,319
0.47
Energy
Sembcorp Industries Ltd
21,200
276,234
154,910
0.36
9,400
254,716
190,462
0.44
11,300
593,660
462,526
1.07
15,500
36,200
345,228
1,193,604
319,476
972,464
0.74
2.25
REIT
Keppel DC REIT
189,200
511,812
550,799
1.28
TOTAL SINGAPORE
271,400
2,190,884
1,882,492
4.36
624
223,871
874,529
2.03
5,019
801,868
652,235
1.51
3,017
8,036
438,078
1,239,946
402,496
1,054,731
0.93
2.44
Industrials
CJ Korea Express Corp
876
637,060
666,079
1.55
Technology
Samsung Securities Co.
Ltd
201
811,311
798,901
1.85
Name of counter
31.01.2016
(CONTINUED)
Audited
(Continued)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
SINGAPORE
Finance
City Developments Ltd
DBS Group Holdings
Ltd
Singapore Exchange
Ltd
SOUTH KOREA
Consumer Products
Amorepacific Corp
Finance
Samsung Securities Co.
Ltd
Shinhan Financial
Group Co. Ltd
42
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
Telecommunications
LG Uplus Corp
11,070
503,178
370,358
0.86
TOTAL SOUTH
KOREA
20,807
3,415,366
3,764,598
8.73
7,160
380,602
419,629
0.97
18,000
25,160
392,906
773,508
449,717
869,346
1.04
2.01
Finance
CTBC Financial Holding
Co. Ltd
235,430
607,255
455,054
1.06
Industrials
Catcher Technology Co.
Ltd
7,000
290,881
212,739
0.49
16,000
343,254
312,241
0.72
36,000
52,000
641,280
984,534
639,896
952,137
1.48
2.20
25,000
222,049
213,486
0.51
344,590
2,878,227
2,702,762
6.27
Name of counter
31.01.2016
(CONTINUED)
Audited
(Continued)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
SOUTH KOREA
(CONTINUED)
TAIWAN
Consumer Products
Eclat Textile Co Ltd
Taiwan FamilyMart Co.
Ltd
Technology
Posiflex Technology Inc
Taiwan Semiconductor
Manufacturing Co. Ltd
Telecommunications
Far EasTone
Telecommunications
Co. Ltd
TOTAL TAIWAN
43
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
Finance
Kasikornbank PCL NVDR2
22,500
476,693
443,157
1.03
Industrials
Hana Microelectronics
PCL - NVDR2
82,300
319,549
291,680
0.68
104,800
796,242
734,837
1.71
Telecommunications
Ctrip.com International
Ltd - ADR3
1,618
240,619
286,238
0.67
TOTAL UNITED
STATES
1,618
240,619
286,238
0.67
TOTAL QUOTED
SECURITIES FOREIGN
1,813,495
20,697,882
20,465,689
47.49
TOTAL QUOTED
SECURITIES
6,685,480
40,725,570
40,780,577
94.63
Name of counter
31.01.2016
(CONTINUED)
Audited
(Continued)
QUOTED SECURITIES
- FOREIGN
(CONTINUED)
THAILAND
TOTAL THAILAND
UNITED STATES
ACCUMULATED
UNREALISED GAIN
ON QUOTED
SECURITIES AT FAIR
VALUE THROUGH
PROFIT OR LOSS
55,007
TOTAL QUOTED
SECURITIES AT FAIR
VALUE THROUGH
PROFIT OR LOSS
40,780,577
44
CIMB-PRINCIPAL EQUITY INCOME FUND
8.
9.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)
1
H shares refer to the shares of companies incorporated in the Chinese mainland that are
listed on the Hong Kong Stock Exchange or other foreign exchange. H shares are still
regulated by Chinese law, but they are denominated in Hong Kong dollars and trade the
same as other equities on the Hong Kong exchange.
2
NVDR, or non-voting depository receipt, is a trading instrument issued by Thai NVDR
Company Limited, a subsidiary wholly owned by the Stock Exchange of Thailand (“SET”). It
is a valid security as specified by the United States Securities and Exchange Commission
(“SEC”) and is automatically regarded as a listed security by the SET. The underlying
security is a listed security in the SET.
3
ADR, or American depositary receipt, is a negotiable certificate issued by a U.S. bank
representing a specified number of shares (or one share) in a foreign stock that is traded
on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security
held by a U.S. financial institution overseas. ADRs help to reduce administration and duty
costs that would otherwise be levied on each transaction.
