PMB SUKUK FUND
Category
Growth
Income
Sukuk
Risk
Horizon
Daily Fund Price
NAV per Unit (RM)
0.7337
Change (RM)
0
Change (%)
0
Closing Prices For 27 Feb 2020
*Net Aset Value (NAV) Per Unit
Objective
The objective of the Fund is to provide investors with consistent income* stream and a steady capital appreciation in the medium to long term through investments in sukuk.
Notes:
- Any material changes to the investment objective of the Fund require Unit Holder’s approval
- *Income distribution (if any) will be made in the form of cash or additional Units reinvested into the Fund. Kindly refer to section 9.9 of the Master Prospectus on Income Distribution and Reinvestment Policies
Financial Year End
30 November
Asset Allocation
The Fund invests between 70% and 99.5% of its NAV in RM-denominated sukuk. The balance will be invested in Islamic money market instruments, Islamic deposit placements and/or other permitted investments.
Investors Profile
The Fund is suitable for investors who:
- have a low to moderate risk tolerance level;
- have medium to long term investment horizon;
- prefer a fund that conforms to Shariah principles; and
- seek a stable income and capital growth in the medium to long term from a Shariah-compliant fund.
Principal Risk(s)
- Profit/Interest rate risk
- Credit/Default risk
- Liquidity risk
Trustee
AmanahRaya Trustees Berhad
Others
| Product Highlight Sheet (PHS) | 444 KB | Download File |
What Unit Trust Fund Are You Investing In?
- You are investing in a unit trust fund constituted in Malaysia that aims to provide investors with consistent income stream and a steady capital appreciation in the medium to long term through investments in sukuk.
- You may receive distribution annually ( if any) from the Fund, subject to the availability of income for the financial period . The distribution may be in the form of cash or additional units.
Investment Strategy
i) The details of the assigned rating are as below –
| Tenure | Agency | Symbol | Definition |
| Long Term | RAM | AA | An issue rated AA has high safety for payment of financial obligations. The issuer is resilient against adverse changes in circumstances, economic conditions and/or operating environments. |
| MARC | A | Indicates that the ability to repay principal and pay interest is strong. These issues could be more vulnerable to adverse developments, both internal and external, than obligations with higher ratings. | |
| Short Term | RAM | P2 | An issue rated P2 has adequate safety for payment of financial obligations in the short term. The issuer is more susceptible to the effects of deteriorating circumstances than those in the highest-rated category. |
| MARC | MARC-2 | While the degree of safety regarding timely repayment of principal and payment of interest is strong, the relative degree of safety is not as high as issues rated MARC-1. |
ii) MARC-1 refers to ‘the highest category; indicates a very high likelihood that principal and
interest will be paid on a timely basis.
iii) For sukuk issued by the Government of Malaysia, BNM or Malaysian quasi-government
institutions, or guaranteed by the Government of Malaysia, the requirement for the
minimum credit rating may not apply.
The Fund Manager will actively manage the Fund. However, the trading frequency of sukuk is dependent on market opportunities and the assessment of the Manager. Should the credit rating of the sukuk or the issuer of sukuk falls below the minimum credit rating, the Manager may dispose of those investments in the best interest of Unit Holders. Any balance
not invested in sukuk will be invested in Islamic money market instruments, Islamic deposit placements and/or other permitted investments. The Fund invests between 70% and 99.5% of its NAV in sukuk. The balance will be invested in
Islamic money market instruments, Islamic deposit placements and/or other permitted
investments.
Shariah Principles Applicable
- Investor appoints PMB Investment to manage and invest the Fund under the Islamic contract of ‘Wakalah’ or Agency.
- PMB Investment is appointed to undertake the investment activities on behalf of the investors for ‘Ujrah’ or fee.
