Investment-Linked Funds - AmMetLife [PDF]

A N N U A L

R E P O R T

2 0 1 5

Investment-Linked Funds For the Financial Year Ended 31 March 2015

AmMetLife Insurance Berhad (15743-P) (Formerly known as AmLife Insurance Berhad)

A PIDM member

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Insurance Berhad headquarters located at Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur.



Contents

Chairman’s Message

04

Corporate Profile

06

Investment-Linked Funds Objectives

07

Investment Market Review

11

Investment Outlook

23

Investment Strategy

31

Fund Performance

37

Sectoral and Category Breakdown

51

Comparative Performance Table

61

Summary of Financial Information

69

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Chairman’s Message

Dear Valued Policyholders, Global economy entered into 2015 with a set of issues that will influence its performance. To begin with, the US economic growth is expected to improve in 2015. Hence the probability for the US Federal Reserve to raise the policy rate is becoming higher. Next we have the economic growth in China projected to be the slowest since 1990 with the risk of falling into hard landing. The other two BRIC economies experiencing problems are Russia and Brazil. Then we have the low inflation in the Eurozone area which eventually paved way for quantitative easing in an attempt to boost demand and head off deflation. Falling oil prices will continue to weigh on oil exporting countries’ economic performance. Finally, an escalation of the geopolitical tensions in Russia and Ukraine and in West Asia could have a negative influence on the economic performance. For the coming financial year 2016 (FY2016), the Malaysian economic growth is expected to grow at a moderate pace of 4.5%–5.5% from 6.0% in 2014. The outlook reflects some slowdown in domestic demand in the course of tighter fiscal and monetary conditions. Private consumption will be moderate underpinned by rising living cost. Despite headwinds from the oil and gas sector, fixed investment will continue to expand moderately, driven by new and ongoing infrastructure projects. Exports are expected to weaken due to lower commodity prices and weak demand for palm oil and petroleum products. Inflation is projected to stay around 2.5%–2.7%, reflecting the impact from the implementation of the Goods and Services tax since 1 April 2015 and the 4

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

weak Ringgit, partially offset by softer global commodity prices and demand. Business and economic conditions are expected to remain challenging, while compliance requirements increasing over the longer term. Over the medium-term, we foresee the banking sector experiencing slower loans growth and narrower net interest spreads while asset quality may come under pressure. We have placed great emphasis on growing our investmentlinked portfolios for this year. For the financial year ended 31 March 2015 (FY2015), the total net asset value of our investment linked funds is RM100.92 million, a year-on-year growth in NAV of 8.2%. Our best performing investmentlinked fund for this financial year was AmMetLife Asia Pacific REITS Fund, giving a commendable return of 15.3% for the year, driven by the search for yields in a well-diversified universe of Asia Pacific real estate equities.

do”, realised by delivering clear, transparent financial security and stability to Malaysians. We remain committed to help you reach your financial goals. We would like to take this opportunity to thank you for your trust and confidence in our products and services, and we are ever ready to build enduring relationships with you and provide expertise and solutions to meet your evolving needs. Thank you.

Tan Sri Azman Hashim Chairman AmBank Group

We are also happy to state that effective 1 December 2014, our Fund Manager, AmInvestment Management Sdn Bhd, has been merged with AmInvestment Services Berhad and is now housed under a single entity known as AmInvestment Services Berhad. The funds’ investment objectives and strategies remain unchanged. With the birth of a new brand – AmMetLife, a fresh and vibrant “Live Ready” brand campaign was launched nationwide on 12 August 2014. The campaign underscores AmMetLife’s philosophy that “Customers are at the heart of everything we 5

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Corporate Profile AmMetLife is a strategic partnership between AMMB Holdings Berhad (“AmBank Group”) and MetLife International Holdings LLC (“MetLife”). AmMetLife offers a comprehensive range of life assurance and wealth protection solutions distributed through a combination of over 175 AmBank and AmMetLife branded branch offices, in addition to the strength of its authorised life insurance agents nationwide. The strategic partnership combines the international expertise and financial strength of MetLife with the local strength and reach of AmBank Group to create a customer-centric and modern life assurance solutions provider in Malaysia. We are focused on meeting our customers’ diverse needs with innovative solutions at different stages of their lives, making it easier and simpler for families and individuals to achieve financial security and pursue more from life.

6

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



Investment-Linked Funds Objective

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment-Linked Funds Objectives 1. AmMetLife Equity Fund

The Fund aims to provide the Customer with capital growth, over a medium to long-term investment horizon, mainly through investments in Malaysian securities with superior growth potential.



Returns will be obtained via growth in unit price rather than income distribution.

2. AmMetLife Bond Fund

The Fund aims to provide the Customer with an opportunity to gain higher than average income earned from fixed deposits, over a to long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.



Returns will be obtained via growth in unit price rather than income distribution.

3. AmMetLife Balanced Fund

The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon.



Returns will be obtained via growth in unit price rather than income distribution.

4. AmMetLife Dana Teguh

The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon, via exposure in Syariahcompliant Malaysian equities and/or equity-related securities and fixed income securities.



Returns will be obtained via growth in unit price rather than income distribution.

5. AmMetLife Dividend Fund

The Fund aims to provide policyholders total returns primarily through investment in equity and equity-related securities of companies that offers sustainable dividend payments and attractive yields, emphasizing on long term capital appreciation opportunities.



Returns will obtain via growth in unit price rather than income distribution.

6. AmMetLife Oasis Islamic Equity Fund

The Fund seeks to achieve moderate capital and income appreciation over a medium to long term by investing in shares of global Syariah-compliant companies via investments in:



1. AmOasis Global Islamic Equity Fund (Unit Trust – AmInvestment).



2. Equity exposure into Syariah approved counters listed in Bursa Malaysia.



Returns will be obtained via growth in unit price rather than income distribution.

7. AmMetLife Global Emerging Market Fund

8



The Fund seeks to achieve long-term capital appreciation through investing mainly in:



1. AmGlobal Emerging Market Opportunities Fund (Unit Trust – AmInvestment Services Berhad).



2. Equity exposure into counters listed in Bursa Malaysia.

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

8. AmMetLife Global Agribusiness Fund

The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmGlobal Agribusiness Fund (Unit Trust - AmInvestment Services Berhad), that invests in a portfolio of quoted equities of agribusiness. Agribusiness is a generic term that refers to the various businesses involved in food production.

9. AmMetLife Precious Metals Fund

The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmPrecious Metals Fund (Unit Trust – AmInvestment Services Berhad), that invests in a portfolio of global Syariah observant equity and equity-related securities of companies engaged in activities related to gold, silver, platinum or other precious metals.

10. AmMetLife Tactical Bond Fund

The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon through investing mainly in a Target Fund: AmTactical Bond Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Services Berhad, where the Target Fund aims to provide income and to a lesser extent, capital appreciation, by investing primarily in bonds.



Returns will be obtained via growth in unit price rather than income distribution.

11. AmMetLife Asia Pacific REITS Fund

The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon, investing mainly in a Target Fund: AmAsia Pacific REITS Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Services Berhad, where the Target Fund aims to provide regular income and to a lesser extent, capital appreciation over the medium to long-term by investing in real estate investment trusts (REITS).



Returns will be obtained via growth in unit price rather than income distribution.

12. AmMetLife Commodity Stable Capital Guaranteed Fund

The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.

9

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



Investment Market Review

11

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Market Review AmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund

Equity Market Review

anticipated. However the index gained towards end of the month

Asia equities dropped substantially and it was the worst monthly

as expectations of policy easing in China and improving sentiment

performance since last June’s initial ‘taper tantrum’. Several

towards EMs generally made for a strong return of cross-border

Emerging Market Central Banks (notably Turkey, India and South

flows to Asian equities. The KLCI ended the month 0.7% higher

Africa) hiked interest rates to backstop currencies and bolster

at 1,849 points.

investor confidence. In addition, there were concerns about China’s economic momentum and financial stability and US economic health. China’s HSBC flash PMI for January surprised on the downside at 49.6 (the first sub-50 reading in six months). US non-farm payroll also indicated softening domestic economic momentum. The KLCI closed 3.3% lower at 1,804 points. Selling pressure was also seen in developed and emerging markets during the month with the MSCI Asia ex-Japan Index falling 5.1% in January. Weak US and China economic data continue to affect market sentiment in February. However, by third week of February most of Asian markets have recovered the losses. People Republic of China (PBOC) affirmed its tightening bias and activity albeit economic data pointed to further slowdown. Asia’s most prominent local macro development was also the Chinese Yuan’s abrupt depreciation which was its biggest drop since China’s 1994 devaluation. The depreciation of Yuan was to discourage ‘hot money’ inflows and set the stage for expected foreign exchange regime liberalization rather than an export-

continued to focus on the small cap stocks. However, closer to the month-end, we saw some signs of profit taking in the overall small cap sector and some penny stocks declined sharply. Ukraine potential crisis continue to affect the market sentiment despite US economic numbers gain traction. Besides that China economic data continued to disappoint investors as well. As a result, US and regional markets were also sideways in April. The KLCI ended the month 1.2% higher at 1,871, with buying support coming in the past few days. However, the positive momentum did not continue in May although there were two positive key economic data released. The strong data failed to excite the market in general. Bank Negara Malaysia maintained the overnight policy rate (OPR) at 3.00% for the 18th consecutive meeting since July 2011. However, the central bank sent a strong signal that rate hikes are on the cards in view of the firmer growth prospects, above-average inflation, and the signs of continued build-up of financial imbalances.

minded monetary easing. Indeed the PBOC in recent weeks

Real GDP recorded a stronger-than-expected growth of 6.2%

has been absorbing liquidity through open market operations,

YoY in 1Q2014 (+5.1% in 4Q2013), lifted by robust domestic

which would be counterproductive. However, KLCI rebounded

demand and improving exports. Private consumption growth was

somewhat from the selloff in January, in line with Wall Street and

encouraging despite rising domestic cost pressures, while overall

regional markets. Second and third liner stocks were particularly

investment growth remained firm due to the execution of ETP

active and enjoyed strong interest. The KLCI ended the month

projects.

1.8% higher at 1,836 points.

On the other hand, corporate results released during the month

March started on a cautious note as Russia’s decision to

were not inspiring and has dampened market sentiment. The

speedily absorb the Crimea following the March 16 sovereignty

KLCI ended the month a marginal 2 points or 0.1% higher at

referendum kept investors guessing as to the extent of potential

1,873 points.

economic repercussions. In addition, Janet Yellen’s first FOMC

June was a decent month as the KLCI again squeezed out several

meeting as Chair, triggered a modest asset market stumble as

new all-time high days. The annual installment of Invest Malaysia

the Committee not only maintained the established US$10bn/

was held on June 9–10 to a record attendance. Unfortunately,

meeting pace of asset-purchase ‘tapering’, but indicated its short-

there were no major announcements to excite the market.

term target interest rate may rise earlier or faster than previously 12

April was basically a sideways market for the KLCI as investors

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

As expected, the FOMC (Federal Open Market Committee)

Dow and S&P 500 were posting their first monthly drop since

tapered its asset purchase program by another $10 billion, evenly

January, as investors are worried about Europe’s economy due

split between US treasuries and agency MBS. This will reduce the

to the sanctions against Russia, an Argentine default and a jump

purchases of treasuries in July to $20 billion (from $25 billion) and

in U.S. labor costs prompted concerns about corporate margins.

the purchases of agency MBS to $15 billion (from $20billion. The

Chicago’s PMI was also significantly below expectations, dropping

FOMC was more confident about the post-winter reacceleration

10 points to 52.6.

of the economy and said that growth in economic activity has rebounded in recent months, labour market indicators generally showed further improvement and business fixed investment resumed its advance. However, the GDP growth forecast for 2014

China’s 2Q growth recovery was better than market expectations due to a slew of stimulus measures focusing on increasing spending on railway and social housing using its own money.

was revised downward, with a central tendency of 2.1–2.3%,

The major corporate development during the month was the

down from 2.8–3.0% in March.

potential CIMB, RHB and MBSB merger after Bank Negara gave

However, tapering is no longer a major market mover and unless there is a major change to the economic outlook, the pace of tapering is expected to remain $10 billion/meeting. Investors are watching when FOMC will start its rate hiking.

the green light to proceed with negotiations at Board level. The shocking loss of flight MH17, just a few months after MH370, was the other major headline. Results released during the month were decent as out of 12 companies we cover that released results, seven were in line, three above and only two below. The

The imminent issue which was the concern last month was the

KLCI ended the month 11 points or 0.6% lower to close at 1,871

situation in Iraq. However, US published encouraging set of May

points.

economic numbers. US Institute for Supply Management (ISM) Manufacturing Index expanded to 55.4 in May from a reading of 54.9 in April. Surprisingly strong U.S. sales from automakers in May bolstered the upbeat view on the factory sector and suggested manufacturing poised for further growth. Auto sales surged 11.4% from a year earlier to a seasonally adjusted annual

August was another erratic month as the KLCI saw heavy selling pressure early in the month but slowly clawed back all the losses on the back of Wall Street’s strength. US market reached its alltime high at the end of August as US investors welcome a series of good economic numbers.

16.77 million unit rate, the strongest pace since February 2007,

However, Malaysia corporate results released during the month

according to research firm Auto Data. This has helped to push

were again disappointing, but the impact on overall share prices

sentiment in June globally.

was muted. The KLCI ended the month 5 points or 0.3% lower

The KLCI ended the month 9 points or 0.5% higher to close at 1,882 points. July was an erratic month as the KLCI scaled new all-time highs early in the month only to come under slight selling pressure towards month end amid the escalating geopolitical tension in the Ukraine and the Middle East, the US equity market marked another high over the month, buoyed by solid economic data (Q2 GDP, payrolls, job openings and CPI). The July FOMC meeting confirmed another incremental step down in asset purchases and market expect the program to wind up around October. The committee also acknowledged that economic activity has

to close at 1,866 points. The broader market underperformed the KLCI as the FBM Emas fell 0.7% MoM to 12,995 points. Small cap underperformed too as the FBM Small cap fell 2.4% to 18,605 points while the FBM ACE was down 2% to 6,904 points. Export growth slowed in June slowed due to the moderation in both E&E and non-E&E shipments. Real GDP growth rose further to 6.4% YoY in 2Q2014 (vs. 6.2% in 1Q2014). On a qoq seasonally adjusted basis, the economy grew by 1.8% (+0.8% in 1Q2014). Net exports lifted overall GDP growth. However, domestic demand moderated but private consumption growth remained strong.

rebounded from the Q1 contraction, but it is still looking for signs

September was a weak month, with the KLCI sliding to its six-

that the slack in the labour market is easing and a pick-up in

month lows as investors digested August’s poor results season.

housing growth.

The weak market sentiment also affected by news over slowing

However, towards the final week of July, US stocks tumbled. The

economy in Europe and China whilst economic data in US was weaker than economists’ expectations. The Chinese government’s 13

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Market Review (Cont’d)

refused from ramping up credit supply are increasingly being

plan and depreciating Ringgit. For the month, the KLCI plunged

tested by a run of data showing that the world’s second-biggest

60 points to close the year at 1,861 points.

economy is sliding into a deeper slowdown, dragged by a cooling housing sector. Export growth has been unsteady, and a cooling

Fixed Income Market Review

housing market is undermining already softening domestic

During the period under review, the local bond market saw

demand. Prices for Chinese steel and iron ore futures have

yields declined, where the yield curve flattened. Buying interest

slumped to record lows, while oil, copper, rubber and other raw

for local bonds returned gradually on expectations that foreign

materials have also skidded on fears of slowing China demand,

fund outflow are less compared to 2013, but concerns over the

which is rapidly leaving the United States as the only major driver

potential Overnight Policy Rate (OPR) hike in 2014 somewhat

of world economic growth.

depressed the buying interest.

Smaller cap stocks resumed their outperformance after August

Back in 2014, there was an adjustment in the electricity tariff

short breather. The KLCI ended the month 20 points or 1.1%

which accounted for 2.88% of total Consumer Price Index (CPI),

lower to close at 1,846 points. The broader market also ended

which was not expected to have a significant impact on headline

the month lower but managed to outperform the KLCI, with

inflation for 2014. Nevertheless, Malaysia’s headline inflation

the FBM Emas falling 0.5% MoM to 12,925 points. The FBM

rate continued to edge higher to 3.2% in 2014 from 2.1% in

Small cap index rose 0.3% to 18,666 points while the FBM ACE

2013. This is largely attributed to the second-round price effects

climbed 0.5% to 7,279 points. Average daily value traded on

from the earlier subsidy cuts (i.e. fuel subsidy cuts and increase in

Bursa in September declined 15% MoM to RM2.14 billion.

electricity tariffs). In line with higher inflation expectations, Bank

October was a very volatile month, with concerns about a whole host of issues weighing down on global markets including the weakening economies of Europe and Japan, the conflict in Iraq and Ukraine as well as the Ebola health scare. Wall Street led global markets into a sharp fall and also dragged markets up when it rebounded. The Kuala Lumpur Composite Index (“KLCI”) fell below the 1,800 point psychological support level for the

3.25% in July 2014 (from 3.00%), citing the need to manage the financial imbalances. BNM said the “normalisation” of monetary policy was needed to ward off risks of financial and economic imbalances that undermine growth. It said that its new stance remained supportive of the economy, which it saw showing continued strength in exports and private sector activity.

second time this year but managed to recoup all of its losses and

In October 2014, the government also announced Budget 2015

change.

which strives to strike a balance between ensuring a sustainable

November was another relatively volatile month as the KLCI gave back much of the sharp rebound enjoyed in October despite Wall Street’s continued strength before pushing higher again towards the end of the month. The major results season in November was a disappointment and that dampen market sentiment. Nonetheless, the KLCI managed to stay above the 1,800 point psychological support despite the volatility. For the month, the KLCI slipped 1.9% or 35 points to close at 1,820 points.

domestic growth whilst maintaining fiscal discipline. Total expenditure for Budget 2015 is RM273.9 billion, which is RM9. 8 billion (3.7%) higher than the initial budget for 2014, with RM223.4 billion for Operating Expenditure and RM50.5 billion for Development Expenditure purposes. Other key highlights include (1) Gross Domestic Product (GDP) projected to grow 5.5%–6.0% in 2014 and 5.0%–6.0% in 2015; (2) headline inflation projected to be around 3.4% in 2014 and increase to 4.0%–5.0% in 2015; and (3) government seeks to lower fiscal deficit to 3.0% of GDP

Volatility in market remained in the month of December as

in 2015 from 3.5% in 2014. Malaysia also abolished subsidies for

the KLCI plummeted to a new 52-week low of 1,671 before

RON95 petrol and diesel effective December 1, with retail prices

rebounding on the back of window dressing activities. Despite

to be fixed according to a managed float. This announcement

Wall Street’s continued strength to new all-time highs, the KLCI

came on the back of a significant decline in global crude prices.

appears to be dancing to its own tune at the moment. There were concerns over the weak oil price which will affect negatively Malaysia’s GDP in 2015 hence government’s ability to stick to its 14

Negara Malaysia (BNM) raised the overnight policy rate (OPR) to

Meanwhile, Malaysia closed the year with an unexpectedly rosy 4th Quarter of 2014 GDP figures. GDP growth strengthened to 5.8% year-on-year (YoY) which is not only better than 3rd Quarter

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

expectation of 5.0%. Again, stronger private sector investment

AmMetLife Oasis Islamic Equity Fund Market Review

and consumption cushioned the economy amidst slower

Feeder Fund: AmOasis Global Islamic Equity

net exports and public sector investment. Overall, Malaysia’s

Target Fund: Oasis Crescent Global Equity Fund

economy grew at its fastest pace in four years at 6.0% in 2014,

The global economy has continued to be characterised by clear

accelerating from 4.7% in 2013.

policy divergences in the first quarter of 2015, with further easing

In January 2015, the Bank Negara (BNM) monetary policy

in the Euro area and Japan causing major currency devaluations

meeting committee (MPC) kept its OPR unchanged at 3.25% for

in these regions. By contrast anticipation of higher interest rates

the third consecutive time, in line with market expectations. In its

in the US has caused the dollar to surge during the quarter, which

statement, BNM turned cautious on the global economy outlook,

is expected to keep inflation and growth more contained in the

highlighting that “volatility in international financial markets has

near term. A number of emerging economies have responded

increased amid shift in global liquidity and heightened uncertainty

to declining inflation and growth expectations by easing of

particularly with regards to global growth prospects and the

monetary conditions, as a restructuring of the Chinese economy

decline in commodity prices.” Nevertheless, BNM still expects the

continues to weigh on import demand and hence commodity

domestic economy to remain on a steady growth path despite

prices. Although geopolitical uncertainties are perceived to be

lower energy and commodity prices, underpinned by growth in

elevated, the decision by OPEC to maintain oil production at

domestic demand while investment activity is projected to remain

elevated levels is expected to drive global growth to 3.6% in

resilient, thus cushioning the lower oil and gas-related investment

2015, through substantially lower oil prices and hence greater

activity. Given as such, the BNM views the current monetary policy

purchasing power amongst net oil importing economies.

stance to be still accommodative and appropriate at this juncture.

- by AmInvestment Services Berhad

of 2014 growth of 5.6% but significantly above consensus

Prime Minister Dato’ Sri Najib Tun Razak addressed the impact of revised 2015 Budget which is based on a lower and more realistic

AmMetLife Global Emerging Market Fund Market Review

oil price assumption of USD55 per barrel. The key takeaways are

Feeder Fund: AmGlobal Emerging Markets Opportunities

as follows:

Target Fund: Schroders ISF Global Emerging Market

plunging oil prices on the economy on the 20th January with a

• 2015 GDP growth expectations lowered to 4.5–5.5% (from 5.0 – 6.0% previously) • 2015 inflation forecast lowered to 2.5%–3.5% (from 4.0%–5.0% previously) • 2015 fiscal deficit target widened to 3.2% of GDP (from 3.0% previously) Operating expenditure was to be cut by RM5.5 billion while development expenditure will be kept unchanged at RM48.5 billion.

Opportunities Global equities generated solid gains over the year ending March 2015. The US was one of the strongest markets as macro data improved and the Federal Reserve (Fed) scaled back its quantitative easing programme, completing its final taper in October. Speculation continued as to when the first rate rise will take place; however expectations were recently pushed back to December as economic data moderated and the Fed lowered its key rate expectations and expressed concern over the strong US dollar. European equities were negative as economic indicators in

The local bond market strengthened further in 1st Quarter of

the region continued to deteriorate. This prompted the European

2015 on the back of weaker crude oil prices that may hamper

Central Bank (ECB) to take a series of measures to ease monetary

GDP growth in 2015. An earlier expectation of a rate hike in 2015

policy, culminating in the launch of sovereign quantitative easing

has diminished, re-igniting buying interest for local bonds.

in March – under which the central bank pledged to purchase

- by AmInvestment Services Berhad

$60 billion of assets per month. Meanwhile, the price of oil fell 48.9%, largely in late 2014, due to rising supply in the face of relatively lackluster global demand. A strong US dollar also characterised the period, and was negative for emerging markets.

15

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Market Review (Cont’d)

The MSCI Emerging Markets (EM) index posted a negative return

gains were undone by friction between the central bank and

and lagged its developed world peers.

President Erdogan, which undermined the credibility and

At the start of the period, our core markets were Brazil, China, Hungary, South Korea, Qatar and the UAE. In July 2014 we added Turkey, given attractive valuations and supportive earnings revisions, despite ongoing sensitivity to US monetary policy adjustments and the risk associated with its poor funded current account deficit. At the same time we removed Hungary given concerns over high external debt and a deteriorating EPS outlook. We added India to the core list in October 2014. Although the market appeared fully valued at the time, the underlying economy and earnings showed signs of improvement amid ongoing optimism towards the government’s reform agenda.

independence of the central bank, and contributed to pressure on the lira. Brazil was the worst performing core market. The reelection of President Dilma Rousseff in October was followed by a drop in the local market, amid concerns over her administration’s ability to combat slowing growth and above target inflation. The appointment of a new finance minister has spurred a return to more orthodox policy making whilst the central bank has raised rates to tackle inflation and also abandoned its currency intervention programme. However, near term macro data remained weak. - by AmInvestment Services Berhad

included Thailand owing to improving EPS growth and reasonable ahead of the election. In November we removed Qatar given rich

AmMetLife Global Agribusiness Fund Market Review

valuations. In January 2015 we removed Thailand and added

Feeder Fund: AmGlobal Agribusiness

Hungary in March.

Target Fund: DWS Global Agribusiness

valuations. We removed Brazil as a result of political uncertainty

The best performing market on our core list was India, which rallied strongly as Narendra Modi’s BJP party won a general election, becoming the first single party for over twenty years to win a majority. This is expected to enable the government to push through much needed reforms. Thailand also recorded a strong return. Despite some uncertainty following a military coup in May 2014, the market rebounded on the back of renewed stability at a political level. Chinese equities were firmly up. Although growth has slowed to 7% year on year (YoY), performance was bolstered by a liquidity driven rally towards the end of the period as the securities regulator announced it would permit mainland mutual funds to invest in Hong Kong stocks via the ShanghaiHong Kong Connect scheme. Qatar posted a positive return, supported sharp gains in Gulf International Services. Hungary delivered a negative return, largely owing to poor performance from pharmaceutical company, Gedeon Richter, which saw its sales in Russia hit by trouble depreciation. Korean equities fell as GDP growth moderated and the government took measures to boost the economy. Local equities also came under pressure due to corporate governance concerns. In the UAE the market was impacted by negative sentiment stemming from heavy oil price declines. It was a relatively volatile period for the Turkish market given the country’s high current account deficit and a large external debt. However, lower oil prices are positive for the country and spurred a rebound in the local market. However, 16

Global equity markets posted decent gains in the year through March 31st 2015, led by double digit gains for the US, softness in Europe and very divergent developments within Emerging Markets, which overall were unchanged. The year was marked by rising tensions over the Russia-Ukrainian conflict, the spread of the Ebola virus in Africa, outbreaks of violence in the Middle East, a sharply falling oil price and the strengthening of the US Dollar. The US equity market was supported by good economic and employment data, rising corporate profits and the absence of any inflation concerns. The European equity markets were affected by continued tensions in Eastern Europe and, later in the period under review, by the Greek government-debt crisis and resulting contentious bailout negotiations with the Eurozone. Within Emerging Markets, India was among the best performers boosted by the election of reform candidate Narenda Modi whereas Russia and its currency, the Ruble, dropped sharply due to Western sanctions and the sharp drop in the price for oil, its main export product. - by AmInvestment Services Berhad

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Precious Metals Fund Market Review

the broader implication of the move in the CHF and other non-

Feeder Fund: AmPrecious Metals

and Sweden) reflects their status as “destination currencies” as

Target Fund: DWS Noor Precious Metals Securities Fund

capital flight ensues from the Euro. These non-EU currencies are

Gold and precious metals equities looked to be performing in line

in such high demand that bond appreciation has actually driven

with the US Dollars (USD) moving into the first quarter of 2015,

yields into negative territory. We believe this is significant in that

but quickly resumed their fall, ongoing since the second quarter

it illustrates markedly strong demand for safe haven.

of 2014, as USD strength prevailed and downward pressure from

Since the introduction of Abenomics in March of 2013, we have

the sell-off in oil took its toll. We began to see capital expenditure

been cognizant of the fact that gold does not pay a yield. Since

in the oil space be curtailed. Growth remained elusive in Europe

that time, QE in the United States (US) has come to an end, an

and Japan, and slower growth in China and other emerging

additional round of QE has been introduced in Japan, and an

markets aggravated capital flight into Organization for Economic

overly-telegraphed (i.e. no surprise to the market) QE strategy

Co-operation & Development (OECD) markets (i.e. the U.S.). We

was recently introduced in the EU. We believe that this latest QE

remain convinced that the yield differentials, particularly between

package will be less effective owing to very low yields within the

the US vs Europe and Japan, will continue to drive USD strength

EU and negative yields for other non-EU, European currencies.

and will likely prove to be a near-term headwind for Gold.

Upon consideration of a negative and ultra-low yield environment

Global Economic Concerns

in Europe that stands in stark contrast to much higher yields in

Gold and the USD traded together moving into 2015: the Dollar

the US, we believe the Euro is a one-way trade (i.e. down for

Index Spot (DXY) (trade weighted dollar) was up by 5% to its

the next several quarters). In fact, in consideration of negative

trade partners and gold was up over 8%, marking an unusual

yield in non-EU currencies, the 0 yield in Gold is relatively better

move as the dollar and gold typically have an inverse relationship.

and, therefore, part of a broader safe-haven trade consisting of

This unusual positive correlation between gold and the DXY were

Dollars, Gold, and non-EU currencies.

short-lived as the DXY continued to strengthen against its trading

- by AmInvestment Services Berhad

European Union (EU) member countries (like Denmark, Iceland,

partners while gold contracted by more than 5% by the end of February. We attribute this move to a resumption of a more normal relationship.

AmMetLife Tactical Bond Fund Market Review

With that in mind, capital flight increased ahead of the European

Target Fund: AmTactical Bond Fund

Central Bank (ECB) Quantitative Easing (QE) plan expected

In April 2014, after spooking the market with a potential rate

to commence on March 9, 2015. ECB President Mario Draghi

hike timeline by mid-2015, the US Federal Reserve Chairman,

announced a QE strategy lasting from March 2015 to September

Janet Yellen, worked to restore investor confidence with a dovish

2016 and amounting to over $1 trillion worth of bond purchases.

speech where she reassured markets that the Fed was not bringing

Amidst the backdrop of a massive QE program, it is our view that

forward US rate hikes because it still has work to do to achieve

gold and the USD will be part of a broader safe-haven trade as

its dual mandate. This brought some relief to the market which

yields in Europe, most notably with the Swiss Franc (CHF), have

found further confidence when China released its 1Q2014 GDP

turned negative owing to capital flight out of the Euro (EUR).

figure which showed an increase of 7.4% YoY, beating market

Ordinarily, we would argue that the QE would be more definitive for a risk-on trade. While we do anticipate some risk-on trading to take place as the QE commences, we have taken note of the massive one-day move of the CHF to the USD (+17.6%) and the EUR (+18.8%) which came on the back of the Swiss National Bank abandoning its peg to the EUR. The removal of this peg, which had been in place since 2011, resulted in an immediate realization of pent-up demand for CHF. In our view,

expectation of 7.3%, thereby tempering fears of a hard landing scenario. On the domestic front, Malaysia’s headline inflation held steady at 3.5% in March, indicating stabilization after seven consecutive months of increase. Malaysia also reported stronger foreign reserves in the month of April which grew by 0.7% MoM USD131.1 billion. Elsewhere, industrial production growth was 6.7% YoY in February while export growth continued to sustain at a strong double-digit rate of 12.3% YoY in February (+12.2% 17

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Market Review (Cont’d)

in January). BNM also released its annual report where it revised

In August 2014, Malaysia reported its 2Q2014 GDP growth figures

its GDP target to 4.5–5.5% for 2014 compared to the Ministry

which came in at a higher-than-expected +6.4% YoY versus

Of Finance’s target of 5.0–5.5%. BNM’s conservative lower end

consensus expectation of +5.8%. This beat our neighboring

of the GDP target is to allow for unexpected downside risks from

peers such as Indonesia (2Q +5.1%), Thailand (2Q +0.4%) and

further fiscal consolidation measures as well as disappointments

comparable to Philippines (2Q +6.4%). Malaysia’s 2Q2014 GDP

in global growth.

growth was the fastest since 1Q2013 and was boosted primarily

In May 2014, while Bank Negara Malaysia once again kept the Overnight Policy Rate unchanged at 3.00% as expected, the tone of its Monetary Policy Statement has turned relatively hawkish compared to previous MPC statements, stating that “the degree of monetary accommodation may need to be adjusted” if needed, so as to address risks posed by the build-up in economic and financial imbalances in the local economy. The change in BNM’s tone was followed by the improved economic outlook for Malaysia in 2014 following the recent release of the strong 1Q 6.2%YoY GDP numbers which surprised the market that had earlier a consensus expectation of only 5.7%YoY. The growth was driven by better Exports that rose 7.9%YoY versus 5.7% in 4Q2013 and also Government Spending that grew a very strong 11.2%YoY.

(+8.6% YoY) during the quarter. Meanwhile, private investments increased on the back of a better global outlook with investments in the services and manufacturing sectors remaining firm. However, private consumption continues to moderate to a softer pace of +6.5% compared to +7.1% in 1Q2014. Finally, private spending remains supported by stable employment conditions and wage growth. On the inflation front, Consumer price index continues to moderate downwards, coming in at 3.2% YoY in July (June: +3.3%). The moderate inflation is primarily attributed to the price of food & nonalcoholic beverages, which rose a softer 3.1% YoY (June: +3.5%). Lastly, foreign holdings of MGS continue to rise steadily. For the month of July, foreign net inflows in MGS totaled RM6.7b, bringing total foreign holdings to RM154b (June: RM147.3b), the highest on record and increasing

In June 2014, several market liberalization measures were

the % of foreign ownership to 48.4% (June: 46.7%). Notably,

announced by our Prime Minister, Datuk Seri Najib Tun Razak

total foreign holdings of MGS are again approaching the peak

during Invest Malaysia 2014. These include the removal of

of 49.5% recorded in May 2013 before the start of QE tapering.

mandatory requirement for corporate bond credit ratings, allowing foreign credit rating agencies and unit trust management companies to operate in Malaysia and allowing the trade ability of unrated bonds and sukuk. Meanwhile, Malaysia’s unemployment rate fell to below 3.0% for the first time since June 2013, coming in at 2.9% in April compared to 3.0% in March. On the inflation front, the CPI index eased further to an increase of 3.2% YoY, in May compared to 3.4% in April.

18

by net exports as exports grew (+14.2% YoY) faster than imports

In September 2014, the region continues to see weak exports; with global cyclical inventory destocking that began since June 2014 and should continue until the end of the year with a potential pick-up in exports that could begin in December 2014. However, stronger than expected 2nd Quarter Gross Domestic Product (GDP) numbers (data released August 2014) in several markets should support domestic demand in the face of this negative trade data. In Malaysia, exports growth continued to

In July 2014, Bank Negara Malaysia raised the Overnight Policy

be modest at 1.73% Year of Year (YoY) for August 2014 (July

Rate by 25bps to 3.25%, in line with market expectations. This

2014: 0.81%YoY, June 2014: 7.9%YoY versus May: 16.2%YoY)

came on the back of a stronger economic growth outlook, above

with electrical/electronic and crude oil and exports still weak

long-run average inflation and concerns over the continued build-

compared with May 2014, before global-destocking. During the

up in economic and financial imbalances, which was highlighted

month Bank Negara kept Overnight Policy Rate (OPR) unchanged

by BNM in the previous MPC meeting. Nonetheless from the

at 3.25% with the central bank shifting its policy language to a

recent MPC statement, BNM appeared to leave the option open

mild dovish bias to “ensure the sustainability of growth prospects

for further policy rate normalization although this would largely

of the Malaysian economy,” versus mild hawkish language in the

be dependent on the trend of economic data coming in over the

prior policy statement. Malaysia’s trade balance for August 2014

next few months, especially if signs of inflationary pressure as

is still in surplus at RM3.86 billion (July 2014: RM3.64 billion) but

well as whether risks posed by growing financial imbalances are

far weaker than the RM8 billion–RM10 billion plus levels seen in

contained.

