3-year

Commodities Equity Fund Volatility

14.8
Very High
(formerly known as AmCommodities Equity) Lipper Analytics
30 Jun 2017

August 2017
Commodities Equity (the "Fund") seeks to provide long term capital growth by investing in the Target Fund which invests in Shariah-compliant, global commodity related securities.

The Fund is suitable for investors who;

Target Fund's Top 5 Holdings* (as at 31 July 2017)
seek long-term capital growth on their investments
seek participation in the upside potential of commodity-related securities, with the focus on the CHEVRON CORP 9.71%
energy and mining sector; and EXXON MOBIL CORP 9.53%
seek a Shariah compliant investment SCHLUMBERGER LTD 5.75%
OCCIDENTAL PETROLEUM CORP 5.63%
Investment Strategy SUNCOR ENERGY INC 4.93%
A minimum of 95% of the Fund's NAV will be invested in Amundi Islamic Global Resources (Target * As percentage of NAV. Please note that asset exposure for the Fund is subject to frequent change on a daily basis.
Fund). Source: CPR Asset Management (Target Funds Investment Manager)

Target Fund's Sector Allocation* (as at 31 July 2017)

Asset Allocation
Amundi Islamic Global Resources 97.34% Oil & gas producers 43.41%
Money market deposit 0.99% Chemicals 23.60%
Cash and others 1.67% Industrial Metals 10.56%
Source: AmFunds Management Berhad Oil equipment & services 10.09%
Gold Mining 8.25%
Fund Details
Healthcare 4.08%
Fund Category / Type Feeder Fund (Global equity) / Growth * As percentage of NAV. Please note that asset exposure for the Fund is subject to frequent change on a daily basis.
Source: CPR Asset Management (Target Funds Investment Manager)
Fund Launch Date 19 July 2010
Offer Price at Launch MYR 1.0000
Target Fund's Country Allocation* (as at 31 July 2017)
NAV Per Unit (31 Jul 2017) MYR 0.9144
1-year NAV High (31 Jul 2017) MYR 0.9901 (05 Jan 2017) North America 78.47%
1-year NAV Low (31 Jul 2017) MYR 0.8232 (02 Aug 2016) Europe 17.50%
Total Units (31 Jul 2017) 23.42 million Dev Asia 2.39%
Fund Size (31 Jul 2017) MYR 21.42 million Latin America 1.65%
Annual Management Fee Up to 1.80% p.a. of the NAV of the Fund * As percentage of NAV. Please note that asset exposure for the Fund is subject to frequent change on a daily basis.
Source: CPR Asset Management (Target Funds Investment Manager)
Annual Trustee Fee Up to 0.08% p.a. of the NAV of the Fund, subject to a
minimum fee of RM10,000 p.a.
Fund Performance (as at 31 July 2017)
Entry Charge Up to 5% of the NAV per unit for cash sales
Exit Fee Nil Cumulative performance over the period (%)
Redemption Payment Period By the 10th day of receipt of the repurchase notice 40.00
Manager AmIslamic Funds Management Sdn Bhd
30.00
Income Distribution Income distribution (if any) is incidental.
Source: AmFunds Management Berhad
20.00
Target Fund Manager's Commentary
10.00
Overall bullish market for Natural Resources in July, outperforming global equities (MSCI World).
Energy, materials and gold mines have all participated to this trend, showing fairly consistent 0.00
performance.
-10.00
Pursuit of the rebound in metals and industrial minerals in July, including Thermal and Metallurgical
Coal whose prices surged by 15%/20% ($) and Iron Ore whose prices increased again by more than -20.00
Commodities Equity
13% ($). Those Nickel and Copper rose by ~7%/8% ($). Zinc and Aluminum markets were more quiet, Jul-10 Jul-17
closing the month relatively unchanged. Uranium prices dropped, while the US Scana electricity 50% Dow Jones Islamic Market Oil & Gas + 50% Dow Jones Islamic Market
producer has decided to abandon a project to build two nuclear power plants, yet already made at Basic Materials
35%. After testing the $1200/oz (lowest $1204/oz) area in early July, gold prices strongly rallied to The value of units may go down as well as up. Past performance is not indicative of future performance.
Source: AmFunds Management Berhad
close the month up by $25/oz. The rebound of the dollar at the beginning of period, favored by strong
US data has fizzled after the rather accommodating speech from the FED, reducing the risk of an
acceleration of its monetary normalization over the coming months. The weakness of the dollar since Performance Data (as at 31 July 2017)
returning to a low since May 2016, combined with the persistence of geopolitical tensions related to
North Korea have significantly supported the yellow metal. Oil prices took nearly $4 in July, supported
1m 6m 1 yr 3 yrs 5 yrs
by the drop in US inventories and the determination of OPEC to maintain its production discipline.