CASH AND CASH EQUIVALENTS
31.07.2016
Deposits with licensed financial institutions
Bank balances
RM
31.01.2016
Audited
RM
1,107,282
2,821,016
3,928,298
369,102
1,748,223
2,117,325
The weighted average effective interest rate per annum is as follows:
31.07.2016
Deposits with licensed financial institutions
%
31.01.2016
Audited
%
3.10
3.35
Deposits with licensed financial institutions of the Fund have an average maturity of 1 day
(31.01.2016: 1 day).
10.
NUMBER OF UNITS IN CIRCULATION (UNITS)
01.02.2016
to 31.07.2016
At the beginning of the financial period/year
Add : Creation of units from applications
Add : Creations of units from distribution
Less: Cancellation of units
At the end of the financial period/year
45
No. of units
01.02.2015
to 31.01.2016
Audited
No. of units
36,822,547
3,812,528
2,491,700
(4,772,183)
38,354,592
41,508,222
6,503,098
1,984,999
(13,173,772)
36,822,547
CIMB-PRINCIPAL EQUITY INCOME FUND
11.
MANAGEMENT EXPENSE RATIO (“MER”)
MER
01.02.2016
to 31.07.2016
%
01.02.2015
to 31.07.2015
%
1.15
1.14
MER is derived from the following calculation:
MER =
(A + B + C + D + E) x 100
F
A
B
C
D
E
F
Management fee
Trustee’s and custodian fees
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
RM43,780,462 (31.07.2015: RM51,822,402).
12.
PORTFOLIO TURNOVER RATIO (“PTR”)
PTR (times)
01.02.2016
to 31.07.2016
01.02.2015
to 31.07.2015
0.40
0.53
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 = RM15,817,051 (31.07.2015: RM26,772,255)
total disposal for the financial period
= RM19,628,247 (31.07.2015: RM28,082,486)
46
CIMB-PRINCIPAL EQUITY INCOME FUND
13.
UNITS HELD BY THE MANAGER AND 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 Bhd
The Manager
CIMB Group Sdn Bhd
Holding company of the Manager
CIMB-Principal Asset Management (S) Pte Ltd
Subsidiary of the Manager
CIMB Group Holdings Bhd (“CIMB”)
Ultimate holding company of the Manager
CIMB Bank Bhd
Fellow subsidiary of the Manager
CIMB Islamic Bank Bhd
Fellow subsidiary of the Manager
CIMB Investment Bank Bhd
Fellow subsidiary of the Manager
CIMB Securities (S) Pte Ltd
Fellow subsidiary of the Manager
CIMB Securities Ltd
Fellow subsidiary of 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
31.07.2016
Manager
CIMB-Principal Asset
Management Bhd
31.01.2016
No. of units
RM
No. of units
Audited
RM
14,525
16,861
20,939
24,505
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.
Significant related party transactions
Interest income from deposits with licensed financial
institutions:
- CIMB Bank Bhd
47
01.02.2016
to 31.07.2016
RM
01.02.2015
to 31.07.2015
RM
3,036
5,650
CIMB-PRINCIPAL EQUITY INCOME FUND
13.
UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER, AND
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)
31.07.2016
Significant related party balances
Deposits with licensed financial institutions:
- CIMB Bank Bhd
14.
RM
31.01.2016
Audited
RM
-
369,102
TRANSACTIONS WITH BROKERS/DEALERS/FINANCIAL INSTITUTIONS
Details of transactions with the top 10 brokers/dealers for the six months financial period
ended 31 July 2016 are as follows:
Brokers/Dealers
CIMB Investment Bank
Bhd #
Alliance Investment Bank
Bhd
RHB Investment Bank Bhd
Sanford C. Bernstein & Co.,
LLC
JPMorgan Securities
(Malaysia) Sdn Bhd
Hong Leong Investment
Bank Bhd
Macquarie Securities
(Singapore) Pte Ltd
Citigroup Global Markets
Ltd
Instinet Singapore Services
Pte Ltd
CLSA (Hong Kong) Ltd
Others
Value of
trades
RM
Percentage
of total
trades
%
Brokerage
fees
RM
Percentage
of total
brokerage
fees
%
4,259,925
12.17
9,847
11.82
2,565,664
2,501,636
7.33
7.14
6,006
5,703
7.21
6.85
2,398,076
6.85
6,244
7.50
2,227,431
6.36
4,908
5.89
1,985,398
5.67
4,587
5.51
1,822,498
5.20
5,817
6.99
1,708,490
4.88
4,859
5.83
1,590,924
1,573,609
12,383,805
35,017,456
4.54
4.49
35.37
100.00
4,087
4,151
27,067
83,276
4.91
4.98
32.51
100.00
Details of transactions, primarily cash placements with the financial institutions for the six
months financial period ended 31 July 2016 are as follows:
Financial Institutions
Malayan Banking Bhd
Public Bank Bhd
CIMB Bank Bhd #
RHB Bank Bhd
48
Value of
placements
RM
Percentage
of total
placements
%
55,880,000
53,854,000
22,271,000
6,153,000
138,158,000
40.34
38.88
16.34
4.44
100.00
CIMB-PRINCIPAL EQUITY INCOME FUND
14.
