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Kenanga Growth Fund

Snapshot of Kenanga Growth Fund


Award Winning Fund

Winner of The Edge-Lipper Fund Awards 2014 Best Equity


Malaysia Fund for 3 and 5 years category.
Winner of Fundsupermart.com Awards 2014/2015 Core Equity
Malaysia category.

Lipper Leaders Fund


and 5 stars rated by
Morningstar

Rated as a Lipper Leader Fund for 5 years category.


5 stars rating by Morningstar.

Malaysia Equity Fund

Historical Track Record

Kenanga Growth Fund is a Malaysian equity fund suitable for


investors who are looking for long term equity investments.

Kenanga Growth Fund has a historical track record of more than


10 years. It was launched in 2000.

Award Winning Fund Kenanga Growth Fund

Kenanga Growth Fund won The Edge-Lipper


Fund Awards 2014 for the Best Equity
Malaysia Fund for the 3 years and 5 years
category.
Source: The Edge Malaysia, 24 February 2014

Award Winning Fund Kenanga Growth Fund

by

Kenanga Growth Fund won


Fundsupermart.com Awards
2014/2015 for the Core Equity
Malaysia category.

Lipper Leaders Fund Kenanga Growth Fund


Ranked as a Lipper Leader Fund for 5 Years as at 31 Dec 2014
Kenanga Growth Fund is ranked as a Lipper Leader Fund for
5 years category for
(a) Total Return;
(b) Preservation; and
(c) Consistent Return.
Only 8 Funds out of 67 Lipper rated Funds are ranked as
Lipper Leader Funds for all the 3 categories above in the 5
years Equity Malaysia category.

Source : Lipper, as of 12 Jan 2015


1.
2.
3.

Consistent Return : Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.
Preservation : Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class.
Total Return : Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return & Preservation
metrics over three OR five-year periods. The highest 20% of funds in each peer group are named Lipper Leader or a score of 5, the next 20% receive a score of 4, the middle
20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1.

5 Stars Rating by Morningstar


Kenanga Growth Fund
As at 31 Dec 2014, Kenanga Growth Fund has a overall 5
stars rating under Malaysia Equity category rated by
Morningstar.
Source: https://my.morningstar.com/ap/quicktake/overview.aspx?PerformanceId=0P00008MEM

Morningstar Rating for Funds

Morningstar rates mutual funds from one to five stars based on how well they've performed (after
adjusting for risk and accounting for all sales charges) in comparison to similar funds.

Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four
stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star.

Funds are rated for up to three time periods--three-, five-, and 10 years--and these ratings are
combined to produce an overall rating. Funds with less than three years of history are not rated.
Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a
useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell
recommendations.

FUND
PERFORMANCES

Kenanga Growth Fund


Fund Performance as at 31 Dec 2014
Strong Performance Track Record
Cumulative Return
1, 3, 6 Months & 1, 3, 5 Years & Since Launch

Period
1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Since Launch*

Fund Performance as at 31 Dec 2014


KGF
-4.61%
-8.41%
-4.12%
9.31%
57.45%
148.95%
253.51%

KLCI
-3.28%
-4.61%
-6.45%
-5.66%
15.06%
38.38%
84.73%

Outperformance
-1.33%
-3.80%
2.33%
14.97%
42.39%
110.57%
168.78%

Cumulative
Performance Return
Generally
Outperforms the KLCI

* Cumulative return from 17 January 2000 to 31 Dec 2014


Past Performance of the Kenanga Growth Fund does not indicate future performance of the fund.

Source : Lipper, as of 12 Jan 2015

Kenanga Growth Fund


Fund Performance as at 31 Dec 2014
Strong Performance Track Record
Calendar Year Return
2010, 2011, 2012, 2013 & 2014

Period
2014
2013
2012
2011
Annualized
Return*

Fund Performance as at 31 Dec 2014


KGF
9.31%
26.35%
14.06%
19.07%

KLCI
-2.47%
10.54%
10.34%
0.78%

Outperformance
11.78%
15.81%
3.72%
18.29%

17.02%

3.77%

13.25%

Calendar Year
Performance Return
Consistently
Outperforms the KLCI

* Annualized return from 31 Dec 2010 to 31 Dec 2014


Past Performance of the Kenanga Growth Fund does not indicate future performance of the fund.
Source : Lipper, as of 12 Jan 2015

Kenanga Growth Fund


Lipper Rankings as at 31 Dec 2014

Period
1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
10 Years

Fund Performance as at 31
Dec 2014
KGF
Lipper Ranking
-4.61%
-8.41%
-4.12%
9.31%
57.54%
148.95%
324.83%

55
50
22
2
2
1
1

Kenanga Growth Fund is classified under


Equity Malaysia in Lipper Fund
category.