April, March and February 2014. However, strong 2nd Quarter of

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

2014 GDP print of 6.4%YoY (expectation: 5.8%, 1st Quarter of

to 2.8%YoY versus 8.8%YoY in 2nd Quarter of 2014. However,

2014: 6.2%) reported in August 2013 should support domestic

we can see evidence of higher Government Expenditure at

sector resilience in the second half of the year.

5.3%YoY versus -0.5%YoY in 2nd Quarter of 2014. By sector

In October 2014, in-line with the mildly better external economic data, Malaysia’s Industrial Production for August 2014 beat expectations at 6.5%YoY (expectation: 5.1%YoY, July: 0.6%YoY) driven by manufacturing growth of 7.4%YoY (July: 3.2%YoY) and growth in electricity output 8.4%YoY (July: 5.0%YoY). Inflation stepped-down as expected to 2.6%YoY for September 2014 from 3.3%YoY in August 2014 (expectation: 2.6%YoY), given the base effect from the timing of fuel price hike last year in September 2013 versus the most recent fuel price hike in

there was weaker YoY growth in Agriculture 4.0%, Mining and Manufacturing versus 2nd Quarter of 2014. Inflation for October 2014 was significantly lower than expected at 2.8%YoY (expectation: 3.0%YoY, September: 2.6%YoY). The change in CPI was unsurprisingly driven by Transport +5.3%YoY (September: +0.5%YoY) which is weighted 14.9% in the CPI index. The subdued inflation can be attributed to the current general disinflation effect globally that had dampened the impact of the recent petrol price hike.

October 2014. For Indonesia, the Bank Indonesia reference rate

In December 2014, the region generally saw weaker trade data

was left unchanged for an 11th consecutive monthly meeting

this month driven large by continued weakness in China and

at 7.50% at its monetary policy meeting on 7 October 2014.

European Union even as there is some recovery in US import

The rate level is considered tight, with the need to be vigilant on

demand. In Malaysia, CPI saw a step-up to 3.0%YoY in November

inflationary pressures and for currency stability in anticipation to

2014 (expectation 2.7%, October 2014: 2.8%) due largely to the

an end to US monetary easing. The Bank Indonesia (BI’s) inflation

12% excise duty hike on Tobacco on 1 November 2014. Exports

target remains at 4.5%±1% for 2014 with the latest September

contracted more than expected by -3.1%YoY for the month of

2014 Consumer Price Index (CPI) growth reading at 4.53%YoY.

October 2014 (expectation: -0.3%, September 2014: +2.0%),

The national current account position continues to be stated as

on weak global demand and base effect from the strong uptick

a policy driver for the central bank. In activity data, the HSBC

a year ago. However, imports are still strong at 9.1%YoY for

Indonesia Manufacturing Purchasing Managers Index (PMI)

October 2014 (expectation: -0.3%, September 2014: 1.1%), with

returned to contractionary territory at 49.2 points in October

intermediate goods still a major component of at 64.3%, capital

2014 after venturing into expansion for September 2014 at 50.7

goods at 12.1%, while consumer goods is still a small component

points, largely in-line with weaker regional growth expectations.

at 6.8%. Even so, trade surplus narrowed to RM1.196 billion in

In November 2014, the region generally saw weaker 3rd Quarter of 2014 GDP numbers driven in part by weak external sector and government fiscal consolidation that dragged down domestic demand. However, most economies in the region displayed

October 2014 from RM9.33 billion in September 2014. IP posted stronger than expected in October 2014 at 5.0%YoY growth (expectation: 4.1%, September 2014: 5.4%) on strong mining sector improvement on better crude oil and gas production.

stability and resilience mainly due to prudent and effective policy

In January 2015, the economies in the region did not move in lock-

moves by financial and economic authorities. Meanwhile, there

step in January 2015, as the more resilient economies showed

is also a disinflationary trend likely due to moderating global

their strength in the volatile global growth environment. Also,

commodity prices. In Malaysia, Bank Negara Malaysia (BNM)

increasingly sophisticated economic and financial policymakers

left policy rate unchanged at its 6 November 2014 meeting. The

react with varying policies to shore up their economies. In

central bank maintained its mild dovish bias. GDP growth in 3rd

Malaysia, there was better than expected improvement in trade

Quarter of 2015 printed within market expectations, at 5.6%YoY

balance for November 2014, at a surplus of RM11.13 billion

(expectation: 5.6%YoY, 2nd Quarter of 2014: 6.5%YoY). The

(expectation: RM4.10 billion, revised prior: RM1.15 billion), but

weakness partly due to high base effect with 3rd Quarter of

mainly due to weakening imports for November 2014 at 0.1%YoY

2013 GDP at a relatively high RM 200.6 billion (2nd Quarter of

(expectation: 8.3%YoY, prior: 9.1%YoY). This raises concerns of

2013: RM193.2 billion, 3rd Quarter of 2014: RM211.7 billion).

potentially weaker growth in December 2014 and January 2015.

On the demand side, there was a drop in Investment 1.1%YoY

Exports rebounded somewhat at 2.1%YoY for November 2014

versus 7.2%YoY in 2nd Quarter of 2014 and a drop in Exports

(expectation: -0.7%YoY, revised prior: -3.2%YoY). 19

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Market Review (Cont’d)

In February 2015, the economies in the region generally posted

In November and December 2014, Singapore Real Estate

better-than-expected 4th Quarter of 2014 growth. However,

Investment Trusts (REIT) performance was driven by China cutting

economists’ expectations for 2015 remain cautious in-line with

its rates and a decline in the 10-year MAS bond yields while Japan

regional policymakers which are generally in a dovish to neutral

performance was driven by an 18-month delay in the second

stance. Another trend running through the Asia Pacific economies

consumption tax hike in addition to a call for a snap election.

last month was unambiguous disinflation/deflation that should

Australia REIT performance continued to be chased by investors

provide some support for domestic demand in the face of expected

looking for yields with the 10-year bond yields compressing.

growth weakness for the year ahead. In Malaysia, 4th Quarter of

January 2015 saw some policy stimuli announcements being

2014 GDP beat expectations strongly at 5.8%YoY (expectation:

made by China (loosening its lending and deposit ratio); Japan

5.0%, 3rd Quarter of 2014: 5.6%). This translate to full year

approving USD29 billion in economic stimulus spending and

2014 growth of 6.0% (2013: 4.7%) that is very strong indeed,

Europe finally announcing Quantitative Easing (QE). Additional

beating consensus expectation of 5.9% and comes-in at the very

policy announcements were made in February 2015, with China

upper-limit of BNM’s estimate of 5.5–6.0% for the year. By sector,

cutting its RRR by 50 basis points (bps), Singapore MAS loosening

there is continued weakening and subdued growth in Agriculture

its policy on the SGD by lowering the slope of the NEER curve.

and Manufacturing, but other sectors such as Construction and

The Singapore government also extended the tax transparency

Services have rebounded. The stand-out top performing sector

regulation for REITS, removing the risk of the incidence of

of the economy in 4th Quarter of 2014 is undoubtedly mining

corporate taxes on REITS providing a minimum of 95% income

that grew 9.6%YoY. On an expenditure basis, Private Spending

is distributed. Japanese REITS underperformed the TOPIX due to

at 7.80%YoY (3rd Quarter of 2014: 6.70%) and Investment at

murky prospects of long term interest rates.

4.30%YoY (3rd Quarter of 2014: 1.10%) rebounded significantly. Even though growth in Government Spending at 2.70%YoY (3rd Quarter of 2014: 5.30%) moderated, this is a credit positive and in-line with the necessary fiscal consolidation to preserve the country’s credit profile. - by AmInvestment Services Berhad

In March 2015, the Norwegian Government Pension Fund Global announced Tokyo and Singapore as targeted Asian property markets. Australia REITS -2.1%, underperforming the ASX200. Singapore REITS +0.29%, due to long term interest rates spiking during the month. Japanese REITS -2% on US rate hike risk and expectations of domestic economic recovery. However hotel REITS were notable outperformers, in line with in-house theme picks.

AmMetLife Asia Pacific REITS Fund Market Review Target Fund: AmAsia Pacific REITS Fund In 2QCY2014, Yellen emphasized on the US Fed’s dovish position; the US 10-year yield moved below 2.5%, the lowest in almost a year; the World Bank and IMF cut US growth estimates to 2%. In 3QCY2014, conflict in the Middle East intensified while China eased home purchase restriction rules in certain cities. Comment from Mario Draghi spurred speculation that the ECB was closer to quantitative easing. During the last 2 quarters, Australia REIT performances were driven by corporate restructuring and M&A; in Singapore the REITS staged a recovery in 1QCY2014 but performance was flattish in 2Q2014 followed by some selling pressure moving into 3QCY2014 as renewed concerns on higher interest rates affected investor sentiment; in Japan performance was to some extent driven by positive sentiment arising from government policy once the consumption tax hike hurdle was out of the way.

20

- by AmInvestment Services Berhad

AmMetLife Commodity Stable CGF Market Review The Dow Jones-UBS Commodity Excess Return (DJUBS) Index fell 5.14% in March MoM (Month-on-Month) with the YoY (Year-onYear) performance dipping by 27.06%. Meanwhile, the MLCX Enhanced Benchmark A01 Excess Return (MLCXA01E) Index has lost 4.94% in March to MoM whilst the YoY performance has also suffered a loss 28.27%. Subsequently, the MLCX AmBank Commodity Alpha (MLCXAMB) Index captured the performance differential between the two sub-indices and rose 0.20% MoM at March 2015 month end. Annually, the YoY performance of the index has been positive with a gain of 2.37%.

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Underlying Indices Performance Details Performance Since Inception Date Commencement

MLCXAMB MLCXA01E DJUBS



169.9859 275.6397 145.1062

31 March 2012

3.82%

1.58%

-2.21%

30 September 2012

2.51%

5.10%

2.34%

31 March 2013

3.14%

-2.10%

-5.26%

30 September 2013

3.58%

-9.10%

-12.40%

31 March 2014

3.33%

-4.04%

-7.29%

30 September 2014

4.72%

-14.17%

-18.20%

31 March 2015

5.78%

-28.27%

-32.38%

Month-on-Month Performance Date Commencement 30 September 2014

MLCXAMB MLCXA01E DJUBS – – – -0.02%

-6.25%

-6.23%

31 October 2014

0.06%

-0.75%

-0.81%

30 November 2014

0.20%

-3.87%

-4.07%

31 December 2014

0.76%

-6.87%

-7.63%

31 January 2015

-0.07%

-3.41%

-3.34%

28 February 2015

-0.13%

2.44%

2.57%

0.20%

-4.94%

-5.14%

31 March 2015



Year-on-Year Performance Date

MLCXAMB MLCXA01E DJUBS

Commencement

– – –

31 March 2012

2.11%

-14.47%

-16.31%

31 March 2013

-0.65%

-3.62%

-3.12%

31 March 2014

0.18%

-1.99%

-2.15%

31 March 2015

2.37%

-25.24%

-27.06%



21

Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Market Review (Cont’d)

Performance of MLCXAMB Since Inception

106.0%

105.0%

104.0%

103.0%

102.0%

101.0%

100.0%

99.0%

(Source: Bloomberg)

22

- by AmBank (M) Berhad

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



Investment Outlook

23

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Outlook AmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund

Equity Market Outlook

are not cheap despite a 10% CAGR EPS growth over the next

As we look into 2015, we believe that it will be a volatile year

2 years. However, US equities are in competition with other

with regions exhibiting highly uneven growth patterns. For 2015,

regional equities/asset classes and therefore, need to be valued

the story will be normalization, reflating the economy, fighting

on a relative basis. It is in this respect that we believe that there is

deflation and monetary easing for US, Japan, Europe and China

further upside in the US equities.

respectively. Slightly elevated valuations in most regions imply that stock upside will be dependent on earnings delivery. Deflationary forces from Japan and Europe will probably force the Fed to delay hiking rates towards end 2015; hence our view of 2 halves, whereby we believe the markets will continue their uptrend in the first half while volatility will set in towards the later half of 2015. China’s economy is slowing but there will be no hard landing. Valuations are decent and hence, we are comfortable with China. On the commodities front, rising supply and moderate demand will keep prices subdued. However, we need to note that all the above variables are dynamic and non-stationary. We need to be nimble and to review our outlook regularly to alter our tactical allocation if necessary. US The Fed will probably end its zero interest rate policy towards end 2015 and will become the focus of attention among investors. A rising USD on the back of a deflating Europe and softer China

Recent data give us grounds for cautious optimism outlook on the economy. The third quarter GDP showed the euro area (both with and without Germany) growing at 0.6% Q-on-Q and 0.8% Y-on-Y. Euro core inflation is undershooting the ECB’s 2% target but the good news is that it has stabilized at close to 1%. Compared to the ECB, the Federal Reserve and Bank of Japan have embarked on huge, unprecedented and sustained expansions of their balance sheets and yet, the core inflation in these economies is not really that distinguishable! The other point to note is that the vast majority of the European economy is driven by food and energy. With declining food and energy prices, we doubt anybody would be complaining about lower food and energy bills. This should boost consumption and corporate earnings even though wages are stagnant.

will act as a de facto tightening in monetary condition which will

China

siphon away some growth, hence our view that the rate increase

Recently, we saw encouraging home price stabilization and

will be back ended. Moreover, lower oil prices will lead to lower

peaking housing inventory in the 10 largest cities. While the

inflation.

non-manufacturing PMI continues its downtrend, we suspect

The good news is that falling oil prices will also boost consumer spending. Oil price has fallen by 30% and with net oil imports at 1.2% of US’s GDP (source CSFB), this could boost growth by about 0.4%. Coupled with the fact that the wages and salaries component of the employment cost index has increased above 2% (highest since 2009) suggesting some form of purchasing power increase. The ratio of vacancies to unemployed has broken above its post09 trend, hence unemployment rate should continue to fall and would probably go below 5.5% (full employment technically) before end 2015. While we are comfortable with the macro outlook, valuations 24

Europe

that growth slowdown could be plateauing. Looking ahead, we expect some pick up in housing sales, accelerated fiscal spending (infrastructure) and more monetary easing to increase the supply of credit. We have been arguing that monetary condition has been too tight and recent easing has acted as a catalyst for the market to rebound. All in all, while economic growth at 7% might not be that inspiring compared to recent years, the downside risks should also be limited, assuming correct policy implementation. From what we can decipher from recent government announcements, increasing domestic consumption, deepening reforms, creating jobs and maintaining stability have been the key objectives in achieving steady growth. The main rationale is that the leadership believes that the new normal GDP pace is

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

approximately 7% and the economy’s ability to generate jobs

• Moderating inflation – The fall in crude oil prices continue

has improved in recent years, making it unnecessary to push for

to impact inflation positively. As of March 2015, Malaysia’s

excessive growth to absorb labor supply.

YoY CPI growth remained below 1%. However, moving

We believe that the recent rally in Chinese stocks has largely been due to mean reversion from depressed levels rather than overshooting. Therefore, any correction would be an opportunity to add exposure. Over the next 6 months, we expect the mean reversion process has further upside and downward pressure would occur only if the following conditions rear its head: • Extended/rich valuation • Monetary tightening • Global growth slump

Fixed Income Market Outlook As the central banks across the world continue to surprise the market on the dovish side, the International Monetary Fund warned the world’s leading economies to “prepare for a prolonged period of lower growth rates” which some economists have labeled “secular stagnation”. China, for example, is still struggling to avoid a sharp contraction in the growth of potential output while the United States is showing signs of slowing growth with Q12015 GDP of 0.2% YoY, way below consensus expectation of 1% growth.

forward, the full impact of the GST (in effect as of 1 April 2015) is expected to be felt in the form of a spike in inflation, but with expectation that will smoothen out past six months. • Private sector investment – Private sector investment (which rose 13.9% in 2014) has been supporting Malaysia’s GDP growth since the introduction of the ETP Programme and is expected to continue to do so albeit at a slightly slower pace (high single digit growth). The focus for private sector investment continues to be in the manufacturing and services sectors which are more resilient when compared to the resources sector. • Exports – Malaysia’s exports will be pressured by declining crude oil prices. Crude oil and refined petroleum products cumulatively account for 13.6% of overall exports. However, key to Malaysia’s export performance in the near future will be natural gas and palm oil prices which have proven resilient and/or yet to reflect the fall in crude oil prices. • Ringgit weakness – The recent depreciation of the Ringgit has benefitted our manufacturers and in particular the

As two of Malaysia’s biggest trade partners, any significant

E&E sector. With increased competitiveness and greater

contraction in the economic growth of both countries will

demand driven electronic products such sensors used in the

likely put a constraint on the Government’s target to reduce its

auto industry, smart phones and tablets, there are optimism

budget deficit, which is essential to providing room for boosting

that the gains from the E&E sector will offset the weakness

government spending in periods of slower growth. Furthermore,

from the resources sector.

Malaysia’s shrinking trade surplus is a constant worry as the Government tries to avoid a twin deficit scenario.

While we continue to monitor the impact of the factors outlined above, we reiterate our view that BNM remain well tilted towards

While the consensus expectation is for the first hike to happen

maintaining the sustainability of Malaysia’s growth, rather than

in September 2015 and at a gradual pace, the impact to interest

inflation. We also note that the continuous drop in Malaysia’s FX

rates in general is on the uptrend over the medium to long term.

reserves, due to sizable capital outflows have given fears to the

However, in the short term, volatility in bond yields, currencies

possibility of some upheaval in the capital markets. Nevertheless,

and even the equity market are expected to spike and Malaysia

there are some evidences that long term foreign money remain

will likely face the brunt of it, being part of the Emerging Markets.

sticky as the market looks beyond the short term impact of lower

Locally, the stabilizing crude oil prices have alleviated some of the

crude oil prices and the weakening Ringgit, to factor in the

pressure on the Government’s finance but the persistently high

fundamental strength of the Malaysian economy which according

household debt will likely constrain consumption growth amid

to Bank Negara will still grow a respectable 4.5%–5.5%.

subdued retail spending in the face higher prices from the twin

- by AmInvestment Services Berhad

effect of GST and a weaker Ringgit. We continue to watch the following key trends to which will impact the decision of policy makers in the near term: 25

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Outlook (Cont’d)

AmMetLife Oasis Islamic Equity Fund Market Outlook

we note the recent rebound in GEMs and remain constructive

Feeder Fund: AmOasis Global Islamic Equity

start of a more prolonged bull run given too many uncertainties

Target Fund: Oasis Crescent Global Equity Fund

remain. Our portfolio is fully invested with a beta just below 1 but

Global equity markets have not moved much from the prior

we remain net underweight the more cyclical sectors.

quarter. However, the volatility has increased significantly.

- by AmInvestment Services Berhad

Emerging Market equities have continued to lag the Developed Market peers with overhangs such as the depressed oil price, devalued currencies, political and social risks. On the opposite side of the coin the economic prospects of the Developed Markets have improved and consequently attracted inflows. Emerging Market companies in aggregate have continued to gear up their balance sheets in contrast to Developed Market and with the inevitable turn in the rate cycle, demand for good quality counters with strong balance sheets are likely to accelerate. - by AmInvestment Services Berhad

on the outlook for GEMs, albeit we do not believe this are the

AmMetLife Global Agribusiness Fund Market Outlook Feeder Fund: AmGlobal Agribusiness Target Fund: DWS Global Agribusiness As the northern hemisphere planting season approaches farmers are making their final decisions as to the type of crop that are going farm, which will ultimately determine the seeds they will purchase as well as the nutrient mix and crop chemicals that will be applied. We have discussed before that the majority of these farmers have very strong balance sheets, and even in the current

AmMetLife Global Emerging Market Fund Market Outlook

agricultural commodity environment are expected to deliver

Feeder Fund: AmGlobal Emerging Markets Opportunities

In the U.S. it is expected that farmers will plant approximately

Target Fund: Schroders ISF Global Emerging Market Opportunities US dollar strength remains one of the key headwinds for GEMs who historically have tended to struggle versus developed markets in a dollar strengthening environment. The outlook for the USD remains uncertain given the dollar has already strengthened significantly and the US authorities may wish to temper further appreciation given ramifications for the economy’s competitive position. That said, we believe a dollar strength trend could continue for some time yet, not least given ongoing divergent monetary policy in the developed world. More recently, the prospect of a delay to the first interest rate hike has led the USD to stabilise. Lower commodity prices and the potential for progress towards a re-synchronization of global growth should support GEM exporters in particular, although commodity exports are likely to continue to be weighed on by the economic transition underway in China. There is a case to be made that the headwinds facing GEMs have been priced in and the level of investor bearishness has become overstated; the MSCI EM index has been range bound since 2010 and has now exceeded its previous longest stretch of underperformance versus the MSCI World since the 52 month period at the end of the 1990s. This has led valuations to be attractive and GEMs are trading at the largest discount to the S&P 500 for over 10 years. Overall then, 26

strong cash receipts.

89 million acres of corn, down marginally (2%) from the record levels last year. Soybean acres should increase slightly; however, larger gains are expected in barley, sorghum, and sunflowers. These planting intentions bode well for the seed industry and the nutrient and chemical manufacturers as corn seeds command premiums due to the significant embedded technology, and this crop is significantly more fertilizer intensive. Furthermore, from a global perspective farmers look to be in a better condition than they have over the past few months. Specifically, the most recent currency depreciation in Brazil, Argentina, and Russia has not been accompanied by declining commodity prices. As a result, farmers in these regions may see margin growth as their costs are in local currencies and their outputs are priced in dollars. Not all regions in the United States are looking equal for farmers this year. California is experiencing its fourth consecutive year of drought, and lawmakers in the state recently had to approve $1 billion in drought spending. Record low rainfall and limited snow over the winter have left reservoirs less than half full. Approximately 80% of California’s water supply goes toward its $48 billion dollar industry which focuses on dairy and meat, specialty crops and vegetables. Globally, countries like Australia and New Zealand which produce a similar mix of crops will likely need to be called on if production is impacted.

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

On the consumer side there has been another round of mergers

economic growth is already coming into question in the

and acquisitions, this time involving Warren Buffet and 3G in a

aftermath of falling oil prices. Although lower prices at the pump

Heinz/Kraft merger. The market responded very favorably to this

support consumption, we do not fully understand the broader

acquisition as management indicated that significant synergies

implications the weaker oil price will have in the US, which has

could be achieved through large cost cutting programs and by

seen oil production almost double over the past 6 years. Should

leveraging their clout with retailers. Interestingly, both Heinz and

oil prices remain at current subdued levels, we could begin to

Kraft are exposed to very limited category growth areas which

see production declines and hydrocarbon-related job losses.

tend to reflect broader developed market food growth rates.

Additionally, too much USD strength accompanied by massive

While we see value in this type of combination it is clear that many

capital flight from the EUR and Emerging markets may prompt the

of these national brands are facing large underlying problems.

U.S. to reconsider additional QE. Should new QE be introduced

Competition from both private label and organic food is drawing

by the US Fed after its recent culmination, we believe that a faith

consumers away from these companies. The consumer remains

crisis would ensue in the markets with central banks around the

split with a large segment focusing on value, and another who is

world and that FIAT currency would come under massive pressure.

willing to pay significantly more for health and nutrition products. Our investments in Panera, Ebro Foods, TreeHouse, ConAgra, The Fresh Market, Select Harvest and Noodles to name a few, could take part in this continuing trend. - by AmInvestment Services Berhad

Gold The latter half of 2014 presented a challenging environment for the entire gold and precious metals complex, putting an abrupt end to the recovery we observed in 1H 2014. In November 2014, short-term headwinds remained strong for gold as Japan and Europe, battling with elusive growth, continued to act

AmMetLife Precious Metals Fund Market Outlook

or contemplate further QE. Gold was hit further by the OPEC

Feeder Fund: AmPrecious Metals

sell-off in crude (oil had sold off by more than 10% the day after

Target Fund: DWS Noor Precious Metals Securities Fund

the OPEC meeting), as well as continued USD strength. We saw

In our view, elusive growth in Japan, emerging markets, and

an end to QE in the US, capital flight challenges, substantially

now Europe will likely remain elusive as rates have already been

reduced yields in the EU periphery markets, and trade imbalances

very low with little to no growth to show for it. We believe that

among the US and its trading partners, all signaling an increase

should the Fed raise rates, we will likely see even more significant

in risk aversion moving into 2015 where we began to see capital

appreciation of the USD relative to other currencies. This additional

expenditure in the oil space be curtailed.

USD strength will work to blow out the balance of payments and choke off much-needed, burgeoning economic growth. USD strength will be beneficial to those countries that export in USD, but the problem lies with the duration of that trade. If borrowing requirements of exporting nations do not drop significantly enough, or if inflation starts to materialize more significantly as a consequence of currency devaluation, capital controls may have to be implemented. Additionally, many emerging market exporters (i.e. Russia) are experiencing a massive drop in commodity export prices (i.e. oil) where currency devaluation has weighed on Gross Domestic Product (GDP). In such cases of devaluation amidst falling export prices, the net effect is a much weaker economy as hard currency receipts are scarce and borrowing requirements require higher yields to attract capital.

decision not to cut production on November 27 and the resulting

Capital flight increased ahead of the ECB QE plan expected to commence on March 9, 2015. ECB President Mario Draghi announced a massive QE strategy lasting from March 2015 to September 2016 and amounting to over $1 trillion worth of bond purchases. Amidst this backdrop, it is our view that gold and the USD will be part of a broader safe-haven trade as yields in Europe, most notably with the CHF, have turned negative owing to capital flight. Ordinarily, we would argue that QE would be more definitive for a risk-on trade. While we do anticipate some risk-on trading to take place, we have taken note of the massive one-day move of the CHF to the USD (+17.6%) and the EUR (+18.8%), which came on the back of the Swiss National Bank abandoning its peg to the EUR (in place since 2011) and resulted in an immediate realization of pent-up demand for CHF. In our

USD strength is also a problem for the US economy, as weaker

view, the broader implication of the move in the CHF and other

exports will weigh on much-needed economic growth. US

non-EU member countries (like Denmark, Iceland, and Sweden) 27

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Outlook (Cont’d)

reflects their status as “destination currencies” as capital flight ensues from the Euro. These non-EU currencies are in such high demand that bond appreciation has actually driven yields into negative territory, which we believe is significant in that it illustrates markedly strong demand for safe haven.

The anticipated monetary policies by the two largest economies would invariably have some impact on Malaysia’s economy. Already facing high levels of household debt, weak global trade and declining crude oil prices, Malaysia’s policymakers have

With that in mind, we believe that this latest overly-telegraphed

recently acknowledge greater challenges in terms of future Gross

(i.e. no surprise to the market) QE package will be less effective

Domestic Product (GDP) growth. The following factors will be key

owing to very low yields within the EU and negative yields for

trends to watch out for in the next six months:

other non-EU, European currencies. Upon consideration of a

• Moderating inflation – The fall in crude oil prices has already

negative and ultra-low yield environment in Europe, the 0 yield

impacted inflation positively. As of January 2015, Malaysia’s

in Gold is relatively better and, therefore, part of a broader safe-

Consumer Price Index (CPI) has dropped to 1% YoY which

haven trade consisting of Dollars, Gold, and non-EU currencies.

indirectly benefitted consumers in terms of boosting real

Gold Equities Gold and precious metals equities faced significant headwinds in the latter half of 2014, as the entire gold and precious metals complex struggled to find direction. Risk-on, risk-off trading persisted amidst improving US economic data. As expected, the Fed ended QE in October. This was met with a weaker EUR and a material increase to stimulus in Japan, which had been contracting since the 2nd quarter. The BOJ announced a substantial increase to their stimulus program and increased pension allocations to equities on October 31, at which point prospects of the first rate hike began to weigh on Gold. Gold ETF outflows continued as dollar safe haven demand increased relative to EUR and JPY weakness. In January 2015, Gold and precious metals equities looked to be performing in line with the USD, but quickly resumed their fall, ongoing since the second quarter of 2014, as USD strength prevailed and downward pressure from the sell-off in oil took its toll. - by AmInvestment Services Berhad

AmMetLife Tactical Bond Fund Market Outlook

purchasing power. While the imminent implementation of the Goods and Services Tax (GST) next month will push up inflation, it is expected to smoothen out past six months. • Private sector investment – Private sector investment (which rose 11% in 2014) has been supporting Malaysia’s GDP growth since the introduction of the Economic Transformation Programme (ETP) Programme and is expected to continue to do so albeit at a slightly slower pace (high single digit growth). The focus for private sector investment continues to be in the manufacturing and services sectors which are more resilient when compared to the resources sector. • Exports – Malaysia’s exports will be pressured by declining crude oil prices. Crude oil and refined petroleum products cumulatively account for 13.6% of overall exports. However, key to Malaysia’s export performance in the near future will be natural gas and palm oil prices which have proven resilient and/or yet to reflect the fall in crude oil prices. • Ringgit weakness – The recent depreciation of the Ringgit has benefitted our manufacturers and in particular the Electrical and Electronics (E&E”) sector. With increased competitiveness and greater demand for electronic products such as sensors used in the auto industry, smart phones and tablets, there are

Target Fund: AmTactical Bond Fund

optimism that the gains from the E&E sector will offset the

The scenario of a two speed global economy continue to play

weakness from the resources sector.

out as the US Fed Reserve remain on track to hike interest rate in the 2H2015 while the rest of the world remain largely dovish. The People’s Bank of China (PBOC) in China for example has just announced interest rate cuts of 25 basic point (bp) to the benchmark deposit and lending rate effective 1 March 15. Not only is this earlier than market expectation, but there are further expectations that the PBOC will continue with the monetary loosening by cutting the benchmark interest rate twice and the 28

RRR three times for the rest of the year.

While near term challenges persist, Bank Negara Malaysia (“BNM”) still expects the Malaysian economy to remain on a steady growth with domestic demand and private investment remaining the key growth driver. For now, the Government’s economic growth forecast of 4.5–5.5% remains intact in spite of the headwinds mentioned above. While we monitor the impact of the factors outlined above, we

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

reiterate our view that BNM remain well tilted towards maintaining

- by AmInvestment Services Berhad

the sustainability of Malaysia’s growth, rather than inflation. As prospect of an interest rate cut by BNM has also increased with

AmMetLife Commodity Stable CGF Market Outlook

JP Morgan the first to call for an interest rate cut, as soon as

Looking back over the past year, commodity markets have

2nd Quarter of 2015. In the coming months, the global markets

continued to barrel lower, with the pace of declines increasing

will continue to see whether crude oil prices have bottomed

as global growth reaches a critical point in time, and as the

and stabilized around the USD50 – USD60 range, what further

US Federal Reserve begins to unwind its Quantitative Easing

measures will China introduce to support its economic growth

programme which had propped up commodity prices through

and when will US finally hike rates. These events will continue

cheap liquidity in the past few years.

more Central Banks join the monetary easing bandwagon, the

to influence the direction of Malaysia’s policy makers and hence capital markets. - by AmInvestment Services Berhad

The year was capped off by a dramatic slump in crude oil prices which led to the continuing trend of falling commodity prices throughout most of 2014 and early 2015. Crude oil fell, heading for its worst year since 2008 amid a global supply glut,

AmMetLife Asia Pacific REITS Fund Market Outlook

dragging commodities to a fourth straight annual drop. West

Target Fund: AmAsia Pacific REITS Fund

and the Bloomberg Commodity Index, which tracks 22 products

The recent US payroll data suggest greater likelihood that the Fed

from crude to copper, decreased 0.8 percent for a 16 percent

could delay its rate hike to 2016. Monetary conditions remain

slide in 2014. Crude’s 45 percent tumble this year, spurred by the

conducive for equities which supports a pro-risk stance. Eurozone

largest U.S. output in three decades and OPEC’s refusal to cut

on the other hand is likely to benefit from lower oil prices, weaker

production, has caused a major stir in global markets as investors

currency, easing austerity and negative to mildly positive credit

begin to re-evaluate asset prices.

growth are reasons for near term optimism although a longer term concern is deflation. China 1Q15 GDP was the lowest since 2010 but came in line with consensus expectations given it is part of the normalization process. Key objectives of the government are deepening reform, job creation and maintaining stability. Policy easing and outright cuts are expected to reverse the tight monetary environment. The country allocation of the portfolio largely reflects country weighting in the fund benchmark. The low interest rate environment in Australia is making higher yielding asset classes such as REITS attractive to investors. In Japan, like Australia, the low interest rate environment is driving demand for higher yielding asset classes. However there is also a growth angle arising from economic recovery boosted by monetary and fiscal policy. Singapore continues to be a portfolio mainstay not just for its weighting but also for its relative stability as a market. In addition, it is leveraged in global economic recovery given the exposure of its economy to external economic activity. This strategy is expected to continue to be adopted given the outlook on respective countries, barring any unforeseen circumstances which may substantially shift the macro landscape. Market corrections will present opportunities in accumulating positions where growth is expected to be sustainable.

Texas Intermediate crude dropped 2.3 percent to $52.89 a barrel

Over in the grains space, the Russian Ruble crisis rippled through the global wheat market. As Russia’s currency extended a plunge to a record low against the dollar at the end of 2014 due to economic sanctions relating to its insurgency in Ukraine, the nation slowed grain exports to preserve domestic stockpiles and keep domestic prices in check. With Russia being the 4th largest wheat exporter in the world, this led to concerns on the rate of global supply, which subsequently saw wheat futures jumping to the highest since May. 2015 began with an expanding global grain glut drove crop prices to the lowest since 2010, with wheat futures off to the worst start to a year in four decades. Farmers collected a record global wheat harvest, U.S. government data show, and the International Grains Council raised its outlook for the world’s corn crop. Thailand is preparing unload built-up rice supplies on an already oversupplied market, and rains are aiding Brazil’s soybeans. Most raw materials are mired in bear markets, with the Bloomberg Commodity Index down for a seventh straight monthly loss, the longest streak since 2009. A collapse in oil is cutting production costs, and encouraging more output even amid global surpluses. In the agricultural sector, palm oil climbed for nine days towards 29

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Outlook (Cont’d)

the end of 2014 to head for the longest run of gains in more than a decade as flooding in Malaysia hurt prospects for harvesting, compounding a seasonal slowdown in production in the largest grower after Indonesia.

According to market players, due to the fact that energy accounts for as much as half the cost to produce food and metals, all sorts of commodities will keep dropping due to lower oil prices. With

In the metals space, gold and silver fell, slumping to the lowest

ample inventories and slowing economies like China, eroding

since 2010, as the dollar strengthened after the Bank of Japan

demand, corn may drop another 3 percent, cotton 6.5 percent

unexpectedly boosted stimulus and the Federal Reserve ended

and gold as much as 5 percent.

asset purchases. Gold erased 2014’s advance on October 30, after U.S. gross domestic product beat estimates. Gold ended October with a 5.5 percent drop, the most since September 2013. Gold rose 70 percent from December 2008 to June 2011 as the Fed bought debt and held borrowing costs near zero percent using its

30

asset-purchase programme.