TRANSACTIONS WITH BROKERS/DEALERS/FINANICAL INSTITUTIONS (CONTINUED)
Details of transactions with the top 10 brokers/dealers for the six months financial period
ended 31 July 2015 are as follows:
Brokers/Dealers
CIMB Investment Bank
Bhd #
Macquarie Securities
(Singapore) Pte Ltd
Maybank Securities Sdn
Bhd
Instinet Singapore Services
Pte. Ltd.
Citigroup Global Markets
Ltd
UBS Securities Asia
Ltd Singapore
Alliance Investment Bank
Bhd
Kenanga Investment Bank
Bhd
DBS Vickers Securities
(Singapore) Pte Ltd
Macquarie Capital
Securities (Malaysia) Sdn
Bhd
Others #
Value of
trades
RM
Percentage
of total
trades
%
Brokerage
fees
RM
Percentage
of total
brokerage
fees
%
11,360,858
19.17
30,672
22.09
3,875,256
6.54
5,792
4.17
3,762,232
6.35
8,633
6.22
3,660,504
6.18
9,183
6.61
3,456,084
5.83
9,861
7.10
3,419,249
5.77
8,070
5.81
2,850,940
4.81
6,626
4.77
2,644,051
4.46
6,122
4.41
2,637,810
4.45
5,511
3.97
2,293,601
19,310,185
59,270,770
3.87
32.57
100.00
5,161
43,249
138,880
3.72
31.13
100.00
Details of transactions, primarily cash placements with the financial institutions for the six
months financial period ended 31 July 2015 are as follows:
Financial Institutions
Malayan Banking Bhd
RHB Bank Bhd
CIMB Bank Bhd #
Affin Bank Bhd
Public Bank Bhd
Hong Leong Bank Bhd
United Overseas Bank (Malaysia) Bhd
49
Value of
placements
RM
Percentage
of total
placements
%
40,582,000
39,722,000
37,509,000
15,671,000
2,584,000
2,235,000
645,000
138,948,000
29.21
28.59
26.99
11.28
1.86
1.61
0.46
100.00
CIMB-PRINCIPAL EQUITY INCOME FUND
14.
TRANSACTIONS WITH BROKERS/DEALERS/FINANICAL INSTITUTIONS (CONTINUED)
#
15.
Included in the transactions are investments conducted with CIMB Bank Bhd, CIMB
Investment Bank Bhd, CIMB Securities (S) Pte Ltd, CIMB Securities Ltd (Taiwan), CIMB
Securities Ltd (Korea), fellow subsidiaries of the Manager amounting to RM22,271,000
(31.07.2015: RM37,509,000), RM4,259,925 (31.07.2015: RM11,360,858), Nil (31.07.2015:
RM1,714,064), Nil (31.07.2015: RM1,236,294) and Nil (31.07.2015: RM174,859)
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.
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 provide investors with an opportunity to gain consistent and stable income
by investing in a diversified portfolio of dividend yielding equities and fixed income securities.
The Fund may also provide moderate capital growth potential over the medium to long-term
period. The Fund may also provide moderate capital growth potential over the medium to
long-term period. 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 interest income and dividend income earned from
investments and gains on the appreciation in the value of investments, which are derived from
Ringgit-denominated deposits with licensed financial institutions in Malaysia, quoted securities
listed on the Bursa Securities, Malaysia, and foreign equities of companies domiciled in, listed
in, and/or have significant operations in Asia Ex Japan.
There were no changes in reportable operating segment during the financial period.
