Market Review & Outlook by Meridian Asset Management SDN BHD

Indices
FBM KLCI
FBMEMAS
FBMSHA
FBM100
SWDPAC
MXFEJ
S&P500
PER'11 (x)
PRICE/BOOK (x)
DIVIDEND YIELD (%)
Indices
DOW JONES
NASDAQ
NIKKEI
+1.26
2,974.36
% Change
10,443.85
2.38
548.16
10,691.17
1,558.29
2,923.91
2,835.30
9,693.73
16.88
-1.70
30-Apr-11
+0.00
-1.33
% Change
OTHER MARKETS PERFORMANCE
3.48
-1.88
-1.58 9,849.74
3.51
10,292.81
-0.85
-2.07
1,345.20
12,810.54
+1.52
10,400.74
31-May-11
1,534.95
-1.35
BURSA SECURITIES KEY INDICES PERFORMANCE
BURSA SECURITIES KEY MARKET VALUATION
% Change 30-Apr-11
+1.09
12,569.79
2,873.54
10,576.09
10,271.59
1,363.61
555.72
30-Apr-11
31-May-11
+1.47
2.38
-1.36
16.53
31-May-11
3,836.97 3,819.62 +0.45 JCI
JUNE 2011
Market Review & Outlook by Meridian Asset
Management Sdn Bhd
Equity Market Review
Equities markets in Asia generally edged down further this
month, triggered by a return of risk aversion as the European
sovereign debt crisis intensified amid signs that the global
economy was losing steam after a stream of weaker than
expected US and Japanese economic data.
Malaysia, however, bucked the trend with the FBM KLCI rising
1.52% m-o-m, out-performing most of its regional peers and
the benchmark MXFEJ which declined 1.36% over the same
period.
The lingering debt issue in peripheral European Union (EU)
returned to haunt investors with Greece looking crippled in its
ability to service the debt obligations on maturity. A year after
the rescue that aimed to stop the spread of the debt
crisis, Greece remains mired in a third year of recession, and
now needs a second rescue package to avoid the EUs first
sovereign default. Separately, the EU officials approved a
EUR78bil aid programme for Portugal, the 3
rd
country to
succumb to the debt crisis.
Separately, the Purchasing Managers Index (PMI) in US
slowed to 52.8 in April, after easing to 57.3 in March and was
well below the mean forecast of 57.5 by consensus, as higher
fuel prices and continued economic uncertainty hurt consumer
MAAKL MUTUAL BHD (529038-D) 1
NIKKEI
HONG KONG
TAIWAN
KOREA
HDBS Flexi SINGAPORE
THAILAND
CHINA
PHILIPPINES
2007 2008 2009 2010 2011F
REAL GDP GROWTH (%) 6.30 4.60 -1.70 7.20 5.50
PER CAPITA INCOME (RM) 23,115 25,796 23,381 26,219 28,175
INFLATION RATE (%) 2.00 5.43 0.60 1.70 3.05
UNEMPLOYMENT RATE (%) 3.23 3.33 3.70 3.20 3.20
3-MTH INTER BANK RATE (%) 3.61 3.37 2.03 2.74 3.24
AVERAGE BLR (%) 6.72 6.48 5.51 6.27 N/A
12-MTH FD AVERAGE
INTEREST RATE (%)
2.97
-1.73
2.50
23,720.81
Source: Bloomberg L.P.; BNM Annual Report 2010.
9,693.73
-0.15
-1.58 9,849.74
-2.28
4,319.51
-0.63
-0.21
3.15
1,093.56
13,208.71
3,179.86
23,684.13
2,192.36
9,007.87
3.70 3.50
-1.80
8,988.84
4,244.64
MALAYSIAN ECONOMIC SNAPSHOT
+0.45
1,073.83
13,268.39
3,159.93
2,142.47
fuel prices and continued economic uncertainty hurt consumer
spending. Meanwhile, Japan 1Q11 gross domestic product
(GDP) showed a sharp contraction of 3.7% q-o-q, dragged by
the recent earthquake. Similarly in China, April data showed
that the magnitude of growth moderation was larger than
expected amid macro tightening policies, but inflation
remained persistently high, with April Consumer Price Index
(CPI) rising 5.3% y-o-y, which was the highest in 33 months.
Malaysia rose 1.52% m-o-m in May, featuring as the best
performing market in Asia. Newsflow, however, was mixed
during the month - the governments move to raise electricity
tariff raised inflationary expectations, and coupled with Bank
Negara Malaysias (BNM) modest tightening measures (raising
Overnight Policy Rate (OPR) by 25 bps to 3.00% and the
Statutory Reserve Requirements (SRR) from 2.00% to
3.00%), was widely expected to bring a modest slowdown in
consumption going forward. The central
bank, however, reiterated that the decision was undertaken as
a pre-emptive measure to manage the risks of a further
build-up in liquidity that could cause macroeconomic and
financial imbalances, and not a signal for adopting an
aggressive monetary stance. Meanwhile, Malaysias 1Q11 real
GDP expanded 4.6% y-o-y, easing from 4.8% in 4Q10, whilst
the 1Q11 corporate report card was largely within expectations
with a negative bias as there were more companies reporting
results that were below projections compared with those that
exceeded forecasts.
Investors are advised to read and understand the contents of the Master Prospectus dated 21 October 2010, the Supplemental Master Prospectus dated 6 January
2011 and the Prospectus of MAAKL-HDBS Shariah Progress Fund dated 20 April 2011 obtainable at our offices, before investing. The prospectuses have been
registered with the Securities Commission who takes no responsibility for its contents. Investors should also consider the fees and charges involved. The price of
units and distribution, if any, may go down as well as up. Past performance of funds is no indication of future performance. Units will only be issued on receipt of the
application form accompanying the prospectuses.
Monthly Review
June 2011
Concerns about a soft patch in the global economic recovery are growing, as recent events such as Middle East and North
Africa (MENA) unrest, renewed sovereign debt in Europe and the tragic earthquake in Japan have created additional
headwinds. We are mindful of these concerns and acknowledge them as downside risks to our base-case belief. Although
the immediate-term outlook appears cloudy, we are constructive on 2H11 growth prospects and believe the global economy
is resilient to the series of shocks with which it has been contending.
To gauge the severity of the correction, it helps to compare it with the similar, though larger correction that took place in April
to June 2010. At that time, we went through a major inventory adjustment with global IP growth falling rapidly due to
temporary overproduction. Besides, 2Q10 saw rising sovereign debts stress, worries about China policy tightening, and
rising oil prices depressing US consumption. This time around, we are witnessing exactly the same concerns, although such
issues are not new, and hence the impact of which on the financial markets should be more limited, in our opinion.
Moreover, the reductions in growth forecasts this time around mostly come from US, UK and Japan. Japan is largely due to
the tsunami, whilst US and UK are seeing consumer de-leveraging. However, forecasts for the rest of the world are holding
up well. Therefore, if history was any guide, we are hopeful of a rebound from July onwards. At that time, Quantitative
Easing 2 (QE2) will have ended and will not prove to be the end of the world that many fear. IP and PMI readings should
then show a rebound across much of the world as the inventory correction cycle ends.
Malaysias two key positive virtues in the current volatile environment are: 1) It is a net exporter of oil and palm oil; and
2) Inflation pressures appear more muted relative to its neighbouring countries, although headline numbers are on the rise
inducing more policy action ahead; 3) Ringgit strength. Moreover we expect upcoming newsflow on infrastructure spending
under Economic Transformation Programme (ETP) and implementation of reform measures ahead of a possible snap
general election should pique investors interest despite increasing turbulence from external factors. In addition, corporate
exercises, mergers and acquisitions (M&A), and government-linked investment corporations (GLIC) asset
divestments, should continue to feature as a core theme in 2H11. All-in-all, we look towards a stronger 2H11 in anticipation
of easing fund outflows, and disruptive events such as the MENA civil unrests and supply chain disruption in Japan should
subside, thus easing concerns on crude oil prices. Moreover, by 2H11, we believe the tightening process in Asia will largely
be put behind us in tandem with the peaking of inflation pressure, marking a potential reversal of fund flows back to the
emerging markets. Sector wise, we continue to like oil and gas, construction, property, environment/renewable energy
plays, banks and media.
Equity Market Outlook
Minimal dent on yields despite hike in the OPR
The month under review saw BNM unexpectedly increasing the OPR following the Monetary Policy Committee (MPC)
meeting on 5 May 2011. In the first rate hike since July 2010, the policy rate was increased by 25 bps to 3.00%, while a 100
bps increase was imposed on the SRR to 3.00%. Reasons for the tightening in monetary policy, which had commenced in
March with an earlier hike in the SRR (from 1.00% to 2.00%), include concerns over elevated inflationary pressures in the
face of rising global commodities prices, underpinned by strengthening domestic demand.
While government bond yields had been volatile in the months prior to the most recent MPC meeting, yield movements have
been largely tame in the weeks following the rate increase. Through the month of May, the 3-year, 5-year, and 10-year
Malaysian Government Securities (MGS) indices rose by 1 bp, 1 bp, and 3 bps to 3.30%, 3.56%, and 3.40% respectively. In
the corporate bonds space, the 3-year AAA-rated corporate bonds index rose by 1 bp to 3.73%, while the 5-year and
10-year indices fell by 1 bp each to 4.07% and 4.93% respectively. Meanwhile, investors of bonds related to the water
sector in Selangor can now breathe easier following the federal governments move to acquire the bonds. Most of the bonds
managed to reverse the losses suffered in the previous month due to the attractive pricing given in the buyback scheme.
The government has managed to purchase RM5.8bil of outstanding bonds through the Acqua SPV it had setup for this
exercise, alleviating potential debt pitfalls for some of the cash-strapped issuers.
1Q GDP growth slightly off the mark, while inflation trends higher
On the economics front, Malaysia recorded 4.6% y-o-y growth during the 1Q11, significantly below consensus expectations
of a 4.9% expansion and marking the fourth consecutive quarter of moderating y-o-y growth. Economic growth fell short of
expectations due to net exports growth shrinking further (-24.2% y-o-y, vs -19.2% in 4Q10) and a dip in investment
spending. Compared to 4Q10s 4.8% expansion, the latest drop in the y-o-y statistic was also partly attributed to the
high-base effect, due to the surging rebound in the same period last year. Partially offsetting the dismal net exports numbers
was higher private sector spending and firmer commodities prices. Meanwhile, inflation inched up in April as seen in the
CPIs advance to 3.2% y-o-y growth, above most expectations of a 3.1% gain. Price increases were seen mostly in the food
and transportation components, which respectively contributed to 45.7% and 24.2% of the CPIs increase in April.
Fixed Income Market Review
June 2011
Monthly Review
Fixed Income Market Outlook
US Treasuries (UST) strengthened on safe-haven demand
During the month of May, UST continued to strengthen on increased demand for the relative safety of the government debt
amidst further turmoil in the European debt markets. Investors fled the Greek sovereign debt market on renewed
apprehension of the beleaguered nations political will to implement austerity reforms, causing yields on its 10-year
government papers to skyrocket to record high levels and renewing fears of a blowout in the European financial system. Not
helping sentiment was the downgrades on Greeces and Italys government debt during the month - Fitch downgraded
Greeces sovereign rating to B+ (from BB+) while Italys rating outlook was lowered to negative by Standard & Poors.
Through the month, UST yields fell across the curve. The 3-year, 5-year, and 10-year US government bond indices fell by 21
bps, 27 bps, and 23 bps to 0.78%, 1.70%, and 3.06% respectively.
Oversupply concerns and rate hike overhang to dampen market sentiment
Looking ahead, we think sentiment in the MGS market would remain bearish against the backdrop of higher inflation and an
increased supply of debt issuances through 2011. While the government will be battling domestic price increases, as seen in
its recent move to hike the OPR and to pause on subsidy cuts for sugar and fuels (except for RON97 whose price is
reviewed on a monthly schedule), global commodities prices remains stubbornly elevated even after the recent
correction, with crude oil prices having recovered above the USD100 per barrel level. The recent hike in the electricity tariff
rate should push the CPI marginally higher going forward.
We will be exercising caution when evaluating purchases of bonds in the medium-term Government bond yields should see
upwards pressure through 2011 as another RM50bil - RM55bil is expected to be raised in MGS/Government Investment
Issue (GII) issuances throughout the rest of the year (for a total of RM85bil - RM90bil), which could possibly put upwards
pressure on bond yields in the corporate space. However, we remain receptive to buying opportunities given that any surge
in yields should be tempered by firm demand for the yield pickup offered in corporate bonds.
June 2011
Monthly Review
May was another month of consolidation for the FBM KLCI but with an upward bias, especially towards the end of the
month, when Tenaga Nasional Berhad (TNB) got its long awaited tariff hike. Malaysias stock market has out-performed its
regional peers as the pullback for global and regional markets during the month was more severe. Malaysias
out-performance was despite the relatively uninspiring May results season. There were several disappointments from
important GLCs including Petronas Chemicals, Affin, MAS and Proton. In addition there were many more companies whose
results disappointed than companies whose results surprised on the upside.