(Source: Bloomberg) - by AmBank (M) Berhad

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



Investment Strategy

31

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Strategy AmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund

Equity Investment Strategy

prices to boost consumption and earnings. We doubt there will

2015 will not be smooth sailing as we believe performance might

be much earnings downgrade except for Korea, Thailand and

be front loaded due to expected rising Treasury yields towards

Malaysia.

the later half of the year, USD strengthening and commodity price weakness. Persistent macro worries will impede PER multiple expansions and as such, countries with above mean PER, namely, Indonesia, Thailand and Philippines, will lag. Countries with lower inflationary pressures from commodity imports, such as India, Korea and China, will benefit. However, for India, PE

Despite decent GDP growth for the past three years, earnings growth has been hugely disappointing with low single digit numbers. As such, despite the market pull back recently, valuations are only at neutral territory.

multiples are above mean. With high ROEs, falling commodity

The ETP was formulated to bring Malaysia to a high-income nation

prices, good demographics, better political outlook, falling

but addressing human capital productivity and knowledge-based

current account deficit and monetary easing expected, its high

transformation is not an overnight issue as much still needs to be

PE multiples will be supported for now.

done. Issues such as fuel subsidy removal while necessary, is more

Valuations aside, we are also wary of certain political issues:

tactical in nature and longer term issues need to be addressed, less we lose out to our neighbours in attracting FDI. FDI outflows

Indonesia

have exceeded inflows and will affect the balance of payments

Jokowi’s administration might not have the public mandate in

especially with lower oil prices and unpredictable large error and

parliament to embark on wide-ranging reforms and could be

omission in the accounts.

spending a lot of energy convincing political opponents of the merits of such reforms.

While oil price is weak, we believe that downside is limited based on oil future contracts. The risk of fiscal reduction increases if

Thailand

Tapis crude oil price falls below USD65 as government revenues

It is not clear on the type of legislative and governing system cum

will be harder hit and cannot be fully offset by fuel subsidy

2016. Secondly, much needed infrastructure investments have

removal. While the government has the flexibility to postpone

been delayed and this will affect her competitiveness. It is unclear

some development projects, perhaps it is better to tighten the

whether earlier expectations of political and infrastructure

operational issues on expenditure as highlighted by the Auditor

reforms will be pursued with vigour.

General reports. The key message here is that with lower oil price,

Korea The key concern is dealing with competitiveness against China (low to mid-end products) and Japan (high-end with Yen

prudent planning and better operational execution are necessary to keep Malaysia’s fiscal health in check. Failure to do this could also lead to an exodus of foreigners in MGS, which is worrying.

weakness). The conglomerates’ reluctance to increase dividend

With GST implementation, subsidy reduction and possible

payout ratio despite encouragement by the government has also

delayed fiscal implementation, earnings visibility is uncertain.

led to investors’ disappointment. Korea Inc has to embark on

Based on consensus numbers, expectation over the next 2 years

better programmes to foster better corporate governance and to

is 9% per annum(p.a.) growth. With no room for PER expansion,

encourage a more vibrant SME supply chain like Taiwan.

earnings delivery is key.

Looking at the consensus earnings expectation, the 2015

Our strategy for 2015 would be to focus on more stable earnings

downgrades in Asia Pacific ex Japan occurred across every country

growth companies such as construction and healthcare. We would

except for Singapore, India and Taiwan. All in all, while 2015 will

also add weights to dividend-plays like Telco and to focus on

not be smooth sailing, there are sufficient positives with regards

reform beneficiaries such as Tenaga (electric tariff rationalization).

macro data, deflationary forces from lower commodity and oil 32

Malaysia

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

While Malaysia is less expensive than her ASEAN neighbours except Singapore, our key concern is continued earnings disappointment. Top line delivery would be labored as explained above coupled with the fact that we are impacted by lower terms of trade via oil and commodity exports. For now, we expect yearend 2015 KLCI target at 1850, but we have to stress that visibility at this point is poor.

clients over the long term. - by AmInvestment Services Berhad

AmMetLife Global Emerging Market Fund Investment Strategy Feeder Fund: AmGlobal Emerging Markets Opportunities Target Fund: Schroders ISF Global Emerging Market

Fixed Income Investment Strategy

Opportunities

With expectations of a moderate inflation outlook, slower

Our core markets at the start of April 2015 are China, Hungary,

economic growth forecast and less optimism this year, we think

India, South Korea, Thailand, Turkey and the UAE. We have re-

the Overnight Policy Rate is likely to stay at its present level of

added Thailand after the quarterly model moved it to overweight

3.25%. Should economic data show further weaknesses, we do

owing to improvement in its risk and growth scores.

not discount the possibility of BNM cutting interest rate.

In China, valuations are attractive and the stable economic

Structurally, we remain cautious as both the local and global

background, combined with a promising reform agenda is

markets are still susceptible to market volatility especially in

supportive. In Hungary, valuations are attractive whilst the

anticipation of the US Federal Reserve raising interest rates

market offers strong earnings growth. The Indian market is

sometime in the near future as well as a weakening Ringgit

fully valued but the underlying economy shows signs of further

outlook.

improvement, whilst there is continued optimism towards the

Given expectations of market volatility ahead, we advocate reinvesting and participating in new issuances to capitalize on more attractive yields and tactical stance.

government’s reform agenda. Despite some ESG concerns, the South Korean market is attractively valued and the market is a perceived beneficiary of improving global growth. Elsewhere, Turkey enjoys attractive valuations, although the market is likely

For Balanced Fund and Dana Teguh

sensitive to US monetary policy given its wide and poorly funded

In view of our market outlook above, we will keep the asset

current account deficit. We also remain cognizant of political

allocation in the fixed income to its minimal and overweight

risks in Turkey, ahead of a general election in June 2015. In the

equities.

UAE, we believe the equity market appears to have been overly

- by AmInvestment Services Berhad

AmMetLife Oasis Islamic Equity Fund Investment Strategy Feeder Fund: AmOasis Global Islamic Equity

impacted by the drop in oil prices and fundamentals generally remain robust. Thailand offers reasonable valuations and the economy is improving, despite ongoing political uncertainty. - by AmInvestment Services Berhad

We have maintained our investment in high quality companies

AmMetLife Global Agribusiness Fund Investment Strategy

that have strong competitive advantages, and the ability to

Feeder Fund: AmGlobal Agribusiness

leverage off those competitive advantages to deliver a higher

Target Fund: DWS Global Agribusiness

level of sustainable Return on Equity (ROE) through the economic

Over the last 12 months, the Global Agribusiness strategy

cycle. We believe that companies which have healthy balance

benefited from strong performance in our consumer oriented sub

sheets and strong cash flows have the ability to sustain themselves

themes: organic food (SunOpta, Royal Wessanen ), ingredients

during challenging economic environments while delivering real

(Senomyx, Frutarom), private label (Conagra, TreeHouse), and

earnings growth over the long-term. Our portfolios trade at a

premier processors (Hillshire, Post Holdings). While organic

significant discount to the global equity market across various

food describes the increasing trend to quality awareness, health

measures and provide sustainably higher ROE through the

aspects and sustainability characters of food, private label deals

economic cycle which will deliver real wealth creation for our

more with the lower end of this bifurcated developed world

Target Fund: Oasis Crescent Global Equity Fund

33

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Investment Strategy (Cont’d)

food segment. Private label, or own brands are well known

we sold these holdings with price performance matching our

to European consumers but experience a growth category for

target prices. There were also attempted consolidations within

the more brand aware US consumers. The companies selected

the U.S. nitrogen market, global beverages, global cocoa, and

for organic food benefitted from better than by the market

organic food. Most of these transactions highlight the valuation

expected growth rate with cost and asset base optimization

attractiveness that has been presented with financing rates close

at the same time. In ingredients (being fueled by increasing

to historic low levels globally.

super market penetration and resulting increased packaged food consumption), we owned very specific companies that either operate in a biotech/food tech environment (Senomyx) or that gained market share through consolidating the sector (Fruatarom). Within private label, Conagra offered restructuring potential for a company that operates in private label, branded food as well as food services. Treehouse performed well by being in the right growth category and doing a good job in integrating previous acquisitions. Premier processors, which we define as high quality processors expanding into new global categories and markets, such as animal protein producer Hillshire (takeover) and the third largest US cereal producer Post (valuation discount to peers) helped the performance furthermore. In our upstream segment, US nitrogen performed very well with CF industries and Agrium both benefitting from lower natural gas input costs and stablizing Urea prices as output variables. Also the potash and phosphate market recovered with increased demand (potash) and better than expected pricing (phosphate). Offsetting the performance was weakness in land quality and operators, a subtheme focused on yield improvement strategies complemented by increasing farm value appraisals and here specifically our exposure to Brazil and small positions in Ukrainian farm operators (SLC and Kernel). Land operators strive to improve yields and scale economies on existing plots of land via optimising input factors. A valuation discount to net asset values could be observed and has been the investment driver and rationale for last year. Certain new agribusiness technologies such as Agri biotech

key soft commodity prices, downward inflections in key input costs such as oil and gas, interesting affordability of nutrients for farmers, increasing global trade, and diverging consumption trends. Across the value chain of food we have seen the retention of attractive valuations where constituent companies have just finished large scale capital expenditure programs that lead to increased production and hence revenues and higher free cash flow generation with increases in dividends and buybacks during the last 12 months. - by AmInvestment Services Berhad

AmMetLife Precious Metals Fund Investment Strategy Feeder Fund: AmPrecious Metals Target Fund: DWS Noor Precious Metals Securities Fund Gold remains range-bound as part of the broader, safehaven trade For now the ECB will print money to buy bonds; however, should there be a more material demand for capital, there is concern that rates will have to rise to attract that capital. If this happens, it could lead to a market correction that would likely have a contrarian effect on ECB QE. We are watching the situation closely and are ever-mindful that QE over the past 6 years has proven less effective with each subsequent stimulus package that has been introduced. With that said, we are highly skeptical of the efficacy of the most recent round of QE introduced in

(Syngenta, KWS Saat) did not perform to our expectations due

Europe. We believe this will take a quarter or so before the

to delayed success of new product introductions and slight

market begins to question the efficacy of stimulus. Gold will wait

misses on margin targets. It can be generally observed that a

on the sidelines and remain range-bound as part of the broader,

large amount of negative performance was not due to our theme

safe-haven trade.

selection but had been derived from securities with emerging market exposure in Brazil, China, Russia, and Ukraine as well as selected Western European securities, across all subthemes. The strategy experienced several mergers and acquisitions in 2014 including companies that we owned such as Safeway, Annie’s, Hilshire, Olam International, and Nutreco. Subsequently 34

Towards the end of the period we have seen an upward shift in

By creating more uncertainty as currency weakness in Europe and Asia ensues and amidst mounting capital flight challenges compounded by a strengthening USD, we expect an increase in risk aversion and a renewed interest in Gold as a non-fiat, safe haven currency. Additionally, as we expect volatility to increase given the current imbalances we see among the USD and its

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

trading partners, we anticipate an environment that will prove

respective countries in the Asia Pacific region. The Investment

a very good buying opportunity for gold and precious metals

Manager will be targeting REITS with strong track records in

equities.

generating regular income returns and which have potential

For the Noor Fund, we are focusing on Shariah compliant companies that could exhibit higher returns on capital. We intend to exercise the flexibility we have to expand our holdings within the Shariah compliant universe as volatility continues, positioning ourselves defensively. - by AmInvestment Services Berhad

AmMetLife Tactical Bond Fund Investment Strategy

for capital growth. In evaluating the suitability of a REIT, the Investment Manager, amongst other factors, will review the track record, portfolio of assets, financial status, and income distribution policy and cost factors of the REITS. In an adverse market condition, the Investment Manager may switch its asset allocation to lower risk assets such as liquid assets to preserve the Fund’s capital. During this year, the Fund’s investment may differ from the stipulated investment strategy. - by AmInvestment Services Berhad

Target Fund: AmTactical Bond Fund in corporate bonds. The Manager analyses the general economic

AmMetLife Commodity Stable CGF Investment Strategy

and market conditions. The Manager also analyses and compares

The MLCX AmBank Commodity Alpha Index (Bloomberg

securities in terms of expected returns against assumed risk by

Code: MLCXAMB Index) tracks a long/short investment in

analyzing credit rating and duration of the securities, where the

commodity futures. This long short investment is the MLCXA01

Manager selects securities that would deliver better returns for

Excess Return Index. It uses a combination of a long and short

a given level of risk. In addition, the Manager may also consider

investment to generate alpha returns with a net delta exposure

securities with a more favorable or improving credit or industry

of near zero. The long leg rolls farther out on the curve than

outlook that provide potential capital appreciation. The Fund’s

traditional benchmarks and employs weighting and roll window

investment is subject to active tactical duration management,

improvements to enhance returns. There will be no coupon

where duration of the Fund is monitored and modified according

payment in year 3 and year 4 (2% and 3% was paid in year 1 and

to interest rate outlook without any portfolio maturity limitation.

year 2 respectively) and the final coupon in in year 5 will depend

For the financial period under review, The Fund invested primarily

- by AmInvestment Services Berhad

AmMetLife Asia Pacific REITS Fund Investment Strategy

on the performance of the MLCXAMB Index. - by AmBank (M) Berhad

Target Fund: AmAsia Pacific REITS Fund For the financial year under review, the Fund achieved its investment objective, where 70% to 98% of the Fund’s Net Asset Value (NAV) was invested in REITS listed in the Asia Pacific region, being Australia, Hong Kong, Japan, Malaysia, Singapore and Thailand. In addition to country diversification, the Fund also diversified its sector exposure in residential, retail, commercial and industrial REITS. The Fund holds between 2% to 30% of its NAV in liquid assets. These strategies will continue to be applied going forward. The Investment Manager employs an active allocation strategy, which means the asset allocation decisions will be made after reviewing the macroeconomic trends and sector outlook of the

35

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



Fund Performance

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Fund Performance

AmMetLife Equity Fund

Since Inception Performance AmMetLife Equity Fund vs Benchmark Performance since 27 February 2004 – 31 March 2015 120.00

AmMetLife Equity FBMKLCI

100.00

Performance (%)

80.00 60.00 40.00 20.00 0.00

Mar-15

Sep-14

Mar-14

Sep-13

Mar-13

Sep-12

Mar-12

Sep-11

Mar-11

Sep-10

Mar-10

Sep-09

Mar-09

Sep-08

Mar-08

Sep-07

Mar-07

Sep-06

Mar-06

Sep-05

Mar-05

Sep-04

Mar-04

-20.00

Month Full Year Performance AmMetLife Equity Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 9.00 6.00

AmMetLife Equity FBMKLCI

Performance (%)

3.00 0.00 -3.00 -6.00 -9.00

Month 38

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

-12.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Bond Fund

Since Inception Performance AmMetLife Bond Fund vs Benchmark Performance since 27 February 2004 – 31 March 2015 70.00 AmMetLife Bond

60.00

MBB 12mth Tier 1

Performance (%)

50.00 40.00 30.00 20.00 10.00 0.00

Mar-15

Sep-14

Mar-14

Sep-13

Mar-13

Sep-12

Mar-12

Sep-11

Mar-11

Sep-10

Mar-10

Sep-09

Mar-09

Sep-08

Mar-08

Sep-07

Mar-07

Sep-06

Mar-06

Sep-05

Mar-05

Sep-04

Mar-04

-10.00

Month Full Year Performance AmMetLife Bond Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 6.00 AmMetLife Bond MBB 12mth Tier 1

2.00

0.00

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

-2.00 Apr-14

Performance (%)

4.00

Month 39

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Fund Performance

(Cont’d)

AmMetLife Balanced Fund

Since Inception Performance AmMetLife Balanced Fund vs Benchmark Performance since 27 February 2004 – 31 March 2015 120.00 AmMetLife Balanced

100.00

50% FBMKLCI & 50% MBB 12mth Tier 1

Performance (%)

80.00 60.00 40.00 20.00 0.00

Mar-15

Sep-14

Mar-14

Sep-13

Mar-13

Sep-12

Mar-12

Sep-11

Mar-11

Sep-10

Mar-10

Sep-09

Mar-09

Sep-08

Mar-08

Sep-07

Mar-07

Sep-06

Mar-06

Sep-05

Mar-05

Sep-04

Mar-04

-20.00

Month Full Year Performance AmMetLife Balanced Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 4.00 2.00

Performance (%)

0.00 -2.00 -4.00 -6.00 -8.00

AmMetLife Balanced 50% FBMKLCI & 50% MBB 12mth Tier 1

Month 40

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

-10.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Dana Teguh

Since Inception Performance AmMetLife Dana Teguh vs Benchmark Performance since inception 27 February 2004 – 31 March 2015 120.00 AmMetLife Dana Teguh

100.00

50% FBM Emas Syariah & 50% MBB 12mth Tier 1

Performance (%)

80.00 60.00 40.00 20.00 0.00

Mar-15

Sep-14

Mar-14

Sep-13

Mar-13

Sep-12

Mar-12

Sep-11

Mar-11

Sep-10

Mar-10

Sep-09

Mar-09

Sep-08

Mar-08

Sep-07

Mar-07

Sep-06

Mar-06

Sep-05

Mar-05

Sep-04

Mar-04

-20.00

Month Full Year Performance AmMetLife Dana Teguh vs Benchmark Performance since 1 April 2014 – 31 March 2015 6.00 AmMetLife Dana Teguh 50% FBM Emas Syariah & 50% MBB 12mth Tier 1

2.00

0.00

-2.00

-4.00

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

-6.00 Apr-14

Performance (%)

4.00

Month 41

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Fund Performance

(Cont’d)

AmMetLife Oasis Islamic Equity Fund

Since Inception Performance AmMetLife Oasis Islamic Equity Fund vs Benchmark Performance since 1 April 2007 – 31 March 2015 50.00 AmMetLife Oasis Islamic Equity

40.00

Dow Jones Islamic Market Index

30.00

Performance (%)

20.00 10.00 0.00 -10.00 -20.00 -30.00 -40.00 Mar-15

Oct-14

May-14

Dec-13

Jul-13

Feb-13

Sep-12

Apr-12

Nov-11

Jun-11

Jan-11

Aug-10

Mar-10

Oct-09

May-09

Dec-08

Jul-08

Feb-08

Sep-07

Apr-07

-50.00

Month Full Year Performance AmMetLife Oasis Islamic Equity Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 20.00 AmMetLife Oasis Islamic Equity Dow Jones Islamic Market Index

Performance (%)

15.00

10.00

5.00

0.00

Month 42

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

-5.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Global Emerging Market Fund

Since Inception Performance AmMetLife Global Emerging Market Fund vs Benchmark Performance since 1 June 2008 – 31 March 2015 20.00 10.00

Performance (%)

0.00 -10.00 -20.00 -30.00 AmMetLife Global Emerging Market

-40.00

MSCI Emerging Markets Index

-50.00

Mar-15

Jun-14

Sep-13

Dec-12

Mar-12

Jun-11

Sep-10

Dec-09

Mar-09

Jun-08

-60.00

Month Full Year Performance AmMetLife Global Emerging Market Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 12.00 10.00 8.00

4.00 2.00 0.00 -2.00

AmMetLife Global Emerging Market MSCI Emerging Markets Index

-4.00

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

-6.00 Apr-14

Performance (%)

6.00

Month 43

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Fund Performance

(Cont’d)

AmMetLife Precious Metals Fund

Since Inception Performance AmMetLife Precious Metals Fund vs Benchmark Performance since 1 September 2008 – 31 March 2015 80.00 60.00

Performance (%)

40.00 20.00 0.00 -20.00 AmMetLife Precious Metals

-40.00

FTSE Gold Mines Index Mar-15

Dec-14

Sep-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

Mar-12

Dec-11

Sep-11

Jun-11

Mar-11

Dec-10

Sep-10

Jun-10

Mar-10

Dec-09

Sep-09

Jun-09

Mar-09

Dec-08

Sep-08

-60.00

Month

Full Year Performance AmMetLife Precious Metals Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 20.00 AmMetLife Precious Metals FTSE Gold Mines Index

Performance (%)

10.00

0.00

-10.00

-20.00

Month 44

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

-30.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Global Agribusiness Fund

Since Inception Performance AmMetLife Global Agribusiness Fund vs Benchmark Performance since 1 September 2008 – 31 March 2015 40.00 30.00

Performance (%)

20.00 10.00 0.00 -10.00 -20.00 AmMetLife Global Agribusiness

-30.00

MSCI World Free Index

-40.00

Mar-15

Dec-14

Sep-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

Mar-12

Dec-11

Sep-11

Jun-11

Mar-11

Dec-10

Sep-10

Jun-10

Mar-10

Dec-09

Sep-09

Jun-09

Mar-09

Dec-08

Sep-08

-50.00

Month Full Year Performance AmMetLife Global Agribusiness Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 10.00 8.00

AmMetLife Global Agribusiness MSCI World Free Index

4.00 2.00 0.00 -2.00

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

-4.00 Apr-14

Performance (%)

6.00

Month 45

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Fund Performance (Cont’d)

AmMetLife Dividend Fund

Since Inception Performance AmMetLife Dividend Fund vs Benchmark Performance since 27 October 2011 – 31 March 2015 50.00

AmMetLife Life Dividend FBMKLCI

Performance (%)

40.00

30.00

20.00

10.00

0.00

Feb-15

Dec-14

Oct-14

Aug-14

Jun-14

Apr-14

Feb-14

Dec-13

Oct-13

Aug-13

Jun-13

Apr-13

Feb-13

Dec-12

Oct-12

Aug-12

Jun-12

Apr-12

Feb-12

Dec-11

Oct-11

-10.00

Month Full Year Performance AmMetLife Dividend Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 12.00

Performance (%)

9.00

AmMetLife Dividend FBMKLCI

6.00

3.00

0.00

-3.00

Month 46

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

-6.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Commodity Stable Capital Guaranteed Fund

Since Inception Performance AmMetLife Commodity Stable Capital Guaranteed Fund Performance since 11 October 2010 – 31 March 2015 3.00 AmMetLife Commodity Stable 2.00

0.00 -1.00 -2.00 -3.00 -4.00 -5.00

Feb-15

Oct-14

Jun-14

Feb-14

Oct-13

Jun-13

Feb-13

Oct-12

Jun-12

Feb-12

Oct-11

Jun-11

Feb-11

-6.00 Oct-10

Performance (%)

1.00

Month

47

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Fund Performance (Cont’d)

AmMetLife Asia Pacific REITS Fund

Since Inception Performance AmMetLife Asia Pacific REITS Fund vs Benchmark Performance since 17 September 2013 – 31 March 2015 16.00 REITS Bloomberg Asia REIT Index

Performance (%)

12.00

8.00

4.00

0.00

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Mar-14

Feb-14

Jan-14

Dec-13

Nov-13

Oct-13

Sep-13

-4.00

Month Full Year Performance AmMetLife Asia Pacific REITS Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 16.00 14.00

REITS Bloomberg Asia REIT Index

Performance (%)

12.00 10.00 8.00 6.00 4.00 2.00

Month 48

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

0.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Tactical Bond Fund

Since Inception Performance AmMetLife Tactical Bond Fund vs Benchmark Performance since 17 September 2013 – 31 March 2015 8.00 AmMetLife Tactical Bond

Performance (%)

6.00

RAM Quantum ALL MGS Index

4.00 2.00 0.00 -2.00

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Mar-14

Feb-14

Jan-14

Dec-13

Nov-13

Oct-13

Sep-13

-4.00

Month Full Year Performance AmMetLife Tactical Bond Fund vs Benchmark Performance since 1 April 2014 – 31 March 2015 6.00 5.00

AmMetLife Tactical Bond RAM Quantum ALL MGS Index

3.00 2.00 1.00 0.00 -1.00

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

-2.00 Apr-14

Performance (%)

4.00

Month 49

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



Sectoral and Category Breakdown

51

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Sectoral and Category Breakdown AmMetLife Equity Fund Details of portfolio composition of AmMetLife Equity Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction

2.91 7.72 3.23 8.25 11.23

Consumer products

3.07 – – – –

Finance

24.83 11.34 5.54 7.58 7.32

Foreign stock

– – – – –

Industrial products

8.84 13.03 17.47 4.57 4.01

Infrastructure

3.80 1.31 3.15 –

Plantations

0.97 –

Properties

– 2.97 – – 4.54

REITS

– – – 6.84 –

Technology

4.19 – – – –

Trading/Services

–

4.06 5.72 3.83

44.47 45.85 27.22 43.71 12.78

Warrant

– – – – –

Repurchase agreements/Cash

6.91 17.77 39.33 23.33 56.29



100.00 100.00 100.00 100.00 100.00

AmMetLife Bond Fund Details of portfolio composition of AmMetLife Bond Fund as at 31 March 2015 are as follows: Malaysia Unit Trusts Corporate Bonds

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % % 9.75 9.56 7.11 9.40 8.07 82.63 68.18 65.70 79.06 8.86

Malaysian Government Securities – – – – 43.95 Repurchase agreements/Cash

52

7.62 22.26 27.19 11.54 39.12 100.00 100.00 100.00 100.00 100.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Balanced Fund Details of portfolio composition of AmMetLife Balanced Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction

3.03 0.45 –

Consumer products

2.01 – – – –

Finance

7.61 7.81

16.59 9.00 5.18 7.27 6.83

Foreign stock

– – – – –

Industrial products

7.71 10.65 10.32 3.91 2.34

Infrastructure

2.85 0.94 – – –

Plantations

–

Properties

– 3.02 – – 3.74

REITS

–

Technology

3.73 – – – –

Trading/Services Warrant Corporate Bonds

–

0.62 –

6.16 –

29.54 37.07 22.51 35.91 10.34 – – – – – 26.44 24.71 26.95 27.08 11.72

Malaysia Unit Trusts

–

9.18

Repurchase agreements/Cash

8.11

4.36



3.41 5.38 3.41

– 31.63

– 6.68

5.94 47.87



100.00 100.00 100.00 100.00 100.00

AmMetLife Dana Teguh Details of portfolio composition of AmMetLife Dana Teguh as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction

5.51 9.19 3.14 11.45 11.30

Consumer products

2.03 – – – –

Industrial products

8.43 9.44 11.02 4.20 6.51

Infrastructure

3.53 1.39 2.69 –

Plantations

1.47 –

Properties

1.88 3.21 –

Technology

4.63 – – – –

Trading/Services Warrant Corporate Bonds Malaysia Unit Trusts Repurchase agreements/Cash

–

–

4.85 – –

3.97

38.92 39.89 24.91 37.04 10.76 – – – – – 13.64 19.97 22.52 18.31 – 3.38 4.62 2.35 2.27 6.75 16.59 12.30 33.37 21.88 60.71 100.00 100.00 100.00 100.00 100.00 53

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Sectoral and Category Breakdown (Cont’d)

AmMetLife Oasis Islamic Equity Fund Details of portfolio composition of AmMetLife Oasis Islamic Equity Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction

– – – 8.55 10.21

Consumer products

– – – – –

Industrial products

–

Infrastructure

– – – 6.38 –

Plantations

– – – 3.84 –

Properties

– – – – 2.93

Trading/Services

– – – 24.42 9.97

Warrant

– – – – –

Malaysia Unit Trusts

–

–

2.88

–

90.69

89.53

74.34

26.64

32.61

Repurchase agreements/Cash 9.31

10.47

25.66

27.29

44.28



100.00 100.00 100.00 100.00 100.00

AmOasis Global Islamic Equity Fund (“Target Fund”) Sector Allocation*

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Basic Materials

8.00 4.00 5.00 9.00 14.00

Communication

20.00 18.00 21.00 19.00 17.00

Consumer, Cyclical

11.00 8.00 7.00 8.00 8.00

Consumer, Non Cyclical

8.00 9.00 6.00 6.00 5.00

Energy

8.00 10.00 11.00 12.00 10.00

Financial

– – – – 3.00

Healthcare

19.00 22.00 22.00 19.00 15.00

Industrials

3.00 6.00 8.00 6.00 8.00

Property

1.00 1.00 1.00 1.00 –

Technology Utilities

22.00 22.00 17.00 18.00 17.00 –

–

2.00

Note: Source of Target Fund’s sector allocation from AmInvest *As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

54

2.00

3.00



AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Precious Metals Fund Details of portfolio composition of AmMetLife Precious Metals Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Malaysia Unit Trusts

79.80

96.40

87.51

85.93

47.92

Repurchase agreements/Cash

20.20

3.60

12.49

14.07

52.08



100.00 100.00 100.00 100.00 100.00

AmPrecious Metals Fund (“Target Fund”) Sector Allocation* Diamond Gold Platinum

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % % – – – – 70.14 73.46 79.78 71.75 74.05 – – – – –

Precious Metals & Minerals

15.15 13.09 16.12 12.92 21.08

Silver

12.60 6.77 – – –

Diversified Metals & Mining

–

6.60

–

Cash and other assets

2.09

0.05

4.07

– 15.31

– 4.84

Note: Source of Target Fund’s sector allocation from AmInvest *As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

55

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Sectoral and Category Breakdown (Cont’d)

AmMetLife Global Agribusiness Fund Details of portfolio composition of AmMetLife Global Agribusiness Fund as at 31 March 2015 are as follows: Malaysia Unit Trusts Repurchase agreements/Cash

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % % 90.29

88.08

80.04

84.08

70.39

9.71

11.92

19.96

15.92

29.61









100.00 100.00 100.00 100.00 100.00

AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation* Agricultural Products

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % % 22.70 19.10 23.60 25.20 29.70

Breweries

3.20 3.70 – – –

Construction/ Farm Machinery

–

–

2.20

2.40

2.30

Distillers & Vintners

– – – – 3.50

Distributors

– – – – –

Diversified Banks

–

Diversified Chemicals

3.20 3.70 1.70 –

3.20 2.10 2.00 2.70 –

Fertilizers & Agricultural Chemicals 39.90 38.20 43.00 40.30 19.80 Food Distributors

2.00 1.50 – – –

Food Retails

2.90 2.90 1.10 6.40 9.20

Gas Utilities

– – – – –

Hypermarkets & Super Center

–

–

2.40

1.50

–

Life Sciences Tools & Service

–

–

2.10

2.80

–

Marine

– – – –

Marine Ports & Services

1.40

Other Sectors Packaged Foods & Meat

1.70

1.50

3.30 4.30 4.50 –

– 7.10

16.70 19.50 15.10 12.70 14.40

Paper Products

– – – – –

Pharmaceuticals

– – – – –

Railroads

–

Restaurants

2.80 0.90 –

Speciality Chemicals

– – – – –

Cash & Others Sectors

–

Not Classified

0.90 – – – 6.00

Soft Drinks

1.00 – – – –

1.30 1.30 0.80 –

–

-0.60

Note: Source of Target Fund’s sector allocation from AmInvest *As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

56

1.80

– 4.10

2.80 2.50

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Global Emerging Market Fund Details of portfolio composition of AmMetLife Global Emerging Market Fund as at 31 March 2015 are as follows: Malaysia Unit Trusts Repurchase agreements/Cash

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % % 90.97

87.74

79.59

68.52

69.66

9.03

12.26

20.41

31.48

30.34



100.00 100.00 100.00 100.00 100.00

AmGlobal Emerging Market Opportunities Fund (“Target Fund”) Sector Allocation* Consumer Discretionary

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % % 12.97 15.87 10.26 19.49 12.77

Consumer Staples

5.11 3.37 9.98 1.08 –

Derivatives

– – – -0.01 –

Energy

3.71 10.12 5.00 11.57 13.18

Financials

33.68 34.12 40.74 27.82 36.22

Health Care

3.72 0.90 1.20 –

Industrials

3.98 2.59 4.48 5.06 6.90

Information Technology

–

24.10 18.14 13.77 12.87 2.79

Materials

1.94 3.29 3.26 6.51 8.91

Not Classified

– – – – –

Telecommunication Services

3.86 3.63 7.74 –

Utilities

1.18 –

0.24 2.25 2.06

Others Net Asset

–

–

Cash

5.75 7.97 3.33 – 13.35

–

13.36

3.81

–

Note: Source of Target Fund’s sector allocation from AmInvest *As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

57

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Sectoral and Category Breakdown (Cont’d)

AmMetLife Commodity Stable Capital Guaranteed Fund Details of portfolio composition of AmMetLife Commodity Stable Capital Guaranteed Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Malaysia Unit Trusts

1.14 1.88 1.89 1.67 1.64

Structured Instrument

98.12 98.11 98.10 98.24 98.27

Repurchase agreements/Cash 0.74 0.00 0.01 0.09 0.09

100.00 100.00 100.00 100.00 100.00

AmMetLife Dividend Fund Details of portfolio composition of AmMetLife Dividend Fund as at 31 March 2015 are as follows: Construction

3.89 4.96 –

Consumer products

2.00 – – –

Finance

–

24.41 13.88 12.60 13.29

Industrial products

8.88 3.89 10.13 6.11

Infrastructure

4.13 4.99 4.61 5.92

Plantations

0.48 –

Properties

0.00 7.41 3.06 –

REITS

–

Technology

5.30 – – –

Trading/Services Repurchase agreements/Cash

58

FY 2015 FY 2014 FY 2013 FY 2012 % % % %

–

5.46

4.53 4.08 16.56

44.23 41.11 9.15 24.59 6.68 19.24 56.37 28.07 100.00 100.00 100.00 100.00

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Asia Pacific REITS Fund Details of portfolio composition of AmMetLife Asia Pacific REITS Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 % %

Malaysia Unit Trusts

91.50

88.62

Repurchase agreements/Cash 8.50 11.38 100.00 100.00

AmAsia Pacific REITS Fund (“Target Fund”) Sector Allocation*

FY 2015 FY 2014 % %

Real Estate 84.80 86.10 Fixed Deposit/Negotiable Instruments/Cash

15.20

13.90

Note: Source of Target Fund’s sector allocation from AmInvest *As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

AmMetLife Tactical Bond Fund Details of portfolio composition of AmMetLife Tactical Bond Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 % %

Malaysia Unit Trusts

90.63

86.64

Repurchase agreements/Cash

9.37

13.36

100.00 100.00

AmTactical Bond Fund (“Target Fund”) Sector Allocation*

FY 2015 FY 2014 % %

Bond 93.10 84.47 Cash 6.90 15.53 Note: Source of Target Fund’s sector allocation from AmInvest *As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

59

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



Comparative Performance Table

61

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Comparative Performance Table Fund Performance as at 31 March 2015





I Year

3 Years

5 Years

Since Launch

Average Compounded Annual Return % Annual Return %

62

AmMetLife Equity Fund

0.88

8.58

8.37

6.41

AmMetLife Bond Fund

3.26

3.01

3.78

4.28

AmMetLife Balanced Fund

(0.81)

5.83

5.73

6.10

AmMetLife Dana Teguh

5.51

10.47

9.07

6.95

AmMetLife Oasis Islamic Equity Fund

12.07

10.22

7.49

2.14

AmMetLife Global Emerging Market Fund

5.78

3.24

0.18

1.23

AmMetLife Precious Metals Fund

(14.46)

(17.53)

(13.35)

(10.51)