76

As at 31 Dec 2014, there are


conventional equity funds in the Equity
Malaysia category.
Kenanga Growth Fund is consistently

Top 3

ranked in
Years periods.

for 1 Year to 10

Source : Lipper, as of 12 Dec 2014

10

Kenanga Growth Fund


Fund Chart Since Launch as at 31 Dec 2014
Fund Performance Since Inception (assuming invested RM100,000)

Source : Lipper, as of
12 Jan 2015

Assuming that you have invested RM100,000 since launch of the Fund, your total investment will become
RM 353,507 as at 31 Dec 2014.
(This represents RM100,000 of your initial investment and RM253,507 of returns from the investment )

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OTHER
STATISTICS

Kenanga Growth Fund


Annualized Standard Deviation as at 31 Dec 2014
Strong Performance Track Record with Less Volatility
Cumulative Annualized Standard Deviation

Period

KGF

KLCI

Calendar Year Annualized Standard Deviation

Period

KGF

KLCI

Difference

2014

9.52

5.72

3.80

2013

12.00

7.50

4.50

Difference

1 Month

20.44

15.4

5.04

3 Months

17.87

12.11

5.76

6 Months

13.19

9.31

3.88

2012

6.01

7.86

-1.85

1 Year
2 Years
3 Years
5 Years

9.52
10.82
9.40
9.39

5.72
6.93
7.22
9.04

3.80
3.89
2.18
0.35

2011
11.22
2010
7.34
Annualized standard
9.77
deviation**

13.19
9.12

-1.97
-1.78

8.93

0.84

Since Launch*

14.5

15.08

-0.58

* Cumulative annualized standard deviation from 17 January 2000 to 31 Dec 2014


** Annualized standard deviation from 31 Dec 2010 to 31 Dec 2014
Source : Lipper, as of 12 Jan 2015

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Volatility
Often an investor assumes 2 equity funds with similar investment objectives carry the same level of
risks. This assumption is not true because investment styles and strategies adopted by the 2 fund
managers are not the same. As such, for the same type of funds, some fund could be more volatile
as compared to its peers.
As such, standard deviation of the Fund is one way of measuring the volatility of the Fund.

14

Kenanga Growth Fund


Annualized 3 Years Return/Risk as at 31 Dec 2014
Top 10 Lipper Equity Malaysia by Return/Risk
% Growth
AMB Dividend Trust
25

3 Years Annualized
Return/
Std
%
Risk
Deviation Growth

Affin Hwang Select Dividend


20

CIMB-Principal Equity Growth & Income

AMB Dividend Trust

2.23

5.77

13.46

2.15

6.62

14.95

1.84

6.15

11.69

1.83

7.18

13.65

1.79

12.30

23.43

1.72

8.31

14.82

Kenanga Growth

Affin Hwang Select


Dividend
CIMB-Principal Equity
Growth & Income
Eastspring Investments
Equity Income
Eastspring Investments
MY Focus
Affin Hwang Select
Opportunity
Public Optimal Growth

1.68

5.58

9.59

Eastspring Investments Growth

AmTotal Return

1.67

6.49

11.14

Kenanga Growth

1.67

9.40

16.34

Eastspring Investments
Growth
KLCI

1.42

8.42

12.24

0.68

7.22

4.78

Eastspring Investments Equity Income


15

Eastspring Investments MY Focus


10

Affin Hwang Select Opportunity

Public Optimal Growth


5

AmTotal Return
0
4

10

Std Deviation

11

12

13

KLCI

Source : Lipper, as of 12 Jan 2015

15

Kenanga Growth Fund


Annualized 5 Years Return/Risk as at 31 Dec 2014
Top 10 Lipper Equity Malaysia by Return/Risk
Kenanga Growth

% Growth

25

5 Years Annualized
Return/
Std
% Growth
Risk
Deviation

AMB Dividend Trust


Eastspring Investments Equity
Income

20

Manulife Investment Dividend


15

KAF Core Income


AmTotal Return

10
Affin Hwang Select Opportunity
CIMB-Principal Equity

CIMB-Principal Equity 2

0
6

8
Std Deviation

10

11

Public Dividend Select


KLCI

Kenanga Growth

2.00

9.39

20.00

AMB Dividend Trust

1.88

6.82

13.33

Eastspring
Investments Equity
Income
Manulife Investment
Dividend
KAF Core Income
AmTotal Return

1.79

7.71

14.36

1.55

8.34

13.37

1.48
1.47

7.52
8.16

11.44
12.31

Affin Hwang Select


Opportunity
CIMB-Principal Equity

1.39

9.94

14.15

1.28

9.46

12.36

CIMB-Principal Equity
2
Public Dividend
Select
KLCI

1.25

9.85

12.45

1.23

7.60

9.44

0.76

9.04

6.71

Source : Lipper, as of 12 Jan 2015

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How WELL we managed your downside risk?