For the month, the FBM KLCI rose 23.34 points or 1.52% to close at 1,558.29 points. The broader markets performance
was weaker than the FBM KLCI with the FBMEMAS rising 1.09% to 10,691.17 points. Small caps also under-performed the
FBM KLCI as seen by the FBM Small Cap which fell 2.4% to 12,791 points and the FBM ACE which was down a sharp 3.1%
to 4,252 points. The average value traded on Bursa in May eased 6% m-o-m to RM1.63bil per day. Nonetheless, the month
ended with a bang with the FBM KLCI up 15 points and RM4.28bil in value traded.
The base case for slower global growth and heightened inflationary fears remains unchanged. In this environment, the
macro data from the US and G-7 countries are likely to alternate between positive and negative, leaving markets in a
quandary. Japan has reported a deeper than expected recession for 1Q11 and 2Q11 may be even more severe. Growth
scares will pop up intermittently; however, this is not a worrying trend as long as growth remains positive. For example, the
size of the US economy is back above its pre-recession levels, and corporate profits are still strong. We see this pause in
growth as a positive sign. Growth will be more sustainable longer term.
The greater worry is the deterioration in sovereign credit of the developed nations. The world seems to have shrugged off
(or discounted) the negative ratings outlook for the US, and the peripheral European countries and Japan. The VIX Index
(also known as the Fear Factor Index) has remained at the same level. However, credit default swaps (CDS), which is
insurance against defaults, in Greece and Portugal indicate market expectations of a likely default. The market also seems
Market Review & Outlook by CIMB-Principal Asset Management Berhad
insurance against defaults, in Greece and Portugal indicate market expectations of a likely default. The market also seems
to signal that Spain and Italy are not a problem as expounded by some quarters. Markets expect the problem to be confined
to Greece for now and have discounted any possible contagion.
The European Central Bank is likely to throw Greece a lifeline by printing money. Greece may also be on the verge of selling
some national assets to buy time. While we are comforted that there may be a solution for Greece to avoid a default, we are
uncomfortable that this raises the risk of moral hazard and accountability. We expect the Euros strength to wane in
subsequent quarters.
Middle East tensions and risks remain as the Yemen and Syrian situations escalate. Fortunately, both countries are not
major oil producers. Libya appears headed for an end game, as North Atlantic Treaty Organisation (NATO) raids will likely
be successful in removing the current regime. Lately, we have not heard of more oil installations being attacked or damaged.
Without further disruption in supply, oil prices have stayed flat, albeit still at a fairly high level at around USD110 per barrel
for the first half of the month. It subsequently fell as commodity trading exchanges implemented higher margin requirements
for assets deemed to be in the category of excessive speculation, starting with silver and then crude oil.
In Asia, we have been waiting for inflation to peak out, for the cycle of interest rate rises to end, and for the market to
perform. Unfortunately, while inflation seems to have topped out in China and Singapore, inflation in India and other parts of
ASEAN - Malaysia, Thailand and the Philippines - are still on the rise. Interest rates in China are set to rise further as the
Peoples Bank of China seeks to bring the inflation rate below 5.0% from 5.3% while reigning in the runaway property
market. It is the same in India.
Slowing growth has further added to the uncertainty of the market. Both manufacturing and services indicators in the US
have fallen to just above the crucial 50 level, below which contraction begins. The after effects of the earthquake have
plunged Japan into a recession as a result of a consumer cut-back in spending. Growth in China is also slowing although
growth is expected to sustain above 7.5%. There are now fears of a hard landing. In India, growth is slowing even as
inflation and interest rates are set to rise further.
The sovereign debt crisis in the Eurozone is not really a crisis but a problem confined to Greece for now. At a fundamental
level, Greece has only tenuous links with Asia ex-Japan. The resultant price volatility in this part of the world from a Greek
default is mostly due to sentiment. Therefore, the wait for market to perform has gotten a bit longer.
Monthly Review
June 2011
The outlook in ASEAN is largely similar with inflation at the ground level being a big concern. From rising food and fuel
prices to properties, the pinch is being felt in most countries. It has become a political problem in Singapore and is set to
become one in Malaysia. The shift in the popular vote in the recent Singapore elections has prompted the Government to
address immediate housing concerns and the high cost of living. In Malaysia, the gradual removal of subsides will increase
the prices of goods, providing a convenient issue for the opposition in the next election.
High inflation expectations have prompted tightening measures across the region. We expect higher rates even if inflation
flatlines at the current level as in quite a number of countries, real rates are negative - that is, the inflation rate is higher than
the prevailing interest rate.
The Thailand elections will be hotly contested, pitting the controversial but popular Thakshin representative against a
competent coalition which needs legitimacy.
On a brighter note, inflation is slowing in Indonesia, after trending higher since last year. This could allow authorities to
pause the tightening. Valuations and earnings growth trends are positive. There have been no major downward revisions to
date from fears of supply chain disruption from after shocks from the Japan tsunami.
To some extent, the slowing global economy is a distraction from the real story in Malaysia, which is the implementation of
the ETP by the Government. In fact, it is the only story in Malaysia.
While many investors remain sceptical, real change is happening on the ground. The implementation of the RM50bil Mass
Rapid Transit (MRT) and RM20bil Petrochemical Development in Pengerang in Johor are the more visible projects. As a
result, loan growth has accelerated to 13.5% y-o-y in April 2011. Foreign direct investment increased to USD2.78bil in
1Q11, which is the highest level since 2008. With the recent increase of electricity tariffs, inflation is set to ratchet higher by
0.23% to 0.35%. In response, CIMB expects BNM to raise interest rates by 25 bps to 3.25% by December 2011.
At price earnings ratio (PER) of 15.4 times for 2011, the Malaysian market is not cheap and is priced at a premium to the
region. Earnings growth for 2011 and 2012 are 13.8% and 12.6% respectively. To latch on to the growth, we are focusing on
region. Earnings growth for 2011 and 2012 are 13.8% and 12.6% respectively. To latch on to the growth, we are focusing on
the oil & gas and banking sectors.
Monthly Review
June 2011
The FBM KLCI rose 1.52 % to close at 1,558.29 points. The Malaysia market was consolidating in early May but ended
higher at the month end, after the long-awaited tariff hike for TNB. During this May results season, a number of companies
disappointed, including several government-linked companies such as Petronas Chemicals, Malaysia Airlines (MAS) and
Proton Holdings Berhad (Proton). Amid the backdrop of volatile oil and commodity prices, the world was again concerned
with the ongoing European sovereign debt issues especially Greece after Fitch cut the country's credit rating by three
notches. The Malaysia market out-performed the regional and global market. The MSCI Asia ex Japan dropped -1.66% for
the month while the S&P500 declined -1.35% after a strong performance in April.
On the economic front. 1) BNM raised the OPR by 25 bps to 3.00% and SRR by 100 bps to 3.00%. 2) March Industrial
Production was flat m-o-m. 3) Malaysias April foreign exchange reserves surged to USD130bil from USD114bil in
March, with positioning biased towards shorter-dated instruments.
Corporate developments. On the corporate front: 1) TNB was awarded a 7.12% tariff hike effective 1 June 2011.
2) Petroliam Nasional Berhad (Petronas) announced a RM60bil development project of a refinery and petrochemical
integrated complex in Pengerang. 3) Dialog Group was granted approval to commence construction and land reclamation
works for a RM5bil independent deepwater petroleum terminal in Pengerang. 4) Sime Darby announced disposal of both its
fabrication yards for RM695mil in a sale and leaseback arrangement. 5) Bumi Armada proposed for a RM2.98bil initial public
offering (IPO). 6) Syarikat Pengurusan Aset Air proposed for a conditional RM6.5bil offer to acquire the Selangor water
sector bonds.
In the US. The U.S. economy grew less than expected in the 1Q11. GDP grew at an inflation-adjusted annual rate of 1.8%
in 1Q11, comparing with market estimate of 2.2% growth and 3.1% growth in the 4Q10. On the other hand, companies'
profits continued to rise, indicating the continued divergence between the recovery for the corporate sector and American
households. Sales of distressed U.S. homes dropped in 1Q11 as demand remained weak. But it still contributed about 28%
of total sales, the highest amount in a year, according to a RealtyTrac report. Confidence level improved in May due to a
more favorable jobs outlook despite concerns about rising prices. The Thomson Reuters/University of Michigan Sentiment
Market Review & Outlook by HwangDBS Investment Management Berhad
more favorable jobs outlook despite concerns about rising prices. The Thomson Reuters/University of Michigan Sentiment
Index registered at 74.3, up from 69.8 in April and 73.6 in last year May.
We remain tactically cautious although we are positive in the longer term. Economic data has turned decidedly softer due to
Japan supply chain disruptions, bad weather and rising oil prices. This has been reflected in weaker PMI data (US) and a
spike in unemployment claims. The question is whether this slowdown is temporary or something more serious. Data could
continue to be soft for the next 2 months, but we are expecting a pick up thereafter, as activity levels in Japan have
improved as evidenced by the sharp turn in its Service PMI.
In the US, we saw the US Dollar retracing some losses versus the other major currencies. We also saw UST rally, sending
yields to year lows. This came from generally weak macro indicators and also Federal Reserve (Fed) Chairman Ben
Bernankes comments that interest rates would continue to stay low for an indefinite period. The 2-year USTs rallied 13 bps
to end the month at 0.47% and the 10-year USTs rallied 41 bps to end the month at 3.06%. Market is now watching closely
the psychological level of 3% on the 10-year USTs. Headlines in May were also concerned with the Treasury Department
having hit the legal debt ceiling, and was months away from not being able to borrow further.
In Malaysia, BNM hiked the OPR by 25 bps, bring it to 3.00%. Furthermore, the SRR for banks was raised from 2.00% to
3.00%. The yield curve reacted accordingly with the short end moving higher, the 2-year MGS moved up 14 bps to
2.92%, whereas the long end remained flattish, with the 10-year MGS moving down 2 bps to 4.02%, flattening the MGS
curve. In the corporate debt market, we saw quite a few issuances in May, with total issuances reaching RM5.1bil versus
only RM2.8mil the previous month. Names that came to market were a mix of first time issuers and familiar names, ie Sabah
Development Bank, The Star Publications, Hong Leong Bank Berhad, and IJM Corporation amongst others. Inflation
numbers for April 2011 came in at 3.2% versus consensus of 3.1% but MGS market did not react tremendously to the
inflation numbers.
Monthly Review
June 2011
Fixed Income Market Outlook
For the month ahead, we continue to monitor inflation numbers, as the reduction of subsidy for sugar happened only in
April/May. We note however that regionally in Indonesia and Korea, inflation numbers seemed to have peaked.
However, the key component driving headline inflation forward would be global oil prices. Worries of food prices have
subsided though we do note that the drought in China in May has some cause for concern and bears monitoring. Also in
May, we saw the Malaysian government holding off a planned reduction in petrol subsidies. This however raised concerns
from some quarters on Malaysias fiscal position, and whether the country was on track to reduce the budget deficit. There
are no MPC meetings scheduled for June, debt market participants will however be paying attention to the 10-year and a
new 20-year government debt auctions coming up in June, issue size expected to be about RM4bil for each tranche.
Monthly Review
FUND NO. : 1
FUND TYPE / CATEGORY
Growth / Equity
FUND OBJECTIVE * The performance is calculated on NAV-to-NAV basis.
INVESTOR PROFILE
MGF (%)
FBMEMAS (%)
5-Year 3-Year
6.13
1-Month
1.79
6-Month
June 2011
11.28 29.50 143.99
76.69
6ALEN0AR YEAR RETURN8
FUN0 REV|Ew & 8TRATECY
PERF0RHAN6E 0F HCF V8 FHEHA8 A8 AT 31 HAY 2011
1.09 25.49 23.66
50.08
1-Year
T0TAL RETURN 0VER ThE F0LL0w|NC PER|008 EN0E0 31 HAY 2011
To provide Unit Holders with a
steady medium- to long-term capital
growth at a reasonable level of risk
through investments in a diversified
portfolio of equities with large market
capitalisation.
The Fund is designed for investors
who have a higher risk tolerance
with low income requirement.
Investors should ideally have a
medium- to long-term investment
horizon of between 3 and 5 years.
Despite near term external jitters, we remain positive on Malaysia equities, and expect a stronger
2H11. ETP contract awards and project implementation, coupled with corporate exercise/M&A
newsflow, should provide support to equity prices. We aim to maintain the funds investment level
at above 85% by adding on market weakness and focusing on good quality growth stocks.