AmMetLife Global Agribusiness Fund

5.78

5.38

2.97

4.18

AmMetLife Commodity Stable Capital Guaranteed Fund

3.24

1.98

–

0.45

AmMetLife Dividend Fund

10.90

10.33

–

10.17

AmMetLife Asia Pacific REITS Fund

15.24

–

–

8.29

AmMetLife Tactical Bond Fund

4.38

–

–

1.98

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Net Asset Value, Value of Units and Unit Price As at 31 March 2015

AmMetLife Equity Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

1.0197

0.9946

0.8265

0.8317

0.8280

Lowest NAV per unit for the year

0.8684

0.8253

0.7529

0.7070

0.6329

Total NAV (RM million)

19.3462

14.5438

12.2637

14.5937

11.4753

UIC (in million)

19.2958

14.6327

14.8900

18.6334

14.1793

1.0026

0.9939

0.8236

0.7832

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*

NAV per unit (RM)

0.8093

Total Return for the Year (%) Total Return¹

0.88

20.68

5.16

(3.23)

20.65

Capital growth

0.88

20.68

5.16

(3.23)

20.65

Income distributions

– – – – –

*Above prices and net asset value per unit are not shown as ex–distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Bond Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

0.7992 0.7752 0.7571 0.7323 0.6915

Lowest NAV per unit for the year

0.7738 0.7576 0.7309 0.6903 0.6640

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million)

12.4142

16.7134

16.3762

11.9079

11.3630

UIC (in million)

15.5323

21.5938

21.6261

16.2856

16.4615

0.7992

0.7740

0.7571

0.7311

0.6903

Total Return¹

3.26

2.23

3.56

5.91

3.96

Capital growth

3.26

2.23

3.56

5.91

3.96

Income distributions

– – – – –

NAV per unit (RM) Total Return for the Year (%)

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

63

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Net Asset Value, Value of Units and Unit Price (Cont’d) As at 31 March 2015

AmMetLife Balanced Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

1.0026 0.9834 0.8507 0.8626 0.8588

Lowest NAV per unit for the year

0.8708 0.8513 0.7918 0.7568 0.7085

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million)

21.9194

24.1576

22.8901

21.5113

17.5410

UIC (in million)

22.5725

24.6747

26.9555

26.2568

20.9280

NAV per unit (RM)

0.9711 0.9790 0.8491 0.8193 0.8382

Total Return for the Year (%) Total Return¹

(0.81)

15.30

3.64

(2.25)

14.04

Capital growth

(0.81)

15.30

3.64

(2.25)

14.04

Income distributions

– – – – –

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Dana Teguh Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

1.0617 1.0088 0.8259 0.8169 0.8118

Lowest NAV per unit for the year

0.9333 0.8260 0.7632 0.7318 0.6501

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million)

17.9532

12.1769

12.9224

13.1293

7.0499

UIC (in million)

16.9101

12.1007

15.6696

16.6728

8.8919

NAV per unit (RM)

1.0617 1.0063 0.8246 0.7875 0.7928

Total Return for the Year (%) Total Return¹

5.50

22.03

4.71

(0.67)

15.27

Capital growth

5.50

22.03

4.71

(0.67)

15.27

Income distributions

– – – – –

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

64

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Oasis Islamic Equity Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

0.5953 0.5827 0.4747 0.4642 0.4688

Lowest NAV per unit for the year

0.5100 0.4672 0.4218 0.4110 0.3915

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million)

4.2864

4.5139

3.4302

4.3479

4.3056

UIC (in million)

7.2363

8.5410

7.2475

9.8279

9.4007

NAV per unit (RM)

0.5923 0.5285 0.4733 0.4424 0.4580

Total Return for the Year (%) Total Return¹

12.08

11.66

6.98

(3.41)

10.95

Capital growth

12.08

11.66

6.98

(3.41)

10.95

Income distributions

– – – – –

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Global Emerging Market Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

0.5658

0.5229

0.5073

0.5557

0.5726

Lowest NAV per unit for the year

0.5143

0.4673

0.4655

0.4590

0.4853

Total NAV (RM million)

0.9532

0.8839

0.7619

0.7216

0.7228

UIC (in million)

1.7536

1.7201

1.5360

1.4608

1.3331

NAV per unit (RM)

0.5436 0.5139 0.4960 0.4940 0.5422

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*

Total Return for the Year (%) Total Return¹

5.78

3.61

0.40

(8.89)

0.63

Capital growth

5.78

3.61

0.40

(8.89)

0.63

Income distributions

– – – – –

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

65

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Net Asset Value, Value of Units and Unit Price (Cont’d) As at 31 March 2015

AmMetLife Precious Metals Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

0.3027 0.3532 0.4582 0.5597 0.5665

Lowest NAV per unit for the year

0.2231

0.2534

0.3467

0.4293

0.4892

3.8268

3.9300

4.8916

5.1605

4.5400

15.8907

13.9612

13.8346

12.0202

8.5518

0.2408

0.2815

0.3536

0.4293

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million) UIC (in million) NAV per unit (RM)

0.5309

Total Return for the Year (%) Total Return¹

(14.45) (20.39) (17.63) (19.14) 7.71

Capital growth

(14.45) (20.39) (17.63) (19.14) 7.71

Income distributions

– – – – –

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Global Agribusiness Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

0.6773

0.6195

0.6114

0.6046

0.5976

Lowest NAV per unit for the year

0.5785

0.5672

0.5196

0.4794

0.4943

Total NAV (RM million)

2.1153

1.8693

1.6572

1.4590

1.3087

UIC (in million)

3.2309

3.0205

2.7952

2.6083

2.2156

NAV per unit (RM)

0.6547

0.6189

0.5929

0.5594

0.5907

Total Return¹

5.79

4.39

5.99

(5.30)

4.42

Capital growth

5.79

4.39

5.99

(5.30)

4.42

Income distributions

– – – – –

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*

Total Return for the Year (%)

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

66

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Commodity Stable Capital Guaranteed Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

FY 2011

Unit Prices (RM) Highest NAV per unit for the year

0.5102

0.4942

0.4892

0.4891

0.5000

Lowest NAV per unit for the year

0.4942

0.4803

0.4753

0.4749

0.4799

Total NAV (RM million)

4.2982

4.1688

4.0511

4.5326

4.5676

UIC (in million)

8.4261

8.4356

8.4356

9.4236

9.5188

NAV per unit (RM)

0.5102

0.4942

0.4803

0.4810

0.4799

Total Return¹

3.24

2.89

(0.15)

0.23

–

Capital growth

3.24

2.89

(0.15)

0.23

–

Income distributions

– – – – –

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*

Total Return for the Year (%)

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Dividend Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

FY 2015

FY 2014

FY 2013

FY 2012

Unit Prices (RM) Highest NAV per unit for the year

0.6968

0.6290

0.5577

0.5273

Lowest NAV per unit for the year

0.6015

0.5566

0.5065

0.4973

Total NAV (RM LLC)

12.6593

9.4440

6.3501

5.4439

UIC (in million)

18.1690

15.0299

11.3857

10.4925

0.6968

0.6283

0.5577

0.5189

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*

NAV per unit (RM)



Total Return for the Year (%) Total Return¹

10.89

12.66

7.48

–

Capital growth

10.89

12.66

7.48

–

Income distributions

– – – –

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

67

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Net Asset Value, Value of Units and Unit Price (Cont’d) As at 31 March 2015

AmMetLife Asia Pacific REITS Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:



FY 2015

FY 2014

Unit Prices (RM) Highest NAV per unit for the year

0.5669 0.5000

Lowest NAV per unit for the year

0.4907 0.4750

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million)

0.6857

0.5809

UIC (in million)

1.2136

1.1849

NAV per unit (RM)

0.5650 0.4903

Total Return for the Year (%) Total Return¹

15.24

–

Capital growth

15.24

–

Income distributions – – *Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Tactical Bond Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:



FY 2015

FY 2014

Unit Prices (RM) Highest NAV per unit for the year

0.5153 0.5008

Lowest NAV per unit for the year

0.4869 0.4807

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million)

0.4635

UIC (in million)

0.8995 0.9949

NAV per unit (RM)

0.4912

0.5153 0.4937

Total Return for the Year (%) Total Return¹ – – Capital growth – – Income distributions – – *Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

68

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Summary of Financial Information

Statement by the Manager

70

Independent Auditors’ Report

71

Statements of Assets and Liabilities

73

Statements of Income and Expenditure

79

Statements of Changes in Net Asset Value

85

Notes to the Financial Information

91

69

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statement By The Manager

In the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmMetLife Insurance Berhad (formerly known as AmLife Insurance Berhad) comprising the AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund) set out on pages 73 to 137 have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia. On behalf of AmMetLife Insurance Berhad (formerly known as AmLife Insurance Berhad)

Ramzi Albert Toubassy Kuala Lumpur, Malaysia 20 May 2015

70

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Independent Auditors’ Report

Report on the financial information We have audited the financial information of the Investment-Linked funds of AmMetLife Insurance Berhad (“the Manager”) (“the Funds”) which comprise the Statements of Assets and Liabilities as at 31 March 2015 of AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund), the Statements of Income and Expenditure and Statements of Changes in Net Asset Value for the year ended 31 March 2015 for AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund), and a summary of significant accounting policies and other explanatory information (“financial information”), as set out on pages 73 to 137. Directors’ responsibility for the financial information The directors of the Manager are responsible for the preparation of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the preparation of financial information that are free from material misstatement, whether due to fraud or error. Auditors’ responsibility Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial information are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial information, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on lnvestment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial information. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial information have been prepared, in all material respects, in accordance with the accounting policies as 71

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Independent Auditors’ Report (Cont’d)

described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia. Other Matters This report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines on Investment-Linked Insurance/ Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Ernst & Young AF: 0039 Chartered Accountants Kuala Lumpur, Malaysia 20 May 2015

72

Megat Iskandar Shah Bin Mohamad Nor No. 3083/07/15(J) Chartered Accountant

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Summary of Financial Information

Statements of Assets and Liabilities As at 31 March 2015



AmMetLife Equity Fund

AmMetLife Bond Fund

2015 2014 Note RM RM

2015 2014 RM RM

Assets Investments

3 17,743,960 14,766,318 12,517,869 16,809,385

Deferred tax assets

4

–

–

23,014

13,951

Other receivables

530,521

23,601

170,079

184,996

Cash and bank balances

1,317,419

926

53,201

52,848

Total assets

19,591,900

14,790,845

12,764,163

17,061,180

Liabilities Provision for taxation

91,290

14,266

204,952

141,932

4

121,447

197,470

–

–

Other payables

32,945

35,338

145,049

205,800

350,001

347,732

Deferred tax liabilities

Total liabilities 245,682 247,074 Net asset value of funds (“NAV”)

19,346,218

14,543,771

12,414,162

16,713,448

Unitholders’ contribution

14,407,216

9,787,871

9,216,161

13,970,976

Undistributed income

4,939,002

4,755,900

3,198,001

2,742,472

Represented by:

Unitholders’ capital

5

19,346,218

14,543,771

12,414,162

16,713,448

Units in circulation

5

19,295,796

14,632,663

15,532,298

21,593,784

NAV per unit (RM)

5

1.0026

0.9939

0.7992

0.7740

The accompanying notes form an integral part of the financial information.

73

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Assets and Liabilities (Cont’d) As at 31 March 2015



AmMetLife Balanced Fund

2015 2014 Note RM RM

AmMetLife Dana Teguh 2015 2014 RM RM

Assets Investments

3 21,881,350 24,170,882 17,549,355 12,286,190

Other receivables

355,183

412,307

740,649

153,463

Cash and bank balances

1,968

785

3,400

475

Total assets 22,238,501 24,583,974

18,293,404

12,440,128

Liabilities Provision for taxation

212,385

53,237

192,628

68,867

4

72,960

259,894

119,007

171,863

Other payables

33,793

113,206

28,551

22,523

340,186

263,253

24,157,637

17,953,218

12,176,875

Deferred tax liabilities

Total liabilities 319,138 426,337 Net asset value of funds (“NAV”) 21,919,363 Represented by: Unitholders’ contribution

15,973,346

18,017,146

12,750,090

7,832,202

Undistributed income

5,946,017

6,140,491

5,203,128

4,344,673

Unitholders’ capital 5 21,919,363

24,157,637

17,953,218

12,176,875

Units in circulation

5 22,572,456

24,674,688

16,910,096

12,100,742

NAV per unit (RM)

5 0.9711

0.9790

1.0617

1.0063

The accompanying notes form an integral part of the financial information.

74

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



AmMetLife AmOasis Islamic Equity Fund

2015 2014 Note RM RM

AmMetLife Asia Pacific REITS Fund 2015 2014 RM RM

Assets Investments

3 3,988,807 4,528,964 672,241 509,424

Tax recoverable

200

6,562

–

–

Other receivables

15,835

66,386

197

16,275

Cash and bank balances

409,675

280

62,462

65,411

Total assets

4,414,517

4,602,192

734,900

591,110

Liabilities Provision for taxation

–

–

361

47

4

65,008

30,687

6,552

329

Other payables

63,114

57,580

42,256

9,790

49,169

10,166

Deferred tax liabilities

Total liabilities 128,122 88,267 Net asset value of funds (“NAV”)

4,286,395

4,513,925

685,731

580,944

Unitholders’ contribution

3,625,140

4,308,629

599,005

585,824

Undistributed income/ (Accumulated losses)

661,255

205,296

86,726

(4,880)

Represented by:

Unitholders’ capital

5

4,286,395

4,513,925

685,731

580,944

Units in circulation

5

7,236,273

8,541,049

1,213,613

1,184,942

NAV per unit (RM)

5

0.5923

0.5285

0.5650

0.4903

The accompanying notes form an integral part of the financial information.

75

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Assets and Liabilities (Cont’d) As at 31 March 2015



AmMetLife Global Emerging Market Fund

2015 2014 Note RM RM

AmMetLife Tactical Bond Fund 2015 2014 RM RM

Assets Investments

3 885,544 900,362 421,026 421,809

Tax recoverable

–

–

67

–

Other receivables

705

696

9,131

14,620

Cash and bank balances

87,925

403

43,529

65,019

Total assets 974,174 901,461

473,753

501,448

Liabilities Provision for taxation

979

797

–

51

4

6,616

1,365

880

436

Other payables

13,333

15,367

9,395

9,779

10,275

10,266

Deferred tax liabilities

Total liabilities 20,928 17,529 Net asset value of funds (“NAV”)

953,246

883,932

463,478

491,182

Unitholders’ contribution

886,459

871,871

447,653

494,606

Undistributed income/ (Accumulated losses)

66,787

12,061

15,825

(3,424)

883,932

463,478

491,182

1,720,080

899,484

994,931

0.5139

0.5153

0.4937

Represented by:

Unitholders’ capital 5 953,246 Units in circulation 5 1,753,586 NAV per unit (RM)

5

0.5436

The accompanying notes form an integral part of the financial information.

76

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



AmMetLife Precious Metals Fund

AmMetLife Global Agribusiness Fund

2015 2014 Note RM RM

2015 2014 RM RM

Assets Investments 3 3,535,402 3,456,063 Deferred tax assets

2,135,006

1,904,036

4

300,037

247,919

–

–

Tax recoverable

16,566

17,497

–

–

Other receivables

9,331

126,979

21,704

7,579

Cash and bank balances

807

129,015

2,080

916

Total assets 3,862,143 3,977,473

2,158,790

1,912,531

Liabilities Provision for taxation

–

–

4,026

3,493

Deferred tax liabilities

4

–

–

29,762

19,578

Other payables

35,333

47,443

9,728

20,167

43,516

43,238

3,930,030

2,115,274

1,869,293

7,413,192

6,907,783

1,780,728

1,646,478

(Accumulated losses)/ Undistributed income (3,586,382)

(2,977,753)

334,546

222,815

Unitholders’ capital 5 3,826,810

3,930,030

2,115,274

1,869,293

Units in circulation 5 15,890,719

13,961,225

3,230,882

3,020,546

0.2815

0.6547

0.6189

Total liabilities 35,333 47,443 Net asset value of funds (“NAV”) 3,826,810 Represented by: Unitholders’ contribution

NAV per unit (RM)

5

0.2408

The accompanying notes form an integral part of the financial information.

77

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Assets and Liabilities (Cont’d) As at 31 March 2015



AmMetLife Commodity Stable Capital Guaranteed Fund

2015 2014 Note RM RM

AmMetLife Dividend Fund 2015 2014 RM RM

Assets Investments

3

4,991,936

4,851,547

11,550,834

9,499,910

Tax recoverable

–

–

–

3,597

Other receivables

223

231

438,025

11,236

Cash and bank balances

37,179

222

827,377

4,636

Total assets 5,029,338 4,852,000

12,816,236

9,519,379

Liabilities Provision for taxation

20,248

20,217

31,994

–

Deferred tax liabilities

4

17,568

3,606

100,331

52,361

Other payables

693,337

659,384

24,659

22,997

156,984

75,358

4,168,793

12,659,252

9,444,021

4,245,117

9,945,268

7,899,133

Undistributed income/ (Accumulated losses) 57,282

(76,324)

2,713,984

1,544,888

Unitholders’ capital 5 4,298,185

4,168,793

12,659,252

9,444,021

Units in circulation

5 8,426,071

8,435,571

18,168,967

15,029,935

NAV per unit (RM)

5

0.4942

0.6968

0.6283

Total liabilities 731,153 683,207 Net asset value of funds (“NAV”) 4,298,185 Represented by: Unitholders’ contribution

4,240,903

0.5101

The accompanying notes form an integral part of the financial information.

78

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Summary of Financial Information

Statements of Income and Expenditure For the financial year ended 31 March 2015



AmMetLife Equity Fund

AmMetLife Bond Fund

2015 2014 Note RM RM

2015 2014 RM RM

Net investment income:

Interest income

6

62,640

68,210

755,156

917,300



Dividend income

7

426,217

211,548

13,372

28,713



488,857

279,758

768,528

946,013

Gain on disposal of investments

900,163

591,948

32,592

50,086

Net unrealised capital gain

–

2,034,694

–

–

Total income

1,389,020

2,906,400

801,120

996,099

Management expenses (254,624)

(201,813)

(138,740)

(180,296)

Net unrealised capital loss (950,293)

–

(152,894)

(373,411)

Total outgo (1,204,917) (201,813)

(291,634)

(553,707)

Excess of income over outgo before taxation



184,103

2,704,587

509,486

442,392

Taxation

8

(1,001)

(218,060)

(53,957)

(51,856)

Excess of income over outgo after taxation



183,102

2,486,527

455,529

390,536

Undistributed income brought forward

4,755,900

2,269,373

2,742,472

2,351,936

Undistributed income carried forward

4,939,002

4,755,900

3,198,001

2,742,472

The accompanying notes form an integral part of the financial information.

79

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Income and Expenditure (Cont’d) For the financial year ended 31 March 2015



AmMetLife Balanced Fund

AmMetLife Dana Teguh

2015 2014 Note RM RM

2015 2014 RM RM

Net investment income:

Interest income

6

521,616

527,721

250,213

225,667



Dividend income

7

424,903

301,604

240,384

132,349

946,519

829,325

490,597

358,016

Gain on disposal of investments

1,469,678

409,264

1,296,801

558,846

Net unrealised capital gain

–

2,860,799

–

1,971,108

Total income

2,416,197

4,099,388

1,787,398

2,887,970

Management expenses (301,013)

(317,590)

(197,342)

(170,376)

Net unrealised capital loss (2,336,664)

–

(660,696)

–

Total outgo (2,637,677) (317,590)

(858,038)

(170,376)

(Deficit)/Excess of income over outgo before taxation



(221,480)

3,781,798

929,360

2,717,594

Taxation

8

27,006

(309,101)

(70,905)

(222,541)

(Deficit)/Excess of income over outgo after taxation



(194,474)

3,472,697

858,455

2,495,053

Undistributed income brought forward

6,140,491

2,667,794

4,344,673

1,849,620

Undistributed income carried forward

5,946,017

6,140,491

5,203,128

4,344,673



The accompanying notes form an integral part of the financial information.

80

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



AmMetLife AmOasis Islamic Equity Fund

AmMetLife Asia Pacific REITS Fund

2015 2014 Note RM RM

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 2014 RM RM

Net investment income:

Interest income

6

10,143

37,264

1,852

577



Dividend income

7

–

–

26,213

–



10,143

37,264

28,065

577

Gain on disposal of investments

69,383

–

2,085

–

Net unrealised capital gain

429,013

468,352

77,779

4,113

Total income

508,539

505,616

107,929

4,690

Management expenses (11,897)

(21,945)

(9,785)

(9,195)

Total outgo (11,897) (21,945)

(9,785)

(9,195)

Excess/(Deficit) of income over outgo before taxation



496,642

483,671

98,144

(4,505)

Taxation

8

(40,683)

(40,449)

(6,538)

(375)

Excess/(Deficit) of income over outgo after taxation



455,959

443,222

91,606

(4,880)

Undistributed income/ (losses) brought forward

205,296

(237,926)

(4,880)

–

Undistributed income/ (losses) carried forward

661,255

205,296

86,726

(4,880)

The accompanying notes form an integral part of the financial information.

81

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Income and Expenditure (Cont’d) For the financial year ended 31 March 2015



AmMetLife Global Emerging Market Fund

AmMetLife Tactical Bond Fund

2015 2014 Note RM RM

1 April 2014 to 17 September 2013 31 March 2015 31 March 2014 RM RM

Net investment income:

Interest income

6

2,269

5,978

1,509



Dividend income

7

2,307

1,888

24,792

–

4,576

7,866

26,301

638

Net unrealised capital gain

65,641

35,938

5,549

5,453

Total income

70,217

43,804

31,850

6,091

Management expenses

(10,059)

(11,638)

(9,295)

(9,028)

–

(2,980)

–

Total outgo (10,059) (11,638)

(12,275)

(9,028)

Excess/(Deficit) of income over outgo before taxation

60,158

32,166

19,575

(2,937)

Taxation

(5,432)

(3,353)

(326)

(487)

54,726

28,813

19,249

(3,424)

12,061

(16,752)

(3,424)

–

66,787

12,061

15,825

(3,424)



Loss on disposal of investments

8

Excess/(Deficit) of income over outgo after taxation Undistributed income/(losses) brought forward Undistributed income/(losses) carried forward

–

The accompanying notes form an integral part of the financial information.

82

638

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015



AmMetLife Precious Metals Fund

AmMetLife Global Agribusiness Fund

2015 2014 Note RM RM Net investment income:

Interest income

2015 2014 RM RM

6

14,090

6,994

6,663

11,528

14,090

6,994

6,663

11,528

Net unrealised capital gain

–

–

127,309

84,879

Total income

14,090

6,994

133,972

96,407

Management expenses

(19,986)

(16,230)

(11,524)

(14,148)

Loss on disposal of investments

(2,448)

(245,908)

–

–

Net unrealised capital loss

(651,472)

(849,271)

–

–

Total outgo (673,906) (1,111,409)

(11,524)

(14,148)

(Deficit)/Excess of income over outgo before taxation



Taxation

8

(Deficit)/Excess of income over outgo after taxation Undistributed (losses)/income brought forward Undistributed (losses)/income carried forward

(659,816)

(1,104,415)

122,448

82,259

51,187

87,054

(10,717)

(7,713)

(608,629)

(1,017,361)

111,731

74,546

(2,977,753)

(1,960,392)

222,815

148,269

(3,586,382)

(2,977,753)

334,546

222,815

The accompanying notes form an integral part of the financial information.

83

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Income and Expenditure (Cont’d) For the financial year ended 31 March 2015



AmMetLife Commodity Stable Capital Guaranteed Fund

2015 2014 Note RM RM

AmMetLife Dividend Fund 2015 2014 RM RM

Net investment income:

Interest income

6

387

–

41,061

2,223

2,259

375,552

304,673

2,610

2,259

416,613

363,894

Gain on disposal of investments

–

–

403,835

193,523

Net unrealised capital gain

174,523

156,852

599,644

563,730

Total income

177,133

159,111

1,420,092

1,121,147

Management expenses

(29,534)

(28,880)

(167,434)

(128,790)

Total outgo (29,534) (28,880)

(167,434)

(128,790)

Dividend income 7

Excess of income over outgo before taxation

147,599

130,231

1,252,658

992,357

Taxation

(13,993)

(12,549)

(83,562)

(72,838)

133,606

117,682

1,169,096

919,519

(76,324)

(194,006)

1,544,888

625,369

57,282

(76,324)

2,713,984

1,544,888

8

Excess of income over outgo after taxation Undistributed (losses)/income brought forward Undistributed income/(losses) carried forward

The accompanying notes form an integral part of the financial information.

84

59,221

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Summary of Financial Information

Statements of Changes in Net Asset Value For the financial year ended 31 March 2015

AmMetLife Equity Fund Net asset value at the beginning of the year

2015 2014 RM RM 14,543,771

12,263,704

9,690,938

5,762,935

Amounts paid for units cancelled (5,071,593) 19,163,116

(5,969,395)

Amounts received from units created



Net realised gain after taxation

12,057,244



1,057,372

614,609

Net unrealised capital (loss)/gain after taxation

(874,270)

1,871,918

Net asset value at the end of the year

19,346,218

14,543,771

AmMetLife Bond Fund Net asset value at the beginning of the year

2015 2014 RM RM 16,713,448

16,376,217

3,249,568

6,584,452

Amounts paid for units cancelled (8,004,383) 11,958,633

(6,637,757)

Amounts received from units created



Net realised gain after taxation

16,322,912



599,360

738,412

Net unrealised capital loss after taxation

(143,831)

(347,876)

Net asset value at the end of the year

12,414,162

16,713,448

The accompanying notes form an integral part of the financial information.

85

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Changes in Net Asset Value (Cont’d) For the financial year ended 31 March 2015

AmMetLife Balanced Fund Net asset value at the beginning of the year

2015 2014 RM RM 24,157,637

22,890,142

8,387,650

6,824,737

Amounts paid for units cancelled (10,431,450) 22,113,837

(9,029,939)

Amounts received from units created



Net realised gain after taxation

20,684,940



1,955,256

840,762

Net unrealised capital (loss)/gain after taxation

(2,149,730)

2,631,935

Net asset value at the end of the year

21,919,363

24,157,637

AmMetLife Dana Teguh Net asset value at the beginning of the year

12,176,875

12,922,403

9,613,259

3,187,043

Amounts paid for units cancelled (4,695,371) 17,094,763

(6,427,624)

Amounts received from units created



Net realised gain after taxation

9,681,822



1,466,295

681,782

Net unrealised capital (loss)/gain after taxation

(607,840)

1,813,271

Net asset value at the end of the year

17,953,218

12,176,875

The accompanying notes form an integral part of the financial information.

86

2015 2014 RM RM

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife AmOasis Islamic Equity Fund Net asset value at the beginning of the year

2015 2014 RM RM 4,513,925

3,430,179

741,116

2,035,198

Amounts paid for units cancelled (1,424,605) 3,830,436

(1,394,674)

Amounts received from units created



Net realised gain after taxation

4,070,703



61,266

12,339

Net unrealised capital gain after taxation

394,693

430,883

Net asset value at the end of the year

4,286,395

4,513,925

AmMetLife Asia Pacific REITS Fund

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 2014 RM RM

Net asset value at the beginning of the year

580,944

Amounts received from units created

376,276

619,712

Amounts paid for units cancelled (363,095) 594,125

(33,888)



Net realised gain/(loss) after taxation

–

585,824



20,050

(8,664)

Net unrealised capital gain after taxation

71,556

3,784

Net asset value at the end of the year

685,731

580,944

The accompanying notes form an integral part of the financial information.

87

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Changes in Net Asset Value (Cont’d) For the financial year ended 31 March 2015

AmMetLife Global Emerging Market Fund

2015 2014 RM RM

Net asset value at the beginning of the year

883,932

761,916

Amounts received from units created

129,571

149,658

Amounts paid for units cancelled (114,983) 898,520

(56,455)



Net realised loss after taxation

855,119



(5,664)

(4,250)

Net unrealised capital gain after taxation

60,390

33,063

Net asset value at the end of the year

953,246

883,932

AmMetLife Tactical Bond Fund Net asset value at the beginning of the year

491,182

–

Amounts received from units created

222,547

512,693

Amounts paid for units cancelled (269,500) 444,229

(18,087)



Net realised gain/(loss) after taxation

494,606



14,144

(8,440)

Net unrealised capital gain after taxation

5,105

5,016

Net asset value at the end of the year

463,478

491,182

The accompanying notes form an integral part of the financial information.

88

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 2014 RM RM

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

AmMetLife Precious Metals Fund

2015 2014 RM RM

Net asset value at the beginning of the year

3,930,030

4,891,635

Amounts received from units created

1,366,592

959,846

Amounts paid for units cancelled (861,183) 4,435,439

(904,090)



Net realised loss after taxation

4,947,391



(9,275)

(236,032)

Net unrealised capital loss after taxation

(599,354)

(781,329)

Net asset value at the end of the year

3,826,810

3,930,030

AmMetLife Global Agribusiness Fund Net asset value at the beginning of the year

2015 2014 RM RM 1,869,293

1,657,240

541,111

566,988

Amounts paid for units cancelled (406,861) 2,003,543

(429,481)

Amounts received from units created



Net realised loss after taxation

1,794,747



(5,394)

(3,543)

Net unrealised capital gain after taxation

117,125

78,089

Net asset value at the end of the year

2,115,274

1,869,293

The accompanying notes form an integral part of the financial information.

89

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Statements of Changes in Net Asset Value (Cont’d) For the financial year ended 31 March 2015

AmMetLife Commodity Stable Capital Guaranteed Fund Net asset value at the beginning of the year

2015 2014 RM RM 4,168,793

4,051,111

Amounts paid for units cancelled (4,214) 4,164,579

–

Net realised loss after taxation

4,051,111



(26,955)

(26,622)

Net unrealised capital gain after taxation

160,561

144,304

Net asset value at the end of the year

4,298,185

4,168,793

AmMetLife Dividend Fund Net asset value at the beginning of the year

9,444,021

6,350,103

Amounts received from units created

3,505,334

2,685,138

Amounts paid for units cancelled (1,459,199) 11,490,156

(510,739)



Net realised gain after taxation

8,524,502



617,423

400,888

Net unrealised capital gain after taxation

551,673

518,631

Net asset value at the end of the year

12,659,252

9,444,021

The accompanying notes form an integral part of the financial information.

90

2015 2014 RM RM

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Summary of Financial Information

Notes to the Financial Information 31 March 2015

1. The Manager and its principal activity

The investment-linked funds of AmMetLife Insurance Berhad (formerly known as AmLife Insurance Berhad) (“the Manager”) comprise the AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund) (collectively referred to as “the Funds”).



The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Financial Services Act 2013. Its principal activity is the underwriting of life and investment-linked insurance business.



There has been no significant changes in the nature of the principal activities of the Manager during the financial year ended 31 March 2015.



The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution on 20 May 2015.

2. Significant accounting policies

2.1 Basis of Preparation The financial information of the Funds have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia (“BNM”). The financial information have been prepared under the historical cost convention except as disclosed in the significant accounting policies in Note 2.2 to the financial information. The financial information are presented in Ringgit Malaysia (“RM”).



2.2 Summary of significant accounting policies (a)

Management fee Management fee is charged based on the Funds’ daily net assets value, at the following rates: (i)

AmMetLife Equity Fund

1.50% per annum

(ii) AmMetLife Bond Fund

1.00% per annum

(iii) AmMetLife Balanced Fund

1.50% per annum

(iv) AmMetLife Dana Teguh

1.50% per annum

(v) AmMetLife AmOasis Islamic Equity Fund

1.50% per annum

(vi) AmMetLife Asia Pacific REITS Fund

1.50% per annum

(vii) AmMetLife Global Emerging Market Fund

1.50% per annum

(viii) AmMetLife Tactical Bond Fund

1.00% per annum

(ix) AmMetLife Precious Metals Fund

1.50% per annum

(x) AmMetLife Global Agribusiness Fund

1.50% per annum

(xi) AmMetLife Commodity Stable Capital Guaranteed Fund

0.50% per annum

(xii) AmMetLife Dividend Fund

1.50% per annum 91

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d)

(b)

Financial instruments – initial recognition and subsequent measurement



(i)

Date of recognition



All financial assets and liabilities are initially recognised on the trade date, i.e. the date that the Funds become a party to the contractual provisions of the instrument. This includes “regular way trades” purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place. (ii)



Initial measurement of financial instruments Financial assets are classified as financial assets at fair value through profit or loss, financial assets availablefor-sale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of the Funds are classified as financial liabilities at fair value through profit or loss or at amortised cost, as appropriate. The Funds determine the classification of its financial assets and financial liabilities at initial recognition. The classification of financial instruments at initial recognition depends on the purpose and the management’s intention for which the financial instruments were acquired and their characteristics. All financial instruments are measured initially at their fair value plus transaction costs, except in the case of financial assets and financial liabilities recorded at fair value through profit or loss, which is measured at fair value. The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans and receivable (“LAR”).



(iii)

Subsequent measurement The subsequent measurement of financial instruments depends on their classification as described below: 1. Financial assets at fair value through profit or loss (“FVTPL”) Financial assets at FVTPL are recorded in the Statements of Assets and Liabilities at fair value. Changes in fair value are recognised in the Statements of Income and Expenditure. Interest and dividend income or expense are recorded as “Net Investment Income” or “Interest expense”, as appropriate and in accordance with the terms of the contract, or when the right to the payment has been established.

Included in this classification are fixed income securities, collective investment schemes and equities.

2. Loans and receivables (“LAR”) LAR include non–derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, the amounts are subsequently measured at amortised cost using the effective interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees and costs that are an integral part of the EIR.

(iv)

Financial liabilities at amortised cost Financial liabilities of the Funds, that are not designated at FVTPL, are classified as financial liabilities at amortised cost, where the substance of the contractual arrangement results in the Funds having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity instruments. After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost is calculated by taking into account any discount or premium on the issue and costs that are an integral part of the EIR.

92

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(c)

Derecognition of financial assets and financial liabilities



(i)

Financial assets A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when: –

The rights to receive cash flows from the asset have expired

–

The Funds have transferred its rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass–through” arrangement; and either:

–

The Funds have transferred substantially all the risks and rewards of the asset, or

–

The Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset.

When the Funds have transferred their rights to receive cash flows from an asset or have entered into a pass–through arrangement, and have neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Funds have retained. (ii)



Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid is recognised in profit or loss.

(d)

Determination of fair value



The fair value of financial assets such as equity securities, that are actively traded in organised financial markets is determined by reference to quoted prices for assets at the close of business on the reporting date. For investment in unit, real estate investment trusts, fair value is determined by reference to published net asset values. Investments in equity that do not have quoted market price in an active market and whose fair value cannot be reliaby measured will be stated at cost less impairment losses. For financial instruments where there is no active market such as unquoted fixed income securities i.e. uquoted bond, fair value is obtained from Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”). If the fair value cannot be measured reliaby, financial instruments are measured at cost, being the fair value of the consideration paid for the acquisition of the instruments or the amount received on issuing the financial liability. All transaction costs directly attributable to the acquisition are also included in the cost of the investment. The fair value of Negotiable Instruments of Deposit (“NID”) are based on broker quotes, whereas the fair value of fixed/yield bearing deposits is the principal itself.