3 Years from Dec 2011 to Dec 2014
Top 10 Lipper Equity Malaysia by % Growth

Max
Drawdown

Percentage
Growth (%)

Positive
Periods (%)

Negative
Periods (%)

Max 1 mth
Gain

Max 1 mth
Loss

Max
Drawdown

Max Drawdown
Period

Eastspring Investments MY Focus


Kenanga Growth
Affin Hwang Select Dividend

88.14
57.54
51.96

66.67
75.00
75.00

30.56
25.00
25.00

14.53
10.72
5.10

-4.98
-4.61
-2.89

-10.45
-8.41
-4.83

3.00
3.00
3.00

Affin Hwang Select Opportunity


KSC Incrementum

51.45
50.42

77.78
75.00

22.22
25.00

9.49
7.71

-3.94
-5.94

-5.15
-13.47

5.00
3.00

Areca equityTrust

49.01

72.22

27.78

15.44

-5.60

-11.00

3.00

AMB Ethical Trust


Eastspring Investments Equity Income

48.87
46.84

69.44
69.44

30.56
30.56

12.50
5.99

-3.82
-3.01

-10.45
-6.04

5.00
3.00

AMB Dividend Trust


CIMB-Principal Wholesale Equity

46.10
41.43

77.78
58.33

22.22
41.67

4.11
11.08

-1.94
-5.99

-2.24
-11.18

3.00
5.00

Equity Malaysia

Source : Lipper, as of 12 Jan 2015

17

How WELL we managed your downside risk?


5 years from Dec 2009 to Dec 2014
Top 10 Lipper Equity Malaysia by % Growth

Max
Drawdown

Percentage
Growth (%)

Positive
Periods (%)

Negative
Periods (%)

Max 1 mth
Gain

Max 1 mth
Loss

Max
Drawdown

Max Drawdown
Period

Kenanga Growth

148.95

78.33

21.67

10.72

-5.05

-8.54

2.00

KSC Incrementum

98.35

75.00

25.00

8.92

-11.72

-20.94

2.00

Eastspring Investments Equity


Income
Affin Hwang Select Opportunity

95.64

71.67

28.33

5.99

-4.30

-7.06

2.00

93.85

76.67

23.33

9.49

-6.82

-12.52

4.00

Manulife Investment Dividend


CIMB-Principal Wholesale Equity

87.32
87.32

70.00
63.33

30.00
36.67

8.35
11.08

-5.07
-7.31

-10.10
-12.34

3.00
3.00

AMB Dividend Trust


Areca equityTrust

86.99
86.57

76.67
70.00

21.67
30.00

5.61
15.44

-4.18
-6.55

-7.82
-13.91

2.00
5.00

AMB Ethical Trust


CIMB-Principal Equity 2

82.21
79.88

66.67
66.67

33.33
33.33

12.50
6.13

-6.96
-6.66

-13.79
-11.10

3.00
3.00

Equity Malaysia

Source : Lipper, as of 12 Jan 2015

18

OTHER DETAILS

Kenanga Growth Fund


Top Holdings & Sector Allocation as at 31 Dec 2014
Top Holdings (% NAV)
Holding

Sector Allocation (% NAV)

% against NAV

Sector

GAMUDA BHD

3.24%

Technology

IJM LAND BHD

3.09%

Plantation

AXIATA GROUP BERHAD

2.96%

Properties

PUBLIC BANK BHD

2.95%

Construction

TENAGA NASIONAL BHD


SUNWAY BERHAD
GLOBETRONICS TECHNOLOGY BHD
MAXIS BERHAD

2.58%
2.37%
2.27%
2.20%

Finance

GENTING MALAYSIA BHD

2.10%

DAYANG ENTERPRISE HLDGS BHD

1.97%

Consumers Products

6.90%

1.80%
9.80%
6.40%
4.50%
5.20%

13.90%

Industrial Products

23.70%

Trading/Services

24.80%

Liquidity
0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

% NAV

Source : Kenanga Investors Bhd, as of 12 Jan 2015

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Kenanga Growth Fund


Fund Details
The Manager

Kenanga Investors Berhad

Trustee

CIMB Commerce Trustee Berhad

Category of Fund

Equity

Type of Fund

Growth

Investment Style

Intrinsic Value

Launch Date

17 January 2000

NAV per Unit (IOP)