50
CIMB-PRINCIPAL EQUITY INCOME FUND
DIRECTORY
Head office of the Manager
CIMB-Principal Asset Management Berhad (Company No.: 304078-K)
10th Floor, Bangunan CIMB,
Jalan Semantan,
Damansara Heights,
50490 Kuala Lumpur,
MALAYSIA.
Tel: (03) 2084 8888
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
[email protected]
General investment enquiries
(03) 7718 3100
Trustee for the CIMB-Principal Equity Income Fund
Universal Trustee (Malaysia) Berhad (Company No.:17540-D)
No. 1 Jalan Ampang (3rd Floor),
50450 Kuala Lumpur,
MALAYSIA.
Tel: (03) 2070 8050
Fax: (03) 2031 8715, (03) 2032 3194, (03) 2070 1296
Auditors of the Trusts and of the Manager
PricewaterhouseCoopers (Company No. AF: 1146)
Level 10, 1 Sentral,
Jalan Rakyat, Kuala Lumpur Sentral,
PO Box 10192, 50706 Kuala Lumpur,
MALAYSIA.
51
CIMB-PRINCIPAL EQUITY INCOME FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES
ADDRESS
TELEPHONE
REGIONAL OFFICE
Northern Region
No 5, Jalan Todak 4, Bandar Sunway, Seberang Jaya,
13700 Perai, Pulau Pinang.
04-370 2155
04-370 2156
Southern Region
23 & 23A, Jalan Harimau Tarum, Taman Century,
80250 Johor Bahru, Johor.
07-334 1748
Central Region
46, 2nd Floor, Jalan SS 21/39, Damansara Utama,
47400 Petaling Jaya, Selangor.
03-7712 2888
Sarawak
5B, Lot 414, Section 10, KTLD Jalan Rubber, 93400
Kuching, Sarawak.
082-259 777
Sabah
No 1, Jalan Pasar Baru, Kampung Air, 88000 Kota
Kinabalu, Sabah.
088-239 951
088-239 952
Ipoh
30A, 1st Floor, Persiaran Greentown 1, Greentown
Business Centre, 30450 Ipoh, Perak.
05-243 9001
05-243 9002
Kota Bharu
Ground Floor, No 298-B, Jalan Tok Hakim, 15000
Kota Bharu, Kelantan.
09-747 1172
09-747 1190
Ampang
No 13B, 2nd Floor, Jalan Mamanda 7/1, Off Jalan
Ampang, 68000 Ampang, Selangor.
03-4270 2970
Sri Petaling
169-2 Jalan Radin Bagus, Bandar Baru Sri Petaling,
57000 Kuala Lumpur.
03-9059 2333
Melaka
21, Jalan Melaka Raya 24, Taman Melaka Raya,
75000 Melaka.
06-281 1111
Miri
1st & 2nd Floor, Lot 1092, Jalan Merpati,
98000 Miri, Sarawak.
085-432 525
Kuantan
No. 44 & 44A, Jalan Putra Square 6, Putra Square,
25000 Kuantan, Pahang.
09-513 4400
BRANCHES
FINANCIAL CARE CENTER (FCC)
Financial Planning
Centre
46, 2nd Floor, Jalan SS 21/39, Damansara Utama,
47400 Petaling Jaya, Selangor.
52
03-7718 3000
CIMB-PRINCIPAL EQUITY INCOME FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - Klang Valley-
Charisma Legacy
B-1-22 & B-2-22 & B-2-21, Block B 10 Boulevard,
Jalan Cempaka Sungai Kayu Ara, 47400 Petaling
Jaya, Selangor.
03-7722 3895
AAAAA Wealth
Builders
Lot C-615 & Lot C-616, Level 6 Block C Kelana
Square, 17 Jalan SS7/26, Kelana Jaya, 47301
Petaling Jaya, Selangor.
03-7880 6893
Megas
2-6A, Jalan PJU 8/3A, Bandar Damansara Perdana,
47820 Petaling Jaya, Selangor.
03-7725 6320
Preferred Wealth
Advisors
No 12-01 D’Bayu Business Centre, Jalan Serambi
U8/24, Bukit Jelutong, 40150 Shah Alam, Selangor.