93

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d)

(e)

Impairment of financial assets The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated.



Financial assets carried at amortised cost Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or delinquency in interest or principal payments and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. For financial assets carried at amortised cost, the Funds first assess individually whether objective evidence of impairment exists for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Funds determine that no objective evidence of impairment exists for an individually assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the Statements of Income and Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of “Interest income”. LAR together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the Funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the “Impairment losses on LAR” to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If LAR have variable interest rates, the discount rate for measuring any impairment loss is the current EIR. If the Funds have reclassified trading assets to LAR, the discount rate for measuring any impairment loss is the new EIR determined at the reclassification date. The calculation of the present value of the estimated future cash flows of a collateralised financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable.

(f)

Offsetting financial instruments Financial assets and financial liabilities are offset and the net amount reported in the Statements of Assets and Liabilities if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the Statements of Assets and Liabilities.

94

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(g)

Impairment of non-financial assets The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair value less costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount. An asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre–tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded entities or other available fair value indicators. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Statements of Income and Expenditure.

(h)

Net creation of units Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent payments to increase the amount of that contract less switching costs, if any, within funds. Net creation of units is recognised on a receipt basis.

(i)

Net cancellation of units Net cancellation of units represents cancellation of units arising from surrenders and withdrawals. Net cancellation is recognised upon surrendering of the related insurance contract.

(j)

Other revenue recognition



Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Funds and the revenue can be reliably measured. The following specific recognition criteria must be met before revenue is recognised.

(i)

Interest income



Interest and financing income and expense are recognised in profit or loss using the effective interest method. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

(ii)

Realised gains and losses on investments



On disposal of investments, the difference between the net disposal proceeds and the carrying amount of investment is credited or charged to Statements of Income and Expenditure.

(iiI)

Dividend income Dividend income represents gross dividends from quoted and unquoted investments and is recognised when the right to receive payment is established.

95

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d)

(k)

Income tax Income tax on the profit and loss comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted on the date of the Statements of Assets and Liabilities. Deferred tax is provided for, using the liability method, on temporary differences at the date of Statements of Assets and Liabilities between the tax bases of assets and liabilities and their carrying amounts in the financial information. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the date of Statements of Assets and Liabilities. Deferred tax is recognised as income or an expense in the Statements of Income and Expenditure, except when it arises from a transaction which is recognised directly in unitholders’ capital, in which case, the deferred tax is also recognised in unitholders’ capital.

(l)

Provisions Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each Statements of Assets and Liabilities date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.

(m)

Foreign currencies transactions



(i)



Functional and presentation currency



The financial statements are presented in Ringgit Malaysia (“RM”) which is also the functional and presentation currency of the Funds.

(ii)

Foreign currency transaction



Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss. Non-monetary items denominated in foreign currencies that are measured at historical cost are translated using the exchange rates as at the dates of initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. All foreign exchange differences are taken to profit or loss, except for differences relating to items where gains or losses are recognised directly in equity, in which case, the gain or loss is recognised net of the exchange component in equity. (n)

Cash and cash equivalents Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.

96

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

3. Investments (i) AmMetLife Equity Fund Quoted equity securities



Deposits with licensed financial institutions

2015 2014 RM RM 17,743,960

12,142,443

–

2,623,875

17,743,960

14,766,318

FVTPL: Quoted equity securities Cost

16,225,883

9,674,073

Net unrealised gain

1,518,077

2,468,370

Fair value

17,743,960

12,142,443

Total investments at FVTPL

17,743,960

12,142,443

LAR: Deposits with licensed financial institutions

–

2,623,875

Total investments

17,743,960

14,766,318

97

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (i) AmMetLife Equity Fund (Cont’d) The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Quoted equity securities



Construction Gamuda Berhad

37,000

170,441

188,700

0.98%

IJM Corporation Berhad 26,400

179,493

190,080

0.98%

YTL Corporation Berhad 104,900

171,685

175,183

0.91%

5,600

391,788

384,496

1.99%

QL Resources Berhad 51,300

173,589

201,096

1.04%

440,154

2.28%

Consumer Products British American Tobacco (Malaysia) Berhad

Finance Bursa Malaysia Berhad 51,300

407,975

CIMB Group Holdings Berhad 164,098

1,118,594

1,020,690

5.28%

Malayan Banking Berhad 155,794

1,444,496

1,453,558

7.51%

Public Bank Berhad 96,300

1,747,143

1,818,144

9.40%

96,544

97,121

0.50%

Kossan Rubber Industries Berhad 68,800

305,466

390,096

2.02%

Petronas Gas Berhad

20,600

458,313

474,212

2.45%

Industrial DRB-Hicom Berhad 49,300

SKP Resources Berhad

305,300

197,438

257,978

1.33%

V.S Industry Berhad

62,700

157,933

266,475

1.38%

WELLCALL Holdings Berhad

99,800

178,812

199,600

1.03%

618,589

725,130

3.75%

3,900

86,649

88,842

0.46%

Sarawak Oil Palms Berhad 19,000

112,135

96,710

0.50%

Infrastructure Project Co. Digi.Com Berhad 115,100 Plantations Kuala Lumpur Kepong Berhad

Technology

98

Elsoft Research Berhad 243,000

372,844

434,970

2.25%

Inari Amertron Berhad

52,200

151,567

172,782

0.89%

Malaysia Pacific Industries Berhad 27,400

148,351

191,800

0.99%

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(i) AmMetLife Equity Fund (Cont’d) 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: (Cont’d) Quoted equity securities (Cont’d)



Trading & Services AirAsia Berhad 68,700

169,521

163,506

0.85%

Astro Malaysia Holdings Berhad 61,500

182,091

196,800

1.02%

Axiata Group Berhad 134,600

943,888

952,968

4.93%

Berjaya Auto Berhad 131,500 400,598 497,070 2.57% Dialog Group Berhad

206,420

250,144

326,144

1.69%

Engtex Group Berhad

148,800

192,036

147,312

0.76%

Genting Malaysia Berhad

101,100

406,805

427,653

2.21%

IHH Healthcare Berhad

71,300

353,592

428,513

2.21%

Malaysia Airports Holdings Berhad

61,320

428,837

429,240

2.22%

Maxis Berhad

80,100

544,902

575,919

2.98%

MISC Berhad

24,100

187,002

204,609

1.06%

MY E.G. Services Berhad

68,100

164,552

189,999

0.98%

Scicom (MSC) Berhad

148,180

234,741

294,878

1.52%

Sime Darby Berhad

61,900

590,597

573,813

2.97%

Sunway Berhad

100,000

335,406

365,000

1.89%

Telekom Malaysia Berhad

61,100

365,918

444,197

2.30%

Tenaga Nasional Berhad

119,500

1,354,963

1,716,020

8.87%

Uzma Berhad

94,800

177,236

197,184

1.02%

Westports Holdings Berhad

85,900

253,209

345,318

1.78%

16,225,883

17,743,960

91.72%

Total investments at FVTPL



The weighted average effective interest rates are as follows: Deposits with licensed financial institutions

Weighted average effective interest rate per annum 2015 2014 % % –

2.90%

99

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (ii) AmMetLife Bond Fund Unquoted corporate bonds Unquoted unit and property trust funds





Deposits with licensed financial institutions

2015 2014 RM RM 10,387,024

11,496,596

1,225,845

1,611,407

905,000

3,701,382

12,517,869

16,809,385

FVTPL: Unquoted corporate bonds Cost

10,763,296

11,729,915

Net unrealised loss

(376,272)

(233,319)

Fair value

10,387,024

11,496,596

Cost

1,137,267

1,552,472

Net unrealised gain

88,578

58,935

Fair value

1,225,845

1,611,407

Total investments at FVTPL

11,612,869

13,108,003

Unquoted unit and property trust funds

LAR:

100

Deposits with licensed financial institutions

905,000

3,701,382

Total investments

12,517,869

16,809,385

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(ii) AmMetLife Bond Fund (Cont’d) The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

FVTPL: Unquoted corporate bonds

Cost RM

Fair value RM

Fair value as % of NAV



Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000

1,020,300

1,023,360

8.24%

Gulf Investment Corporation due 01/03/2016 500,000

500,000

505,795

4.07%

Special Power Vehicle Berhad due 19/05/2016 625,000

1,004,250

732,331

5.90%

Prominic Berhad due 05/05/2016 1,000,000

1,006,200

1,003,430

8.08%

Encorp Systembilt Sdn Bhd due 16/11/2018 1,300,000

1,292,720

1,306,513

10.52%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,300,000

1,335,880

1,370,733

11.04%

Gulf Investment Corporation due 01/03/2016 700,000

721,280

708,113

5.70%

Prominic Berhad due 05/05/2016 400,000

408,800

401,372

3.23%

RHB Bank Berhad Hybrid Tier 1 due 29/03/2019 1,300,000

1,550,900

1,437,605

11.58%

Binariang GSM Sdn Bhd due 28/12/2015 1,491,696

1,533,166

1,508,732

12.15%

389,800

389,040

10,763,296

10,387,024

Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd due 02/12/2026 400,000 Unquoted unit and property trust funds AmBond Fund

3.13% 83.67%

909,137

999,447

1,082,601

8.72%

AmDynamic Bond Fund 230,111

137,820

143,244

1.15%

1,137,267

1,225,845

9.87%

11,900,563

11,612,869

93.55%





Total investments at FVTPL The weighted average effective interest rates are as follows:

Unquoted corporate bonds – secured





Weighted average effective interest rate per annum 2015 2014 % % 4.98%

4.98%

Unquoted corporate bonds – unsecured

4.83%

4.82%

Deposits with licensed financial institutions

3.70%

2.90% 101

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (iii) AmMetLife Balanced Fund

2015 2014 RM RM

Quoted equity securities

14,322,553

14,776,048

Unquoted corporate bonds

5,785,797

5,972,720

Quoted unit and property trust funds

–

151,000

Unquoted unit and property trust funds

–

2,218,693

1,773,000

1,052,421

21,881,350

24,170,882





Deposits with licensed financial institutions FVTPL:

Quoted equity securities Cost

13,019,179

11,218,670

Net unrealised gain

1,303,374

3,557,378

Fair value

14,322,553

14,776,048

Unquoted corporate bonds Cost

6,177,165

6,177,165

Net unrealised loss

(391,368)

(204,445)

Fair value

5,785,797

5,972,720

Cost

–

154,710

Net unrealised loss

–

(3,710)

Fair value

–

151,000

Cost

–

2,319,247

Net unrealised loss

–

(100,554)

Fair value

–

2,218,693

Total investments at FVTPL

20,108,350

23,118,461

Quoted unit and property trust funds

Unquoted unit and property trust funds

LAR: Deposits with licensed financial institutions

1,773,000

1,052,421

Total investments 21,881,350 24,170,882

102

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(iii) AmMetLife Balanced Fund (Cont’d) The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Quoted equity securities



Construction Gamuda Berhad

42,400

203,587

216,240

0.99%

IJM Corporation Berhad 62,000

419,719

446,400

2.04%

442,260

439,424

2.00%

Consumer Products British American Tobacco (Malaysia) Berhad

6,400

Finance Bursa Malaysia Berhad 38,200

329,226

327,756

1.50%

CIMB Group Holdings Berhad

123,748

853,137

769,713

3.51%

24,700

360,626

352,222

1.61%

Hong Leong Bank Berhad

Malayan Banking Berhad 100,127

916,833

934,185

4.26%

Public Bank Berhad 66,000

1,211,423

1,246,080

5.68%

Industrial Products Kossan Rubber Industries Berhad 85,300

377,355

483,651

2.21%

Petronas Gas Berhad

15,900

348,518

366,018

1.67%

SKP Resources Bhd

350,000

221,256

295,750

1.35%

V.S Industry Berhad

72,800

178,684

309,400

1.41%

WELLCALL Holdings Berhad

116,000

207,839

232,000

1.06%

Infrastructure Project Co. Digi.Com Berhad 99,000 547,620 623,700 2.85% Technology Elsoft Research Berhad 223,000 Inari Amertron Berhad

352,576

399,170

1.82%

59,300

174,027

196,283

0.90%

Malaysia Pacific Industries Berhad 31,600

179,411

221,200

1.01%

103

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (iii) AmMetLife Balanced Fund (Cont’d) 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: (Cont’d) Quoted equity securities (Cont’d)



Trading & Services AirAsia Berhad 88,500

104

217,552

210,630

0.96%

Astro Malaysia Holdings Berhad

33,700

98,752

107,840

0.49%

Axiata Group Berhad

93,000

654,819

658,440

3.00%

Berjaya Auto Berhad 141,900

447,651

536,382

2.45%

Engtex Group Berhad

180,200

237,710

178,398

0.81%

Genting Malaysia Berhad

63,400

254,381

268,182

1.22%

IHH Healthcare Berhad

21,300

104,125

128,013

0.58%

Malaysia Airports Holdings Berhad

59,280

417,689

414,960

1.89%

Maxis Berhad

29,700

195,889

213,543

0.97%

MISC Berhad

25,800

199,932

219,042

1.00%

MY E.G. Services Berhad

46,400

104,425

129,456

0.59%

Scicom (MSC) Berhad

203,600

324,418

405,164

1.85%

Sime Darby Berhad

35,500

335,440

329,085

1.50%

Sunway Berhad

113,000

379,481

412,450

1.88%

Telekom Malaysia Berhad

42,800

243,015

311,156

1.42%

Tenaga Nasional Bhd

92,600

998,358

1,329,736

6.07%

Uzma Berhad

55,200

102,852

114,816

0.52%

Westports Holdings Berhad

123,400

378,593

496,068

2.26%



13,019,179

14,322,553

65.34%

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(iii) AmMetLife Balanced Fund (Cont’d) 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: (Cont’d) Unquoted corporate bonds





Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000

1,020,300

1,023,360

4.67%

Gulf Investment Corporation due 01/03/2016 1,000,000

1,000,000

1,011,590

4.62%

Special Power Vehicle Berhad due 19/05/2016 1,062,500

1,707,225

1,244,963

5.68%

Encorp Systembilt Sdn Bhd due 16/11/2018 500,000

497,200

502,505

1,952,440

2,003,379

6,177,165

5,785,797

26.40%

20,108,350

91.74%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018

Total investments at FVTPL

1,900,000

19,196,344

2.29% 9.14%

The weighted average effective interest rates are as follows: Unquoted corporate bonds – secured



Weighted average effective interest rate per annum 2015 2014 % %



4.98%

4.98%

Unquoted corporate bonds – unsecured

5.61%

5.62%

Deposits with licensed financial institutions

3.70%

2.90%

105

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (iv) AmMetLife Dana Teguh

2015 2014 RM RM

Quoted equity securities

11,654,493

7,755,034

Unquoted corporate bonds

2,393,377

2,453,070

593,485

567,813

2,908,000

1,510,273

17,549,355

12,286,190

Unquoted unit and property trust funds





Deposits with licensed financial institutions FVTPL:

Quoted equity securities Cost

10,072,437

5,553,382

Net unrealised gain

1,582,056

2,201,652

Fair value

11,654,493

7,755,034

Unquoted corporate bonds Cost

2,521,790

2,521,790

Net unrealised loss

(128,413)

(68,720)

Fair value

2,393,377

2,453,070

Cost

559,532

552,453

Net unrealised gain

33,953

15,360

Fair value

593,485

567,813

Total investments at FVTPL

14,641,355

10,775,917

Unquoted unit and property trust funds

LAR:

106

Deposits with licensed financial institutions

2,908,000

1,510,273

Total investments

17,549,355

12,286,190

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(iv) AmMetLife Dana Teguh (Cont’d) The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Quoted equity securities



Construction Gamuda Berhad

34,300

162,425

174,930

0.97%

Hock Seng Lee Berhad

200,000

334,848

362,000

2.02%

IJM Corporation Berhad 59,700

342,874

429,840

2.39%

299,764

356,328

1.98%

Consumer Products QL Resources Berhad 90,900 Industrial Products DRB-Hicom Berhad 68,600 134,339 135,142 0.75% Kossan Rubber Industries Berhad 76,400

334,660

433,188

2.41%

Petronas Gas Berhad

18,100

403,196

416,662

2.32%

SKP Resources Bhd

259,900

189,947

219,615

1.22%

V.S Industry Berhad

64,800

165,871

275,400

1.53%

Digi.Com Berhad 72,700

370,477

458,010

2.55%

Time Dotcom Berhad 27,300

126,879

161,616

0.90%

Infrastructure Project Co.

Plantations Kuala Lumpur Kepong Berhad 5,400

119,248

123,012

0.69%

Sarawak Oil Palms Berhad 26,600

156,464

135,394

0.75%

388,501

330,660

1.84%

Elsoft Research Berhad 220,800

326,485

395,232

2.20%

Globetronics Technology Berhad

31,500

142,726

165,690

0.92%

49,500

142,757

163,845

0.91%

Vitrox Corporation Berhad 26,600

89,484

87,248

0.49%

Properties Tambun Indah Land Berhad 183,700 Technology

Inari Amertron Berhad



107

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (iv) AmMetLife Dana Teguh (Cont’d) 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: (Cont’d) Quoted equity securities (Cont’d)



Trading & Services Axiata Group Berhad 93,000

655,530

658,440

3.67%

Berjaya Auto Berhad 145,000

468,891

548,100

3.05%

Dialog Group Berhad

243,258

291,644

384,348

2.14%

IHH Healthcare Berhad

80,700

400,929

485,007

2.70%

KPJ Healthcare Berhad

31,100

132,815

132,486

0.74%

Maxis Berhad

71,300

483,223

512,647

2.86%

MISC Berhad

38,000

309,163

322,620

1.80%

MY E.G. Services Berhad

91,800

160,156

256,122

1.43%

Pos Malaysia Berhad

35,100

177,929

185,679

1.03%

Scicom (MSC) Berhad

173,000

274,679

344,270

1.92%

Sime Darby Berhad

38,200

362,366

354,114

1.97%

Sunway Berhad

117,400

393,732

428,510

2.39%

Telekom Malaysia Berhad

74,000

454,879

537,980

3.00%

Tenaga Nasional Bhd

78,300

831,485

1,124,388

6.26%

Uzma Berhad 86,200 160,982 179,296 1.00% Westports Holdings Berhad

108

93,700

283,089

376,674

2.10%



10,072,437

11,654,493

64.92%

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(iv) AmMetLife Dana Teguh (Cont’d) 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: (Cont’d) Unquoted corporate bonds





Special Power Vehicle Berhad due 19/05/2016 375,000

602,550

439,398

Encorp Systembilt Sdn Bhd due 16/11/2018 1,000,000

994,400

1,005,010

5.60%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 900,000

924,840

948,969

5.29%

2,521,790

2,393,377

13.33%

Unquoted unit and property trust funds AmBon Islam Fund

2.45%

477,730

559,532

593,485

3.31%

Total investments at FVTPL 13,153,759

14,641,355

81.55%

The weighted average effective interest rates are as follows:

Weighted average effective interest rate per annum 2015 2014 % %

Unquoted corporate bonds – unsecured

5.32%

5.33%

Deposits with licensed financial institutions

3.30%

2.93%

109

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (v) AmMetLife AmOasis Islamic Equity Fund Unquoted unit and property trust funds





Deposits with licensed financial institutions

2015 2014 RM RM 3,988,807

4,055,245

–

473,719

3,988,807

4,528,964

FVTPL: Unquoted unit and property trust funds Cost

3,176,209

3,671,661

Net unrealised gain

812,598

383,584

Fair value

3,988,807

4,055,245

Total investments at FVTPL

3,988,807

4,055,245

LAR: Deposits with licensed financial institutions

–

473,719

Total investments

3,988,807

4,528,964

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Unquoted unit and property trust funds AmOasis Global Islamic Equity

3,286,485

3,176,209

3,988,807

93.06%



3,176,209

3,988,807

93.06%

Total investments at FVTPL

The weighted average effective interest rates are as follows: Deposits with licensed financial institutions

110

Weighted average effective interest rate per annum 2015 2014 % % –%

2.93%

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(vi) AmMetLife Asia Pacific REITS Fund

2015 2014 RM RM

Unquoted unit and property trust funds

672,241

509,424

672,241

509,424

FVTPL: Unquoted unit and property trust funds Cost

590,348

505,311

Net unrealised gain

81,893

4,113

Fair value

672,241

509,424

Total investments at FVTPL

672,241

509,424

Total investments

672,241

509,424

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Unquoted unit and property trust funds AmAsia Pacific REITS

992,530

590,348

672,241

98.03%

Total investments at FVTPL

590,348

672,241

98.03%



111

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (vii) AmMetLife Global Emerging Market Fund

2015 2014 RM RM

Unquoted unit and property trust funds

885,544

790,362

–

110,000

885,544

900,362





Deposits with licensed financial institutions

FVTPL: Unquoted unit and property trust funds Cost

802,843

773,302

Net unrealised gain

82,701

17,060

Fair value

885,544

790,362

Total investments at FVTPL

885,544

790,362

LAR: Deposits with licensed financial institutions

–

110,000

Total investments

885,544

900,362

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Unquoted unit and property trust funds



AmCash Management

90,086

90,086

90,086

9.45%

AmGlobal Emerging Market Opportunities

716,887

712,757

795,458

83.45%

Total investments at FVTPL

802,843

885,544

92.90%



The weighted average effective interest rates are as follows: Deposits with licensed financial institutions

112

Weighted average effective interest rate per annum 2015 2014 % % –%

3.00%

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(viii) AmMetLife Tactical Bond Fund

2015 2014 RM RM

Unquoted unit and property trust funds

421,026

421,809

421,026

421,809

FVTPL: Unquoted unit and property trust funds Cost

410,025

416,356

Net unrealised gain

11,001

5,453

Fair value

421,026

421,809

Total investments at FVTPL

421,026

421,809

Total investments 421,026 421,809

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Unquoted unit and property trust funds AmTactical Bond

427,394

410,025

421,026

90.84%

Total investments at FVTPL

410,025

421,026

90.84%



113

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d)

(ix) AmMetLife Precious Metals Fund Unquoted unit and property trust funds





2015 2014 RM RM 2,821,867

3,456,063

713,535

–

3,535,402

3,456,063

Cost

6,572,330

6,555,055

Net unrealised loss

(3,750,463)

(3,098,992)

Fair value

2,821,867

3,456,063

Total investments at FVTPL

2,821,867

3,456,063

Deposits with licensed financial institutions FVTPL:



Unquoted unit and property trust funds

LAR: Deposits with licensed financial institutions

713,535

–

Total investments

3,535,402

3,456,063

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Unquoted unit and property trust funds AmPrecious Metals

8,069,392

6,572,330

2,821,867

73.74%



6,572,330

2,821,867

73.74%

Total investments at FVTPL

The weighted average effective interest rates are as follows: Deposits with licensed financial institutions

114

Weighted average effective interest rate per annum 2015 2014 % % 3.40%

–%

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(x) AmMetLife Global Agribusiness Fund Unquoted unit and property trust funds





Deposits with licensed financial institutions

2015 2014 RM RM 1,929,471

1,677,913

205,535

226,123

2,135,006

1,904,036

FVTPL: Unquoted unit and property trust funds Cost 1,557,441 1,433,192 Net unrealised gain

372,030

244,721

Fair value

1,929,471

1,677,913

Total investments at FVTPL

1,929,471

1,677,913

LAR: Deposits with licensed financial institutions

205,535

226,123

Total investments

2,135,006

1,904,036

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Unquoted unit and property trust funds AmGlobal Agribusiness

1,746,127

1,557,441

1,929,471

91.22%



1,557,441

1,929,471

91.22%

Total investments at FVTPL

The weighted average effective interest rates are as follows: Deposits with licensed financial institutions

Weighted average effective interest rate per annum 2015 2014 % % 3.40%

3.00%

115

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d)

(xi) AmMetLife Commodity Stable Capital Guaranteed Fund Structured product





Unquoted unit and property trust funds

2015 2014 RM RM 4,934,688

4,760,165

57,248

91,382

4,991,936

4,851,547

FVTPL: Structured product Cost

4,715,094

4,715,094

Net unrealised gain

219,594

45,071

Fair value

4,934,688

4,760,165

Unquoted unit and property trust funds Cost/Fair value 57,248 91,382 Total investments at FVTPL

4,991,936

4,851,547

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below:

2015



No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Structured product



Floating Rate Negotiable Instrument of Deposit Due 12/10/15 Unquoted unit and property trust funds AmIncome Fund

5,045,920

4,715,094

4,934,688

114.81%

57,248

57,248

57,248

1.33%

Total investments at FVTPL

4,772,342

4,991,936

116.14%



116

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(xii) AmMetLife Dividend Fund Quoted equity securities Quoted unit and property trust funds

2015 2014 RM RM 11,550,834

7,245,830

–

430,350

–

1,823,730

11,550,834

9,499,910



Deposits with licensed financial institutions

FVTPL: Quoted equity securities Cost

10,296,683

6,590,459

Net unrealised gain

1,254,151

655,371

Fair value

11,550,834

7,245,830

Cost

–

431,214

Net unrealised loss

–

(864)

Fair value

–

430,350

Total investments at FVTPL

11,550,834

7,676,180

Quoted unit and property trust funds

LAR: Deposits with licensed financial institutions

–

1,823,730

Total investments 11,550,834 9,499,910

117

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 3. Investments (Cont’d) (xii) AmMetLife Dividend Fund (Cont’d) The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below: 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: Quoted equity securities



Construction Gamuda Berhad

24,100

111,330

122,910

0.97%

IJM Corporation Berhad

34,000

230,378

244,800

1.93%

YTL Corporation Berhad 68,500

111,772

114,395

0.90%

251,141

247,176

1.95%

Consumer Products British American Tobacco (Malaysia) Berhad

3,600

Finance Bursa Malaysia Berhad

35,300

283,440

302,874

2.39%

CIMB Group Holdings Berhad

101,593

664,408

631,908

4.99%

Malayan Banking Berhad

95,130

Public Bank Berhad 63,500

894,926

887,563

7.01%

1,150,483

1,198,880

9.47%

Industrial Products Kossan Rubber Industries Berhad 46,200

202,848

261,954

2.07%

Petronas Gas Berhad

15,700

349,581

361,414

2.85%

SKP Resources Bhd

200,700

129,569

169,591

1.34%

V.S Industry Berhad

41,400

102,308

175,950

1.39%

WELLCALL Holdings Berhad

65,200

116,498

130,400

1.03%

366,692

510,930

4.04%

57,052

59,228

0.47%

159

180

0.00%

Elsoft Research Berhad 161,700

249,039

289,443

2.29%

Inari Amertron Berhad

52,900

149,500

175,099

1.38%

Malaysia Pacific Industries Berhad 27,300

147,686

191,100

1.51%

Infrastructure Project Co. Digi.Com Berhad 81,100 Plantations Kuala Lumpur Kepong Berhad 2,600 Properties Tambun Indah Land Berhad 100 Technology

118

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(xii) AmMetLife Dividend Fund (Cont’d) 2015

No. of Units

Cost RM

Fair value RM

Fair value as % of NAV

FVTPL: (Cont’d) Quoted equity securities (Cont’d)



Trading & Services AirAsia Berhad 56,800

148,983

135,184

1.07%

Astro Malaysia Holdings Berhad

100,216

109,440

0.86%

34,200

Axiata Group Berhad 83,100

581,885

588,348

4.65%

Berjaya Auto Berhad 86,000

292,149

325,080

2.57%

Genting Malaysia Berhad

66,200

277,642

280,026

2.21%

IHH Healthcare Berhad

46,900

226,134

281,869

2.23%

Malaysia Airports Holdings Berhad

41,520

289,803

290,640

2.30%

Maxis Berhad

46,000

308,803

330,740

2.61%

MISC Berhad

15,100

108,171

128,199

1.01%

MY E.G. Services Berhad

105,600

190,930

294,624

2.33%

Scicom (MSC) Berhad

97,640

154,767

194,304

1.53%

SEG International Bhd

87,000

122,263

124,410

0.98%

Sime Darby Berhad

40,900

390,626

379,143

2.99%

Sunway Berhad 92,300 306,513 336,895 2.66% Telekom Malaysia Berhad

39,700

221,018

288,619

Tenaga Nasional Bhd Westports Holdings Berhad

2.28%

75,600

787,815

1,085,616

8.58%

75,100

220,155

301,902

2.38%

Total investments at FVTPL

10,296,683

11,550,834

91.24%

The weighted average effective interest rates are as follows: Deposits with licensed financial institutions

Weighted average effective interest rate per annum 2015 2014 % % –%

2.90%

119

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 4. Deffered Taxation The deferred tax liability/(asset) relate to unrealised capital gain/(losses) on investments of the respective Funds. (i) AmMetLife Equity Fund

2015 2014 RM RM

At beginning of the year



197,470

Recognised in the Statement of Income and Expenditure (Note 8)

(76,023)

162,776

At end of the year

121,447

197,470

34,694

(ii) AmMetLife Bond Fund

2015 2014 RM RM

At beginning of the year



(13,951)

11,584

Recognised in the Statement of Income and Expenditure (Note 8)

(9,063)

(25,535)

At end of the year

(23,014)

(13,951)

(iii) AmMetLife Balanced Fund

2015 2014 RM RM

At beginning of the year



259,894

31,030

Recognised in the Statement of Income and Expenditure (Note 8)

(186,934)

228,864

At end of the year

72,960

259,894

(iv) AmMetLife Dana Teguh

120



2015 2014 RM RM

At beginning of the year



171,863

14,027

Recognised in the Statement of Income and Expenditure (Note 8)

(52,856)

157,836

At end of the year

119,007

171,863

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(v) AmMetLife AmOasis Islamic Equity Fund At beginning of the year

2015 2014 RM RM



30,687

(6,781)

Recognised in the Statement of Income and Expenditure (Note 8)

34,321

37,468

At end of the year

65,008

30,687

(vi) AmMetLife Asia Pacific REITS Fund At beginning of the year

2015 2014 RM RM



329

–

Recognised in the Statement of Income and Expenditure (Note 8)

6,223

329

At end of the year

6,552

329

(vii) AmMetLife Global Emerging Market Fund At beginning of the year

2015 2014 RM RM



1,365

(1,510)

Recognised in the Statement of Income and Expenditure (Note 8)

5,251

2,875

At end of the year

6,616

1,365

(viii) AmMetLife Tactical Bond Fund At beginning of the year

2015 2014 RM RM



436

–

Recognised in the Statement of Income and Expenditure (Note 8)

444

436

At end of the year

880

436

121

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 4. Deffered Taxation (Cont’d)

(ix) AmMetLife Precious Metals Fund

2015 2014 RM RM

At beginning of the year



(247,919)

(179,978)

Recognised in the Statement of Income and Expenditure (Note 8)

(52,118)

(67,941)

At end of the year

(300,037)

(247,919)

(x) AmMetLife Global Agribusiness Fund At beginning of the year

2015 2014 RM RM



19,578

12,787

Recognised in the Statement of Income and Expenditure (Note 8)

10,184

6,791

At end of the year

29,762

19,578

(xi) AmMetLife Commodity Stable Capital Guaranteed Fund At beginning of the year

2015 2014 RM RM



3,606

(8,943)

Recognised in the Statement of Income and Expenditure (Note 8)

13,962

12,549

At end of the year

17,568

3,606

(xii) AmMetLife Dividend Fund At beginning of the year

122

2015 2014 RM RM



52,361

7,262

Recognised in the Statement of Income and Expenditure (Note 8)

47,970

45,099

At end of the year

100,331

52,361

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

5. Unitholders’ Capital

(i) AmMetLife Equity Fund

2015 2014



No. of Units RM

No. of Units RM

Amount received for creations during the year

5,981,485

9,690,938

3,580,109

5,762,935

Amount paid for cancellations due to surrenders during the year

(1,318,352)

(5,071,593)

(3,837,480)

(5,969,395)



4,663,133

4,619,345

(257,371)

Unitholders’ capital brought forward

14,632,663

14,543,771

14,890,034

12,263,704

Excess of income over outgo after taxation

–

183,102

–

2,486,527



19,295,796

19,346,218

14,632,663

14,543,771

1.0026

0.9939

Net asset value per unit at 31 March



(206,460)

(ii) AmMetLife Bond Fund

2015 2014



No. of Units RM

No. of Units RM

Amount received for creations during the year

1,746,235

3,249,568

5,764,102

6,584,452

Amount paid for cancellations due to surrenders during the year

(7,807,721)

(8,004,383)

(5,796,406)

(6,637,757)



(6,061,486)

(4,754,815)

(32,304)

Unitholders’ capital brought forward

21,593,784

16,713,448

21,626,088

16,376,217

Excess of income over outgo after taxation

–

455,529

–

390,536



15,532,298

12,414,162

21,593,784

Net asset value per unit at 31 March



0.7992

(53,305)

16,713,448 0.7740

123

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 5. Unitholders’ Capital (Cont’d)

(iii) AmMetLife Balanced Fund

2015 2014



No. of Units RM

No. of Units RM

Amount received for creations during the year

3,563,363

8,387,650

3,442,556

6,824,737

Amount paid for cancellations due to surrenders during the year

(5,665,595)

(10,431,450)

(5,723,386)

(9,029,939)



(2,102,232)

(2,043,800)

(2,280,830)

(2,205,202)

Unitholders’ capital brought forward

24,674,688

24,157,637

26,955,518

22,890,142

(Deficit)/Excess of income over outgo after taxation

–

(194,474)

–

3,472,697



22,572,456

21,919,363

24,674,688

Net asset value per unit at 31 March



0.9711

24,157,637 0.9790

(iv) AmMetLife Dana Teguh

2015 2014



No. of Units RM

Amount received for creations during the year

6,808,452

9,613,259

1,492,824

3,187,043

Amount paid for cancellations due to surrenders during the year

(1,999,098)

(4,695,371)

(5,061,669)

(6,427,624)



4,809,354

4,917,888

(3,568,845)

(3,240,581)

Unitholders’ capital brought forward

12,100,742

12,176,875

15,669,587

12,922,403

Excess of income over outgo after taxation

–

858,455

–

2,495,053



16,910,096

17,953,218

12,100,742

Net asset value per unit at 31 March

124

No. of Units RM



1.0617

12,176,875 1.0063

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(v) AmMetLife AmOasis Islamic Equity Fund Amount received for creations during the year

2015 2014 No. of Units RM

No. of Units RM

668,947

741,116

3,658,529

2,035,198

Amount paid for cancellations due to surrenders during the year

(1,973,723)

(1,424,605)

(2,365,007)

(1,394,674)



(1,304,776)

(683,489)

1,293,522

Unitholders’ capital brought forward

8,541,049

4,513,925

7,247,527

3,430,179

Excess of income over outgo after taxation

–

455,959

–

443,222



7,236,273

4,286,395

8,541,049

Net asset value per unit at 31 March



0.5923

640,524

4,513,925 0.5285

(vi) AmMetLife Asia Pacific REITS Fund

2015 2014 No. of Units RM

No. of Units RM

Amount received for creations during the year/period

411,104

376,276

1,207,395

619,712

Amount paid for cancellations due to surrenders during the year/period

(382,433)