Parties Involved
- PMB Investment Berhad: the Manager of the Fund
- AmanahRaya Trustees Berhad: the Trustee of the Fund
- BIMB Securities Sdn Bhd: the Shariah Adviser of the Fund
Possible Outcomes
| Movement of the Fund’s NAV | Outcome of your investment capital |
| Increase by 10% | Increase by 10% |
| Decrease by 10% | Decrease by 10% |
Average Total Return
| Fund/Benchmark | For The Period Ended 30 November 2018 | |||
| #1 Year | #3 Years | #5 Years | #10 Years | |
| PMB SF | 0.85% | – | – | – |
| SUKUK BPAM | 4.41% | – | – | – |
Source: Lipper
# Note: No comparative figure as the Fund has changes the benchmark to BPAM 3y-7y All Sukuk Index effective 16 January 2017.
Annual Total Return
Annual Total Return for the Past 10 Financial Year-Ending 30 November
| Year | PMB SF | Benchmark |
| 2018 | 0.85% | 4.41% |
| 2017 | 0.79% | 3.74% |
| 2016 | (0.45%) | (1.12%) |
| 2015 | 3.06% | (0.26%) |
| 2014 | 2.35% | 2.96% |
| 2013 | 10.33% | 9.80% |
| 2012 | 4.24% | 6.54% |
| 2011 | (2.74%) | 1.41% |
| 2010 | (3.77%) | 12.80% |
| 2009 | 19.89% | 25.46% |
| 2008 | (24.21%) | (25.95%) |
Note:
Change of benchmark
i) 16 January 2017 – BPAM 3y -7y All Sukuk Index (change of Fund’s investment objective that invest in RM-denominated Sukuk)
ii) 15 January 2013 – 50% FBMSHA + 50% 1 year KLIRR (change of Fund’s investment objective that invest in Shariah-compliant securities)
iii) 6 July 2009 – 60% FBM Top 100 Index + 40% Maybank’s 12 month Fixed Deposit Rate
(adoption by Bursa Malaysia of FTSE Bursa Malaysia Index Series)
iv) Prior to 6 July 2009 – 60% KLCI + 40% Maybank’s 12 month Fixed Deposit Rate.
| Financial Year End | |||
| 2018 | 2017 | 2016 | |
| Gross Distribution Per Unit – Cash (sen) | – | 2.00 | 2.50 |
| Net Distribution Per Unit – Cash (sen) | – | *2.00 | *2.50 |
* Distribution is in the form of units
| 2018 | 2017 | 2016 |
| 0.84 times | 0.16 times | 0.26 times |
The PTR was higher than the previous year as a result of an increase in trading activities undertaken by the Fund during the financial year.
Asset Allocation.
| Year | 2018 | 2017 | 2016 |
| Equities | – | – | 29.04% |
| Islamic Real Estate Investment Trust (REIT) | – | – | 1.81% |
| Deposit Placement & Others | 100.00% | 100.00% | 69.15% |
The equity exposure was reduced to 0.00%, reflecting the change in strategy adopted by the Fund.
Historical Financial Highlights
Financial Year Ending 30 November
Extract of Audited Statement of Income and Expenditure
| Financial Year End 30 November |
2018 | 2017 | 2016 | |
| Total Investment Income | (RM) | 33,623 | 46,218 | 21,334 |
| Total Expenses | (RM) | (21,494) | (23,621) | (30,368) |
| Net Income/(loss) before taxation |
(RM) | 12,129 | 22,597 | (9,034) |
| Taxation | (RM) | – | – | – |
| Net Income/(loss) after taxation | (RM) | 12,129 | 22,597 | (9,034) |
Audited Statement of Assets and Liabilities
| Financial Year End 30 November |
2018 | 2017 | 2016 | |
| Total Investment | (RM) | 929,809 | 986,434 | 1,450,673 |
| Other Asset | (RM) | 493,735 | 431,531 | 77,918 |
| Total Assets | (RM) | 1,423,544 | 1,417,965 | 1,528,591 |
| Total Liabilities | (RM) | (7,354) | (42,467) | (56,040) |
| Net Asset Value | (RM) | 1,416,190 | 1,375,498 | 1,472,551 |
| Unit Holders Funds | (RM) | 1,416,190 | 1,375,498 | 1,472,551 |
PAST PERFORMANCE OF THE FUND IS NOT AN INDICATION OF ITS FUTURE PERFORMANCE.