0%
5%
10%
15%
20%
25%
30%
35%
May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11
MGF FBMEMAS
FUND MANAGER MGF (%)
Meridian Asset Management Sdn Bhd FBMEMAS (%)
12-Month FD (%)
EPF Dividend (%)
TRUSTEE * Source: Lippers Global Funds Database / EPF
HSBC (Malaysia) Trustee Bhd
FUND DETAILS Security Name % NAV No. Sector % NAV
(As At 31 May 2011) CIMB Group 4.00 1 Trading/Services 38.25
NAV/Unit RM0.4784 Axiata Group 3.77 2 Cash Instruments 17.56
Fund Size RM45.5mil Media Prima 3.33 3 Properties 10.51
Units In Circulation 95.11mil units Tenaga Nasional 3.30 4 Construction 10.20
Fund Launch Date Malaysia Marine 3.08 5 Plantation 6.44
Fund Inception Date 6 Finance 5.74
Financial Year 7 Consumer Products 5.56
Management Fee up to 1.5% p.a. 8 Industrial Products 5.12
Trustee Fee 0.07% p.a. 9 IPO/Rights Issue 0.62
Sales Charge up to 6.5%
Incidental
2009 2010 2008 2009 2010
Distribution (Sen) 1.50 3.00
Distribution Yield 5.0% 7.8%
- - Low 0.2633 0.2702 0.3477
31 Jul
2006
High
4
24.96
0|8TR|UT|0N & UN|T 8PL|T h|ChE8T & L0wE8T NAV
-29.94
3.68
Unit Split
3
-
5
0.3875
Distribution
Frequency
T0P 5 h0L0|NC8
2
18 Feb 2002
0.4081
3.79
-41.63
2.62
2008
5.3%
2.00
2010 2009
1
48.57
3.72
5.15
No.
46.21
11 Mar 2002
2007
47.67
2008
28.77
36.84
24.51
0.4501
5.80
21.95
2.73
A88ET & 8E6T0R ALL06AT|0N
5.80 5.65 4.50
Note: Please refer to the last section for volatility factors and classification disclosure statement.
registered with the Securities Commission who takes no responsibility for its contents. Investors should also consider the fees and charges involved. The price of units
and distribution, if any, may go down as well as up. Past performance of funds is no indication of future performance. Units will only be issued on receipt of the
Monthly Review
FUND NO. : 2
Small-cap / Equity
* The performance is calculated on NAV-to-NAV basis.
FUND OBJECTIVE
INVESTOR PROFILE
MPF (%)
MPI (%)
2007
5.84
20.06
2006
-2.34
2008 2009
37.98 -0.86
5-Year
121.21 25.14 7.36
PERF0RHAN6E 0F HPF V8 HP| A8 AT 31 HAY 2011
6-Month 1-Month 1-Year 3-Year
77.39
June 2011
2010
19.93
steady long-term capital growth at a
reasonable level of risk by investing
in a diversified portfolio of small- to
medium-sized public listed
companies.
who are willing to accept a higher
level of risk and for investors who
seek to maximise long-term capital
appreciation from their investments.
These investors should also have
low income requirements and
Despite near term external jitters, we remain positive on Malaysia equities and expect a better
2H11. ETP contract awards and project implementation, coupled with corporate
exercise/newsflow, should provide support to equity prices. We aim to maintain the funds
investment level at above 80% by adding on market weakness and focusing on quality
small/mid-cap companies with visible earnings growth prospects and undemanding valuations.
0%
5%
10%
15%
20%
25%
30%
MPF Benchmark
FUND MANAGER
Meridian Asset Management Sdn Bhd
TRUSTEE Security Name % NAV No. Sector % NAV
Media Prima 3.51 1 Trading/Services 28.06
Kimlun 3.26 2 Cash Instruments 21.59
Help International 3.14 3 Industrial Products 13.70
FUND DETAILS Glomac Bhd 3.08 4 Construction 11.74
(As At 31 May 2011)
Cypark Resources 2.89 5 Properties 11.14
NAV/Unit 6 Consumer Products 4.38
Fund Size RM92mil 7 Plantation 4.27
Units In Circulation 265.98mil units 8 REITs 3.56
Fund Launch Date 9 Hotels 1.51
Fund Inception Date 10 TSR/Warrants 0.05
Financial Year
Management Fee up to 1.5% p.a.
Trustee Fee 0.07% p.a.
Incidental
2009 2010 2008 2009 2010
Distribution (Sen) 3.00 -
Distribution Yield 3.0% -
Unit Split 4:1 - Low 0.8706 0.1779 0.2591
5
0.2606
11 Mar 2002
No.
3
4
T0P 5 h0L0|NC8
5.80
* Source: Lippers Global Funds Database / EPF
2
2.9%
RM0.3459
1.5106
h|ChE8T & L0wE8T NAV
Distribution
Frequency
2008
High
20.81
5.80 5.15
MPF (%)
46.02
3.79
27.55 29.27
EPF Dividend (%)
4.00
31 Jul
18 Feb 2002
5.65
1
47.45
3.68
33.00
2.73
MPI (%)
4.50
-
-39.32
3.72 2.62
0.3331
12-Month FD (%)
-42.71
0|8TR|UT|0N & UN|T 8PL|T
60.06 48.58
low income requirements and
ideally have a medium- to long-
term investment horizon of between
3 and 5 years.
Monthly Review
FUND NO. : 3
Income / Bond
INVESTOR PROFILE 1-Year
4.40 11.23 0.44
18.20 1.74 0.30
June 2011
1-Month
PERF0RHAN6E 0F HF V8 5-YEAR HC8 A8 AT 31 HAY 2011
MBF (%)
1.20
5-Yr MGS (%)
5-Year
10.78 3.42
20.55
6-Month 3-Year
Government bond yields should see upwards pressure through 2011 as another RM50bil - RM55bil
is expected to be raised in MGS/GII issuances throughout the rest of the year, possibly putting
upwards pressure on corporate bond yields. However, we remain receptive to buying opportunities
given that any surge in yields should be tempered by firm demand for the yield pickup offered in
corporate bonds.
To provide Unit Holders with higher
than average returns compared to
fixed deposits in medium- to long-
term periods by investing in bonds
and other fixed income securities
with minimum risk to capital
invested.
who prefer a lower level of risk.
The Fund is suitable for investors
who are less concerned on capital
appreciation but seek
consistent, reasonable and stable
income distribution from their
-2%
0%
2%
4%
6%
MBF Benchmark
FUND MANAGER * Source: Lippers Global Funds Database / EPF
TRUSTEE
HSBC (Malaysia) Trustee Bhd Security Name % NAV No. Sector % NAV
Sports Toto 11.69 1 Bonds/Commercial Papers 94.81
Jimah Energy 7.46 2 Cash Instruments 5.19
FUND DETAILS Public Bank 7.14
(As At 31 May 2011) Hong Leong Bank 7.07
NAV/Unit RM0.8368 Am Bank 7.02
Fund Size RM72.4mil
Units In Circulation 86.53mil units
Fund Launch Date
Fund Inception Date
Financial Year 2009 2010 2008 2009 2010
Management Fee up to 0.75% p.a. Distribution (Sen) 3.50 2.70
Trustee Fee 0.07% p.a. Distribution Yield 4.2% 3.2%
Sales Charge up to 0.25% Unit Split - - 0.7904 0.8189 0.8182
Annually
3.84
2008
12-Month FD (%)
4.34
3.51 3.59 3.71 4.00 3.59
2010
2.62 2.73
0.8256
h|ChE8T & L0wE8T NAV 18 Feb 2002
11 Mar 2002
MBF (%)
2009
5-Yr MGS (%)
5
2008
5.65
0.8595
5.80
High
-
5.80
0.8505
Distribution
Frequency
4.2%
3.72
4.50 EPF Dividend (%)
31 Oct
2006 2007
5.15
4.78 3.28 2.85
1
3.68
3
3.79
3.50
T0P 5 h0L0|NC8
No.
2
Low
4
income distribution from their
investments. Investors should
ideally have a medium- to long-term
investment horizon of between 3
and 5 years.
Monthly Review
FUND NO. : 4
Growth / Islamic Equity
FUND OBJECTIVE
INVESTOR PROFILE
103.69
5.82
22.53
2008
June 2011
3-Year
2010
5.95
1.26
MAF (%)
-33.18
21.77
26.23
2007
68.68
46.96
2006
14.70
1.19
1-Year
28.18
6-Month
21.78
2009
MAF (%)
1-Month
FBMSHA (%)
PERF0RHAN6E 0F HAF V8 FH8hA A8 AT 31 HAY 2011
5-Year
34.50
Despite near term external jitters, we remain positive on Malaysia equities and expect a better 2H11.
ETP contract awards and project implementation, coupled with corporate exercise/M&A
newsflow, should provide support to equity prices. We aim to maintain the funds investment level at
around 85% by adding on market weakness and focusing on quality growth-oriented heavyweights and
mid-capitalisation companies with proven track record and strong balance sheet.
steady medium- to long-term capital
growth at a reasonable level of risk
through investments in a diversified
portfolio of equities in companies
with large market capitalisation
which are Shariah-compliant.
The Fund is designed for those
seeking investments that comply
with Shariah requirements and are
willing to accept a medium to high
level of risk. Investors shall have a
0%
5%
10%
15%
20%
25%
30%
MAF FBMSHA
FUND MANAGER
Meridian Asset Management Sdn Bhd Security Name % NAV No. Sector % NAV
Axiata Group 4.65 1 Trading/Services 33.28
TRUSTEE Tenaga Nasional 3.98 2 Cash Instruments 16.14
HSBC (Malaysia) Trustee Bhd Telekom Malaysia 3.89 3 Construction 11.11
Maxis Bhd 3.19 4 Industrial Products 9.54
PLUS 3.15 5 Properties 8.23
FUND DETAILS 6 Plantation 7.28
(As At 31 May 2011) 7 Consumer Products 6.99
NAV/Unit 8 IPC 6.12
Fund Size 9 Technology 0.69
Units In Circulation 610.14mil units 10 IPO/Rights Issue 0.62
Fund Launch Date
Fund Inception Date
Financial Year
Trustee Fee 0.07% p.a. 2009 2010 2008 2009 2010
Sales Charge Distribution (Sen) 1.40 1.25
Incidental Distribution Yield 4.4% 3.2%
Unit Split - - Low 0.2849 0.2944 0.3646
3.79
EPF Dividend (%)
-43.52
RM0.4665
3.74
-33.18
-
High 0.4554 0.3817 0.4549
5.80
up to 6.5%
T0P 5 h0L0|NC8
2.68
22 Jul 2003
1.50
30 Jun 2003
2
5.15
3
4
5
FBMSHA (%)
1
31 Jul
43.03
Distribution
Frequency
12-Month GIA (%) 3.02
5.80 5.65
No.
26.52 45.57 18.20
4.50
46.96
RM284.6mil
2008
2.76
28.18 21.78 MAF (%) 34.50
3.6%
who seek long-term capital
appreciation from their investments.
Monthly Review
FUND NO. : 5
Income / Islamic Bond
INVESTOR PROFILE
1-Month
PERF0RHAN6E 0F HA8 V8 5-YEAR HC8 A8 AT 31 HAY 2011
0.34 22.35
18.20 1.74 3.42
1-Year
0.30
13.11
3.41
5-Yr MGS (%)
3-Year 5-Year
10.78
June 2011
0.99
6-Month
MAS (%)
Government bond yields should see upwards pressure through 2011 as another RM50bil - RM55bil
is expected to be raised in MGS/GII issuances throughout the rest of the year, possibly putting
upwards pressure on corporate bond yields. However, we remain receptive to buying opportunities
given that any surge in yields should be tempered by firm demand for the yield pickup offered in
corporate bonds.
To provide Unit Holders with higher
than average returns compared to
fixed deposits in medium- to long-
term periods by investing in bonds
and other fixed income securities
which are Shariah-compliant.
who prefer to invest in sukuk with a
lower level of risk. The Fund is
suitable for investors who are less
concerned on capital appreciation
but seek consistent, reasonable and
stable income distribution from their
-2%
-1%
0%
1%
2%
3%
4%
MAS Benchmark
FUND MANAGER
Security Name % NAV No. Sector % NAV
TRUSTEE Jimah Energy 10.73
HSBC (Malaysia) Trustee Bhd Malaysia Airports Capital 10.72
Sime Darby 9.68 2 Cash Instruments 4.57
PLUS 8.09
FUND DETAILS Binariang 6.36
(As At 31 May 2011)
NAV/Unit
Fund Size RM84.5mil
Fund Launch Date 2009 2010 2008 2009 2010
Fund Inception Date Distribution (Sen) 3.50 3.50
Financial Year Distribution Yield 3.2% 3.2%
Management Fee Unit Split - - Low 1.0289 1.0719 1.0929
Annually
1
1.1193
2010
3.79 4.26
3.71 3.59
2.76 12-Month GIA (%) 3.79
31 Oct
3.51
5.80
3.74
5.25
EPF Dividend (%) 4.50
2008 2006
Sukuk/Islamic Money Market
Instruments
30 Jun 2003
RM1.1123
1
22 Jul 2003
3
95.43
High
No.
3.63
2.68
1.1348
-
5-Yr MGS (%) 3.59
5.80
3.02
2008
1.0719
5.15
up to 0.75% p.a.
5.65
2
MAS (%)
2009
2.99
T0P 5 h0L0|NC8
5
2.50
4
2.4%
4.00
Distribution
Frequency
2007
stable income distribution from their
investments that comply with
Shariah requirements. Investors
should ideally have a medium- to
long-term investment horizon of
between 3 and 5 years.