(363,095)

(22,453)

(33,888)



28,671

13,181

1,184,942

585,824

Unitholders’ capital brought forward

1,184,942

580,944

–

–

Excess/(Deficit) of income over outgo after taxation

–

91,606

–

(4,880)



1,213,613

685,731

1,184,942

Net asset value per unit at 31 March



0.5650

580,944 0.4903

125

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 5. Unitholders’ Capital (Cont’d)

(vii) AmMetLife Global Emerging Market Fund

2015 2014 No. of Units RM

No. of Units RM

Amount received for creations during the year

1,190,620

129,571

246,638

149,658

Amount paid for cancellations due to surrenders during the year

(1,157,114)

(114,983)

(62,600)

(56,455)



33,506

14,588

184,038

Unitholders’ capital brought forward

1,720,080

883,932

1,536,042

761,916

Excess of income over outgo after taxation

–

54,726

–

28,813



1,753,586

953,246

1,720,080

Net asset value per unit at 31 March



0.5436

93,203

883,932 0.5139

(viii) AmMetLife Tactical Bond Fund

No. of Units RM

No. of Units RM

Amount received for creations during the year/period

282,711

222,547

1,148,974

512,693

Amount paid for cancellations due to surrenders during the year/period

(378,158)

(269,500)

(154,043)

(18,087)



(95,447)

(46,953)

994,931

494,606

Unitholders’ capital brought forward

994,931

491,182

–

–

Excess/(Deficit) of income over outgo after taxation

–

19,249

–

(3,424)



899,484

463,478

994,931

Net asset value per unit at 31 March

126

2015 2014



0.5153

491,182 0.4937

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

(ix) AmMetLife Precious Metals Fund

2015 2014



No. of Units RM

No. of Units RM

Amount received for creations during the year

4,688,605

1,366,592

2,703,945

959,846

Amount paid for cancellations due to surrenders during the year

(2,759,111)

(861,183)

(2,577,338)

(904,090)



1,929,494

505,409

126,607

55,756

Unitholders’ capital brought forward

13,961,225

3,930,030

13,834,618

4,891,635

Deficit of income over outgo after taxation

–

(608,629)

–

(1,017,361)



15,890,719

3,826,810

13,961,225

Net asset value per unit at 31 March



0.2408

3,930,030 0.2815

(x) AmMetLife Global Agribusiness Fund

2015 2014 No. of Units RM

No. of Units RM

Amount received for creations during the year

1,483,710

541,111

544,918

566,988

Amount paid for cancellations due to surrenders during the year

(1,273,374)

(406,861)

(319,527)

(429,481)



210,336

134,250

225,391

137,507

Unitholders’ capital brought forward

3,020,546

1,869,293

2,795,155

1,657,240

Excess of income over outgo after taxation

–

111,731

–

74,546



3,230,882

2,115,274

3,020,546

Net asset value per unit at 31 March



0.6547

1,869,293 0.6189

127

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 5. Unitholders’ Capital (Cont’d)

(xi) AmMetLife Commodity Stable Capital Guaranteed Fund

2015 2014



No. of Units RM

No. of Units RM

Amount paid for cancellations due to surrenders during the year

(9,500)

(4,214)

–

–



(9,500)

(4,214)

–

–

Unitholders’ capital brought forward

8,435,571

4,168,793

8,435,571

4,051,111

Excess of income over outgo after taxation

–

133,606

–

117,682



8,426,071

4,298,185

8,435,571

Net asset value per unit at 31 March



0.5101

4,168,793 0.4942

(xii) AmMetLife Dividend Fund

2015 2014



No. of Units RM

Amount received for creations during the year

4,882,311

3,505,334

4,320,217

2,685,138

Amount paid for cancellations due to surrenders during the year

(1,743,279)

(1,459,199)

(675,982)

(510,739)



3,139,032

2,046,135

3,644,235

2,174,399

Unitholders’ capital brought forward

15,029,935

9,444,021

11,385,700

6,350,103

Excess of income over outgo after taxation

–

1,169,096

–

919,519



18,168,967

12,659,252

15,029,935

Net asset value per unit at 31 March

128

No. of Units RM



0.6968

9,444,021 0.6283

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

6. Interest Income

AmMetLife Bond Fund



AmMetLife Equity Fund



2015 2014 2015 2014 RM RM RM RM

Interest income from: Deposits with licensed financial institutions

62,640

68,210

81,141

126,946

Corporate bonds

–

–

674,015

790,354



62,640

68,210

755,156

917,300



AmMetLife Balanced Fund

AmMetLife Dana Teguh

2015 2014 2015 2014 RM RM RM RM

Interest income from: Deposits with licensed financial institutions

57,261

63,270

72,550

37,050

Corporate bonds

464,355

464,451

177,663

188,617



521,616

527,721

250,213

225,667



AmMetLife AmOasis Islamic Equity Fund

AmMetLife Asia Pacific REITS Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 RM RM RM RM Interest income from: Deposits with licensed financial institutions



10,143

37,264

AmMetLife Global Emerging Market Fund

1,852

577

AmMetLife Tactical Bond Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 RM RM RM RM Interest income from: Deposits with licensed financial institutions

2,269

5,978

1,509

638

129

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 6. Interest Income (Cont’d)



AmMetLife Precious Metals Fund

Interest income from: Deposits with licensed financial institutions



Interest income from: Deposits with licensed financial institutions

130

2015 2014 2015 2014 RM RM RM RM

14,090

6,994

AmMetLife Commodity Stable Capital Guaranteed Fund



AmMetLife Global Agribusiness Fund

6,663

11,528

AmMetLife Dividend Fund

2015 2014 2015 2014 RM RM RM RM

387

–

41,061

59,221

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

7. Dividend Income

AmMetLife Bond Fund



AmMetLife Equity Fund



2015 2014 2015 2014 RM RM RM RM

Gross dividends from: Quoted equity securities in Malaysia

426,217

211,548

–

–

Unquoted unit and property trust funds in Malaysia

–

–

13,372

28,713



426,217

211,548

13,372

28,713



AmMetLife Balanced Fund

AmMetLife Dana Teguh



2015 2014 2015 2014 RM RM RM RM

Gross dividends from: Quoted equity securities in Malaysia

417,103

277,057

233,305

114,755

Quoted unit and property trust funds in Malaysia

7,800

5,300

–

–

Unquoted unit and property trust funds in Malaysia

–

19,247

7,079

17,594



424,903

301,604



AmMetLife Asia Pacific REITS Fund

240,384

132,349

AmMetLife Global Emerging Market Fund

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 014 2015 2014 RM RM RM RM Gross dividends from: Unquoted unit and property trust funds in Malaysia

26,213

–

2,307

1,888



26,213

–

2,307

1,888

131

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 7. Dividend Income (Cont’d)



AmMetLife Tactical Bond Fund

AmMetLife Commodity Stable Capital Guaranteed Fund

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 2014 2015 2014 RM RM RM RM Gross dividends from: Unquoted unit and property trust funds in Malaysia

24,792

–

2,223

2,259



24,792

–

2,223

2,259





AmMetLife Dividend Fund

2015 2014 RM RM Gross dividends from: Quoted equity securities in Malaysia

132



368,142

277,348

Quoted unit and property trust funds in Malaysia

7,410

27,325



375,552

304,673

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

8. Taxation

AmMetLife Bond Fund



AmMetLife Equity Fund



2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision

77,024

55,284

63,020

77,391

Deferred tax: Relating to origination and reversal of temporary differences (Note 4)

(76,023)

162,776

(9,063)

(25,535)

Tax expense for the year

1,001

218,060

53,957

51,856



AmMetLife Balanced Fund

AmMetLife Dana Teguh



2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision

159,928

80,237

123,761

64,705

Deferred tax: Relating to origination and reversal of temporary differences (Note 4)

(186,934)

228,864

(52,856)

157,836

Tax expense for the year

(27,006)

309,101

70,905

222,541



AmMetLife AmOasis Islamic Equity Fund

AmMetLife Asia Pacific REITS Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 RM RM RM RM Malaysian income tax: Current year’s/period’s provision

6,362

2,981

315

46

Deferred tax: Relating to origination and reversal of temporary differences (Note 4)

34,321

37,468

6,223

329

Tax expense for the year/period

40,683

40,449

6,538

375

133

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 8. Taxation (Cont’d)



AmMetLife Global Emerging Market Fund

AmMetLife Tactical Bond Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 RM RM RM RM Malaysian income tax: Current year’s/period’s provision

181

478

(118)

51

Deferred tax: Relating to origination and reversal of temporary differences (Note 4)

5,251

2,875

444

436

Tax expense for the year/period

5,432

3,353

326

487



AmMetLife Precious Metals Fund



AmMetLife Global Agribusiness Fund

2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision

931

(19,113)

533

922

Deferred tax: Relating to origination and reversal of temporary differences (Note 4)

(52,118)

(67,941)

10,184

6,791

Tax expense for the year

(51,187)

(87,054)

10,717

7,713



AmMetLife Commodity Stable Capital Guaranteed Fund



AmMetLife Dividend Fund

2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision

31

–

35,592

27,739

Deferred tax: Relating to origination and reversal of temporary differences (Note 4)

13,962

12,549

47,970

45,099

Tax expense for the year

13,993

12,549

83,562

72,838

The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at the preferential tax rate of 8% (2014: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business.

134

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

A reconciliation of income tax expense applicable to the excess/(deficit) of income over outgo before taxation at the income tax rate applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is as follows: AmMetLife Bond Fund



AmMetLife Equity Fund



2015 2014 2015 2014 RM RM RM RM

Excess of income over outgo before taxation

184,103

2,704,587

509,486

442,392

Taxation at Malaysian tax charge of 8%

14,728

216,367

40,759

35,391

Income not subject to tax

(34,097)

(14,452)

2,097

2,041

Expenses not deductible for tax purposes

20,370

16,145

11,101

14,424



1,001

218,060

53,957

51,856



AmMetLife Balanced Fund



AmMetLife Dana Teguh

2015 2014 2015 2014 RM RM RM RM

(Deficit)/Excess of income over outgo before taxation

(221,480)

3,781,798

929,360

2,717,594

Taxation at Malaysian tax charge of 8%

(17,718)

302,544

74,349

217,407

Income not subject to tax

(33,368)

(18,850)

(19,231)

(8,496)

Expenses not deductible for tax purposes

24,080

25,407

15,787

13,630



(27,006)

309,101

70,905

222,541



AmMetLife AmOasis Islamic Equity Fund

AmMetLife Asia Pacific REITS Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 RM RM RM RM Excess/(Deficit) of income over outgo before taxation

496,642

483,671

98,144

(4,505)

Taxation at Malaysian tax charge of 8%

39,731

38,694

7,851

(360)

Income not subject to tax

–

–

(2,097)

–

Expenses not deductible for tax purposes

952

1,755

784

735



40,683

40,449

6,538

375

135

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

Notes to the Financial Information (Cont’d) 8. Taxation (Cont’d)



AmMetLife Global Emerging Market Fund

AmMetLife Tactical Bond Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 RM RM RM RM Excess/(Deficit) of income over outgo before taxation

60,158

32,166

19,575

(2,937)

Taxation at Malaysian tax charge of 8%

4,813

2,573

1,566

(235)

Income not subject to tax

(185)

(151)

(1,983)

–

Expenses not deductible for tax purposes

804

931

743

722



5,432

3,353

326

487



AmMetLife Precious Metals Fund



2015 2014 2015 2014 RM RM RM RM

(Deficit)/Excess of income over outgo before taxation

(659,816)

(1,104,415)

122,448

82,259

Taxation at Malaysian tax charge of 8%

(52,785)

(88,352)

9,796

6,581

Expenses not deductible for tax purposes

1,598

1,298

921

1,132



(51,187)

(87,054)

10,717

7,713



136

AmMetLife Global Agribusiness Fund

AmMetLife Commodity Stable Capital Guaranteed Fund

AmMetLife Dividend Fund



2015 2014 2015 2014 RM RM RM RM

Excess of income over outgo before taxation

147,599

130,231

1,252,658

992,357

Taxation at Malaysian tax charge of 8%

11,808

10,419

100,213

79,390

Income not subject to tax

(178)

(180)

(30,044)

(16,855)

Expenses not deductible for tax purposes

2,363

2,310

13,393

10,303



13,993

12,549

83,562

72,838

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report For the Financial Year Ended 31 March 2015

9. Comparitives The prior period financial information for AmMetLife Asia Pacific REITS Fund and AmMetLife Tactical Bond Fund have been prepared from the date of launch of the funds of 17 September 2013 to 31 March 2014. Therefore, the current year Statements of Income and Expenditure and Statements of Changes in Net Asset Value and related notes of AmMetLife Asia Pacific REITS Fund and AmMetLife Tactical Bond Fund are not comparable.

137

AmMetLife Insurance Berhad (15743-P) (Formerly known as AmLife Insurance Berhad)

Level 7, Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur, Malaysia T 1300 88 8800

E [email protected]

ammetlife.com

L A P O R A N

T A H U N A N

2 0 1 5

Dana Berkaitan Pelaburan Bagi Tahun Kewangan Berakhir 31 Mac 2015

AmMetLife Insurance Berhad (15743-P) (Dahulunya dikenali sebagai AmLife Insurance Berhad)

Ahli PIDM

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ibu pejabat AmMetLife Insurance Berhad bertempat di Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur.



Isi Kandungan

Mesej Pengerusi

142

Profil Korporat

144

Objektif Dana Berkaitan Pelaburan

145

Ulasan Pasaran Pelaburan

149

Tinjauan Pelaburan

163

Strategi Pelaburan

171

Prestasi Dana

177

Pecahan Mengikut Sektor dan Kategori

191

Jadual Perbandingan Prestasi

201

Ringkasan Maklumat Kewangan

209

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Mesej Pengerusi

Pemegang Polisi Yang Dihargai, Ekonomi global memasuki 2015 dengan beberapa isu yang mempengaruhi prestasinya. Buat permulaan, pertumbuhan ekonomi Amerika Syarikat (AS) dijangka akan bertambah baik pada 2015. Justeru, kebarangkalian Rizab Persekutuan AS untuk menaikkan kadar polisi menjadi semakin tinggi. Kemudian kita mendapati bahawa pertumbuhan ekonomi di China diunjur akan bergerak paling perlahan sejak 1990 dengan risiko kemelesetan. Dua lagi ekonomi BRIC yang mengalami masalah adalah Rusia dan Brazil. Ini ditambah pula dengan kadar inflasi rendah di kawasan zon Eropah yang kemudiannya memberi ruang untuk peringanan kuantitatif dalam percubaan untuk mempertingkatkan permintaan dan menghalang deflasi. Kejatuhan harga minyak akan terus memberi kesan kepada prestasi ekonomi negara pengeksport. Akhir sekali, ketegangan geopolitik yang meningkat di Rusia dan Ukraine dan di Asia Barat mungkin akan memberikan pengaruh negatif pada prestasi ekonomi. Untuk tahun kewangan 2016 (TK2016) akan datang, pertumbuhan ekonomi Malaysia dijangka akan berkembang dengan sederhana pada kadar 4.5%–5.5% berbanding 6.0% pada 2014. Tinjauan menunjukkan pengurangan permintaan domestik akibat daripada keadaan fiskal dan kewangan yang lebih ketat. Penggunaan persendirian akan sederhana disebabkan kos sara hidup yang meningkat. Walaupun terdapat cabaran daripada sektor minyak dan gas, pelaburan tetap akan terus berkembang secara sederhana, didorong oleh projek-projek infrastruktur yang baru dan yang sedang berjalan. Bahan eksport dijangka akan berkurangan

142

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

akibat harga komoditi yang lebih rendah dan permintaan rendah untuk minyak kelapa sawit dan produk petroleum. Kadar inflasi diunjurkan kekal dalam lingkungan 2.5%– 2.7%, menunjukkan kesan pelaksanaan cukai barangan dan perkhidmatan (GST) sejak 1 April 2015 serta nilai Ringgit yang rendah yang sebahagian kesannya ditangani dengan kelemahan harga dan permintaan komoditi global. Persekitaran perniagaan dan ekonomi dijangka kekal mencabar manakala keperluan-keperluan kepada pematuhan dijangka terus meningkat untuk tempoh jangka panjang. Untuk jangka masa sederhana, kami mengunjurkan sektor perbankan akan mengalami pertumbuhan pinjaman yang lebih perlahan dan tebaran faedah bersih yang semakin sempit manakala kualiti aset berkemungkinan mengalami tekanan. Kami telah memberikan tumpuan yang besar dalam mengembangkan portfolio berkaitan pelaburan pada tahun ini. Bagi tahun kewangan berakhir 31 Mac 2015 (TK2015), nilai aset bersih keseluruhan pelaburan berkaitan dana adalah berjumlah RM100.92 juta, dengan NAB tahun ke tahun mencatatkan perningkatan 8.2%. Dana berkaitan pelaburan dengan prestasi terbaik untuk tahun kewangan ialah Dana AmMetLife Asia Pacific REITS yang memberikan pulangan membanggakan 15.3%. Kejayaan ini didorong usaha pencarian pulangan dalam ekuiti-ekuiti hartanah di rantau Asia Pasifik yang pelbagai. Kami juga gembira untuk melaporkan bahawa berkuat kuasa 1 Disember 2014, syarikat pengurus dana, AmInvestment Management Sdn Bhd, telah digabungkan dengan

AmInvestment Services Berhad dan kini menjadi satu entiti yang dikenali sebagai AmInvestment Services Berhad. Bagaimanapun objektif dan strategi pelaburan dana-dana kekal sama. Dengan kelahiran jenama baru AmMetLife, satu kempen penjenamaan yang segar dan bersemangat “Live Ready” telah dilancarkan di seluruh negara pada 12 Ogos 2014. Kempen ini memperkenalkan falsafah AmMetLife iaitu “Pelanggan adalah nadi dalam setiap yang kami lakukan”, yang mana ia diterjemahkan menerusi penyediaan penyelesaian sekuriti kewangan yang jelas dan telus serta stabil kepada rakyat Malaysia. Kami kekal komited untuk membantu anda mencapai matlamat kewangan anda. Kami juga mahu mengambil kesempatan ini untuk merakamkan penghargaan kepada anda di atas keyakinan dan kepercayaan terhadap produk-produk dan perkhidmatan kami, dan kami sedia menjalin perhubungan yang berkekalan serta menyediakan kepakaran dan penyelesaian yang akan memenuhi keperluan anda yang sentiasa berubah.

Tan Sri Azman Hashim Pengerusi AmBank Group

143

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Profil Korporat AmMetLife merupakan perkongsian strategik antara AMMB Holdings Berhad (“Kumpulan AmBank ”) dan Metlife International Holdings LLC (“MetLife”). AmMetLife menawarkan pelbagai insurans hayat dan perlindungan dana kewangan yang komprehensif yang diedarkan melalui rangkaian Kumpulan AmBank yang mempunyai hampir 175 pejabat cawangan AmBank dan AmMetLife di seluruh negara, tambahan lagi dengan kekuatan pasukan ejen insurans hayat yang sah di seluruh Malaysia. Perkongsian strategik ini menggabungkan kepakaran antarabangsa dan kekukuhan kewangan MetLife dan kekuatan dan jangkauan tempatan AmBank Group untuk menjadi syarikat insurans yang mesra pelanggan dan moden di Malaysia. Kami memberi tumpuan bagi memenuhi keperluan pelanggan kami yang pelbagai dengan memberi penyelesaian yang inovatif di pelbagai peringkat kehidupan mereka, menjadikannya ia lebih mudah dan senang untuk seisi keluarga dan individu untuk mencapai jaminan kewangan dan meneruskan kehidupan yang lebih baik.

144

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Objektif Dana Berkaitan Pelaburan

145

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Objektif Dana Berkaitan Pelaburan 1. Dana AmMetLife Equity

Dana bertujuan menyediakan Pelanggan dengan pertumbuhan modal bagi tempoh pelaburan jangka sederhana dan panjang, terutama melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

2. Dana AmMetLife Bond

Dana bertujuan menyediakan Pelanggan satu peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding pendapatan purata yang diperoleh menerusi deposit tetap, selama satu tempoh pelaburan jangka masa panjang, terutama melalui pelaburan dalam pelbagai portfolio sekuriti berpendapatan tetap.



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

3. Dana AmMetLife Balanced

Dana bertujuan menyediakan Pelanggan satu peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding pendapatan purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti penuh, bagi satu tempoh pelaburan jangka masa sederhana.



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

4. AmMetLife Dana Teguh

Dana bertujuan menyediakan Pelanggan satu peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding pendapatan purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti penuh, bagi satu tempoh pelaburan jangka sederhana menerusi pendedahakan kepada ekuiti patuh Syariah Malaysia dan/atau ekuiti berkaitan sekuriti dan sekuriti berpendapatan tetap.



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

5. Dana AmMetLife Dividend

Dana bertujuan untuk menyediakan pemegang polisi pulangan keseluruhan terutama melaui pelaburan dalam ekuiti dan ekuiti berkaitan sekuriti syarikat-syarikat yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik, dengan penekanan kepada peluang peningkatan modal jangka panjang.



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

6. Dana AmMetLife Oasis Islamic Equity

Dana berusaha mencapai peningkatan modal dan pendapatan sederhana dalam jangka masa sederhana hingga panjang dengan melakukan pelaburan dalam saham syarikat-syarikat patuh Syariah global melalui pelaburan dalam:



1. Dana AmOasis Global Islamic Equity (Unit Amanah – AmInvestment)



2. Pendedahan ekuiti dalam kaunter-kaunter patuh Syariah yang tersenarai di Bursa Malaysia.



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

7. Dana AmMetLife Global Emerging Market

146



Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam:



1. Dana AmGlobal Emerging Market Opportunities (Unit Amanah– AmInvestment Services Berhad).



2. Pendedahan kepada ekuiti kaunter-kaunter yang tersenarai di Bursa Malaysia.

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

8. Dana AmMetLife Global Agribusiness

Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam Dana Sasaran, Dana AmGlobal Agribusiness Fund (Unit Amanah - AmInvestment Services Berhad), yang melabur dalam portfolio ekuiti perniagaan agro. Perniagaan agro ialah istilah umum yang merujuk kepada pelbagai perniagaan yang berkaitan dengan pengeluaran produk makanan.

9. Dana AmMetLife Precious Metals

Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam Dana Sasaran, Dana AmPrecious Metals (Unit Amanah – AmInvestment Services Berhad), yang melabur dalam ekuiti patuh Syariah dan ekuiti berkaitan sekuriti syarikat-syarikat yang terbabit dalam kegiatan berkaitan emas, perak, platinum atau logam berharga lain.

10. Dana AmMetLife Tactical Bond

Dana berusaha mencapai peningkatan modal sederhana dalam jangka masa sederhana hingga panjang menerusi pelaburan terutama dalam Dana Sasaran: Dana AmTactical Bond, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment Services Berhad, yang mana Dana Sasaran mensasarkan untuk memberikan pendapatan dan tidak ketinggalan, peningkatan modal, dengan melabur terutama di dalam bon.



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

11. Dana AmMetLife Asia Pacific REITS

Dana berusaha mencapai peningkatan modal sederhana dalam jangka masa sederhana hingga panjang menerusi pelaburan terutama dalam Dana Sasaran: AmAsia Pacific REITS, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment Services Berhad, yang mana Dana Sasaran mensasarkan untuk memberikan pulangan berterusan dan tidak ketinggalan peningkatan modal dalam jangka masa sederhana hingga panjang dengan melabur dalam amanah pelaburan hartanah (REITS).



Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

12. Dana AmMetLife Commodity Stable Capital Guaranteed

Dana berusaha memberikan pertumbuhan modal sepanjang tempoh Dana di samping menyediakan perlindungan modal pada Tarikh Matang.

147

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

HALAMAN INI SENGAJA DIBIARKAN KOSONG

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Ulasan Pasaran Pelaburan

149

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ulasan Pasaran Pelaburan Dana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond

Ulasan Pasaran Ekuiti

tindakan itu. Ditambah pula Janet Yellen mempengerusikan

Ekuiti-ekuiti Asia susut dengan nyata dan ia adalah prestasi

mesyuarat FOMC pertamanya, menyebabkan jualan pasaran

bulanan terburuk sejak ‘taper tantrum’ pada permulaan Jun.

selepas Jawatankuasa bukan saja mengekalkan kadar penarikan

Beberapa Bank Pusat Pasaran Baru Muncul (terutama Turki, India

pembelian aset AS$10 bilion tetapi membayangkan akan

dan Afrika Selatan) menaikkan kadar faedah bagi menaikkan mata

kenaikan sasaran kadar faedah jangka pendek lebih awal atau

wang dan mengukuhkan keyakinan pelabur. Selain itu, terdapat

lebih pantas daripada yang dijangkakan. Bagaimanapun, indeks

kebimbangan mengenai momentum ekonomi dan kestabilan

meningkat pada akhir bulan dengan jangkaan kelonggaran dasar

kewangan China serta keteguhan ekonomi AS. HSBC flash PMI

di China dan pemulihan sentimen terhadap EMs membuka jalan

China bagi Januari mengejutkan dengan kejatuhan pada 49.6

kepada kemasukan kukih aliran merentas sempadan kepada

(kali pertama di bawah bacaan 50 dalam enam bulan). Bayaran

ekuiti Asia. KLCI mengakhiri bukan berkenaan 0.7% lebih tinggi

gaji bukan perladangan AS turut menunjukkan penurunan

pada 1,849 mata.

momentum ekonomi domestik. KLCI diturup 3.3% lebih rendah pada 1,804 mata. Tekanan jualan juga dilihat di pasaran-pasaran maju dan baru muncul pada bulan sama dengan Indeks MSCI Asia tidak termasuk Jepun susut 5.1% pada Januari.

apabila pelabur-pelabur meneruskan tumpuan kepada sahamsaham bermodal kecil. Bagaimanapun, menghampiri akhir bulan, kita menyaksikan tanda-tanda pengambilan untung

Data ekonomi AS dan China yang lemah terus memberikan kesan

secara keseluruhan membabitkan sektor bermodal kecil dan

kepada sentimen pasaran pada bulan Februari. Bagaimanapun,

saham murah susut secara mendadak. Krisis di Ukraine terus

menjelang minggu ketiga Februari, sebahagian besar pasaran

mempengaruhi

Asia telah pulih daripada kerugian. People Republic of China

ekonomi AS menunjukkan peningkatan. Selain itu, perangkaan

(PBOC) menegaskan ia cenderung untuk mengetatkan dasar dan

China terus mengecewakan pelabur-pelabur. Disebabkan itu,

aktiviti walaupun data ekonominya menunjukkan kelembapan

pasaran AS dan serantau bergerak tidak menentu pada April.

berterusan. Perkembangan makro yang penting kepada Asia

KLCI mengakhiri bulan berkenaan 1.2% lebih tinggi pada 1,871

ialah penyusutan mendadak mata wang Yuan iaitu kejatuhan

dibantu sokongan belian sepanjang beberapa hari.

terbesar sejak penurunan nilai di China pada 1994. Penyusutan

Bagaimanapun, momentum positif itu tidak berlanjutan pada Mei

nilai Yuan bertujuan untuk mengelak kemasukan ‘wang panas’. Ia

walaupun dua data ekonomi positif telah diumumkan Data yang

juga menjadi pentas kepada liberalisasi regim tukaran wang asing

kukuh itu gagal menyokong pasaran secara keseluruhan. Bank

berbanding mempermudahkan dasar kewangan berdasarkan

Negara Malaysia mengekalkan kadar dasar semalaman (OPR)

eksport. Jelas PBOC dalam tempoh beberapa minggu telah

pada 3.00% pada mesyuaratnya yang ke-18 sejak Julai 2011.

menyerap kecairan dengan pembabitan di pasaran terbuka

Bagaimanapun, bank pusat telah memberikan petunjuk kukuh

yang sebenarny tidak produktif. Bagaimanapun, KLCI kembali

bahawa kenaikan kadar akan berlaku selepas mengambil kira

pulih daripada jualan besar-besaran pada Januari, selari dengan

unjuran pertumbuhan lebih kukuh, inflasi lebih tinggi daripada

pemulihan di Wall Street dan pasaran-pasaran serantau. Saham-

kebiasaan

saham peringkat kedua dan ketiga lebih aktif dan mendapat

kewangan.

perhatian kukuh. KLCI ditutup pada akhir bulan berkenaan 1.8% lebih tinggi pada 1,836 mata.

150

Pada bulan April pasaran bergerak tidak menentu untuk KLCI

serta

sentimen

pasaran

peningkatan

walaupun

berterusan

perangkaan

ketidakseimbangan

GDP sebenar yang direkodkan adalah lebih tinggi daripada unjuran pada 6.2% YoY untuk 1Q2014 (+5.1% pada 4Q2013),

Bulan Mac bermula agak berhati-hati selepas keputusan Rusia

didorong peningkatan domestik yang kukuh dan pemulihan

yang dengan pantas menerima kemasukan Crimea selepas

dalam eksport. Pertumbuhan penggunaan persendirian adalah

referendum kemerdekaan pada 16 Mac yang menyebabkan

menggalakkan walaupun berhadapan tekanan peningkatan kos

pelabur tertanya-tanya sejauh mana kesan ekonomi akibat

domestik manakala pertumbuhan pelaburan keseluruhan kekal

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

kukuh didorong pelaksanaan projek-projek ETP. Bagaimanapun, prestasi korporat yang diumumkan pada bulan berkenaan kurang menggalakkan dan melemahkan sentimen pasaran. KLCI mengakhiri bulan berkenaan hanya 2 mata atau 0.1% lebih tinggi pada 1,873 mata.

Julai ialah bulan yang tidak menentu apabila KLCI mencapai kadar teringgi baru pada awal bulan berkenaan tetapi terpaksa berdepan tekanan jualan pada akhir bulan didorong ketegangan geopolitik di Ukraine dan Timur Tengah, pasaran ekuiti AS mencatatkan kadar tertinggi baru pada bulan berkenaan, didorong data ekonomi kukuh (GDP Q2, bayaran gaji, peluang

Bulan Jun adalah bulan yang agak baik apabila KLCI mencapai

jawatan, dan CPI). Mesyuarat FOMC pada Julai mengesahkan

beberapa tahap tertinggi baru. Acara Invest Malaysia yang

pengurangan pembelian aset dan pasaran menjangkakan program

diadakan pada 9–10 Jun turut mencatatkan rekod kehadiran.

itu akan ditamatkan menjelang Oktober. Jawatankuasa itu turut

Bagaimanapun, tiada pengumuman penting untuk pasaran

mengakui aktiviti ekonomi kembali pulih berbanding penyusutan

dibuat pada acara itu.

pada Q1, tetapi peka bahawa tanda-tanda penyusutan dalam

Seperti dijangka, FOMC (Federal Open Market Committee) mengurangkan program pembelian asetnya sebanyak $10

pasaran kerja semakin berkurangan dan peningkatan dalam pertumbuhan perumahan.

bilion lagi, dibahagikan sama rata antara Perbendaharaan AS

Bagaimanapun, pada minggu terakhir Julai, saham AS merudum.

dan agensi MBS. Ini mengurangkan pembelian perbendaharaan

The Dow dan S&P 500 merekodkan kejatuhan bulanan pertama

pada Julai kepada $20 bilion (daripada $25 bilion) dan pembelian

sejak Januari, didorong kebimbangan pelabur terhadap ekonomi

agensi MBS kepada $15 bilion (daripada $20 bilion). FOMC lebih

Eropah berikutan sekatan terhadap Rusia, kegagalan membayar

yakin kelembapan ekonomi pasca musim sejuk dan berkata

hutang Argentina serta peningkatan kos buruh AS akan

pertumbuhan aktiviti ekonomi telah kembali pulih sejak beberapa

menyebabkan pengurangkan keuntungan korporat. PMI Chicago

bulan lalu, pasaran buruh menunjukan pemulihan tambahan dan

just jauh di bawah jangkaan, susut 10 mata kepada 52.6.

pelaburan dalam perniagaan kekal mencatatkan peningkatan. Bagaimanapun, unjuran pertumbuhan GDP bagi 2014 telah disemak turun dengan jangkaan 2.1–2.3%, lebih rendah berbanding 2.8–3.0% pada Mac. Bagaimanapun, pengurangan pembelian aset bukan lagi penggerak pasaran kecuali berlaku perubahan besar kepada unjuran ekonomi, kadar pengurangan dijangka kekal pada $10 bilion/mesyuarat. Pelabur-pelabur juga memerhatikan bila FOMC akan mula meningkatkan kadar.

Pemulihan pertumbuhan China bagi 2Q adalah lebih baik berbanding jangkaan pasaran, didorong oleh beberapa langkah rangsangan yang menumpukan kepada peningkatan kepada perbelanjaan untuk sistem rel dan perumahan awam dengan penggunaan wang sendiri. Perkembangan korporat utama untuk bulan berkenaan ialah cadangan penggabungan CIMB, RHB dan MBSB selepas Bank Negara memberikan kebenaran untuk rundingan di peringkat Lembaga Pengarah. Kehilangan mengejut pesawat MH17,

Isu utama yang mendapat perhatian bulan lalu adalah keadaan di

beberapa bulan selepas pesawat MH370, menjadi tajuk utama.

Iraq. Bagaimanapun, AS telah menerbitkan perangkaan ekonomi

Keputusan korporat yang diumumkan pada bulan berkenaan

yang menggalakkan. Indeks Pembuatan US Institute for Supply

adalah agak baik yang mana daripada 12 syarikat di dalam

Management (ISM) berkembang kepada 55.4 pada Mei daripada

liputan kami, tujuh syarikat mencatatkan keputusan korporat

54.9 pada April. Agak mengejutkan juga, jualan kenderaan AS

dalam jangkaan, tiga lebih baik manakala hanya dua di bawah

lebih kukuh pada Mei telah mengukuhkan pandangan terhadap

jangkaan. KLCI mengakhiri bulan berkenaan 11 mata atau 0.6%

sektor pembuatan dan membayangkan sektor pengeluaran

lebih rendah untuk ditutup pada 1,871 mata.

dijangka mencatatkan pertumbuhan tambahan. Jualan kenderaan meningkat 11.4% berbanding tahun sebelumnya kepada 16.77 juta unit, kadar terpantas sejak Februari 2007, menurut firma penyelidikan Auto Data. Ini membantu meningkatkan sentimen global pada bulan Jun. KLCI mengakhiri bulan berkenaan 9 mata atau 0.5% lebih tinggi

Ogos ialah bulan yang tidak menentu yang mana KLCI menyaksikan jualan besar-besaran pada awal bulan berkenaan tetapi semua kerugian dapat diraih semula, didorong kekukuhan di Wall Street. Pasaran AS mencapai tahap tertinggi pada akhir Ogos selepas pelabur menyambut baik perangkaan ekonomi yang sihat.

pada 1,882 mata. 151

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ulasan Pasaran Pelaburan (Bersambung)

Bagaimanapun, keputusan korporat Malaysia yang diumumkan

meningkat 0.3% kepada 18,666 mata manakala FBM ACE naik

pada bukan berkenaan adalah mendukacitakan. Tetapi kesan

0.5% kepada 7,279 mata. Nilai purata dagangan harian di Bursa

kepada keseluruhan harga saham hampir tidak berubah. KLCI

pada September mengurang 15% berbanding bulan terdahulu

mengakhiri bulan berkenaan 5 mata atau 0.3% lebih rendar

kepada RM2.14 bilion.

pada 1,866 mata. Pasaran keseluruhan KLCI ditutup lebih rendah dengan FBM Emas susut 0.7% berbanding bulan terdahulu kepada 12,995 mata. Syarikat modal kecil turut susut dengan FBM Small Cap susut 2.4% kepada 18,605 mata manakala FBM ACE jatuh 2% kepada 6,904 mata.

terhadap pelbagai isu mendorong kejatuhan pasaran global. Ini termasuk kelemahan ekonomi negara-negara Eropah dan Jepun, konflik di Iraq dan Ukraine selain kebimbangan penyebaran penyakit Ebola. Wall Street mencatatkan kejatuhan besar tetapi

Pertumbuhan eksport turut mengecil pada Jun didorong

pada masa sama memulihkan pasaran-pasaran lain apabila

kesederhanaan

E&E.

ia kembali meningkat. KLCI susut di bawah paras sokongan

Pertumbuhan GDP sebenar meningkat kepada 6.4% YoY pada

dalam

eksport

E&E

serta

bukan

psikologi 1,800 mata untuk kali kedua tahun ini tetapi berjaya

2Q2014 (berbanding 6.2% pada 1Q2014). Selepas mengambil

meraih semua kerugian.

kira perubahan sukuan-ke-sukuan, ekonomi Malaysia tumbuh sebanyak

1.8%

(+0.8%

pada

1Q2014).

