Escolar Documentos
Profissional Documentos
Cultura Documentos
by
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.
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
Period
1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Since Launch*
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
Period
2014
2013
2012
2011
Annualized
Return*
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
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
76
Top 3
ranked in
Years periods.
for 1 Year to 10
10
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 )
11
OTHER
STATISTICS
Period
KGF
KLCI
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
13
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
3 Years Annualized
Return/
Std
%
Risk
Deviation Growth
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
1.68
5.58
9.59
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
AmTotal Return
0
4
10
Std Deviation
11
12
13
KLCI
15
% Growth
25
5 Years Annualized
Return/
Std
% Growth
Risk
Deviation
20
10
Affin Hwang Select Opportunity
CIMB-Principal Equity
CIMB-Principal Equity 2
0
6
8
Std Deviation
10
11
Kenanga Growth
2.00
9.39
20.00
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
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
16
Max
Drawdown
Percentage
Growth (%)
Positive
Periods (%)
Negative
Periods (%)
Max 1 mth
Gain
Max 1 mth
Loss
Max
Drawdown
Max Drawdown
Period
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
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
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
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
17
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
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
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
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
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
18
OTHER DETAILS
% against NAV
Sector
GAMUDA BHD
3.24%
Technology
3.09%
Plantation
2.96%
Properties
2.95%
Construction
2.58%
2.37%
2.27%
2.20%
Finance
2.10%
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
20
Trustee
Category of Fund
Equity
Type of Fund
Growth
Investment Style
Intrinsic Value
Launch Date
17 January 2000
RM1.00
Sales Charge
Up to 5.50%
Repurchase Charge
Nil
Switching Fee
Nil
Transfer Fee
Nil
Fund Objective
Asset Allocation
Performance Benchmark
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
21
We think
like a
business
owner
We buy Quality
businesses
below their
TRUE VALUE
We seek to give
you downside
protection
22
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
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
(DLM)
For the Period Ending
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
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%
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
26
APPENDIX
Distribution Date
Income Distribution
31-May-12
31-Dec-12
28-May-14
4.7300
6.0000
Unit Split
1:2
5.72%
28
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