Within Materials, Metals and Mining sector posted the best performance, helped by the positive run of Fund (%) 2.00 -5.35 9.21 -20.66 5.87
metals and the publication of results globally well received by the market. Chemical sector has also
performed positively, but to a lesser extent however. If the Energy sector performed well overall, the *Benchmark (%) 2.00 -2.52 12.09 7.46 26.27
Oilfield Services segment was slightly down in July, despite good results, but forward to prospects for
*50% Dow Jones Islamic Market Oil & Gas + 50% Dow Jones Islamic Market Basic Materials
2018. Integrated and Exploration & Production Oil Companies benefited from oil prices recovery. The Source Benchmark: *AmFunds Management Berhad
quarterly results released by major European oil companies were higher than expectations. Gold Source Fund Return : Novagni
mining closed the month of June positively ($), outperforming slightly physical gold. Since the The Fund Performance is calculated based on NAV-to-NAV using TWRR method
beginning of the year, however, the performance of mines always appear behind the metal, but
modest ($/ ~1.2%). July was marked by numerous results publications rather well received by the Calendar Year Return
market overall.

Regarding portfolio management, Boliden, taking advantage of the good prospects for the Zinc
market, within Metals and Mining segment has been strengthened. A position was initiated on Rio 2016 2015 2014 2013 2012
Tinto in iron ore. The exposure on BASF, lagging the market, has been increased after encouraging
results. Conversely, the positions held on Mondi, in Packaging, after a very positive performance and Fund (%) 7.41 -10.77 -2.26 17.21 -1.80
fairly valued, as well as Dupont, whose merger with Dow Chemical could tax penalizing non-American
investors have been closed. Profits were taken on Bayer after disappointing results. *Benchmark (%) 19.50 1.34 -5.35 10.07 -0.18
*50% Dow Jones Islamic Market Oil & Gas + 50% Dow Jones Islamic Market Basic Materials
Source: CPR Asset Management (Target Funds Investment Manager) Source Benchmark: *AmFunds Management Berhad
Source Fund Return : Novagni
The Fund Performance is calculated based on NAV-to-NAV using TWRR method

Income Distribution History

Payout(sen) Total (sen)

FY 2014 2.00 2.50 4.50

FY 2013 1.80 6.00 7.80
FY 2012 - - -
FY 2011 5.00 - 5.00
* Based on the NAV of the preceding financial year end
Source: AmFunds Management Berhad
 Disclaimer

Based on the Funds portfolio returns as at 30 June 2017, the Volatility Factor (VF) for this Fund is 14.8 and is classified as "Very High" (Source: Lipper). Very
High includes funds with VF that are more than 10.735 (Source: Lipper). The VF means there is a possibility for the Fund in generating an upside return or
downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly
revision and VC will be revised every six months. The Funds portfolio may have changed since this date and there is no guarantee that the Fund will continue to
have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC.

The information contained in this material is general information only and does not take into account your individual objectives, financial situations or needs. You
should seek your own financial advice from an appropriately licensed adviser before investing. You should be aware that investments in a unit trust fund carry
risks. An outline of some of the risks is contained in the Master Prospectus dated 10 September 2016 & 1st Supplemental Master Prospectus dated 31
December 2016 which expires on 9 September 2017 (collectively referred as the Prospectus). The specific risks associated with investment of the Fund are
industry specific risk, currency risk, risk of a passvie strategy, risk of not meeting the Fund's investment objective, Shariah non-compliance risk and liquidity risk
as contained in the Prospectus. Please also refer to the specific risks of the Target Fund before investing. Unit prices and income distribution, if any, may rise or
fall. Past performance of a fund is not indicative of future performance. Please consider the fees and charges involved before investing. Units will be issued
upon receipt of completed application form accompanying the Prospectus and subject to terms and conditions therein.

Where a distribution is declared, you are advised that following the distribution, the Net Asset Value (NAV") per unit will be reduced from cum-distribution NAV
to ex-distribution NAV. Where a unit split is declared, you are advised that following the issue of additional units, the NAV per unit will be reduced from pre-unit
split NAV to post-unit split NAV. Kindly take note that the value of your investment in Malaysian ringgit will remain unchanged after the distribution of the
additional units.

You have the right to request for a copy of Product Highlights Sheet for the Fund. You are advised to read and understand the contents of the Product Highlights
Sheet and the Prospectus before making an investment decision. The Prospectus has been registered with the Securities Commission Malaysia, who takes no
responsibility for its contents. You can obtain a copy of the Product Highlights Sheet and the Prospectus from any of our representative office and authorized
distributor. AmFunds Management Berhad does not guarantee any returns on the investments. In the event of any dispute or ambiguity arising out of the other
language translation in this leaflet, the English version shall prevail.

Note: All fees, charges and expenses disclosed in this material are expressed on a Goods and Services Tax (GST)-exclusive basis. Accordingly, to the extent
that services provided are subject to GST, the amount of GST payable on any related fees, charges and/or expenses will be payable by the unit holder(s) and/or
the Fund (as the case may be) in addition to the fees, charges and expenses disclosed in this material.

Privacy Notice: AmFunds Management Berhad (Company Registration: 154432-A) issued its Privacy Notice as required by Personal Data Protection Act 2010,
which details the use and processing of your personal information by AmFunds Management Berhad. The Privacy Notice can be accessed via
www.aminvest.com and is also available at our head office. If you have any queries in relation to the Privacy Notice of AmFunds Management Berhad, please
feel free to contact our Client Service Officers at Tel: +603 2032 2888 OR e-mail: enquiries@aminvest.com.

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