Eksport

bersih

meningkatkan pertumbuhan keseluruhan GDP. Bagaimanapun, permintaan

domestik

menyederhana

tetapi

pertumbuhan

permintaan swasta kekal kukuh.

November juga bulan yang tidak menentu dengan KLCI mengembalikan sebahagian peningkatan besar yang dicatakan pada bulan Oktober walaupun Wall Street terus mengukuh sebelum terus meningkat pada akhir bulan. Keputusan korporat pada November yang mendukacitakan terus melemahkan

September ialah bulan yang lemah dengan KLCI menyusut

sentimen pasaran. Bagaimanapun, KLCI berjaya kekal di atas

ke tahap terendah dalam enam bulan apabila pelabur mula

paras sokongan psikologi 1,800 mata walaupun dalam keadaan

mengambil kira pencapaian korporat yang mendukacitakan

pasaran yang tidak menentu. Untuk bulan berkenaan, KLCI susut

pada bulan berkenaan. Sentimen pasaran yang lemah turut

1.9% atau 35 mata untuk ditutup pada 1,820 mata.

dipengaruhi oleh berita kelembapan ekonomi Eropah dan China manakala data ekonomi AS adalah lebih lemah daripada jangkaan pakar ekonomi. Keputusan kerajaan China untuk meningkatkan penyaluran kredit terus dicabar selepas data terkini menunjukkan ekonomi kedua terbesar di dunia itu mengalami kelembapan yang lebih besar, diburukkan lagi dengan kelemahan dalam sektor perumahan. Pertumbuhan eksport kekal tidak menentu, dan langkah untuk menstabilkan pasaran perumahan memburukkan keadaan berikutan permintaan domestik yang semakin lemah. Harga niaga hadapan untuk keluli dan bijih besi menjunam ke paras terendah manakala minyak, tembaga dan bahan asas lain turut susut berikutan kebimbangan yang dicetuskan oleh kelembapan permintaan China. Ini secara langsung menjadikan Amerika Syarikat sebagai satu-satunya pemacu pertumbuhan ekonomi dunia.

Ketidaktentuan pasaran berlarutan pada bulan Disember apabila KLCI menjunam ke paras terendah dalam tempoh 52 minggu kepada 1,671 mata sebelum kembali pulih dengan sokongan aktiviti pembelian “window dressing”. Walaupun Wall Street meneruskan pengukuhan ke paras rekod tertinggi, KLCI seperti mengambil haluan tersendiri. Kebimbangan harga minyak lemah yang akan memberi kesan kepada GDP Malaysia pada 2015 termasuk keupayaan kerajaan meneruskan pelan fiskal dan penurunan nilai Ringgit. Untuk bulan berkenaan, KLCI menjunam 60 mata untuk ditutup pada 1,861 mata.

Ulasan Pasaran Pendapatan Tetap Sepanjang tempoh kajian, pasaran bon termpatan menyaksikan penyusutan hasil yang mana keluk hasil mendatar. Minat belian terhadap bon tempatan pulih secara berperingkat berikutan

Saham berwajaran kecil kembali mencatatkan peningkatan

jangkaan pengaliran keluar dana asing adalah lebih rendah

selepas susut pada Ogos. KLCI mengakhiri bulan berkenaan 20

berbanding 2013, tetapi kebimbangan mengenai kenaikan Kadar

mata atau 1.1% lebih rendah untuk ditutup pada 1,846 mata.

Dasar Semalaman (OPR) pada 2014 mengekang minat belian.

Pasaran keseluruhan turut ditutup lebih rendah tetapi lebih tinggi berbanding KLCI, dengan FBM Emas susut 0.5% berbanding bulan terdahulu kepada 12,925 mata. Indeks FBM Small Cap 152

Oktober ialah bulan yang tidak menentu dengan kebimbangan

Pada 2014, penyesuaian tarif elektrik yang merakumi 2.88% daripada

Indeks

Harga

Pengguna

(CPI),

dijangka

tidak

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

memberikan kesan besar kepada kadar inflasi pada 2014.

berhati-hati dengan unjuran ekonomi global, sambil menekankan

Bagaimanapun, kadar inflasi Malaysia meningkat kepada 3.2%

“ketidaktentuan di pasaran kewangan antarabangsa telah

pada 2014 berbanding 2.1% pada 2013. Ini disebabkan susulan

meningkat disebabkan perubahan dalam kecairan global dan

kesan pemotongan subsidi (iaitu subsidi minyak dan kenaikan

ketidaktentuan terutama mengenai prospek pertumbuhan global

tarif elektrik). Berikutan jangkaan inflasi yang lebih tinggi, Bank

serta penurunan harga komoditi.” Bagaimanapun, BNM masih

Negara Malaysia (BNM) menaikkan OPR kepada 3.25% pada Julai

menjangkakan ekonomi domestik akan kekal pada landasan

2014 (daripada 3.00%), bagi menguruskan ketidakseimbangan

pertumbuhan walaupun berhadapan harga tenaga dan komoditi

kewangan.

pernormalan

yang rendah. Ia didorong pertumbuhan permintaan domestik

diperlukan bagi mengelak risiko ketidakseimbangan kewangan

BNM

berkata

dasar

kewangan

manakala aktiviti pelaburan dijangka kekal kukuh, sekali gus

dan ekonomi yang akan mempengaruhi pertumbuhan. Ia berkata

dapat mengimbangi penurunan aktiviti pelaburan berkaitan

langkah baru itu kekal menyokong ekonomi yang mana negara

minyak dan gas. BNM juga berpendapat dasar monetari semasa

menyaksikan pengukuhan berterusan dalam eksport dan aktiviti

kekal menyokong aktiviti ekonomi ketika ini.

sektor swasta.

Perdana Menteri Dato’ Sri Najib Tun Razak mengumumkan

Pada Oktober 2014, kerajaan turut membentangkan Bajet

semakan Bajet 2015 bagi menangani kesan kejatuhan harga

2015 yang mensasarkan untuk mencapai keseimbangan bagi

minyak terhadap ekonomi negara pada 20 Januari. Bajet yang

memastikan pertumbuhan domestik mampan dan mengekalkan

disemak semula dibuat berdasarkan unjuran harga minyak lebih

disiplin fiskal. Perbelanjaan keseluruhan dalam Bajet 2015

rendah dan realistik iaitu AS$55 setong. Antara pengumuman

berjumlah RM273.9 bilion, iaitu RM9.8 bilion (3.7%) lebih

penting lain adalah:

tinggi berbanding bajet 2014, yang mana RM223.4 bilion diperuntukkan untuk Perbelanjaan Mengurus dan RM50.5 bilion untuk Perbelanjaan Pembangunan. Antara pengumuman penting lain ialah (1) GDP diunjurkan tumbuh kepada 5.5%–6.0% pada 2014 dan 5.0%–6.0% pada 2015; (2) inflasi diunjurkan dalam lingkungan 3.4% pada 2014 dan meningkat kepada 4.0%– 5.0% pada 2015; dan (3) kerajaan mahu mengurangkan defisit fiskal kepada 3.0% daripada GDP pada 2015 berbanding 3.5% pada 2014. Malaysia turut memansuhkan subsidi petrol RON95

• Unjuran pertumbuhan GDP 2015 diturunkan kepada 4.5–5.5% (daripada 5.0–6.0% sebelum ini) • Unjuran inflasi 2015 diturunkan kepada 2.5%–3.5% (daripada 4.0%–5.0% sebelum ini) • Defisit fiskal 2015 disasarkan melebar kepada 3.2% daripada GDP (daripada 3.0% sebelum ini) Perbelanjaan operasi dikurangkan sebanyak RM5.5 bilion tetapi perbelanjaan pembangunan kekal pada RM48.5 bilion.

dan diesel berkuat kuasa 1 Disember dengan harga runcit bahan

Pasaran bon tempatan meneruskan pengukuhan pada suku

bakar ini ditetapkan berdasarkan mekanisme kawalan terapung.

pertama 2015 didorong kelemahan harga minyak mentah yang

Pengumuman ini dibuat ketika kejatuhan besar harga minyak

memberikan kesan kepada pertumbuhan GDP pada 2015.

mentah global.

Jangkaan kenaikan kadar feadah pada 2015 juga telah pudar,

Malaysia mengakhiri tahun berkenaan dengan GDP suku keempat yang lebih baik. GDP mengukuh kepada 5.8% YoY yang bukan saja lebih baik berbanding pertumbuhan suku ketiga

sekali gus meningkatkan minat belian terhadap bon tempatan. - oleh AmInvestment Services Berhad

pelaburan sektor swasta lebih kukuh dan perbelanjaan berjaya

Ulasan Pasaran Dana AmMetLife Oasis Islamic Equity

mengimbangi penurunan eksport bersih dan pelaburan sektor

Dana Sasaran: AmOasis Global Islamic Equity

awam. Secara keseluruhan, ekonomi Malaysia tumbuh pada

Dana Sasaran Akhir: Dana Oasis Crescent Global Equity

kadar terpantas dalam tempoh empat tahun iaitu 6.0% pada

Ekonomi global dikategorikan berdasarkan perbezaan dasar yang

2014 berbanding 4.7% pada 2013.

jelas dalam suku pertama 2015, dengan tindakan “easing” di

2014 iaitu 5.6% tetapi mengatasi unjuran 5.0%. Sekali lagi,

Pada Januari 2015, mesyuarat jawatankuasa monetari BNM (MPC) mengekalkan OPR pada 3.25% untuk kali ketiga berturutturut sejajar jangkaan pasaran. Dalam kenyataannya, BNM agak

zon Eropah dan Jepun menyebabkan penurunan nilai mata wang di rantau-rantau ini. Manakala, unjuran peningkatan kadar di AS menyebabkan dolar meningkat pada suku sama, sekali gus 153

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ulasan Pasaran Pelaburan (Bersambung)

membolehkan inflasi dan pertumbuhan dikawal dalam tempoh

kepada dasar monetari AS dan risiko defisit akaun semasa yang

terdekat. Berikutan penurunan inflasi dan jangkaan pertumbuhan,

tidak dibiayai dengan baik. Pada masa sama, kami mengeluarkan

beberapa ekonomi baru muncul bertindak memudahkan

Hungary berikutan kebimbangan terhadap hutang luar yang

dasar monetari ketika penstrukturan semula ekonomi China

tinggi dan kemerosatan unjuran EPS. Kami memasukkan India

terus memberi kesan kepada permintaan import, sekali gus

kepada senarai utama pada Oktober 2014. Walaupun pasaran

mempengaruhi harga komoditi. Walaupun ketidaktentuan

kelihatan seperti telah dinilai sepenuhnya, ekonomi asas

geopolitik berjaya ditangani, keputusan OPEC mengekalkan

dan pendapatan menunjukkan tanda-tanda pemulihan serta

pengeluaran minyak pada paras tinggi dijangka memacu

penerimaan terhadap agenda reformasi kerajaan. Kami juga

pertumbuhan global kepada 3.6% pada 2015, didorong harga

memasukkan Thailand berikutan pertumbuhan EPS yang semakin

minyak yang jauh rendah, sekali gus meningkatkan keupayaan

baik dan penilaian yang munasabah. Kami mengeluarkan Brazil

membeli di kalangan Negara ekonomi pengimport minyak bersih.

disebabkan ketidaktentuan politik menjelang pilihan raya. Pada November kami mengeluarkan Qatar disebabkan penilaian

- oleh AmInvestment Services Berhad

yang terlalu tinggi. Pada Januari 2015 kami telah mengeluarkan

Ulasan Pasaran Dana AmMetLife Global Emerging Market

Thailand dan memasukkan Hungary pada Mac.

Dana Sasaran: AmGlobal Emerging Markets Opportunities

meningkat

Dana Sasaran Akhir: Schroders ISF Global Emerging

memenangi pilihan raya umum dan menjadi parti tunggal dalam



lebih 20 tahun untuk memenangi pilihan raya dengan sokongan

Market Opportunities

selepas

parti

pimpinan

Narendra

Modi,

BJP

Ekuiti-ekuiti global mencatatkan perolehan kukuh untuk

majoriti. Ini dijangka membantu kerajaan untuk melaksanakan

tahun kewangan berakhir Mac 2015. AS ialah pasaran paling

perubahan yang sangat diperlukan. Thailand turut mencatatkan

kukuh dengan data makro mencatatkan pemulihan dan Rezab

pulangan kukuh. Walaupun wujud kebimbangan berikutan

Persekutuan

“quantitative

rampasan kuasa tentera pada Mei 2014, pasaran di negara itu

easing”, tindakan terakhir pengurangan pada Oktober. Spekulasi

kembali pulih berikutan kestabilan politik yang dicapai. Ekuiti di

seterusnya ialah bila kenaikan kadar akan berlaku. Bagaimanapun,

China juga mengukuh.Walaupun pertumbuhan perlahan kepada

unjuran ia berlaku berubah ke Disember selepas data ekonomi

7% YoY, prestasinya didorong sokongan kecairan menjelang

yang mendatar. Fed bertindak mengurangkan jangkaan kenaikan

akhir tempoh ketika pengawal selia sekuriti mengumumkan ia

kadar serta kebimbangannya mengenai nilai USD yang tinggi.

akan membenarkan dana bersama untuk melabur dalam saham

Ekuiti Eropah kekal negatif berikutan kemerosotan berterusan

Hong Kong menerusi skim Shanghai-Hong Kong Connect. Qatar

petunjuk-petunjuk

(Fed)

mengurangkan

program

European

mencatatkan pulangan positif, disokong peningkatan besar Gulf

Central Bank (ECB) mengambil beberapa tindakan permudah

International Services. Hungary memberikan pulangan negatif,

dasar monetari termasuk pengenalan “sovereign quantitative

sebahagian besar disebabkan persembahan lemah syarikat

easing” pada Mac yang mana bank pusat berjanji akan membeli

farmaseutikal Gedeon Richter yang menyaksikan jualannya di

$60 bilion aset setiap bulan. Pada masa sama, harga minyak

Rusia berdepan pengurangan nilai berganda. Ekuiti Korea susut

merudum 48.9% pada akhir 2014 disebabkan bekalan berlebihan

selepas pertumbuhan GDP mendatar dan kerajaan mengambil

ketika persekitaran permintaan yang lemah. Mata wang USD

langkah meningkatkan ekonomi. Ekuiti-ekuiti tempatan juga

yang kukuh mempengaruhi tempoh berkenaan serta memberi

mengalami tekanan berikutan kebimbangan tadbir urus korporat.

kesan negatif terhadap pasaran-pasaran baru muncul. Indeks

Di UAE pasaran terjejas berikutan sentimen negatif berikutan

MSCI Emerging Markets (EM) mencatatkan pulangan negatif dan

kejatuhan harga minyak. Ia juga tempoh yang tidak menentu

ketinggalan berbanding negara-negara maju.

untuk pasaran Turki berikutan defisit akuan semasa yang tinggi

ekonominya.

Ini

mendorong

Pada permulaan tempoh, pasaran utama kami ialah Brazil, China, Hungary, Korea Selatan, Qatar dan UAE. Pada Julai 2014 kami telah memasukkan Turki berikutan penilaian yang menarik dan semakan perolehan yang baik walaupun terdapat penyesuaian 154

Pasaran yang mencatatkan prestasi terbaik ialah India yang

serta hutang luar yang besar. Bagaimanapun, harga minyak yang rendah memberi kesan positif kepada negara itu dan membantu memulihkan pasaran tempatan. Bagaimanapun, peningkatan itu terhakis berikutan pertelingkahan di antara bank pusat dan Presiden Erdogan yang menjejaskan kredibiliti dan kebebasan

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

bank pusat. Ini sekali gus memberikan tekanan kepada mata wang

susut sepertimana lanjut daripada suku kedua 2014 apabila

lira. Brazil ialah pasaran utama yang mencatatkan prestasi paling

USD mengukuh dan tekanan jualan minyak berlebihan mula

buruk. Pemilihan semula Presiden Dilma Rousseff pada Oktober

memberi kesan. Kami mula melihat pengurangan perbelanjaan

disusuli kejatuhan di pasaran tempatan berikutan kebimbangan

modal sektor minyak. Pertumbuhan sukar dicapai di Eropah dan

terhadap keupayaan pentadbirannya menangani pertumbuhan

Jepun dan pertumbuhan lebih perlahan di China dan pasaran

yang semakin rendah dan peningkatan inflasi. Pelantikan menteri

baru muncul lain menyukarkan kemasukan modal ke pasaran

kewangan yang baru membantu kepada kembalinya negara itu

Organization for Economic Co-operation & Development (OECD)

kepada dasar lebih ortodoks manakala bank pusat menaikkan

(iaitu AS). Kami percaya perbezaan hasil terutama di antara AS

kadar faedah bagi menangai inflasi. Ia juga menghentikan

berbanding Eropah dan Jepun akan terus memacu pengukuhan

program campur tangan mata wang. Bagaimanapun data makro

USD dan bakal menjadi cabaran kepada emas dalam tempoh

jangka masa terdekat kekal lemah.

terdekat.

- oleh AmInvestment Services Berhad

Kebimbangan Ekonomi Global Emas dan USD diniagakan bersama memasuki 2015: Dollar

Ulasan Pasaran Dana AmMetLife Global Agribusiness

Index Spot (DXY) (trade weighted dollar) naik sehingga 5%

Dana Sasaran: AmGlobal Agribusiness

satu pergerakan yang aneh berikutan dolar dan emas selalunya

Dana Sasaran Akhir: DWS Global Agribusiness

bergerak dalam arah berbeza. Hubungan positif antara emas

Pasaran-pasaran ekuiti global mencatatkan perolehan agak

dan DXY bagaimanapun tidak kekal lama apabila DXY terus

baik untuk tahun semakan sehingga 31 Mac 2015, dibantu

mengukuh berbanding rakan dagangnya manakala emas susut

pendapatan dua angka dari AS, penurunan di Eropah dan

lebih 5% menjelang akhir Februari. Kami percaya ini berikutan

perkembangan berbeza di pasaran-pasaran baru muncul. Tahun

kembalinya kepada hubungan yang lebih normal (antara emas

ini diingati kerana peningkatan ketegangan hasil konflik Rusia-

dan USD).

Ukraine, penyebaran virus Ebola di Africa, keganasan di Timur Tengah, kejatuhan mendadak harga minyak dan pengukuhan USD. Pasaran ekuiti AS disokong data ekonomi dan penggajian yang baik, peningkatan keuntungan korporat dan ketiadaan kebimbangan tekanan inflasi. Ekuiti-ekuiti pasaran-pasaran Eropah dipengaruhi ketegangan di Eropah Timur dan pada akhir tempoh semakan, krisis hutang kerajaan Greek serta rundingan bantuan dengan zon Euro. Di kalangan pasaran-pasaran baru muncul, India mencatatkan prestasi terbaik, disokong pemilihan Narenda Modi manakala Rusia dan mata wangnya, Ruble,

kepada rakan dagangnya manakala emas naik sehingga 8%,

Pengaliran modal meningkat berikutan jangkaan Bank Pusat Eropah (ECB) melaksanakan pelan Quantitative Easing (QE) pada 9 Mac 2015. Presiden ECB Mario Draghi mengumumkan satu strategi QE yang akan bermula pada Mac 2015 sehingga September 2016, membabitkan pembelian bon bernilai lebih $1 trilion. Berikutan program QE ini, kami berpendapat emas dan USD akan menjadi barang dagangan yang lebih selamat berikutan perolehan di Eropah, terutama Swiss Franc (CHF), telah bertukar negatif akibat pengaliran keluar Euro (EUR).

susut dengan mendadak berikutan sekatan Barat. Keadaan itu

Kebiasaannya, kami akan bertelingkah bahawa QE adalah

diburukkan dengan kejatuhan harga minya yang menjadi eksport

lebih mutlak terhadap risiko dagangan. Walaupun kami

utama negara itu.

menjangkakan terdapat sedikit risiko terhadap dagangan

- oleh AmInvestment Services Berhad

Ulasan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: AmPrecious Metals Dana Sasaran Akhir: Dana DWS Noor Precious Metals Securities Ekuiti emas dan logam berharga mencatatkan prestasi yang sejajar dengan USD pada suku pertama 2015, tetapi kembali

sebaik QE bermula, kami mengiktiraf pergerakan besar CHF dalam satu hari berbanding USD (+17.6%) dan EUR (+18.8%) selepas Swiss National Bank menggugurkan penetapan kepada EUR. Pengguguran penetapan ini, yang dilaksanakan sejak 2011, menyebabkan peningkatan permintaan untuk CHF. Kami berpendapat kesan lebih besar selepas pergerakan dalam CHF serta negara bukan Kesatuan Eropah (EU) lain (seperti Denmark, Iceland, dan Sweden) membayangkan status negara-negara ini sebagai “destinasi mata wang” apabila modal mengalir keluar 155

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ulasan Pasaran Pelaburan (Bersambung)

dari Euro. Permintaan untuk mata wang bukan EU adalah sangat

pengenalan tindakan fiskal tambahan dan pertumbuan global

tinggi sehingga peningkatan bon menyebabkan pulangan

yang mendukacitakan.

negatif. Kami percaya ini adalah penting kerana ini menunjukkan permintaan kukuh untuk destinasi pelaburan selamat.

Pada Mei 2014, pada masa Bank Negara Malaysia mengekal Kadar Dasar Semalaman pada 3.00% seperti yang dijangkakan,

Sejak pengenalan Abenomics pada Mac 2013, kami sedar bahawa

Kenyataan Dasar Monetari lebih keras berbanding kenyataan

emas tidak memberikan sebarang pulangan. Bagaimanapun

MPC terdahulu dengan penekakan kepada “kadar penyesuaian

sejak itu, QE di AS sudah berakhir, QE diperkenalkan di Jepun,

monetari mungkin perlu diubah” jika perlu bagi menangani

serta strategi QE baru diperkenalkan di EU. Kami percaya pakej

risiko-risiko yang wujud berikutan ketidakseimbangan kewangan

QE terbaru akan kurang berkesan berikutan hasil yang sangat

dan ekonomi tempatan. Perubahan nada BNM disusuli unjuran

rendah di EU dan hasil negatif untuk mata wang Eropah bukan

ekonomi lebih baik untuk Malaysia bagi 2014 selepeas

EU. Mengambil kira kedua-dua persekitaran di Eropah yang jauh

pengumuman perangkaan GDP 1Q yang lebih kukuh iaitu

berbeza berbanding hasil yang lebih tinggi di AS, kami percaya

6.2% YoY yang mana ia mengejutkan pasaran yang sebelum

Euro menawarkan dagangan sehala (iaitu rendah untuk beberapa

ini menjangkakan hanya pertumbuhan 5.7%. Pertumbuhan ini

suku). Malah, hasil negatif membabitkan mata wang bukan EU,

didorong oleh eksport yang meningkat 7.9% YoY berbanding

hasil 0 bagi emas adalah secara umumnya lebih baik, menjurus

5.7% pada 4Q2013 selain perbelanjaan kerajaan yang meningkat

kepada dagangan membabitkan dolar, emas dan mata wang

11.2% YoY.

negara bukan EU.

Pada Jun 2014, beberapa tindakan liberalisasi pasaran diumumkan

- oleh AmInvestment Services Berhad

Perdana Menteri Datuk Seri Najib Tun Razak pada Invest Malaysia 2014. Ini termasuk penghapusan keperluan mandatori untuk

Ulasan Pasaran Dana AmMetLife Tactical Bond

penarafan bon kredit korporat, sekali gus membolehkan agensiagensi penarafan asing dan syarikat pengurusan unit amanah

Dana Sasaran: AmTactical Bond Fund

untuk beroperasi di Malaysia selain membenarkan keupayaan dengan

mendagangkan bon dan sukuk yang tidak diberikan penarafan.

kemungkinan kenaikan kadar faedah menjelang pertengahan

Kadar pengangguran susut kepada kurang daripada 3.0% untuk

2015, Pengerusi Rezab Persekutuan AS, Janet Yellen berusaha

kali pertama sejak Jun 2013, iaitu 2.9% pada April berbanding

mengembalikan keyakinan pelabur menerusi ucapan yang

3.0% pada Mac. Inflasi pula yang diukur oleh indeks CPI menurun

bertujuan menyakinkan pasaran bahawa FED tidak akan

kepada 3.2% YoY pada Mei berbanding 3.4% pada April.

Pada

April

2014

selepas

mengejutkan

pasaran

menaikkan kadar faedah sehingga dua mandatnya tercapai. Ini melegakan pasaran serta dibantu pengumuman pertumbuhan GDP 7.4% YoY oleh China untuk 1Q2014, mengatasi jangkaan 7.3% pasaran, sekali gus mengurangkan kebimbangan kejatuhan besar ekonomi. Di Malaysia, inflasi kekal pada 3.5%, sekali gus menunjukkan kembalinya kestabilan selepas peningkatan tujuh bulan berturut-turut. Malaysia juga melaporkan rezab asing yang lebih kukuh pada April, meningkat 0.7% bulan ke bulan kepada AS$131.1 bilion. Pengeluaran industri meningkat 6.7% YoY pada Februari manakala pertumbuhan eksport kekal mampan dengan peningkatan dua angka iaitu 12.3% YoY pada Februari (+12.2% pada Januari). BNM turut mengumumkan dalam laporan tahunannya, semakan sasaran GDP kepada 4.5–5.5% untuk

156

Pada Julai 2014 Bank Negara Malaysia menaikkan Kadar Dasar Semalaman sebanyak 25 bps kepada 3.25%, sejajar dengan jangkaan pasaran. Kenaikan ini dilakukan selaras dengan unjuran pertumbuhan ekonomi yang lebih kukuh, purata inflasi jangka panjang yang sederhana serta kebimbangan berterusan ketidakseimbangan ekonomi dan kewangan seperti yang dinyatakan BNM dalam mesyuarat MPC terdahulu. Bagaimanapun, kenyataan MPC terkini menunjukkan BNM mengambil pendekatan terbuka terhadap dasar kadar walaupun ini bergantung kepada tren data ekonomi untuk beberapa bulan akan datang, terutama tanda-tanda tekanan inflasi selain kawalan terhadap peningkatan risiko ketidakseimbangan kewangan.

2014 berbanding sasaran Kementerian Kewangan 5.0–5.5%.

Pada Ogos 2014, Malaysia melaporkan GDP untuk 2Q2014 yang

Sasaran GDP BNM yang lebih konservatif bertujuan memberikan

lebih tinggi daripada jangkaan iaitu +6.4% YoY berbanding

ruang kepada kemungkinan risiko penurunan yang disebabkan

jangkaan +5.8%. Angka ini mengatasi pertumbuhan di negara

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

jiran Indonesia (2Q +5.1%), Thailand (2Q +0.4%) dan hampir

suku pertama 2014: 6.2%) yang dilaporkan pada Ogos 2013

menyamai Filipina (2Q +6.4%). Angka pertumbuhan GDP

mampu menyokong sektor domestik untuk separuh tahun kedua

2Q2014 Malaysia itu adalah yang terpantas sejak 1Q2013 dan

tahun berkenaan.

dipacu oleh peningkatan eksport bersih yang naik (+14.2% YoY) lebih pantas berbanding import (+8.6% YoY) sepanjang suku berkenaan. Pelaburan swasta meningkat didorong unjuran global yang lebih baik dengan pelaburan dalam sektor perkhidmatan dan pembuatan kekal kukuh. Bagaimanapun, perbelanjaan swasta terus mendatar pada +6.5% berbanding +7.1% pada 1Q2014. Perbelanjaan swasta bagaimanapun kekal menyokong pengwujudan pekerjaan dan pertumbuhan upah. Indeks harga pengguna yang mengukur inflasi terus mendatar pada 3.2% YoY pada Julai (Jun: +3.3%). Kadar inflasi yang sederhana itu disebabkan harga makanan dan minuman bukan alkohol yang meningkat lebih rendah 3.1% YoY (Jun: +3.5%). Pegangan asing bagi MGS terus mencatatkan peningkatan. Bagi Julai, kemasukan bersih asing bagi MGS berjumlah RM6.7 bilion, sekali gus menjadikan keseluruhan pegangan asing kepada RM154 bilion (Jun: RM147.3 bilion), rekod tertinggi dan meningkatkan % pemilikan asing kepada 48.4% (Jun: 46.7%). Keseluruhan pegangan asing dalam MGS semakin mencapai paras tertinggi 49.5% yang dicatatkan pada Mei 2013 sebelum permulaan pengurangan QE.

Pada Oktober 2014, selaras dengan data ekonomi luar yang sedikit lebih baik, Pengeluaran Industri Malaysia untuk Ogos 2014 mengatasi jangkaan pada 6.5% YoY (unjuran: 5.1% YoY, Julai: 0.6% YoY) dipacu pertumbuhan pembuatan sebanyak 7.4% YoY (Julai: 3.2% YoY) dan peningkatna penggunaan elektrik sebanyak 8.4% YoY (Julai: 5.0% YoY). Inflasi menurun seperti dijangkakan kepada 2.6% YoY pada September 2014 daripada 3.3% YoY pada Ogos 2014 (unjuran: 2.6% YoY), dipengaruhi kesan asas kenaikan harga minyak tahun lalu pada September 2013 berbanding kenaikan terbaru minyak pada Oktober 2014. Di Indonesia, kadar rujukan Bank Indonesia kekal tidak berubah untuk bulan ke-11 berturut-turut pada 7.50% selepas mesyuarat dasar monetari pada 7 Oktober 2014. Paras kadar itu dianggap ketat bagi mengawal tekanan inflasi dan kestabilan mata wang berikutan unjuran berakhirnya permudahan monetari AS. Sasaran inflasi Bank Indonesia (BI”s) kekal pada 4.5%±1% untuk 2014 dengan CPI terbaru bagi September 2014 meningkat pada 4.53% YoY. Kedudukan akaun semasa nasional terus dinyatakan sebagai dasar penentu bank pusat. Data aktiviti the HSBC Indonesia Manufacturing Purchasing Managers Index (PMI) mencatatkan

Pada September 2014, rantau ini berterusan mencatatkan

49.2 mata pada Oktober 2014 selepas berkembang pada

kelemahan eksport; berikutan pusingan pengurangan stok yang

September 2014 pada 50.7 mata, selaras unjuran pertumbuhan

bermula sejak Jun 2014 serta dijangka berterusan sehingga akhir

serantau yang lebih lemah.

tahun dengan potensi peningkatan eksport dijangka bermula pada Disember 2014. Bagaimanapun, angka GDP suku kedua (data dikeluarkan pada Ogos 2014) membabitkan beberapa pasaran sepatutnya akan menyokong permintaan domestik ketika berhadapan data dagangan negatif. Di Malaysia, pertumbuhan eksport terus mendatar pada 1.73% YoY untuk Ogos 2014 (Julai 2014: 0.81% YoY, Jun 2014: 7.9% YoY berbanding Mei: 16.2% YoY) dengan elektrikal/elektronik dan minyak mentah serta eksport kekal lemah berbanding Mei 2014, sebelum penghabisan stok global. Pada bulan berkenaan Bank Negara mengekalkan OPR pada 3.25% dengan bank pusat lebih cenderung kepada “memastikan kamampanan prospek pertumbuhan ekonomi Malaysia,” berbanding kenyataan dasar sebelum ini. Imbangan dagangan Malaysia terus mencatatkan lebihan untuk Ogos 2014 berjumlah RM3.86 bilion (Julai 2014: RM3.64 bilion) tetapi jauh lebih lemah berbanding paras RM8 bilion–RM10 bilion yang dicatatkan pada April, Mac dan Februari 2014. Bagaimanapun pertumbuhan GDP suku kedua iaitu 6.4% YoY (unjuran: 5.8%,

Pada November 2014, rantau ini secara umum menyaksikan GDP suku ketiga yang lemah disebabkan permintaan luar yang lemah dan konsolidasi fiskal kerajaan yang mengurangkan permintaan domestik. Bagaimanapun, kebanyakan ekonomi serantau menunjukkan kestabilan dan ketahanan berikutan dasar yang berhemah dan berkesan oleh pihak berkuasa kewangan dan ekonomi. Pada masa salam tren “disinflationary” dijangkakan berikutan harga komoditi global yang mendatar. Di Malaysia, BNM mengekalkan kadar dasar pada mesyuarat pada 6 November 2014. Pertumbuhan GDP untuk suku ketiga 2015 mengikut unjuran pasaran pada 5.6% YoY (unjuran: 5.6% YoY, suku kedua 2014: 6.5% YoY). Kelemahan ini sebahagiannya disebabkan kesan asas tinggi pada suku ketiga 2013 dengan GDP pada berada pada paras agak tinggi iaitu RM 200.6 bilion (suku kedua 2013: RM193.2 bilion, suku ketiga 2014: RM211.7 bilion). Mengenai permintaan, terdapat penurunan dalam pelaburan sebanyak 1.1% YoY berbanding 7.2% YoY pada suku kedua 157

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ulasan Pasaran Pelaburan (Bersambung)

2014 dan kemerosotan eksport kepada 2.8% YoY berbanding

penyusutan import pada November 2014 pada 0.1% YoY

8.8% YoY pada suku kedua 2014. Bagaimanapun, kami melihat

(unjuran: 8.3% YoY, sebelumnya: 9.1% YoY). Ini meningkatkan

bukti perbelanjaan kerajaan yang lebih tinggi iaitu 5.3% YoY

kebimbangan pertumbuhan yang lemah pada Disember 2014

berbanding -0.5% YoY pada suku kedua 2014. Sektor yang

dan Januari 2015. Export kembali pulih pada 2.1% YoY untuk

mencatatkan pertumbuhan YoY yang lemah adalah pertanian

November 2014 (unjuran: -0.7% YoY, disemak semula: -3.2%

4.0%, Perlombongan dan Pembuatan berbanding suku kedua

YoY).