Monthly Review
FUND NO. : 6
Index Tracking / Islamic Equity
INVESTOR PROFILE
FUND MANAGER
FBMSHA (%) 21.77
21.35
5.82
3-Year 1-Month
1.26
6.03
PERF0RHAN6E 0F H8|F V8 FH8hA A8 AT 31 HAY 2011
1-Year 5-Year
77.37
June 2011
68.68
1.70
19.29 MSIF (%)
14.70
6-Month
The Fund aims to maintain its equity exposure around 90% level whilst remained focus on quality
Shariah-compliant index heavyweights.
To track the performance of the
FBMSHA. Also aims to generate
annual distribution.
who seek capital appreciation over
the long-term of at least 5 years.
seeking Shariah-compliant
investment avenues.
0%
5%
10%
15%
20%
25%
MSIF FBMSHA
MSIF (%)
FBMSHA (%)
TRUSTEE 12-Month GIA (%)
Mayban Trustees Bhd
FUND DETAILS
(As At 31 May 2011)
NAV/Unit Security Name % NAV No. Sector % NAV
Fund Size Sime Darby 9.81 1 Trading/Services 44.12
Units In Circulation 86.95mil units Axiata Group 7.54 2 Plantation 11.85
Fund Launch Date Tenaga Nasional 6.88 3 Cash Instruments 11.44
Fund Inception Date IOI Corp 6.22 4 Industrial Products 11.12
Financial Year Petronas Chemical 4.33 5 Construction 7.34
Management Fee up to 1.5% p.a. 6 IPC 6.36
Trustee Fee 0.08% p.a. 7 Properties 4.07
Sales Charge up to 6.5% 8 Consumer Products 3.38
Annually
9 Technology 0.30
10 Shariah-Compliant Warrants 0.02
2009 2010 2008 2009 2010
Unit Split - - Low 0.4802 0.5075 0.6412
RM69.4mil
RM0.7978
3
0.7719
26 Jan 2002
04 Jan 2002
30 Jun
3.00
18.20
2.68
-43.52
17.30
4
3.74
35.87 38.43
2006 2007 2010
26.52
2008
-35.80
5
4.50
Distribution
Frequency
EPF Dividend (%) 5.80
0.6794
43.03
2
2009
0.8319
45.57
3.02
2008
1
2.76
25.25
No.
5.80
3.79
5.65
High
T0P 5 h0L0|NC8
4.0%
5.15
-
Monthly Review
FUND NO. : 7
Growth / Equity
FUND OBJECTIVE
INVESTOR PROFILE
23.66
2006
6.13
1-Year 6-Month
June 2011
MVF (%)
76.69 FBMEMAS (%)
0.54
PERF0RHAN6E 0F HVF V8 FHEHA8 A8 AT 31 HAY 2011
2010
5-Year
2009
3-Year 1-Month
31.20 52.07
1.09
2007
146.96 11.22
25.49
2008
Despite near term external jitters, we remain positive on Malaysia equities, and expect a better
at around 85% by adding on market weakness and focusing on quality value propositions.
To target growth through capital
appreciation by investing in high
quality and high growth companies
in Malaysia.
with higher risk tolerance and low
income requirements. Investors
should ideally have a medium- to
between 3 and 5 years. The Fund
is suitable for investors who seek
long-term capital appreciation from
their investment.
0%
10%
20%
30%
40%
MVF FBMEMAS
MVF (%)
FUND MANAGER FBMEMAS (%)
12-Month FD (%)
TRUSTEE * Source: Lippers Global Funds Database / EPF
Mayban Trustees Bhd
FUND DETAILS Security Name % NAV No. Sector % NAV
(As At 31 May 2011)
RHB Capital 3.09 1 Trading/Services 22.26
NAV/Unit RM0.8942 QSR Brands 2.79 2 Cash Instruments 17.48
Fund Size RM127.4mil Cypark Resources 2.77 3 Properties 15.26
Units In Circulation 142.52mil units Sunway Holdings 2.77 4 Finance 11.13
Fund Launch Date Media Prima 2.73 5 Industrial Products 10.33
Fund Inception Date 6 Construction 8.20
Financial Year 7 Plantation 4.84
Trustee Fee 0.08% p.a. 9 Consumer Products 3.82
Sales Charge up to 6.5% 10 REITs 1.39
Incidental
11 IPO/Rights Issue 0.63
12 Technology 0.61
2009 2010 2008 2009 2010
Unit Split - - Low 0.4760 0.4764 0.6283
2.73 3.68
28 Jun 1995
30.79
2.62
2006
-34.44
31 Jul
2
High
32.56
3
28 Jul 1995
Distribution
Frequency
5.6%
4.50
-41.63 24.96
T0P 5 h0L0|NC8
0.6883
-
5.80
1
4
2010
5.80
No.
3.79 3.72
36.84
EPF Dividend (%)
2009
48.57
5.15
3.50
5
2007
5.65
47.54
0.8385
50.55
2008
0.7845
2008
21.95
Monthly Review
FUND NO. : 8
Income / Balanced
June 2011
30.06
51.03
INVESTOR PROFILE
4.35
1.00
1-Year
54.43
5-Year
3.97
6-Month
1.55
1-Month
MBLF (%)
PERF0RHAN6E 0F HLF V8 H| A8 AT 31 HAY 2011
20.03 MBI (%) 15.70
3-Year
17.26
The Fund continues to optimise the investment composition favouring equities slightly over fixed
income. It remains focused on value/growth equities, whilst seeking quality short to medium
issues for fixed income exposure. The Fund intends to maintain its equity holdings at 55%-58% in
the near term.
To achieve medium- to long-term
capital appreciation and to provide
dividend income.
who seek regular income. The
Fund is suitable for conservative
investors seeking relatively higher
returns than fixed deposits but
dislike the higher risks associated
with a full equity portfolio.
0%
4%
8%
12%
16%
20%
MBLF Benchmark
FUND MANAGER
TRUSTEE
Mayban Trustees Bhd * Source: Lippers Global Funds Database / EPF
FUND DETAILS
(As At 31 May 2011)
NAV/Unit Cagamas 5.32 1 Bonds/Commercial Papers 31.11
Fund Size Bandaraya Development 4.31 2 Trading/Services 18.36
Units In Circulation 263.88mil units PLUS SPV 4.18 3 Construction 9.77
Fund Launch Date CIMB Group 3.74 4 Cash Instruments 8.86
Fund Inception Date Tenaga Nasional 3.58 5 Finance 7.84
Financial Year 6 Properties 7.06
Management Fee 7 Consumer Products 5.52
Trustee Fee 0.08% p.a. 8 IPC 3.55
Sales Charge 9 Industrial Products 2.99
Annually 10 Plantation 2.50
11 REITs 2.25
12 Technology 0.19
2009 2010 2008 2009 2010
Unit Split - - Low 0.2807 0.2889 0.3613
2.73
5.65
No.
02 Jun 1991
02 May 1991
30 Jun
15.41
2008
0.3950
-
2.62
2010 2007
up to 6.5%
up to 1.5% p.a.
RM0.4325
RM114.1mil
Distribution
Frequency
0.3918
5
5.80
1.00
4
3.72
2008 2006
MBI (%)
MBLF (%)
High
1
14.42 30.18
11.03
T0P 5 h0L0|NC8
36.78 18.95
3
12-Month FD (%) 3.79
5.15
11.54
21.49 -23.08
2009
4.50
2
3.68
-24.30
0.4224
2.7%
Monthly Review
FUND NO. : 9
Index Tracking / Equity
INVESTOR PROFILE 1-Year
2006
FBM KLCI (%)
86.46
5.23
5-Year
2010
3-Year
MEIF (%)
2008
33.36
67.96
PERF0RHAN6E 0F HE|F V8 FH KL6| A8 AT 31 HAY 2011
1.48
6-Month
21.27 22.11
June 2011
1-Month
2007 2009
1.52 4.92
23.54
The Fund shall continue to closely track the benchmark index, the FBM KLCI.
To track the performance of the
FBM KLCI at less than average
market risk through its overall
investment strategy of investing
predominantly in index-linked
stocks.
who are seeking capital
appreciation over the long-term of
at least 5 years. The Fund is
suitable for blue-chip conscious
investors who have low income
requirements and ideally should
have a medium- to long-term
0%
5%
10%
15%
20%
25%
MEIF FBM KLCI
MEIF (%)
FUND MANAGER
Meridian Asset Management Sdn Bhd * Source: Lippers Global Funds Database / EPF
TRUSTEE
Mayban Trustees Bhd
Malayan Banking 9.65 1 Trading/Services 37.97
FUND DETAILS Public Bank 9.32 2 Finance 33.79
(As At 31 May 2011)
CIMB Group 9.26 3 Plantation 7.25
NAV/Unit Sime Darby 8.24 4 Industrial Products 5.14
Fund Size 6.09 5 IPC 4.64
Units In Circulation 56.87mil units 6 Consumer Products 4.18
Fund Launch Date 7 Cash Instruments 4.14
Financial Year
Sales Charge
2009 2010 2008 2009 2010
Unit Split - - Low 0.4557 0.4610 0.5718
2006
21.83
2.73
30 Jun
Incidental
26 May 1997
No.
5.80 5.65
31.82
2010
5.80
45.17
up to 6.5%
12-Month FD (%)
26 Jun 1997
RM41.8mil
RM0.7359
2008
5
0.7306
Distribution
Frequency
4.50
2.62
29.58
5.15
Axiata Group
0.7183
2
22.25 21.25
4.4%
T0P 5 h0L0|NC8
2008
1
3
3.00
EPF Dividend (%)
0.6421 High
41.39
-
19.34
3.68
-39.33 FBM KLCI (%)
3.79
4
2007
3.72
-31.53
2009
have a medium- to long-term
and 5 years.
Monthly Review
FUND NO. : 10
Growth / Equity
FUND OBJECTIVE
INVESTOR PROFILE 1-Month 3-Year
73.13
8.55 1.92 MRSF (%)
6-Month
5-Year
23.92
1-Year
1.47
101.06
PERF0RHAN6E 0F HR8F V8 FH100 A8 AT 31 HAY 2011
45.00
June 2011
27.78
26.30 6.10 FBM100 (%)
at around 90%, focusing on quality value stocks that offer good earnings support/healthy balance
sheets.
To provide long-term goal of capital
appreciation by maintaining a
minimum exposure of 80% in
equities and equity-related
instruments at all times.
who are willing to accept moderate
to high level of risk. It is suitable for
investors seeking high capital
appreciation. Investors should
and 5 years.
0%
5%
10%
15%
20%
25%
30%
MRSF FBM100
FUND MANAGER
TRUSTEE
Axiata Group 3.93 1 Trading/Services 36.20
FUND DETAILS CIMB Group 3.85 2 Finance 11.19
(As At 31 May 2011) Dialog 3.58 3 Properties 9.62
NAV/Unit Malaysia Marine 3.48 4 Construction 9.68
Fund Size RM32.4mil Media Prima 3.37 5 Consumer Products 7.82
Units In Circulation 92.56mil units 6 IPC 5.71
Fund Launch Date 7 Plantation 5.07
Fund Inception Date 8 Cash Instruments 6.54
Financial Year 9 REITs 3.31
Management Fee up to 1.5% p.a. 10 Industrial Products 4.06
Trustee Fee 0.07% p.a. 11 Technology 0.80
Incidental
2009 2010 2008 2009 2010
Unit Split - - Low 0.1969 0.2036 0.2594
29 Sep 2004
RM0.3504
5.80 5.65
0.3335
7.6%
08 Sep 2004
23.04
Distribution
Frequency
21.76
-36.47
30 Jun
0.2951
No.
33.41
-
12-Month FD (%) 2.62
49.85
4
3
2010 2009
24.28
2006
0.3398
h|ChE8T & L0wE8T NAV 0|8TR|UT|0N & UN|T 8PL|T
36.81
2
3.72
T0P 5 h0L0|NC8
2.50
5.15
1
2.73 3.79
2008
5
-40.92
2008
FBM100 (%)
MRSF (%)
2007
5.80
High
48.00
22.76
3.68
and 5 years.
Monthly Review
FUND NO. : 11
Income / Money Market
INVESTOR PROFILE
MMMF (%)
1-Month FD (%)
3-Year
1-Month
2.58
June 2011
7.75
7.64 14.41
0.24
1.39 0.25
2.74
6-Month
1.38
5-Year
PERF0RHAN6E 0F HHHF V8 1-H0NTh F0 A8 AT 31 HAY 2011
14.49
1-Year
We will continue to place available funds in attractively-priced short-term commercial papers, with
the aim to maximise returns while providing liquidity to trust-holders.
To provide Unit Holders with liquidity
and current income while
maintaining capital stability.
who are conservative in nature and
are temperament towards risk-
reward trade-off. These investors
should have a short-term investment
horizon of less than 1 to 3 years and
wish to temporarily liquidate or
reduce exposure in equities.