03-6142 8382
Otye Xcellence
Consultants
Lot No 35-2, 2nd Floor, Jalan Sepah Puteri 5/1B, Pusat
Dagangan Seri Utama, PJU 5 Kota Damansara,
47410 Petaling Jaya, Selangor.
03-6140 3046
Elite Group
Consultants
No 6-2, Jalan Dagang 1/1A, Taman Dagang,
68000 Ampang, Selangor.
03-4251 1129
Prestige Wealth
Advisors
Magnificent
Champion Agency
Office
Diamond Star
Agency Office
I-91-2, Block I, Jalan Teknologi 3/9, Kota Damansara,
47810 Petaling Jaya, Selangor.
03-6140 7275
47A, Tingkat 1, Jalan Badminton 13/29, Seksyen 13,
40100 Shah Alam, Selangor.
03-5523 2693
Block E-1-03A & E-2-03A, Jalan SS6/20A,
Dataran Glomac, 47301 Kelana Jaya, Selangor.
03-7880 7082
JAT XO Group
D-10-08-G & D10-08-1, Pusat Perdagangan Dana 1,
Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor.
03-7831 1267
Nsg Wealth
Advisors
32-3 4th Floor, Jalan Wangsa Delima 6, Kuala Lumpur
Satelite Centre (KLSC), Section 5 Wangsa Maju,
53300 Kuala Lumpur.
03-4142 2911
Platinum
A-2-1, Block A, 8 Jalan PJU 1A/20A, Dataran Ara
Damansara , 47301 Petaling Jaya, Selangor.
03-7843 0506
Platinum 2
A-2-3, Block A, 8 Jalan PJU 1A/20A, Dataran Ara
Damansara, 47301 Petaling Jaya, Selangor.
03-7843 0503
Dynamics Wealth
Advisors
Unit B-3A-1, Setiawangsa Business Suites, Jalan
Setiawangsa 11, Taman Setiawangsa, 54200 Kuala
Lumpur.
03-4256 6277
53
CIMB-PRINCIPAL EQUITY INCOME FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - Klang Valley- (Continued)
My Financial
Freedom Advisors
No. 3A, Jalan Hentian 3, Pusat Hentian Kajang,
43000 Kajang, Selangor.
03-8741 4382
Success Concepts
Life Planners
J-06-01 Level 6 Block J, Solaris Mont’ Kiara, Jalan
Solaris, 50480 Kuala Lumpur.
03-6204 0113
ACES Advisors
37-2, Jalan Cecawi 6/33, PJU 5, Kota Damansara,
47810 Petaling Jaya, Selangor.
03-6142 2970
Monalisa Private
Wealth Advisors
No 41B, 43B, Jalan Wan Kadir 2,
Taman Tun Dr Ismail, 60000 Kuala Lumpur.
03-7724 1789
SA-7
No 35B-2 (2nd Floor), Jalan Keluli Am 7/Am, Pusat
Perniagaan Bukit Raja, Seksyen 7, 40000 Shah Alam,
Selangor.
03-3341 4978
Tremendous
Agency
No 65-2, Jalan Nelayan A, 19/A Pusat Daerah
Seksyen 19, 40300 Shah Alam, Selangor.
03-5480 0296
The One Asia
Advisors
No B-3A-23 Merchant Square, Jalan Tropicana
Selatan 1, Tropicana Golf & Country Resort,
47410 Petaling Jaya, Selangor.
03-7887 4408
Wealth Resources
Group Advisors
No 41B, 3B Curve Business Park, Medan Pusat
Bandar 2D, Seksyen 9, 43650 Bandar Baru Bangi,
Selangor.
03-8926 4155
Evoque Wealth
Advisors
2nd Floor No 32A-2, Jalan PJU 5/20D, The Strand,
Pusat Perdagangan Kota Damansara,
Kota Damansara PJU 5, 47810 Petaling Jaya,
Selangor.
03-6151 9512
KPG Management
Resources
19-2 Jalan Adenium 2G/9, Adenium Business Centre,
Bukit Beruntung, 48300 Rawang, Selangor.
03-6021 7385
Emmaz Wealth
Empire
No 17-2, Jalan Rampai Maju 1, Taman Sri Rampai,
53300 Kuala Lumpur.
03-4141 7574
Fidelis Wealth
Advisors
No 70-2, Jalan Tasik Utama 7, Medan Niaga Tasik
Damai, The Trillium Lake Fields, 57000 Sungai Besi,
Kuala Lumpur.
03-9054 8596
Charisma Legacy 1
B-3-21 Block Bougainvillea 10, Boulevard Lebuhraya
Sprint PJU 6A, 47400 Petaling Jaya, Selangor.