RM1.00

Sales Charge

Up to 5.50%

Repurchase Charge

Nil

Switching Fee

Nil

Transfer Fee

Nil

Annual Management Fee

1.50% per annum

Annual Trustee Fee

0.05% per annum

Min Investment Amount

RM1,000 or such lower amount as the


Manager in its sole discretion allow.

Min Subsequent Amount

RM100 or such lower amount as the


Manager in its sole discretion allow

Fund Objective

To provide unit holders with long-term capital


growth.

Asset Allocation

75% - 95% in Equities


5% - 25% in Liquid Assets

Performance Benchmark

FTSE-Bursa Malaysia Kuala Lumpur Composite


Index

Investor Profile

The Fund is suitable for Investors who: Have long-term investment time horizon
Have a moderate risk profile with tolerance
for short-term periods of volatility

Principal Risk

Market Risk
Particular Stock Risk

Investment Strategy

Managed to reduce volatility level below


the market while seeking to achieve a
return comparable to the market over the
full market/business cycle.
Invest in well diversified companies with
sustainable business model that is trading
at a discount to its intrinsic value.
The fund does not actively practice asset
allocation and during extreme market
volatility, the Fund will judiciously scale
back its equity exposure below 75%.

21

Kenanga Growth Fund


Unique Selling Point
We look at the long term prospect of the business.
In this regard, we look at the following :a. Sustainable business model - Supplier Chain
(supply), Distribution (demand), Competitors,
Barrier of Entry & Regulation Framework (social
politic).
b. Management Integrity and Quality Board of
Director
especially
Independent
Directors,
Experience and Track Record of Management team,
Transparent set of Accounting, Related party
transaction and Stock Ownership.

We think
like a
business
owner

We buy Quality
businesses
below their
TRUE VALUE

a. We use multiple valuation methodology to


arrive at the stock fair/true value range.
b. We use Discounted Cash Flow as our main
valuation metric. Nevertheless, we also use
relative valuation such as Price Earning (PE)
and Price to Book (PB) to see how the stock
compared against their peers company.

We seek to give
you downside
protection

Risk management is the central of our investment process.


Our risk management mechanism consist of :a. Overlay 1 to ensure portfolio is sufficiently diversified and not overly concentrated or exposed to
excessive common risk factors, a series of limits check consist of :i. 5% max exposure into single company
ii. 20% max exposure into companies within same group
iii. 30% max exposure into single sector
b. Overlay 2 to ensure the portfolio is less volatile than the underlying market benchmark.
c. Sell Discipline activate if any of the following occurs :i. The stock fails the stock selection criteria test
ii. Assumption made in valuation process are not met, adversely affecting the fair value range
iii. The market price had moved above the stock fair value range
iv. Exposure limit is exceeded
v. The stock underperforms the benchmark by more than 10% over a rolling 3-months period
vi. The stock fall more than 20% from its recent high price

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INVESTMENT
PROCESS

Investment Process

Idea
Generation
ROE Ranking
Price/Book
Ranking
Price/Earning
Ranking
Industry
Broker
Momentum
Thematic

Stock
Selection
Criteria
Business Model
& Value
Proposition
Quality of
Management
Quality of
Earnings
Healthy Balance
Sheet

Industry
Verification
Verify our
Investment
Thesis with the
expert
Clarity on Key
Assumption to
identity superior
Risk Return
possibilities

Valuation
Discounted Cash
Flow
Relative
Valuation

Portfolio
Construction &
Management
Construct a Portfolio
(30-50 stocks) with
reasonable
Concentration &
Accumulation Risk
Risk Management

24

How do we PICK the STOCK?

Our main

factors :-

1. We buy companies with sustainable business model run by proven management team.
2. We refuse to overpay for companies; strict adherence to valuation.
3. We continue to hold stocks in our portfolio as long as their business fundamentals
remain favorable but may increase or decrease the weighting depending on the valuation
gap between market price and the stocks intrinsic value/fair value. More than half the
stocks in our portfolio have been held since July 2007 (the year the current investment
team took over the portfolio).