0%
1%
2%
3%
MMMF Benchmark
FUND MANAGER MMMF (%)
* Source: Lippers Global Funds Database
TRUSTEE
FUND DETAILS Bandaraya Development 20.64 1 Commercial Papers 80.29
(As At 31 May 2011) E&O Properties CP 20.48 2 Cash Instruments 19.71
NAV/Unit Pac Lease CP 13.09
Fund Size YTL Power CP 9.31
Units In Circulation 184.45mil units BBN Development 5.24
Fund Launch Date
Fund Inception Date
Financial Year
Trustee Fee 2009 2010
2008 2009 2010
Sales Charge N/A Distribution (Sen) 2.50 2.50
Incidental Distribution Yield 2.4% 2.4%
Unit Split - - Low 0.9939 1.0207 1.0168
RM190.5mil
Distribution
Frequency
RM1.0330
1
3.68
08 Sep 2004
09 Sep 2004
31 Oct
0.07% p.a.
2010 2007
2.62 3.72
2.19
2008
2.73
2.14
-
3
1-Month FD (%)
5
1.0266
2.85
2.75
2.47
2.16 3.30
3.79
1.0415
3.05
2009
No.
4
High
2008
2.7%
3.08
2
12-Month FD (%)
1.0456
T0P 5 h0L0|NC8
3.14
3.08
2006
Monthly Review
FUND NO. : 12
Growth / Equity
INVESTOR PROFILE
MPCF (%)
MXFEJ (%)
3-Year
6-Month
5-Year
PERF0RHAN6E 0F HP6F V8 HXFEJ A8 AT 31 HAY 2011
1-Year
0.28
9.83 6.20
1.55 0.73
June 2011
20.29 10.92
-1.36
1-Month
54.83 30.59
Despite the near term external jitters, we remain positive on Asian equities and expect a better
2H11. The funds investment level will be maintained at above 90%, focusing on fundamentally
strong regional heavyweights with superior business models, proven management and solid
balance sheet.
To provide long-term capital
appreciation through investment in
equities and equity-related
instruments listed on the stock
exchanges within the Pacific
region.
to high level of risk. The Fund is
suitable for those investors who are
seeking to diversify their
investments to include Pacific ex-
Japan region and investors should
-10%
0%
10%
20%
30%
40%
MPCF Benchmark
FUND MANAGER
TRUSTEE
Hutchison Port Holdings Trust 3.75 1 Hong Kong 46.53
FUND DETAILS Taiwan Semiconductor 3.26 2 Korea 12.00
(As At 31 May 2011)
China Mobile Ltd 2.88 3 Singapore 13.53
NAV/Unit RM0.2469 4 Taiwan 9.11
Fund Size RM40.6mil 5 Cash Instruments 4.97
Units In Circulation 164.38mil units 5 2.64 6 Thailand 4.95
Fund Launch Date 7 Malaysia 4.66
Fund Inception Date 8 Indonesia 4.25
Financial Year
Trustee Fee
2009 2010 2008 2009 2010
Distribution (Sen) - -
- -
Unit Split - - Low 0.1424 0.1499 0.2151
14 Jul 2005
Incidental
23 Jun 2005
Distribution
Frequency
30 Sep
0.07% p.a.
3.8%
2010 2008
5.15
0.3055
1
57.79 MPCF (%)
0.2500
-46.32
5.80
0.2581
MXFEJ (%)
High
-51.96 28.47
3.68 2.73
16.40
T0P 5 h0L0|NC8
5.80
12-Month FD (%)
33.38
2009
4.50
China Construction Bank Corp
Industrial & Commercial Bank of
China
2.70 4
5.65
3.79
2007
18.80
2008
1.00
-
3
EPF Dividend (%)
-0.76
Distribution Yield
2006
No.
3.72
65.01
24.07
2
2.62
3 and 5 years.
Monthly Review
FUND NO. : 13
Growth / Mixed Assets
FUND OBJECTIVE
INVESTOR PROFILE
MEAF (%)
MFI (%)
18.06 46.14
1-Year
June 2011
6-Month
2008
2010
17.88 44.44
3-Year 5-Year
PERF0RHAN6E 0F HEAF V8 HF| A8 AT 31 HAY 2011
0.86
2007
1-Month
* 6ALEN0AR YEAR RETURN8
4.74 14.98
3.84 13.53
2009
0.74
2006
at above 90%, focusing on fundamentally strong regional heavyweights with superior business
models, proven management and solid balance sheet.
To provide Unit Holders with long-
term capital appreciation.
who seek high capital appreciation
and are willing to accept medium to
high level of risk. The Fund is also
suitable for investors who do not
seek a regular income stream and
and 5 years.
0%
3%
6%
9%
12%
15%
MEAF Benchmark
FUND MANAGER
TRUSTEE
Mayban Trustees Bhd
FUND DETAILS CIMB Group 4.77 1 Trading/Services 27.17
(As At 31 May 2011)
Media Prima 4.29 2 Foreign 21.34
NAV/Unit RM0.2303 EON Capital 4.03 3 Cash Instruments 14.75
Fund Size RM20.4mil Malayan Banking 3.85 4 Finance 13.72
Units In Circulation 88.46mil units PLUS 3.53 5 Properties 8.15
Fund Launch Date 6 Industrial Products 3.32
Management Fee up to 1.5% p.a. 9 REITs 2.48
Trustee Fee 10 Plantation 2.08
Sales Charge up to 6.5% 11 Technology 1.37
2010 2011 2008 2009 2010
Unit Split - - Low 0.1757 0.1786 0.2141
31 Mar
0.07% p.a.
27 Sep 2005
Distribution
Frequency
Incidental
06 Sep 2005
5.65
T0P 5 h0L0|NC8
5.15
13.37
2008
EPF Dividend (%)
8.95 -38.78
2010
MEAF (%)
4.50
7.2%
High
1.50
1
5.80
12-Month FD (%)
0.2499
5.80
2.62
29.35
25.25
2.73
No.
3.72
2009
4
5
0.2465
MFI (%) -20.46 18.56
3.79
20.48
2007
2
12.30
2009
3
3.68
2006
43.19
-
0.3073
Monthly Review
FUND NO. : 14
Income / Islamic Equity
INVESTOR PROFILE
MAFZ (%)
MIDI (%)
100.08
June 2011
6-Month
12.91
5-Year
4.56
3-Year
8.47
16.19
1.00
1-Year
52.98
32.03
PERF0RHAN6E 0F HAFZ V8 H|0| A8 AT 31 HAY 2011
26.52
0.96
1-Month
at around 85% by adding on market weakness and focusing on quality big cap and Shariah-
compliant stocks which offer superior dividend yields.
steady recurring income that is
potentially higher than prevailing
GIA rates. At the same time, the
Fund also attempts to attain
medium- to long-term capital
appreciation.
who prefer a regular income
stream, stable investment returns
and potential for medium- to long-
term capital appreciation of
between 3 and 5 years. It is
0%
5%
10%
15%
20%
25%
30%
MAFZ Benchmark
FUND MANAGER
TRUSTEE Sunway City 3.24 1 Trading/Services 31.24
HSBC (Malaysia) Trustee Bhd Maxis Bhd 3.05 2 Cash Instruments 18.91
Sime Darby 3.00 3 Properties 11.73
Panasonic 2.80 4 Industrial Products 10.14
FUND DETAILS QSR Brands 2.69 5 Consumer Products 8.92
(As At 31 May 2011)
6 Construction 7.48
NAV/Unit RM0.3844 7 IPC 5.77
Fund Size RM170.1mil 8 Islamic REITs 4.44
Units In Circulation 442.59mil units 9 Plantation 0.75
Fund Launch Date 10 IPO/Rights Issue 0.62
Fund Inception Date
Financial Year
Trustee Fee 0.07% p.a. 2009 2010 2008 2009 2010
Sales Charge up to 6.5% Distribution (Sen) 1.50 1.75 High
Annually 5.5% 5.5%
Unit Split - - Low 0.2453 0.2539 0.3034
MAFZ (%)
2006
2
5
5.80
No.
24.89
30.81 MIDI (%)
4
27 Sep 2005
06 Sep 2005
30 Sep
Distribution
Frequency
5.65
1
9.0%
EPF Dividend (%)
33.01
2.68
Distribution Yield
0.3310 0.3138 0.3646
5.15 4.50
12-Month GIA (%) 3.79 3.74
13.62
3.02
3.00
20.90 -20.83
2009
19.57
2008
2008
-
2007
17.84
5.80
-29.36
2.76
3
T0P 5 h0L0|NC8
34.78
2010
between 3 and 5 years. It is
suitable for conservative investors
who seek relatively higher return
than GIA rates but are averse to
higher risks associated with high
equity exposures and investments
which comply with Shariah
requirements.
Monthly Review
FUND NO. : 15
Income / Equity
FUND OBJECTIVE
INVESTOR PROFILE MDF (%)
MDI (%)
2010 2007
2008 2009 2006
PERF0RHAN6E 0F H0F V8 H0| A8 AT 31 HAY 2011
116.92
55.91
3-Year
49.77
21.25
1-Year
26.46
17.69
6-Month
10.74
4.74
1-Month
June 2011
1.11
2.10
5-Year
at around 85% by adding on market weakness and focusing on quality stocks which offer superior
dividend yields.
To provide steady recurring income
that is potentially higher than
prevailing fixed deposit rates. At
the same time, the Fund also
attempts to attain medium- to long-
who prefer a regular income
stream, stable investment returns
and potential for medium- to long-
term capital appreciation between 3
and 5 years. It is suitable for
0%
5%
10%
15%
20%
25%
30%
MDF Benchmark
* Source: Lippers Global Funds Database / EPF ** Since Inception
FUND MANAGER
Malayan Banking 2.79 1 Trading/Services 26.13
TRUSTEE Hong Leong Bank 2.76 2 Cash Instruments 16.68
HSBC (Malaysia) Trustee Bhd Sunway City 2.56 3 Consumer Products 12.45
PPB Group 2.55 4 Finance 10.01
Media Prima 2.46 5 REITs 9.83
FUND DETAILS 6 Industrial Products 8.28
(As At 31 May 2011) 7 Properties 5.96
NAV/Unit RM0.3548 8 IPC 4.87
Fund Size RM104mil 9 Construction 3.79
Units In Circulation 292.98mil units 10 Plantation 2.00
Fund Launch Date
Fund Inception Date
Financial Year
Trustee Fee 0.07% p.a. 2010 2011 2008 2009 2010
Sales Charge up to 6.5% Distribution (Sen) 2.00 3.30
Annually 7.0% 9.7%
Unit Split - - Low 0.2350 0.2401 0.2802
5.65
2010
32.71
EPF Dividend (%)
**13.09
2007
3.72
2008
18 Apr 2006
Distribution
Frequency
28 Mar 2006
30 Apr
2.73
Distribution Yield
3.68
2009
No.
0.3139
-20.14
3.79
-
30.38
1
0.3626 High
5.80
5.8%
16.08
4.50
27.69
3
2009
5.80
5
2006
2.62
34.35
5.15
-27.59
T0P 5 h0L0|NC8
**12.37
0.3017
1.50
MDF (%)
24.50
12-Month FD (%)
MDI (%)
4
2
and 5 years. It is suitable for
conservative investors who seek
relatively higher returns than fixed
deposit but are averse to higher
risks associated with high equity
exposure.
Monthly Review
FUND NO. : 16
Income / Islamic Balanced
INVESTOR PROFILE
MAU (%)
MIBI (%)
5-Year
70.50
48.31
3-Year
33.93
12.93
1-Year
16.97
14.41
1-Month
0.52
0.87
6-Month
4.18
June 2011
PERF0RHAN6E 0F HAU V8 H|| A8 AT 31 HAY 2011
4.78
We continue to maintain an optimal balance between Shariah-compliant equities and bonds to
maximise returns. In particular, the Fund will focus on large capitalised stocks in its equity
portfolio, and in bonds, high quality and short to medium-tenure issues. The Fund intends to
maintain its equity holdings at above 50%.
To produce medium- to long-term
capital appreciation and current
income.
who seek a regular income from
investments which comply with
Shariah requirements. The Fund is
suitable for conservative investors
seeking relatively higher returns
than GIA but dislike the higher risks
associated with a full equity portfolio.
Investors should have a medium- to
0%
4%
8%
12%
16%
20%
MAU Benchmark
FUND MANAGER
Meridian Asset Management Sdn Bhd * Source: Lippers Global Funds Database / EPF ** Since Inception
TRUSTEE
Mayban Trustees Bhd
Poh Kong Holdings 10.44
FUND DETAILS Sime Darby 6.73
(As At 31 May 2011)
Axiata Group 3.74 2 Cash Instruments 21.99
NAV/Unit RM0.3031 Danga Capital 3.23 3 Trading/Services 20.08
Fund Size RM47mil KNM 3.21 4 Construction 6.65
Units In Circulation 155.10mil units 5 Properties 5.16
Fund Launch Date 6 Industrial Products 4.17
Fund Inception Date 7 Plantation 3.75
Financial Year 8 IPC 3.37
Management Fee up to 1.5% p.a. 9 Consumer Products 2.87
Trustee Fee 0.07% p.a. 10 Technology 0.32
Annually
2010 2011 2008 2009 2010
1.75 2.60
6.3% 8.4%
- - Low 0.2318 0.2403 0.2727
3.79
2
0.2911
4.50
18 Apr 2006
28 Mar 2006
Distribution
Frequency
31 May
T0P 5 h0L0|NC8
12-Month GIA (%)
1.50
No.