Total Annual Expenses
The table below shows the total annual expenses incurred by the Fund in its respective preceding financial year-end. The percentage was calculated based on the Average NAV.
| Fund | Mgt Fee | Trustee Fee | Fund Expenses | Total Expenses | ||||
| (‘000) | (%) | (‘000) | (%) | (‘000) | (%) | (‘000) | (%) | |
| PMB SF | 10.78 | 0.75 | 0.58 | 0.04 | 10.14 | 0.71 | 21.50 | 1.50 |
Management Expenses Ratio (MER)
The MERs of the Fund for the respective latest financial year are as follows:
| Fund/Financial Year End | 2018 | 2017 | 2016 |
| PMB SF | 1.50% | 1.53% | 1.66% |
Total Return
Average Total Return
| Fund/Benchmark | For The Period Ended 30 November 2018 | |||
| #1 Year | #3 Years | #5 Years | #10 Years | |
| PMB SF | 0.85% | – | – | – |
| SUKUK BPAM | 4.41% | – | – | – |
Source: Lipper
# Note: No comparative figure as the Fund has changes the benchmark to BPAM 3y-7y All Sukuk Index effective 16 January 2017.
Annual Total Return
Annual Total Return for the Past 10 Financial Year-Ending 30 November
| Year | PMB SF | Benchmark |
| 2018 | 0.85% | 4.41% |
| 2017 | 0.79% | 3.74% |
| 2016 | (0.45%) | (1.12%) |
| 2015 | 3.06% | (0.26%) |
| 2014 | 2.35% | 2.96% |
| 2013 | 10.33% | 9.80% |
| 2012 | 4.24% | 6.54% |
| 2011 | (2.74%) | 1.41% |
| 2010 | (3.77%) | 12.80% |
| 2009 | 19.89% | 25.46% |
| 2008 | (24.21%) | (25.95%) |
Note:
Change of benchmark
i) 16 January 2017 – BPAM 3y -7y All Sukuk Index (change of Fund’s investment objective that invest in RM-denominated Sukuk)
ii) 15 January 2013 – 50% FBMSHA + 50% 1 year KLIRR (change of Fund’s investment objective that invest in Shariah-compliant securities)
iii) 6 July 2009 – 60% FBM Top 100 Index + 40% Maybank’s 12 month Fixed Deposit Rate
(adoption by Bursa Malaysia of FTSE Bursa Malaysia Index Series)
iv) Prior to 6 July 2009 – 60% KLCI + 40% Maybank’s 12 month Fixed Deposit Rate.
Distribution Highlight
| Financial Year End | |||
| 2018 | 2017 | 2016 | |
| Gross Distribution Per Unit – Cash (sen) | – | 2.00 | 2.50 |
| Net Distribution Per Unit – Cash (sen) | – | *2.00 | *2.50 |
* Distribution is in the form of units
Portfolio Turnover Ratio (PTR)
| 2018 | 2017 | 2016 |
| 0.84 times | 0.16 times | 0.26 times |
The PTR was higher than the previous year as a result of an increase in trading activities undertaken by the Fund during the financial year.
Asset Allocation
Asset Allocation.
| Year | 2018 | 2017 | 2016 |
| Equities | – | – | 29.04% |
| Islamic Real Estate Investment Trust (REIT) | – | – | 1.81% |
| Deposit Placement & Others | 100.00% | 100.00% | 69.15% |
The equity exposure was reduced to 0.00%, reflecting the change in strategy adopted by the Fund.
Historical Performance
Historical Financial Highlights
Financial Year Ending 30 November
Extract of Audited Statement of Income and Expenditure
| Financial Year End 30 November |
2018 | 2017 | 2016 | |
| Total Investment Income | (RM) | 33,623 | 46,218 | 21,334 |
| Total Expenses | (RM) | (21,494) | (23,621) | (30,368) |
| Net Income/(loss) before taxation |
(RM) | 12,129 | 22,597 | (9,034) |
| Taxation | (RM) | – | – | – |
| Net Income/(loss) after taxation | (RM) | 12,129 | 22,597 | (9,034) |
Audited Statement of Assets and Liabilities
| Financial Year End 30 November |
2018 | 2017 | 2016 | |
| Total Investment | (RM) | 929,809 | 986,434 | 1,450,673 |
| Other Asset | (RM) | 493,735 | 431,531 | 77,918 |
| Total Assets | (RM) | 1,423,544 | 1,417,965 | 1,528,591 |
| Total Liabilities | (RM) | (7,354) | (42,467) | (56,040) |
| Net Asset Value | (RM) | 1,416,190 | 1,375,498 | 1,472,551 |
| Unit Holders Funds | (RM) | 1,416,190 | 1,375,498 | 1,472,551 |
Total Annual Expenses
Total Annual Expenses
The table below shows the total annual expenses incurred by the Fund in its respective preceding financial year-end. The percentage was calculated based on the Average NAV.