25

How do we PICK the STOCK?


Synopsis on

(DLM)
For the Period Ending

1. We like the consumer sector in Malaysia as in any developing


economy, consumption will increase as society gets more affluent.
2. Further, with the external economies facing many challenges,
sectors / companies that are more domestic centric will remain
more resilient.
3. DLM is a leader in the quality branded dairy business in Malaysia. It
manufactures and sells a wide range of quality dairy products and
fruit juices.

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Market Cap (mil)

768.0

812.8

576.0

743.7

1,122.6

1,497.6

CAGR (% pa)

Revenue

513.7

609.2

711.6

691.8

696.6

810.6

9.6%

Operating Income

59.7

59.3

50.2

76.6

94.3

140.5

18.7%

Operating Margin

11.6%

9.7%

7.0%

11.1%

13.5%

17.3%

11.7%

Net Income

43.1

47.3

42.6

60.4

63.9

108.1

20.2%

EPS

0.67

0.74

0.67

0.94

1.00

1.69

20.3%

Free Cash Flow

0.75

0.49

0.34

0.95

1.41

2.39

26.2%

Dividend *

0.83

0.80

0.13

0.87

1.00

0.80

-0.7%

Book Value

1.89

1.99

2.52

2.81

3.09

4.05

16.5%

4. Over the last 5 years, its revenue has grown by 9.6% p.a while its
net income has grown by 20.2% p.a. Operating profit margin has
remain stable in the teen.
5. On a per share basis, DLMs EPS has grown 20.3% p.a while
generating healthy free cash flow which is growing 26.2% p.a. This
will allow DLM to continue paying out generous dividends into the
future.

1
3
2

6. Supported by its healthy fundamentals, DLM share price has


appreciated 35.3% p.a compared to the KLCI which appreciated
8.2% p.a.

Source : Bloomberg, as of 24th August 2012

26

APPENDIX

Kenanga Growth Fund


Income Distribution History
Income Distribution History

Distribution Date

Income Distribution

31-May-12

31-Dec-12
28-May-14

4.7300

6.0000

Unit Split
1:2

Income Distribution Rate


(%)
5.84%

5.72%

Source : Kenanga Investors Berhad, as of 4 June 2014

28

KENANGA GROWTH FUND


ARTICLE FROM THE EDGE MALAYSIA

The Edge Malaysia, 24 February 2014

29

Disclaimer
This document is a marketing presentation prepared by Kenanga Investors Berhad (KIB) and is strictly for discussion and
information purposes for sales staff only. It should not be circulated to any third party without prior approval of KIB. Information
provided herein including any expression of opinion or forecast has been obtained from or is based on sources believed by us to be
reliable, but there is no representation or warranty, express or implied, is given with respect to the accuracy, completeness,
sufficiency or usefulness of the information, or that any future transaction will conform to the terms hereof. Any decision to
proceed with a transaction to which this information relates should be made solely in reliance upon final documentation agreed
between us. It is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Neither KIB, nor any of its affiliates, directors, employees, agents or advisers or any other person
accepts any liability to any person in relation to the distribution, possession or delivery of this document in, to or from any
jurisdiction.
Any projections or other estimates in this information, including estimates of returns or performance, are forward-looking
statements based upon certain assumptions and are preliminary in nature. Actual results are difficult to predict and may depend
upon factors within or beyond the issuers or KIBs control. Actual events may differ from those assumed and changes to any
assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may
significantly affect the analysis. There can be no assurance that estimated returns or projections can be realized or that actual
returns or performance results will not be materially lower than those estimated herein. Such estimated results, returns and
projections should be viewed as hypothetical and do not represent the actual results/returns that may be achieved. Price and
product availability are deemed to be indicative only and are subject to changes at any time without notice. You should also
consider fees and charges involved before investing.
The Master Prospectus dated 30 June, 2014 has been registered with the Securities Commission Malaysia, who takes no
responsibility for its contents. A copy of the Master Prospectus and the relevant product highlights sheet (PHS) is obtainable at our
offices. Application for Units can only be made on receipt of application form referred to in and accompanying the relevant Master
Prospectus. Investors are advised to read and understand the prospectus and consider the fees and charges involved before
investing. Unit prices and distributions may go down as well as up. A Funds track record does not guarantee its future
performance. Investors are advised to read and understand the contents of the unit trust loan financing risk disclosure statement
before deciding to borrow to purchase units.

30

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