5.65
MIBI (%)
MAU (%)
-
6.0%
0.3180
27.59
Distribution (Sen)
22.66
0.3216
27.12
5.80
1
5
High
Distribution Yield
**11.83
2.76 2.68
2006
-18.03
2010
**9.29
5.15
3.02
5.80
2008
1 Sukuk/Islamic Money Market
Instruments
Unit Split
16.95
12.27
EPF Dividend (%)
3.74
31.64
3
28.79
4
2009
-24.63
2007 2009
Monthly Review
FUND NO. : 17
Growth / Mixed Assets
FUND OBJECTIVE
INVESTOR PROFILE
MCF (%)
MFI (%)
3-Year
PERF0RHAN6E 0F H6F V8 HF| A8 AT 31 HAY 2011
17.88
6-Month
June 2011
7.93
1-Month
34.71
13.53
3.84
1.10
1-Year
27.90
0.86
The recent results season was slightly disappointing with most brokers downgrading their
earnings growth for 2011. Nevertheless, we still expect the market to perform better in the 2H11
as investors look towards 2012 valuation which is decent at 13.1 times (compared to 5-year
average of 14.2 times) and the implementation of the Government's ETP, specifically the MRT
project and several oil & gas projects, will spur the local market. In addition, the development of
Greater Kuala Lumpur and the Klang Valley will have spin-offs that will benefit the
construction, building materials, property and banking sectors. We remain overweight in these
sectors.
To provide Unit Holders with
long-term capital appreciation.
seek regular income stream and
and 5 years.
-40%
-20%
0%
20%
40%
60%
Feb-07 Feb-08 Mar-09 Apr-10 May-11
MCF Benchmark
FUND MANAGER
MFI (%)
Bhd
12-Month FD (%)
TRUSTEE
Mayban Trustees Bhd
FUND DETAILS Sime Darby 7.18 1 Trading/Services 33.10
(As At 31 May 2011)
CIMB Group 6.05 2 Finance 27.93
NAV/Unit RM0.2471 Malayan Banking 6.00 3 Foreign 9.41
Fund Size RM41.5mil Axiata Group 4.97 4 Cash Instruments 6.66
Units In Circulation 167.79mil units Public Bank 4.04 5 Construction 5.47
Fund Launch Date 6 Plantation 5.42
Fund Inception Date 7 Industrial Products 4.89
Financial Year 8 Properties 3.26
Trustee Fee 0.08% p.a. 10 Consumer Products 1.02
Sales Charge up to 6.5% 11 IPO/Rights Issue 0.45
Incidental 12 TSR/Warrants 0.44
2010 2011 2008 2009 2010
7.4% 10.4%
Unit Split - - Low 0.1427 0.1440 0.2046
31 Mar
CIMB-Principal Asset Management
23 Jan 2007
13 Feb 2007
Distribution
Frequency
2010
12.30
2008
4.50
52.98 -43.03
2007
**10.23
3.72
No.
0.2623
23.62
2.73
Distribution Yield
2
MCF (%)
4
3.68
**18.09
25.25
5.65
-20.46
2009
EPF Dividend (%)
5
2009
-
T0P 5 h0L0|NC8
1
3
5.80
-
-
2.62
5.80
0.2261 High 0.2866
Monthly Review
FUND NO. : 18
Income / Islamic Money Market
FUND OBJECTIVE
INVESTOR PROFILE
MAM (%)
12-Month GIA (%) 1.43
1.40
8.64
0.25
3-Year
0.26
1-Year
June 2011
PERF0RHAN6E 0F HAH V8 12-H0NTh C|A A8 AT 31 HAY 2011
6-Month
7.65
1-Month
2.44
2.86
Due to oversupply concerns and a rate hike overhang, we believe that the bond market would
remain bearish in the near- to mid-term. However, we will continue to place available funds in
attractively-priced short-term Shariah-compliant commercial papers, in efforts to maximise returns
while providing liquidity to trust-holders.
To provide Unit Holders with
liquidity and current income while
maintaining capital stability.
who are conservative in nature and
have a low tolerance for risk.
These investors should have a
short-term investment horizon and
wish to temporarily liquidate or
reduce exposure in equities. It is
suitable for investors who seek
0%
1%
2%
3%
4%
MAM Benchmark
FUND MANAGER * Source: Lippers Global Funds Database ** Since Inception
Mayban Trustees Bhd CCM 10.56
Poh Kong Holdings 10.54
Ranhill Power 10.47 2 Cash Instruments 29.05
FUND DETAILS BBN Development ICP 10.43
(As At 31 May 2011) Toyota Capital ICP 10.10
NAV/Unit RM1.0389
Fund Size
Fund Launch Date
Fund Inception Date 2009 2010 2008 2009 2010
Financial Year Distribution (Sen) 3.00 2.50
Management Fee up to 0.5% p.a. 2.9% 2.4%
Trustee Fee 0.08% p.a. Unit Split - - Low 1.0049 1.0302 1.0247
Sales Charge
Incidental Distribution
Frequency
RM47.8mil
30 Nov
23 Jan 2007
N/A
24 Jan 2007
2007
**2.61
3
T0P 5 h0L0|NC8
1.0601
12-Month FD (%)
1
1.0497 1.0369
2.00
2.76
4
1
5
2.1% Distribution Yield
-
2008
2.68
Sukuk/Islamic Money Market
Instruments
MAM (%) 3.20
**3.51
2008
3.02 12-Month GIA (%)
2.62
2009
High
No.
2.73
3.68 3.72
2
2.20
2010
2.37
70.95
Shariah-compliant investment
avenues.
Monthly Review
FUND NO. : 19
Income and Growth / Fund-of-Funds
INVESTOR PROFILE
MAPR (%)
BBAREIT (%)
1-Year 6-Month
4.17
0.54 6.43
2.62
2.61
20.53
30.58
June 2011
PERF0RHAN6E 0F HAPR V8 ARE|T A8 AT 31 HAY 2011
3-Year
19.54
1-Month
Despite the rising interest rate environment, we remain positive on Asian REITs for its resilient income
stream and defensiveness relative to non-REIT equities, coupled with further DPU upside driven by asset
acquisitions and rising capital values. We remained focused on Singapore, Hong Kong and Malaysia
REITs, favouring hospitability, industrial/logistics, commercial and retail exposure. In the meantime, the
Fund aims to strike a balance between locking in profit and searching for relative laggards, with an
investment level above 90%.
appreciation and sustainable
income through a combined
investment in other collective
investment schemes, namely REITs
and infrastructure funds/trusts.
The Fund is suitable for low to
medium risk level investors who
wish to have investment exposure
through a diversified portfolio of
REITs and infrastructure
funds/trusts within the Asia-Pacific
region. The Fund may also appeal
0%
10%
20%
30%
40%
MAPR Benchmark
FUND MANAGER
TRUSTEE CDL Hospitality Trusts 5.51 1 Singapore 52.41
CapitaCommercial Trust 4.89 2 Malaysia 29.31
Hutchison Port Holdings Trust 4.72 3 Hong Kong 11.77
FUND DETAILS Regal Reit 4.61 4 Cash Instruments 6.51
(As At 31 May 2011)
Parkway Life Reit 4.60
NAV/Unit RM0.2624
Fund Size RM7.2mil
Fund Launch Date
Financial Year Distribution (Sen) - -
Management Fee up to 1.75% p.a. - -
Sales Charge up to 5%
28 Jun 07
31 Aug
07 Jun 07
Distribution
Frequency
Annually, if
any
0.2564
5
2007
- Distribution Yield
-
24.74
2008
3.68
EPF Dividend (%)
-37.78
2
1
2.73
4
16.03
T0P 5 h0L0|NC8
3
**-11.05 -40.55
MAPR (%)
No.
0.2189
BBAREIT (%)
4.50
2.62
5.80
58.39 **-6.68
2009 2010
-
5.80
33.03
5.65
12-Month FD (%)
2008
3.72
High 0.2224
region. The Fund may also appeal
to investors who are seeking a
sustainable distribution of income
and long-term capital growth with a
horizon of 3 and 5 years.
Monthly Review
FUND NO. : 20
Growth / Mixed Asset
FUND OBJECTIVE
INVESTOR PROFILE
MHF (%)
MFI (%)
71.66 31.88
6-Month 3-Year
0.86
1-Month
June 2011
1-Year
PERF0RHAN6E 0F HhF V8 HF| A8 AT 31 HAY 2011
3.84
2.64
17.88 13.53
14.78
We remain tactically cautious on the market but will remain positive in the immediate term. We
expect the current softness in economic data to recede as the Japan supply chain disruptions
ease and oil prices roll over. Stock picking remains key and the Fund will look to add positions
which may benefit from merger and acquisition activity such as Alliance Financial Group.
seek a regular income stream and
and 5 years.
-3
0
3
10
13
20
23
30
33
leb-10 Apr-10 May-10 !ul -10 Aug-10 CcL-10 nov-10 uec-10 leb-11 Mar-11 May-11
MAAkL-Pu8S ll exl lund 8enchmark
FUND MANAGER
HwangDBS Investment Management
Bhd
TRUSTEE
Mayban Trustees Bhd
Hong Leong Bank 6.61 1 Trading/Services 25.28
FUND DETAILS Axiata Group 6.16 2 Cash Instruments 25.20
(As At 31 May 2011)
CIMB Group 5.93 3 Finance 19.77
NAV/Unit RM0.3573 Tenaga Nasional 5.40 4 Consumer Products 6.16
Fund Size RM124mil Media Prima 5.19 5 Properties 5.83
Units In Circulation 347.03mil units 6 Industrial Products 5.15
Fund Launch Date 7 Construction 4.86
Fund Inception Date 8 REITs 3.68
Financial Year 9 Plantation 1.66
Management Fee up to 1.5% p.a. 10 Technology 1.53
Trustee Fee 0.08% p.a. 11 IPO/Rights Issue 0.83
Sales Charge up to 6.5% 12 TSR/Warrants 0.05
2009 2010 2008 2009 2010
- 2.75
- 9.5%
Unit Split - - Low 0.1971 0.2003 0.2555
16 Aug 2007
31 Aug
Incidental
26 Jul 2007
2008
Distribution (Sen)
MHF (%)
EPF Dividend (%)
2007
2
5.80 5.65
2010 2008 2009
2.73
12.30
39.38
25.25
-
27.81 -17.82 **4.31
A88ET & 8E6T0R ALL06AT|0N T0P 5 h0L0|NC8
5.80
MFI (%)
3
12-Month FD (%)
-20.46 **10.98
4.50
0.3306
3.68
Distribution Yield
3.72
-
5
-
No.
1
2.62
4
High 0.2560 0.2828
Distribution
Frequency
and 5 years.
Monthly Review
FUND NO. : 21
Growth / Mixed Asset (Shariah)
INVESTOR PROFILE
MCS (%)
MIFI (%)
FUND OBJECTIVE
1-Month 1-Year
PERF0RHAN6E 0F H68 V8 H|F| A8 AT 31 HAY 2011
6-Month
25.26
3-Year
11.72
25.04
12.47 3.72
9.79
0.77
1.93
June 2011
The recent results season was slightly disappointing with most brokers downgrading their earnings growth for
2011. Nevertheless, we still expect the market to perform better in the 2H11 as investors look towards 2012
valuation which is decent at 13.1 times (compared to 5-year average of 14.2 times) and the implementation of
the Government's ETP, specifically the MRT project and several oil & gas projects, will spur the local market. In
addition, the development of Greater Kuala Lumpur and the Klang Valley will have spin-offs that will benefit the
construction, building materials, property and banking sectors. We remain overweight in these sectors with the
exception of banks.
high level of risk. The Fund is
investments which conform to the
requirements of the Shariah, who do
not seek a regular income stream
and ideally have a medium- to long-
-45%
-35%
-25%
-15%
-5%
5%
15%
Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11
MCS Benchmark
FUND MANAGER
CIMB-Principal Asset Management
Bhd
TRUSTEE
Mayban Trustees Bhd
FUND DETAILS Sime Darby 8.98 1 Trading/Services 40.86
(As At 31 May 2011)
Axiata Group 5.57 2 Cash Instruments 25.19
NAV/Unit RM0.2535 Petronas Dagangan 3.83 3 Plantation 8.46
Fund Size RM75mil Kuala Lumpur Kepong 3.76 4 Construction 7.94
Units In Circulation 295.81mil units Tenaga Nasional 3.43 5 Industrial Products 7.20
Fund Launch Date 6 Properties 3.74
Fund Inception Date 7 IPC 2.97
Management Fee up to 1.5% p.a. 9 Finance 1.47
Trustee Fee 0.08% p.a. 10 Shariah-Compliant Warrants 0.44
2008 2010 2008 2009 2010
Distribution (Sen) - 2.00
- 8.7%
Unit Split - - Low 0.1629 0.1636 0.2128
Distribution
Frequency
Incidental
27 Nov 2007
06 Nov 2007
30 Nov
-
2007
5.80
2010
32.23
2008
T0P 5 h0L0|NC8
-36.54 **5.16
**4.48
12-Month GIA (%) 3.79
5.80
4
-20.03
5
MCS (%)
3
2009
No.