| Fund | Mgt Fee | Trustee Fee | Fund Expenses | Total Expenses | ||||
| (‘000) | (%) | (‘000) | (%) | (‘000) | (%) | (‘000) | (%) | |
| PMB SF | 10.78 | 0.75 | 0.58 | 0.04 | 10.14 | 0.71 | 21.50 | 1.50 |
Management Expenses Ratio (MER)
The MERs of the Fund for the respective latest financial year are as follows:
| Fund/Financial Year End | 2018 | 2017 | 2016 |
| PMB SF | 1.50% | 1.53% | 1.66% |
You should be aware that
- The value of your investment, and the distribution payable, may go down as well as up.
- The return of the Fund is not guaranteed.
Liquidity Risk
Liquidity risk refers to the ease of liquidating an asset depending on the asset’s volume traded in the market. If the Fund holds assets that are illiquid, or are difficult to dispose of, the value of the Fund will be negatively affected when it has to sell such assets at unfavourable prices.
Profit / Interest Rate Risk
Note:
Change of benchmark
i) 16 January 2017 – BPAM 3y -7y All Sukuk Index (change of Fund’s investment objective that invest in RM-denominated Sukuk)
ii) 15 January 2013 – 50% FBMSHA + 50% 1 year KLIRR (change of Fund’s investment objective that invest in Shariah-compliant securities)
iii) 6 July 2009 – 60% FBM Top 100 Index + 40% Maybank’s 12 month Fixed Deposit Rate
(adoption by Bursa Malaysia of FTSE Bursa Malaysia Index Series)
iv) Prior to 6 July 2009 – 60% KLCI + 40% Maybank’s 12 month Fixed Deposit Rate.
Credit Default Risk
Credit risk relates to the creditworthiness of the issuers of the sukuk and their expected ability to make timely payment of interest and/or principal. Any adverse situations faced by the issuer may impact the value as well as liquidity of the sukuk. In the case of rated sukuk, this may lead to a credit downgrade. Default risk relates to the risk that an issuer of a sukuk either defaulting on payments or failing to make payments in a timely manner which will in turn adversely affect the value of the sukuk. This could adversely affect the value of the fund.
WHAT ARE THE FEES AND CHARGES OF THIS INVESTMENT?
Payable directly by you :
You will need to pay the following fees and charges as a percentage of your gross investment sum :
| Sales Charge (imposed for every transaction performed) |
IUTA, UTC and direct purchase |
2.0% |
| EPF Members’ Investment Scheme |
3.0% | |
| Repurchase Charge | Nil | |
| Switching Fee | Up to RM25.00 per transaction | |
| Transfer Fee | Up to RM10.00 per transaction | |
| Other Charges (imposed for every transaction performed) |
Bank charges Telegraphic Transfer charges |
Rate is determined by the appointed bankers |
| Distribution Channel(s) | IUTA UTC Direct Purchase Autodebit |
|
Payable indirectly by you :
| Management Fee | 0.75% per annum |
| Trustee Fee | 0.04% per annum |
| Other Fees Charged by the Fund |
Commisssions/fees paid to brokers/dealers; Auditor’s fee; Tax adviser’s fee; Valuation fee; Taxes; Custodial Charges; Tax voucher/distribution warrants; and Any other fees/expenses permitted by the Deed |
YOU SHOULD NOT MAKE PAYMENT IN CASH TO A UNIT TRUST CONSULTANT OR ISSUE A CHEQUE IN THE NAME OF A UNIT TRUST CONSULTANT
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