03-7733 5009
KPG Capital
Growth Solution
No 15-1 Jalan Adenium 2G/9, Adenium Business
Centre, 48300 Bukit Beruntung, 48300 Rawang,
Selangor.
03-6021 7188
54
CIMB-PRINCIPAL EQUITY INCOME FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - Klang Valley- (Continued)
Global Amazing
Entrepreneur
C-10-2 & C-11-2, Bangi Gateway Shopping Complex,
Persiaran Pekililing, Seksyen 15,
43650 Bandar Baru Bangi, Selangor.
03-8920 9038
NRICH Wealth
Advisory Group
ZP-02-12 Zest Point, Lebuhraya Bukit Jalil,
Bandar Kinrara, 47180 Puchong, Selangor.
03-8074 8485
Charisma Legacy 3
B-3-17 Block Bouganvilla 10, Boulevard Lebuhraya
Sprint, PJU 6A Kayu Ara, Damansara Jaya,
47400 Petaling Jaya, Selangor.
03-7733 4211
SWM Advisors
Group
Block E-13-2 2nd Floor, Jalan Serai Wangi M/16M,
Alam Avenue 2 Seksyen 16, 40200 Shah Alam,
Selangor.
019-388 2067
Synergy Wealth
Entrepreneur
98-2 Jalan Dwitasik, Dataran Dwitasik,
Bandar Sri Permaisuri, Cheras, 56000 Kuala Lumpur.
03-9226 5344
Charisma Legacy 2
B-3-25 Block Bougainvillea, 10 Boulevard Lebuhraya
Sprint, PJU 6A, 47400 Petaling Jaya, Selangor.
03-7733 2460
Charisma Legacy
Sepang
32A 1st Floor Jalan Gemilang 1, Pusat Perniagaan
Gemilang, Sepang, 47300 Selangor.
03-8705 3240
SALES OFFICES - NorthernCharisma Legacy
Kota Bharu
PT1671 & 1672 Tingkat 2, Jalan Raja Perempuan
Zainab 2, Kubang Kerian, 16150 Kota Bharu,
Kelantan.
NZ Group
PT 650 1st & 3rd Floor, Jalan Sri Cemerlang,
Seksyen 27,15300 Kota Bharu, Kelantan.
09-747 6932
My IFP Kemaman
PT 10725, Ground Floor, Jalan Kubang Kurus, Taman
Cukai Utama Fasa 4, 24000, Kemaman, Terengganu.
09-858 9911
Amg Synergy
Multiresources Sdn
Bhd
No 50, Tingkat 1, Jalan Putra Square 1, Malay Town,
25200 Kuantan, Pahang.
09-516 1430
55
016-223 6343
CIMB-PRINCIPAL EQUITY INCOME FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - SouthernGVG Solution
Agency
24-1, Jalan Padi Emas 4/1, Pusat Bandar Tampoi,
81200 Johor Bahru, Johor.
07-232 6976
Kyzan Jaguar
Agency
16-01, Jalan Padi Emas 1/5, UDA Business Centre,
81200 Johor Bahru, Johor.
07-300 9350
GVG Pasir Gudang
Solution
No 38-01, Jalan Serangkai 18, Taman Bukit Dahlia,
81700 Pasir Gudang, Johor.
012-707 6107
Victorious Agency
98-02 Jalan Pertama 1, Pusat Perdagangan Danga
Utama, 81200 Johor Bahru, Johor.
011-121 1840
Soha Barakah
Wealth
Consultancy
Premier Wealth
Advisors
PremierOne Wealth
No 55-2, 57-2, 59-2, Jalan TU 49A,
Taman Tasik Utama, Ayer Keroh, 75450, Melaka.
06-2533 289
No 18-1, Jalan S2 B18, Biz Avenue Seremban 2,
70300 Seremban, Negeri Sembilan.
06-601 5749
No 527-1 Jalan Pusat Bandar Senawang, Pusat
Bandar Senawang, 70450 Senawang, Negeri
Sembilan.
06-671 8253
SALES OFFICES - East MalaysiaSibu
15A, Jalan Ruby, 96000 Sibu, Sarawak.
JAT XO Group
Bintulu
Shop Lot No 2, Block 49, Of Parent Lot 2646,
Park City Commerce Square, Jalan Kambar Bubin Off
Jalan Tun Ahmad Zaidi, 97000 Bintulu, Sarawak.
56
084-325 515
012-217 2269