1
2
0.2207 0.2527
Distribution Yield
EPF Dividend (%)
MIFI (%)
17.08
-
2007
22.66 10.57
3.02
-
2.68 2.76
4.50 5.65
High 0.2533
3 and 5 years.
Monthly Review
FUND NO. : 22
Growth / Islamic Equity
FUND OBJECTIVE * The performance is calculated on NAV-to-NAV basis
INVESTOR PROFILE
MSAP (%)
SWDPAC (%)
3-Year
14.82
6-Month
PERF0RHAN6E 0F H8AP V8 8w0PA6 A8 AT 31 HAY 2011
5.21
13.13
1.65
36.27
1-Month
June 2011
19.08
-1.70
1-Year
5.74
Despite near term external jitters, we remain positive on Asian equities and expect a better 2H11.
The fund aims to maintain its investment level at above 85%, focusing on fundamentally strong
regional heavyweights with superior business models, proven management and solid balance
sheet.
appreciation through investment in
Shariah-compliant equities and
equity-related instruments listed on
approved stock exchanges within
the Asia-Pacific region.
seeking to invest in a diversified
portfolio of stocks listed in the Asia-
Pacific region that conforms to the
requirements of the Shariah
Principles. The Fund is also suitable
for investors who seek a medium- to
-10%
0%
10%
20%
30%
40%
50%
MSAP Benchmark
HSBC (Malaysia) Trustee Bhd Taiwan Semiconductor 6.42 1 Hong Kong 23.87
Telekom Malaysia 3.63 2 Malaysia 21.35
BHP Billiton 3.56 3 Cash Instruments 13.69
FUND DETAILS
3.60
4 Taiwan 11.54
(As At 31 May 2011)
China Shenhua 3.49 5 Korea 10.32
NAV/Unit RM0.2890 6 Indonesia 8.22
Fund Size RM16.1mil 7 Singapore 6.57
Units In Circulation 55.65mil units 8 Australia 3.56
Fund Launch Date 9 Thailand 0.88
Fund Inception Date
Financial Year
Sales Charge up to 6.5% 2009 2010 2008 2009 2010
Distribution (Sen) - -
- -
Unit Split - - Low 0.1653 0.1781 0.2373
16 Jan 2008
- Distribution Yield
0.2840
5
1
30 Sep
-
0.2698
EPF Dividend (%)
12-Month GIA (%)
2.68
SWDPAC (%)
Distribution
Frequency
5.80
T0P 5 h0L0|NC8
17.36
-
MSAP (%)
Incidental
06 Feb 2008
66.57
2.76
47.50
2008
**-27.08
3.02
**-45.98
2
2010
5.09
3
2008
No.
5.65 4.50
2009
4 Yanzhou Coal
High 0.2558
Investors are advised to read and understand the contents of the Master Prospectus dated 21 October 2010, the Supplemental Master Prospectus dated 6
January 2011 and the Prospectus of MAAKL-HDBS Sghariah Progress Fund dated 20 April 2011 obtainable at our offices, before investing. The prospectuses
have been registered with the Securities Commission who takes no responsibility for its contents. Investors should also consider the fees and charges involved.
The price of units and distribution, if any, may go down as well as up. Past performance of funds is no indication of future performance. Units will only be issued on
receipt of the application form accompanying the prospectuses.
for investors who seek a medium- to
between 3 and 5 years, and those
to high level of risk.
Monthly Review
FUND NO. : 23
Large Cap / Equity
* The performance is calculated on NAV-to-NAV basis
FUND OBJECTIVE
MGCF (%)
MGCI (%)
INVESTOR PROFILE
1-Year
6.20
2.96
1-Month
-0.95
PERF0RHAN6E 0F HC6F V8 HC6| A8 AT 31 HAY 2011
0.63
17.00
-2.24
6-Month
June 2011
We look towards a better 2H11 in tandem with peaking inflation pressure. Near term, we aim to
maintain the fund's investment level and look to increase positions on market weakness, focusing
on quality big cap stocks which offer superior earnings visibility and attractive valuations.
To provide Unit Holders with capital
growth over the medium- to long-
term by investing in larger
capitalised companies in the greater
China region namely China, Hong
Kong and Taiwan markets, as well
as China-based companies listed on
approved overseas markets.
-5%
0%
5%
10%
15%
20%
MGCF Benchmark
OSK Trustees Berhad
7.66
1 Hong Kong 68.91
6.69
2 Cash Instruments 19.07
3 Taiwan 7.66
FUND DETAILS 4 Singapore 2.70
(As At 31 May 2011)
China Construction Bank Corp 3.33 5 IPO/Rights Issue 1.66
NAV/Unit RM0.3016 Sands China 3.13
Fund Size RM21.5mil
Fund Launch Date
Financial Year Distribution (Sen) - -
Management Fee up to 1.75% p.a. - -
12-Month FD (%)
31 Aug
**4.69
21 Oct 2008
2.62
MGCI (%)
2008
2.73
4.50
No.
MGCF (%)
2
3.68
3
**2.60 23.59
2009
-4.83
2010
1
Distribution
Frequency
Incidental
11 Nov 2008
64.79 0.27
Distribution Yield
4
Polaris Taiwan Top 50
T0P 5 h0L0|NC8
EPF Dividend (%)
5
iShares FTSE A50
Industrial & Commercial Bank of
China
High 0.3241 0.3260
5.80
5.65
0.2651
3.84
Investors are advised to read and understand the contents of the Master Prospectus dated 21 October 2010, the Supplemental Master Prospectus dated 6
January 2011 and the Prospectus of MAAKL-HDBS Shariah Progress Fund dated 20 April 2011 obtainable at our offices, before investing. The prospectuses have
been registered with the Securities Commission who takes no responsibility for its contents. Investors should also consider the fees and charges involved. The
price of units and distribution, if any, may go down as well as up. Past performance of funds is no indication of future performance. Units will only be issued on
receipt of the application form accompanying the prospectuses.
long-term and willing to accept
higher level of risk. The Fund is
also suitable for investors who have
a medium- to long-term investment
Monthly Review
FUND NO. : 26
Small Cap / Islamic Equity
* The performance is calculated on NAV-to-NAV basis
FUND OBJECTIVE
INVESTOR PROFILE MSPF (%)
MSPI (%) -0.54
0.68
June 2011
PERF0RHAN6E 0F H8PF V8 H8P|
1-Month
We remain tactically cautious on the market but remain positive in the immediate term. We expect
the current softness in economic data to recede as the Japan supply chain disruptions ease and
oil prices roll over. Stock picking remains key and the fund will look to add positions later.
who are willing to accept a higher
level of risk and seek to maximise
The Fund seeks to provide Unit
Holders with steady long-term
capital growth at a reasonable level
of risk by investing in a diversified
portfolio of small- to medium-
capitalised Shariah compliant
equities and equity related
instruments.

-3
-2
-1
0
1
2
3
Apr-11 Apr-11 Apr-11 May-11 May-11 May-11 May-11 May-11 May-11
MAAkL-Pu8S Sharl ah rogress 8enchmark
4.63
1 Cash Instruments 55.70
FUND MANAGER
4.53
2 Trading/Services 18.61
4.33
3 Properties 8.03
4.29
4 Construction 7.65
4.07
5 Plantation 4.07
TRUSTEE 6 Industrial Products 3.81
OSK Trustees Berhad 7 IPC 2.13
FUND DETAILS
(As At 31 May 2011)
NAV/Unit RM0.2517
Fund Size RM9.9mil
Fund Launch Date
Fund Inception Date
Financial Year 2011
Management Fee up to 1.50% p.a. -
Trustee Fee 0.08% p.a. -
Sales Charge up to 6.5% -
Distribution
Frequency
Incidental
HwangDBS Investment Management
Berhad
3 Efficient E-Solutions
Muhibbah Engineering
TSH Resources
Distribution (Sen)
Distribution Yield
Unit Split
T0P 5 h0L0|NC8 A88ET & 8E6T0R ALL06AT|0N
No.
1 Eastern & Oriental
2 Parkson Holdings
4
5
0|8TR|UT|0N & UN|T 8PL|T 20 Apr 2011
11 May 2011
30 Apr
units and distribution, if any, may go down as well as up. Past performance of funds is no indication of future performance. Units will only be issued on receipt of
the application form accompanying the prospectuses.
their investments. These investors
should also have a low income
stream requirement and a medium-
to long-term investment horizon of
NAV
VF VC
RM'mil
Growth 1 1.79 11.28 29.50 50.08 143.99 14.6 High 45.5
Value 7 0.54 11.22 31.20 52.07 146.96 16.2 High 127.4
Equity Index 9 1.48 5.23 23.54 33.36 86.46 14.2 Moderate 41.8
Regular Savings 10 1.92 8.55 27.78 45.00 101.06 16.0 High 32.4
Dividend 15 2.10 10.74 26.46 49.77 116.92 10.0 Low 104.0
Al-Faid 4 1.19 5.95 22.53 26.23 103.69 13.0 Moderate 284.6
Syariah Index 6 1.70 6.03 21.35 19.29 77.37 14.1 Moderate 69.4
Al-Fauzan 14 1.00 8.47 26.52 32.03 100.08 10.0 Low 170.1
Progress 2 -0.86 7.36 25.14 37.98 121.21 16.8 High 92.0
Shariah Progress 26 0.68 - - - - - - 9.9
Pacific 12 0.73 0.28 10.92 1.55 20.29 20.2 Very High 40.6
Shariah Asia-Pacific 22 1.65 5.74 19.08 14.82 - - - 16.1
Greater China 23 0.63 -2.24 6.20 - - - - 21.5
Eagle 13 0.74 4.74 14.98 18.06 46.14 15.0 High 20.4
CM Flexi 17 1.10 7.93 27.90 34.71 - 16.7 High 41.5
HDBS Flexi 20 2.64 14.78 31.88 71.66 - 11.0 Low 124.0
CM Shariah Flexi 21 1.93 9.79 25.26 25.04 - 13.2 Moderate 75.0
Monthly Review
EQUITY MALAYSIA SM & MID CAP
EQUITY ASIA PACIFIC EX JAPAN
MIXED ASSET MYR BAL - MALAYSIA
EQUITY MALAYSIA SM & MID CAP (ISLAMIC)
FUND NAME
PERFORMANCE (%)
FUND NO. 1-Month 6-Month 1-Year 3-Year 5-Year As at 29 April 2011
June 2011
MAAKL FUND PERFORMANCE SUMMARY
AS AT 31 MAY 2011
Volatility Measures
(1)
EQUITY
EQUITY (ISLAMIC)
EQUITY ASIA PACIFIC EX JAPAN (ISLAMIC)
EQUITY GREATER CHINA
MIXED ASSET MYR FLEXIBLE
MIXED ASSET MYR FLEXIBLE (ISLAMIC)
MAAKL MUTUAL BHD
(529038-D) 32
Balanced 8 1.55 3.97 17.26 30.06 54.43 11.1 Low 114.1
Al-Umran 16 0.52 4.78 16.97 33.93 70.50 8.4 Low 47.0
Bond 3 0.44 1.20 4.40 11.23 20.55 2.1 Very Low 72.4
As-Saad 5 0.34 0.99 3.41 13.11 22.35 1.6 Very Low 84.5
Money Market 11 0.25 1.39 2.58 7.64 14.41 0.2 Very Low 190.5
Al-MaMun 18 0.26 1.40 2.44 7.65 - 0.2 Very Low 47.8
Asia-Pacific REIT 19 2.62 4.17 20.53 19.54 - 19.9 Very High 7.2
FBM KLCI 1.52 4.92 21.27 22.11 67.96
FBMSHA 1.26 5.82 21.77 14.70 68.68
FBMEMAS 1.09 6.13 23.66 25.49 76.69
FBM100 1.47 6.10 23.92 26.30 73.13
5-Yr MGS 0.30 1.74 3.42 10.78 18.20
MBI 1.00 4.35 15.70 20.03 51.03
MPI -2.34 5.84 20.06 19.93 77.39
1-Month FD 0.24 1.38 2.74 7.75 14.49
12-Month GIA 0.25 1.43 2.86 8.64 -
MXFEJ -1.36 9.83 30.59 6.20 54.83
SWDPAC -1.70 13.13 36.27 5.21 -
BBAREIT 0.54 6.43 30.58 2.61 -
MIDI 0.96 4.56 16.19 12.91 52.98
MDI 1.11 4.74 17.69 21.25 55.91
MIBI 0.87 4.18 14.41 12.93 48.31
MFI 0.86 3.84 13.53 17.88 44.44
MIFI 0.77 3.72 12.47 11.72 -
MGCI -0.95 2.96 17.00 - -
MSPI -0.54 - - - -
MIXED ASSET MYR BAL - MALAYSIA (ISLAMIC)
BOND MYR
BOND MYR (ISLAMIC)
MONEY MARKET
MONEY MARKET (ISLAMIC)
REAL ESTATE AS PAC
(1) Based on the Fund's portfolio returns as at 29 April 2011 the Volatility Factor (VF) for the Funds are as indicated in the table above and are classified as in the table (source:Lipper). "Very
High" includes Funds with VF that are above 18.565, "High" includes Funds with VF that are above 15.505 but not more than 18.565, "Moderate" includes Funds with VF that are above 11.845
but not more than 15.505, "Low" includes Funds with VF that are above 4.325 but not more than 11.845 and "Very Low" includes Funds with VF that are above 0.000 but not more than 4.325
(source:Lipper). The VF means there is a possiblity for the Funds 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 Fund's portfolio may have changed since this date and there is no
guarantee that the Funds 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.
Investors are advised to read and understand the contents of the Master Prospectus dated 21 October 2010, the Supplemental Master Prospectus dated 6 January 2011 and the Prospectus of
MAAKL-HDBS Shariah Progress Fund dated 20 April 2011 obtainable at our offices, before investing. The prospectuses have been registered with the Securities Commission who takes no
responsibility for its contents. Investors should also consider the fees and charges involved. The price of units and distribution, if any, may go down as well as up. Past performance of funds is
no indication of future performance. Units will only be issued on receipt of the application form accompanying the prospectuses.
MAAKL MUTUAL BHD
(529038-D) 32
MALAYSIAN
EQUITIES /
REITs
CASH
INSTRUMENTS
BONDS/
COMMERCIAL
PAPERS
FOREIGN
EQUITIES /
REITs
MALAYSIAN
EQUITIES /
REITs
CASH
INSTRUMENTS
BONDS/
COMMERCIAL
PAPERS
FOREIGN
EQUITIES /
REITs
(%) (%) (%) (%) (%) (%) (%) (%)
Growth 1 82.44 17.56 - - 85.28 14.72 - -
Value 7 82.52 17.48 - - 84.59 15.41 - -
Equity Index 9 95.86 4.14 - - 96.17 3.83 - -
Regular Savings 10 93.46 6.54 - - 95.21 4.79 - -
Dividend 15 83.32 16.68 - - 97.92 2.08 - -
Al-Faid 4 83.86 16.14 - - 83.89 16.11 - -
Syariah Index 6 88.56 11.44 - - 89.52 10.48 - -
Al-Fauzan 14 81.09 18.91 - - 83.83 16.17 - -
Progress 2 78.41 21.59 - - 78.56 21.44 - -
Shariah Progress 26 44.30 55.70 - - - - - -
Pacific 12 4.66 4.97 - 90.37 3.89 6.39 - 89.72
Shariah Asia-Pacific 22 21.35 13.69 - 64.96 24.13 13.82 - 62.05
AS AT 30 APRIL 2011 AS AT 31 MAY 2011
EQUITY
EQUITY (ISLAMIC)
EQUITY MALAYSIA SM & MID CAP
ASSET ALLOCATION SUMMARY
Monthly Review
June 2011
EQUITY MALAYSIA SM & MID CAP (ISLAMIC)
EQUITY ASIA PACIFIC EX JAPAN (ISLAMIC)
EQUITY ASIA PACIFIC EX JAPAN
FUND NAME FUND NO.
MAAKL MUTUAL BHD
(529038-D) 33
Shariah Asia-Pacific 22 21.35 13.69 - 64.96 24.13 13.82 - 62.05
Eagle 13 63.90 14.76 - 21.34 71.96 5.53 - 22.51
CM Flexi 17 83.93 6.66 - 9.41 81.01 8.06 - 10.93
HDBS Flexi 20 74.80 25.20 - - 74.14 25.86 - -
CM Shariah Flexi 21 74.81 25.19 - - 79.91 20.09 - -
Balanced 8 60.03 8.86 31.11 - 59.57 7.84 32.59 -
Greater China 23 - 19.07 - 80.93 - 20.03 - 79.97
Al-Umran 16 46.37 21.99 31.64 - 54.65 8.91 36.44 -
Bond 3 - 5.19 94.81 - - 9.42 90.58 -
As-Saad 5 - 4.57 95.43 - - 4.57 95.43 -
Money Market 11 - 19.71 80.29 - - 23.49 76.51 -
Al-MaMun 18 - 29.05 70.95 - - 19.74 80.26 -
Asia-Pacific REIT 19 29.31 6.51 - 64.18 30.53 4.62 - 64.85
MIXED ASSET MYR FLEXIBLE (ISLAMIC)
REAL ESTATE AS PAC
BOND MYR
BOND MYR (ISLAMIC)
MONEY MARKET
MONEY MARKET (ISLAMIC)
MIXED ASSET MYR BAL - MALAYSIA
EQUITY GREATER CHINA
MIXED ASSET MYR BAL - MALAYSIA (ISLAMIC)
Investors are advised to read and understand the contents of the Master Prospectus dated 21 October 2010, the Supplemental Master Prospectus dated 6 January 2011 and the Prospectus of
MAAKL-HDBS Shariah Progress Fund dated 20 April 2011 obtainable at our offices, before investing. The prospectuses have been registered with the Securities Commission who takes no
responsibility for its contents. Investors should also consider the fees and charges involved. The price of units and distribution, if any, may go down as well as up. Past performance of funds is no
indication of future performance. Units will only be issued on receipt of the application form accompanying the prospectuses.
MAAKL MUTUAL BHD
(529038-D) 33
Growth Value
Equity
Index
Regular
Savings Dividend Al-Faid Al-Fauzan
Syariah
Index
Trading/Services 38.25 22.26 37.97 36.20 26.13 33.28 31.24 44.12
Cash Instruments 17.56 17.48 4.14 6.54 16.68 16.14 18.91 11.44
Consumer Products 5.56 3.82 4.18 7.82 12.45 6.99 8.92 3.38
Industrial Products 5.12 10.33 5.14 4.06 8.28 9.54 10.14 11.12
Construction 10.20 8.20 2.89 9.68 3.79 11.11 7.48 7.34
Plantation 6.44 4.84 7.25 5.07 2.00 7.28 0.75 11.85
Properties 10.51 15.26 - 9.62 5.96 8.23 11.73 4.07
Finance 5.74 11.13 33.79 11.19 10.01 - - -
IPC - 4.05 4.64 5.71 4.87 6.12 5.77 6.36
REITs - 1.39 - 3.31 9.83 - 4.44 -
Hotels - - - - - - - -
Technology - 0.61 - 0.80 - 0.69 - 0.30
TSR/Warrants - - - - - - - 0.02
IPO/Rights Issue 0.62 0.63 - - - 0.62 0.62 -
Eagle CM Flexi HDBS Flexi
Trading/Services 27.17 33.10 25.28
-
-
-
-
Monthly Review
EQUITY
MALAYSIA SM &
MID CAP
(ISLAMIC)
Shariah Progress
18.61
55.70
-
3.81
7.65
4.07
8.03
EQUITY
MALAYSIA SM
& MID CAP
28.06
21.59
4.38
11.14
4.27
40.86
EQUITY
MIXED ASSET MYR
FLEXIBLE (ISLAMIC)
CM Shariah Flexi
-
June 2011
EQUITIES - SECTOR AND COUNTRY ALLOCATION SUMMARY
AS AT 31 MAY 2011
3.56
-
0.05
EQUITY (ISLAMIC)
MIXED ASSET MYR
BAL - MALAYSIA
-
-
2.13
Progress
1.51
13.70
11.74
18.36
Balanced
MIXED ASSET MYR
BAL - MALAYSIA
(ISLAMIC)
Al-Umran
-
-
20.08
FUND NAME
SECTOR
ALLOCATION (%)
FUND NAME
SECTOR
ALLOCATION (%)
Trading/Services 27.17 33.10 25.28
Cash Instruments 14.75 6.66 25.20
Consumer Products 2.77 1.02 6.16
Industrial Products 3.32 4.89 5.15
Construction 2.85 5.47 4.86
Plantation 2.08 5.42 1.66
Properties 8.15 3.26 5.83
Finance 13.72 27.93 19.77
Foreign 21.34 9.41 -
IPC - 1.95 -
REITS 2.48 - 3.68
Technology 1.37 - 1.53
TSR/Warrants - 0.44 0.05
Bonds/Commercial Papers - - -
IPO/Rights Issue - 0.45 0.83
Australia
Hong Kong
Singapore
Cash Instruments
Thailand
Korea
Taiwan
Malaysia
Indonesia
IPO/Rights Issue
40.86
-
4.95
46.53
13.53
11.77 68.91
8.22
10.32
11.54
21.35
4.97
2.25
-
5.52
18.36
8.86
-
-
3.37
-
-
EQUITY SECTOR REAL
ESTATE AS PAC
52.41
19.07
Shariah Asia-Pacific
6.57
0.88
2.70
-
-
-
7.66
6.51
Greater China
23.87
EQUITY GREATER
CHINA
25.19
3.74
7.94
7.20
Pacific
31.11 -
-
1.73
3.55
-
-
4.66
4.25
-
-
29.31
13.69
12.00
9.11
0.19
-
-
EQUITY ASIA PACIFIC
EX JAPAN (ISLAMIC)
0.32
-
31.64
EQUITY ASIA
PACIFIC EX JAPAN
-
-
-
Asia-Pacific REIT
3.56
1.66
20.08
21.99
2.87
4.17
6.65
3.75
5.16
- - -
0.44
2.99
9.77
2.50
7.06
7.84
8.46
2.97
1.47
FUND NAME
COUNTRY
ALLOCATION (%)
Investors are advised to read and understand the contents of the Master Prospectus dated 21 October 2010, the Supplemental Master Prospectus dated 6 January 2011 and the Prospectus of MAAKL-
HDBS Shariah Progress Fund dated 20 April 2011 obtainable at our offices, before investing. The prospectuses have been registered with the Securities Commission who takes no responsibility for its
contents. Investors should also consider the fees and charges involved. The price of units and distribution, if any, may go down as well as up. Past performance of funds is no indication of future
performance. Units will only be issued on receipt of the application form accompanying the prospectuses.
MAAKL MUTUAL BHD
(529038-D)
34
5-Yr MGS : 5-Year Malaysia Government Bond Returns MGCF : MAAKL Greater China Fund
BBAREIT : Bloomberg Asian REIT Index MGCI : MAAKL Greater China Index
FBM100 : FTSE Bursa Malaysia Top 100 Index MHF : MAAKL-HDBS Flexi Fund
FBMEMAS : FTSE Bursa Malaysia Emas Index MIBI : MAAKL Islamic Balanced Index
FBM KLCI : FTSE Bursa Malaysia KLCI MIDI : MAAKL Islamic Dividend Index
FBMSHA : FTSE Bursa Malaysia Emas Shariah Index MMMF : MAAKL Money Market Fund
GIA : General Investment Account MPF : MAAKL Progress Fund
JCI : Jakarta Composite Index MPCF : MAAKL Pacific Fund
MAF : MAAKL Al-Faid MPI : MAAKL Progress Index
MAFZ : MAAKL Al-Fauzan MRSF : MAAKL Regular Savings Fund
MAM : MAAKL Al-MaMun MSAP : MAAKL Shariah Asia-Pacific Fund
MAPR : MAAKL Asia-Pacific REIT Fund MSIF : MAAKL Syariah Index Fund
MAS : MAAKL As-Saad MSPF : MAAKL-HDBS Shariah Progress Fund
MAU : MAAKL Al-Umran MSPI : MAAKL Shariah Progress Index
GLOSSARY
JUNE 2011
MAAKL MUTUAL BHD
(529038-D)
35
MBF : MAAKL Bond Fund MVF : MAAKL Value Fund
MBI : MAAKL Balanced Index MXFEJ :
MBLF : MAAKL Balanced Fund
MCF : MAAKL-CM Flexi Fund SWDPAC :
MCS : MAAKL-CM Shariah Flexi Fund
S&P 500 :
MDF : MAAKL Dividend Fund
MDI : MAAKL Dividend Index
MEAF : MAAKL Eagle Fund
MEIF : MAAKL Equity Index Fund
MFI : MAAKL Flexi Index
MIFI : MAAKL Islamic Flexi Index
MGF : MAAKL Growth Fund
The Information contained herein has been obtained and/or derived from sources believed to be reliable, the Company makes no representation as to its accuracy or
completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of this document. Investor
should rely on their own evaluation to assess the merits and risk of the investment. In considering the investment or the information provided, investors who are in
doubt as to the action to be taken should consult their professional adviser immediately. This document is provided to you for information purposes only and should
not be construed as and shall not form part of an offer or solicitation to buy or sell any unit trust. It may not be reproduced, distributed or published by any recipient for
any purpose.
Morgan Stanley Capital International All Countries
Far East Ex-Japan Index
FTSE Shariah Asia Pacific Ex-Japan, India and
Pakistan Index
Standard & Poor's 500 Index
MAAKL MUTUAL BHD
(529038-D)
35

Market Review & Outlook by Meridian Asset Management SDN BHD

Enviado por

Dados do documento

Descrição original:

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Market Review & Outlook by Meridian Asset Management SDN BHD

Enviado por

Direitos autorais:

Formatos disponíveis

Indices

Você também pode gostar