2014. Inflasi untuk Oktober 2014 lebih rendah berbanding jangkaan pada 2.8% YoY (unjuran: 3.0% YoY, September: 2.6% YoY). Perubahan dalam CPI didorong oleh pengangkutan +5.3% YoY (September: +0.5% YoY) yang merangkumi 14.9% indeks CPI. Inflasi yang rendah disumbang oleh kesan “disinflation” global yang mengurangkan impak kenaikan harga petrol.

pertumbuhan lebih baik daripada jangkaan bagi suku keempat 2014. Bagaimanapun, ahli ekonomi menjangkakan 2015 yang lebih berhati-hati sejajar dengan penggubal dasar serantau yang secara umum berpandangan tidak agresif hingga neutral. Satu lagi tren yang dirasai ekonomi-ekonomi rantau Asia Pasifik bulan

Pada Disember 2014, rantau ini menyaksikan data perdagangan

lalu ialah “unambiguous disinflation/deflation” yang sepatutnya

yang lemah pada bukan berkenaan didorong kelemahan

memberikan sedikit sokongan kepada pemintaan domestik ketika

berterusan China dan Kesatuan Eropah walaupun terdapat

berhadapan jangkaan pertumbuhan yang lemah untuk tahun

pemulihan dalam permintaan AS. Di Malaysia, CPI meningkat

mendatang. Di Malaysia, GDP suku keempat 2014 mengatasi

kepada 3.0% YoY pada November 2014 (unjuran 2.7%, Oktober

jangkaan iaitu pada 5.8% YoY (unjuran: 5.0%, suku ketiga

2014: 2.8%) sebahagian besar disebabkan kenaikan duti

2014: 5.6%). Ini membolehkan pertumbuhan untuk tahun 2014

eksais 12% untuk tembakau pada 1 November 2014. Eksport

meningkat 6.0% (2013: 4.7%) iaitu kenaikan yang sangat kukuh

menyusut lebih tinggi daripada jangkaan iaitu sebanyak -3.1%

dan mengatasi jangkaan 5.9% serta pada peringkat atas unjuran

YoY untuk Oktober 2014 (unjuran: -0.3%, September 2014:

BNM sebanyak 5.5–6.0% untuk tahun berkenaan. Mengikut

+2.0%), berikutan permintaan global yang lemah dan kesan asas

sektor, terdapa penyusutan berterusan dan pertumbuhan lemah

peningkatan besar setahun lalu. Bagaimanapun, import kekal

dalam sektor pertanian dan pembuatan, tetapi sektor-sektor

kukuh pada 9.1% YoY pada Oktober 2014 (unjuran: -0.3%,

lain seperti pembinaan dan perkhidmatan kembali pulih. Sektor

September 2014: 1.1%), dengan barangan keperluan menjadi

yang cemerlang pada suku keempat 2014 ialah perlombongan

komponen utama pada 64.3%, barangan modal pada 12.1%,

yang meningkat 9.6% YoY. Sementara itu, perbelanjaan swasta

manakala barangan konsumer kekal kecil pada 6.8%. Lebihan

meningkat kepada 7.80% YoY (suku ketiga 2014: 6.70%)

dagangan mengecil kepada RM1.196 bilion pada Oktober 2014

dan pelaburan pada 4.30% YoY (suku ketiga 2014: 1.10%).

daripada RM9.33 bilion pada September 2014. IP mencatatkan

Walaupun pertumbuhan dicatatkan membabitkan perbelanjaan

angka lebih kukuh untuk Oktober 2014 dengan pertumbuhan

kerajaan mendatar iaitu sebanyak 2.70% YoY (suku ketiga 2014:

5.0% YoY (unjuran: 4.1%, September 2014: 5.4%) didorong

5.30%), ia adalah positif kredit dan selaras dengan konsolidasi

pemulihan kukuh sektor perlombongan dibantu pengeluaran

fiskal bagi mengekalkan profil kredit negara.

minyak mentah dan gas. Pada Januari 2015, ekonomi di rantau ini tidak mencatatkan

- oleh AmInvestment Services Berhad

daya pemulihan menunjukkan kekuatan masing-masing di

Ulasan Pasaran Dana AmMetLife Asia Pacific REITS

dalam persekitaran pertumbuhan global yang tidak menentu.

Dana Sasaran: Dana AmAsia Pacific REITS

Ekonomi yang lebih maju dan penggubal dasar kewangan

Pada 2QCY2014, Yellen menekankan babawa pendirian mendatar

memperkenalkan pelbagai dasar bagi meningkatkan ekonomi

Fed AS; pergerakan hasil 10 tahun di bawah 2.5%, kadar

masing-masing. Di Malaysia, terdapat permulihan yang lebih baik

terendah dalam setahun; Bank Dunia dan IMF mengurangkan

daripada jangkaan dalam imbangan dagangan untuk November

unuran pertumbuhan AS kepada 2%. Pada 3QCY2014, konflik

2014 dengan lebihan sebanyak RM11.13 bilion (unjuran:

di Timur Tengah meningkat manakala China mengurangkan

RM4.10 bilion, dikaji semula: RM1.15 bilion), tetapi disebabkan

sekatan pembelian rumah di beberapa bandar tertentu. Komen

pergerakan pada Januari 2015 dengan ekonomi yang lebih

158

Pada Februari 2015, ekonomi serantau mencatatkan angka

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

semakin hampir kepada langkah “quantitative easing”. Untuk

Ulasan Pasaran AmMetLife Commodity Stable CGF

dua suku terakhir, prestasi REIT Australia didorong penstrukturan

Indeks Dow Jones-UBS Commodity Excess Return (DJUBS) susut

korporat dan M&A; di Singapura REITS mencatatkan pemulihan

5.14% pada Mac bulan ke bulan (MoM) dengna pencapaian YoY

pada 1QCY2014 tetapi prestasinya mendatar pada 2Q2014

mengurang sebanyak 27.06%. Manakala indeks MLCX Enhanced

disusuli

berikutan

Benchmark A01 Excess Return (MLCXA01E) susut 4.94% pada

kebimbangan kadar faedah lebih tinggi menjejaskan sentiment

Mac berbanding MoM manakala berbanding pencapaian YoY, ia

pelabur; di Jepun prestasi sedikit sebanyak dipacu sentiment

mengalami kerugian 28.27%. Indeks MLCX AmBank Commodity

positif berikutan dasar kerajaan mengakhiri halangan kenaikan

Alpha (MLCXAMB) mencatatkan prestasi berbeza berbanding

cukai penggunaan.

kedua-dua indeks dan meningkat 0.20% MoM pada akhir

Pada November dan Disember 2014, prestasi Singapura Real

Mac 2015. Secara tahunan, indeks prestasi YoY kekal dengan

daripada Mario Draghi meningkatkan spekulasi bahawa ECB

tekanan

jualan

memasuki

3QCY2014

Estate Investment Trusts (REIT) dipacu pengurangan kadar oleh

keuntungan 2.37%.

China serta penurunan hasil bon 10 tahun MAS manakala prestasi Jepun dipacu kelewatan 18 bulan kenaikan cukai penggunaan selain permintaan untuk diadakan pilihan raya segera. Prestasi REIT Australia terus mendapat perhatian pelabur dengan hasil bon 10 tahun semakin mampat. Januari 2015 menyaksikan beberapa dasar penggalak dibuat oleh China (memudahkan pinjaman dan nisbah deposit); Jepun meluluskan stimulus ekonomi berjumlah AS$29 bilion dan Eropah akhirnya mengumumkan Quantitative Easing (QE). Pengumuman dasar tambahan di buat pada Februari 2015 dengan China mengurangkan RRR sebanyak 50 asas mata (bps), MAS Singapura melonggarkan dasar terhadap SGD dengan menurunkan keluk NEER. Kerajaan Singapura juga meluaskan peraturan ketelusan cukai untuk merangkumi REITS, menyingkirkan risiko insiden cukai korporat untuk REITS dengan syarat sekurang-kurangnya 95% pendapatan diagihkan. REITS Jepun mencatatkan prestasi lebih buruk berbanding TOPIX disebabkan prospek kadar faedah jangka panjang yang tidak menentu. Pada Mac 2015 Norwegian Government Pension Fund Global mengumunkan Tokyo dan Singapura sebagai sasaran hartanah Asia. REITS Australia mencatatkan -2.1%, lebih rendah berbanding ASX200. REITS Singapura +0.29% disebabkan kadar faedah jangka panjang meningkat sepanjang bulan. REITS Jepun -2% didorong risiko kenaikan kadar di AS dan jangkaan pemulihan ekonomi domestik. Bagaimanapun REITS hotel jelas sebagai yang mencatatkan prestasi lebih baik, selaras tema pilihan dalaman. - oleh AmInvestment Services Berhad

159

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ulasan Pasaran Pelaburan (Bersambung)

Butiran Prestasi Asas Indeks Prestasi Sejak Permulaan Tarikh Permulaan

MLCXAMB MLCXA01E DJUBS



169.9859 275.6397 145.1062

31 Mac 2012

3.82%

1.58%

-2.21%

30 September 2012

2.51%

5.10%

2.34%

31 Mac 2013

3.14%

-2.10%

-5.26%

30 September 2013

3.58%

-9.10%

-12.40%

31 Mac 2014

3.33%

-4.04%

-7.29%

30 September 2014

4.72%

-14.17%

-18.20%

31 Mac 2015

5.78%

-28.27%

-32.38%

Prestasi Bulanan Tarikh Permulaan 30 September 2014

MLCXAMB MLCXA01E DJUBS – – – -0.02%

-6.25%

-6.23%

31 Oktober 2014

0.06%

-0.75%

-0.81%

30 November 2014

0.20%

-3.87%

-4.07%

31 Disember 2014

0.76%

-6.87%

-7.63%

31 Januari 2015

-0.07%

-3.41%

-3.34%

28 Februari 2015

-0.13%

2.44%

2.57%

0.20%

-4.94%

-5.14%

31 Mac 2015



Prestasi Tahunan Tarikh

160

MLCXAMB MLCXA01E DJUBS

Permulaan

– – –

31 Mac 2012

2.11%

-14.47%

-16.31%

31 Mac 2013

-0.65%

-3.62%

-3.12%

31 Mac 2014

0.18%

-1.99%

-2.15%

31 Mac 2015

2.37%

-25.24%

-27.06%



Okt-10 Nov-10 Dis-10 Jan-11 Feb-11 Mac-11 Apr-11 Mei-11 Jun-11 Jul-11 Ogos-11 Sep-11 Okt-11 Nov-11 Dis-11 Jan-12 Feb-12 Mac-12 Apr-12 Mei-12 Jun-12 Jul-12 Ogos-12 Sep-12 Okt-12 Nov-12 Dis-12 Jan-13 Feb-13 Mac-13 Apr-13 Mei-13 Jun-13 Jul-13 Ogos-13 Sep-13 Okt-13 Nov-13 Dis-13 Jan-14 Feb-14 Mac-14 Apr-14 Mei-14 Jun-14 Jul-14 Ogos-14 Sep-14 Okt-14 Nov-14 Dis-14 Jan-15 Feb-15 Mac-15

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Prestasi MLCXAMB Sejak Permulaan

106.0%

105.0%

104.0%

103.0%

102.0%

101.0%

100.0%

99.0%

(Sumber: Bloomberg) - oleh AmBank (M) Berhad

161

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

HALAMAN INI SENGAJA DIBIARKAN KOSONG

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Tinjauan Pelaburan

163

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Tinjauan Pelaburan Dana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond

Jangkaan Pasaran Ekuiti

pasca tren 09 membayangkan bahawa kadar pengangguran

Sambil kita melihat kepada tahun 2015, kami percaya ia akan

akan terus menurun dan berkemungkinan lebih rendah daripada

menjadi tahun yang tidak menentu dengan rantau-rantau

5.5% (secara teknikal penggajian penuh) sebelum akhir 2015.

menunjukkan paten yang sangat berbeza. Kisah untuk 2015 ialah kembali kepada penormalan untuk AS, pengembangan pengeluaran ekonomi bagi Jepun, menangani deflasi di Eropah dan permudahan kewangan di China. Penilaian sedikit tinggi di sebahagian besar rantau menunjukkan kenaikan saham akan bergantung kepada catatan keuntungan. Kuasa-kuasa “deflationary” dari Jepun dan Eropah dijangka akan memaksa

mendapati ia bukan murah walaupun pertumbuhan 10% CAGR EPS untuk tempoh 2 tahun akan datang. Bagaimanapun, equitiequiti AS sedang bersaing the ekuiti dan kelas aset rantau lain. Justeru, ia perlu dinilai berdasarkan asas relatif. Dalam aspek ini, kami percaya terdapat ruang peningkatan bagi ekuiti AS.

Fed untuk melambatkan peningkatan kadar ke akhir tahun 2015;

Eropah

justeru pandangan kami ialah kami percaya pasaran akan terus

Data terkini memberi kami asas terhadap unjuran optimistik

mencatatkan kenaikan pada separuh pertama dan ketidaktentuan

tetapi berhati-hati terhadap ekonomi rantau ini. GDP suku

akan dirasai pada peringkat akhir separuh tahun kedua.

ketiga menunjukkan kawasa euro (dengan dan tanpa Jerman)

Ekonomi China mencatatkan kelembapan tetapi tidak akan

berkembang pada at 0.6% suku ke suku dan 0.8% YoY.

mengalami kejatuhan sukar. Penilaiannya masih bersesuaian dan

Inflasi teras Euro adalah lebih rendah berbanding sasaran 2%

kami selesa dengan China. Mengenai komoditi, peningkatan

ECB tetapi berita yang baik adalah ia telah kembali stabil dan

bekalan dan pemintaan yang mendatar akan menyebabkan

menghampiri 1%. Berbanding dengan ECB, Rezab Persekutuan

harga terus lemah. Bagaimanapun kita perlu sedar bahawa semua

dan Bank of Jepun telah melaksanakan program pengembangan

pengbolehubah di atas adalah dinamik dan tidak statik. Kami

kunci kira-kira yang besar serta tidak pernah dilakukan sebelum

perlu peka dan menilai unjuran dengan kerap bagi mengubah

ini tetapi inflasi teras ekonomi-ekonomi terbabit tidak ketara.

peruntukan taktikal jika perlu.

Satu lagi perkara yang perlu diberi perhatian ialah sebahagian

AS

besar ekonomi Eropah dipacu oleh makanan dan tenaga. Dengan

Fed akan mengakhiri dasar kadar faedah sifar menjelang akhir

penurunan harga makanan dan tenaga, kami sangsi akan ada

2015 dan ia akan menjadi focus di kalangan pelabur-pelabur.

pihak yang akan merungut mengenai bil makanan dan tenaga

Peningkatan AS$ dibantu deflasi di Eropah dan ekonomi China

yang rendah. Ini juga akan meningkatkan penggunaan dan

yang lebih lemah akan menjadi factor untuk mengetatkan

keuntungan korporat walaupun upah adalah mendatar.

persekitaran monetari yang sekali gus menjejaskan sedikit

China

pertumbuhan. Justeru pandangan kami ialah kenaikan kadar

Baru-baru ini kita melihat penstabilan harga rumah dan

akan berlaku. Lebih-lebih lagi harga minyak yang rendah akan

peningkatan inventori rumah di 10 bandar terbesar yang

menyebabkan inflasi yang rendah.

menggalakkan. Walaupun PMI bukan pembuatan terus menurun,

Berita yang baik ialah kejatuhan harga minyak akan meningkatkan

kami mengesyaki kelembapan pertumbuhan berkemungkinan

perbelanjaan konsumer. Harga minyak telah susut sebanyak

mencapai peringkat mendatar. Pada masa hadapan, kami

30% dan dengan import minyak bersih pada 1.2% daripada

menjangkakan peningkatan dalam jualan rumah, perbelanjaan

GDP AS (sumber CSFB), ini mampu meningkatkan pertumbuhan

fiskal digandakan (membabitkan infrastruktur) dan dasar

sebanyak kira-kira 0.4%. Dengan komponen upah dan gaji indek

permunah monetari bagi meningkatan pembiayaan kredit. Kami

kos penggajian meningkat melebihi 2% (tertinggi sejak 2009)

berpendapat persekitaran monetari terlalu ketat dan tindakan

membayangkan terdapat peningkatan kuasa beli.

permudah baru-baru ini akan menjadi pemangkin kepada

Nisbah kekosongan berbanding pengangguran telah melepasi 164

Walaupun kami selesa dengan unjuran makro, penilaian-penilaian

pemulihan pasaran. Secara umum, pertumbuhan ekonomi

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

sebanyak 7% mungkin tidak terlalu membangkitkan kekaguman berbanding beberapa tahun lalu, risiko penurunan adalah terhad jika dasar yang betul dapat dilaksanakan.

mengelak berlakunya defisit berganda. Walaupun terdapat konsensus bahawa peningkatan kadar pertama akan berlaku pada September 2015 dan pada kadar

Daripada apa yang dapat kami telah daripada pengumuman-

yang beransur-ansur, kesan kadar faedah secara umum

pengumuman kerajaan, peningkatan pembelian domestik,

akan meningkat bagi tempoh masa sederhana dan panjang.

meningkatkan

dan

Bagaimanapun, dalam tempoh terdekat, ketidaktentuan hasil

bagi mencapai

bon, mata wang dan pasaran ekuiti dijangka akan meningkat

mengekalkan pertumbuhan

reformasi, kestabilan yang

mewujudkan menjadi

mampan.

objektif

pekerjaan

Bagaimanapun

rasional

kepimpinan yang percaya kadar GDP normal baru ialah kirakira 7% dan keupayaan ekonomi dalam mewujudkan peluang pekerjaan adalah semakin baik sejak beberapa tahun lalu. Justeru tiada keperluan bagi memacu pertumbuhan keterlaluan bagi menyerap bekalan buruh.

dan Malaysia, yang menjadi sebahagian daripada pasaran baru muncul, besar kemungkinan akan merasai kesannya. Kestabilan harga minyak mentah mengurangkan tekanan terhadap kewangan kerajaan tetapi hutang isi rumah yang tinggi akan mengekang pertumbuhan perbelanjaan dalam suasana perbelanjaan runcit yang berhadapan harga tinggi yang

Kami percaya peningkatan dalam saham China baru-baru ini

berpunca daripada pelaksanaan GST serta mata wang Ringgit

sebahagian besar didorong pembalikan daripada paras yang

yang lemah. Kami akan terus memberi perhatian kepada tren-

mendukacitakan berbanding peningkatan mengatasi unjuran.

tren utama yang akan memberi kesan kepada penggubal dasar

Justeru, sebarang pembetulan dilihat sebagai peluang untuk

dalam tempoh terdekat.

meningkatkan pendedahan. Untuk tempoh 6 bulan akan datang,

• Inflasi menyederhana – Kejatuhan harga minyak mentah

kami menjangkakan proses pembalikan berpotensi mencatatkan

terus memberikan kesan positif kepad inflasi. Sehingga

peningkatan dan tekanan penurunan hanya akan berlaku jika

Mac 2015, pertumbuhan CPI YoY Malaysia kekal di bawah

persekitaran-persekitaran berikut berlaku:

1%. Bagaimanapun, kesan sepenuhnya daripada GST

• Sambungan/penilaian tinggi

(berkuat kuasa 1 April 2015) dijangka akan dirasai dengan

• Mengetatkan dasar monetari

peningkatan inflasi tetapi dijangka akan kembali pulih

• Kejatuhan pertumbuhan global

selepas 6 bulan. • Pelaburan sektor swasta – Pelaburan sektor swasta

Jangkaan Pasaran Pendapatan Tetap

(yang meningkat 13.9% pada 2014) telah menyokong

Ketika bank pusat di seluruh dunia terus mengambil pendekatan

pertumbuhan GDP Malaysia sejak pengenalan Program ETP

menyokong, International Monetary Fund memberi amaran

dan ia dijangka akan terus memberi kesan sama walaupun

ekonomi-ekonomi utama dunia untuk “bersedia untuk tempoh

berkemungkinan pada kadar lebih perlahan (pertumbuhan

kadar pertumbuhan rendah yang berpanjangan” yang mana

satu angka tinggi). Fokus pelaburan sektor swasta kekal

dilabel sesetengah ahli ekonomi sebagai “secular stagnation”.

dalam sektor pembuatan dan perkhidmatan yang lebih

China, contohnya, masih bergelut bagi mengelak pengecutan

berdaya maju berbanding sektor sumber.

besar membabitkan pertumbuhan potensi pengeluaran manakala

• Eksport – Eksport Malaysia akan mengalami tekanan

Amerika Syarikat sudah menunjukkan tanda-tanda pertumbuhan

dengan penurunan harga minyak mentah. Minyak mentah

yang lebih perlahan dengan GDP Q12015 berada pada 0.2%

dan produk petroleum secara bersama merangkumi 13.6%

YoY, jauh lebih rendah berbanding unjuran pertumbuhan 1%.

daripada keseluruhan eksport negara. Bagaimanapun apa

Sebagai dua rakan dagang terbesar Malaysia, pengecutan ketara membabitkan kedua-dua ekonomi ini akan memberikan tekanan kepada kerajaan dalam mencapai sasaran pengurangan defist belanjawan yang penting dalam memberikan ruang kepada kerajaan meningkatkan perbelanjaan ketika tempoh-tempoh pertumbuhan yang perlahan. Selain itu, lebihan dagangan Malaysia yang semakin mengecil membimbangkan kerajaan serta

yang menjadi perkara utama kepada prestasi eksport Malaysia dalam tempoh terdekat ialah harga gas asli dan minyak kelapa sawit yang telah menunjukkan ketahanan dan/atau belum menggambarkan kejatuhan harga minyak mentah • Kelemahan Ringgit – Kejatuhan nilai Ringgit memberi manfaat kepada pengeluar kita terutama dalam sektor E&E. Dengan peningkatan persaingan dan permintaan 165

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Tinjauan Pelaburan (Bersambung)

lebih tinggi produk elektronik terutama sensor yang

Kekukuhan USD menjadi salah satu halangan untuk GEMs

digunakan dalam industri auto, telefon pintar dan “tablet”,

yang secara tradisi lebih cenderung untuk bergelut berbanding

keuntungan yang diraih daripada sektor E&E mampu

pasaran-pasaran maju dalam persekitaran dolar yang mengukuh.

mengimbangi kelemahan daripada sektor sumber.

Unjuran USD kekal tidak menentu berikutan mata wang

Ketika kami terus memantau semua faktor-faktor di atas, kami berpegang kepada pandangan bahawa BNM akan meneruskan kecenderungan dalam mengekalkan pertumbuhan mampan Malaysia berbanding inflasi. Kami juga memberi perhatian terhadap kejatuhan berterusan rezab FC Malaysia disebabkan pengaliran keluar modal telah meningkatkan kebimbangan akan ketidaktentuan di pasaran modal. Bagaimanapun, terdapat bukti dasar pelaburan asing jangka panjang akan kekal menyokong pasaran serta melepasi impak jangka masa terdekat yang berpunca daripada harga minyak mentah yang rendah serta kejatuhan nilai Ringgit dan mengambil kira kekuatan asas ekonomi Malaysia yang menurut Bank Negara masih mampu berkembang antara 4.5%–5.5%. - oleh AmInvestment Services Berhad

Jangkaan Pasaran Dana AmMetLife Oasis Islamic Equity

berkemungkinan mahu mengelak peningkatan berterusan berikutan kesannya terhadap daya saing ekonomi negara itu. Bagaimanapun, kami percaya aliran pengukuhan dolar akan berterusan untuk sedikit masa lagi terutama dengan perbezaan dasar monetari membabitkan negara maju. Kebelakangan ini, prospek melambatkan kenaikan kadar telah mendorong kepada kestabilan USD. Harga komoditi yang rendah dan potensi perkembangan terhadap “re-synchronization” pertumbuhan global akan menyokong pengeksport GEM walaupun eksport komoditi terus mengalami tekanan berikutan perubahan ekonomi yang sedang berlaku di China. Perlu dinyatakan cabaran yang dihadapi GEMs telah diambil kira dalam penentuan harga dan paras kelembapan pelabur telah menjadi keterlaluan; Indeks MSCI EM kekal dalam lingkungan sejak 2010 dan kini telah mengatasi tempoh kelembapan paling panjang sebelumnya berbanding indeks MSCI World selama 52 bulan pada akhir 1990-an. Ini mendorong kepada penilaian yang menarik dan

Dana Sasaran: AmOasis Global Islamic Equity

GEMs diniagakan pada diskaun terbesar berbanding S&P 500

Dana Sasaran Akhir: Dana Oasis Crescent Global Equity

untuk tempoh lebih 10 tahun. Secara keseluruhan, kami sedar

Pasaran-pasaran ekuiti global tidak menunjukkan pergerakan

pemantulan dalam GEMs baru-baru ini dan unjuran GEMS kekal

yang besar berbanding suku sebelumnya. Bagaimanapun,

konstruktif, walaupun kami tidak menjangka ini ialah permulaan

ketidaktentuan telah meningkat dengan mendadak. Ekuiti-ekuiti

kepada “bull run” berpanjangan berikutan terlalu banyak

pasaran baru muncul terus ketinggalan berbanding pasaran

ketidaktentuan. Portfolio kami dilaburkan sepenuhnya pada beta

maju, diburukkan dengan harga minyak yang mendukacitakan,

di bawah 1 tetapi kekal “underweight” untuk sektor-sektor yang

penilaian semula mata wang, risiko politik dan sosial. Pada

lebih berkitar (cyclical).

masa sama, prospek ekonomi pasaran maju telah menunjukkan pemulihan dan menarik kemasukan aliran. Syarikat-syarikat di pasaran baru muncul secara agregat terus meningkatkan kunci kira-kira, dan berbeza di pasaran maju dan dengan kadar pusingan pemulihan yang dijangkakan, permintaan untuk kaunter yang berkualiti dengan kunci kira-kira kukuh dijangka akan meningkat.

- oleh AmInvestment Services Berhad

Jangkaan Pasaran Dana AmMetLife Global Agribusiness Dana Sasaran: AmGlobal Agribusiness Dana Sasaran Akhir: DWS Global Agribusiness Dengan musim penanaman di hemisfera utara semakan hampir,

- oleh AmInvestment Services Berhad

Jangkaan Pasaran Dana AmMetLife Global Emerging Market

166

itu telah mengukuh dengan nyata dan pihak berkuasa AS

petani sedang membuat keputusan jenis tanaman yang akan dipilih, seterusnya menentukan jenis benih yang akan dibeli selaun campuran nutrien dan kimia tanaman yang akan digunakan. Kami telah membincangkannya sebelum ini bahawa sebahagian

Dana Sasaran: AmGlobal Emerging Markets Opportunities

besar petani mempunyai kunci kira-kira yang sangat kukuh dan

Dana Sasaran Akhir: Schroders ISF Global Emerging

walaupun dalam persekitaran pertanian komoditi semasa masih



manpu mencapai keuntungan yang kukuh.

Market Opportunities

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Di AS, dijangka petani akan menyemai kira-kira 89 juta ekar

membayar lebih bagi mendapatkan produk nutrien dan kesihatan.

dengan jagung, sedikit rendah (2%) daripada paras teringgi tahun

Pelaburan kami antaranya dalam Panera, Ebro Foods, TreeHouse,

lalu. Ekar tanaman kayang soya akan meningkat sedikit walaupun

ConAgra, The Fresh Market, Select Harvest dan Noodles boleh

peningkatan yang lebih nyata dijangkakan untuk barli, sorgum

terbabit dalam tren yang berterusan ini.

dan bunga matahari. Semua tanaman ini akan memberikan kesan positif kepada industri biji benih dan nutrien dan pengeluar kimia berikutan benih jagung mendapat harga premium disebabkan teknologi tinggi yang digabungkan. Tanaman ini juga pembajaan yang intensif. Selain itu, daripada perspektif global, petani berada pada kedudukan yang lebih baik berbanding beberapa bulan lalu. Penurunan nilai mata wang di Brazil, Argentina, dan Rusia tidak diikuti dengan kejatuhan harga komoditi. Justeru, petani-petani di rantau-rantau ini akan menikmati pertumbuhan keuntungan berikutan kos mereka adalah dalam mata wang tempatan manakala harga hasil pengeluaran mereka ditetapkan dalam dolar.

- oleh AmInvestment Services Berhad

Jangkaan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: AmPrecious Metals Dana Sasaran Akhir: Dana DWS Noor Precious

Metals Securities

Mengikut pandangan kami, pertumbuhan elusif di Jepun, pasaran-pasaran baru muncul dan kini Eropah, akan kekal elusif berikutan kadar terlalu rendah dengan hampir tiada ruang untuk menunjukkan pertumbuhan. Kami percaya sekiranya Fed menaikkan kadar, kita akan menyaksikan peningkatan lebih besar

Bagaimanapun bukan semua kawasan di AS yang beroperasi

nilai USD berbanding mata wang-mata wang lain. Pengukuhan

dalam suasana sama tahun ini. California sedang mengalami

tambahan USD akan merosakkan imbangan bayaran dan

musim kering untuk tahun keempat berturut-turut dan

menjejaskan pertumbuhan ekonomi yang sangat diperlukan.

penggubal undang-undang di negeri itu telah meluluskan

Kekukuhan USD akan memberi manfaat kepada negara-negara

perbelanjaan kemarau berjumlah $1 bilion. Taburan hujan

yang mengeksport dalam USD, tetapi masalahnya terletak pada

yang mencapai rekod terendah dan salji terhad semasa musim

tempoh dagangan berkenaan. Jika keperluan pinjaman negara-

sejuk menyebabkan empangan hanya separuh penuh. Kira-kira

negara pengeksport tidak menurun secukupnya, atau inflasi

80% daripada bekalan air California disalurkan kepada industri

semakin nyata berikutan kejatuhan nilai mat wang, kawalan

tenusu dan daging, tanaman khusus serta sayuran yang bernilai

modal mungkin perlu dilaksanakan. Selain itu, banyak negara

$48 bilion. Negara seperti Australia dan New Zealand yang

pengeksport baru muncul (contohnya Rusia) sedang mengalami

mengeluarkan tanaman bercampur mungkin terpaksa membantu

kejatuhan besar harga eksport komoditi (seperti minyak) yang

jika pengeluaran terjejas.

mana penilaian semula mata wang memberi tekanan kepada

Kepada pengguna, penggabungan dan pengambilalihan terus mendapat perhatian dan kali ini membabitkan Warren Buffet dan 3G dalam penggabungan Heinz/Kraft. Pasaran menyabut baik pengambilalihan ini berikutan kenyataan pengurusan bahawa sinergi besar dapat dicapai menerusi program pengurangan

GDP. Dalam kes-kes penyusutan ketika kejatuhan harga eksport, kesan utama ialah ekonomi yang lebih lemah berikutan penerimaan pembayaran dalam mata wang sukar didapati dan keperluan untuk meminjam akan memerlukan hasil yang tinggi bagi menarik kemasukan modal.

kos yang besar serta keupayaan mengguna pakai kuasa kuasa

Pengukuhan USD juga menjadi masalah kepada ekonomi AS

runding dengan peruncit. Apa yang menarik, kedua-dua Heinz

berikutan eksport yang lemah akan memberi tekanan kepada

dan Kraft terdedah kepada sektor pertumbuhan yang sangat

pertumbuhan ekonomi. Pertumbuhan ekonomi AS sudah mula

terhad yang cenderung terhadap kadar pertumbuhan pasaran

dipersoalkan selepas kejatuhan harga minyak. Walaupun harga

makanan maju yang lebih besar. Walaupun kami melihat nilai

rendah di pam menyokong pembelian pengguna, kami belum

dalam penggabungan seperti ini, ia adalah jelas banyak jenama

dalam memahami implikasi menyeluruh daripada harga minyak

kebangsaan berhadapan masalah-masalah tersembunyi yang

yang rendah terhadap AS yang telah menyaksikan pengeluaran

besar. Persaingan daripada label persendirian dan makanan

minyak meningkat sekali ganda dalam tempoh 6 tahun.

organik

syarikat-syarikat

Sekiranya harga minyak kekal pada paras lemah semasa, kami

ini. Pengguna berbelah bahagi dengan sebahagian besar

menjauhkan

pengguna

daripada

menjangkakan kejatuhan pengeluaran dan kehilangan pekerjaan

memfokuskan kepada nilai manakala selebihnya sanggup untuk

dalam sektor berkaitan hidrokarbon. Selain itu pengukuhan 167

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Tinjauan Pelaburan (Bersambung)

berlebihan USD bersama pengaliran keluar modal dari EUR dan

modal mengalir keluar dari Euro. Permintaan untuk mata wang

pasaran baru muncul mungkin mendorong AS untuk menimbang

bukan EU adalah sangat tinggi sehingga peningkatan bon

semula QE tambahan. Sekiranya QE baru diperkenalkan oleh

menyebabkan pulangan negatif. Kami percaya ini adalah penting

Fed AS selepas penamatan baru-baru ini, kami percaya krisis

kerana ini menunjukkan permintaan kukuh untuk destinasi

kepercayaan akan menjelma dalam pasaran dengan bank pusat

pelaburan selamat.

di serata dunia dan mata wang FIAT akan berhadapan tekanan yang besar.

kejutan kepada pas¬aran) pakej QE ini akan kurang berkesan

Emas

disebabkan hasilnya yang sangat rendah di kalangan EU dan

Enam bulan akhir 2014 menghidangkan persekitaran yang

negatif untuk mata wang negara Eropah bukan EU. Dengan

mencabar untuk keseluruhan sektor emas dan logam berharga,

mengambil kira hasil negatif dan sangat rendah persekitaran

sekali gus menamatkan pemulihan yang dilihat sepanjang 1H

Eropah, hasil 0 bagi emas secara relatifnya adalah lebih baik dan

2014. Pada November 2014, cabaran jangka pendek kekal

tumpuan dagangan selamat akan membabitkan USD, emas dan

mencabar untuk emas pada ketika Jepun dan Eropah berhadapan

mata wang negara bukan EU.

cabaran mencapai pertumbuhan yang elusif serta terus bertindak atau menimbang QE tambahan. Emas juga merasai kesan keputusan OPEC untuk tidak mengurangkan pengeluaran pada 27 November dan jualan besar-besar minyak mentah (jualan minyak meningkat lebih 10% sehari selepas mesyuarat OPEC), dan pengukuhan berterusan USD. Kami melihat penamatan QE di AS, aliran keluar modal, pengurang hasil yang besar membabitkan pasaran EU, dan ketidakseimbangan dagangan antara AS dan rakan dagangannya, semua ini menjurus kepada peningkatan risiko pada 2015 yang mana kita sudah mula menyaksikan perbelanjaan sektor minyak mula dikurangkan.

Ekuiti Emas Ekuiti emas dan logam berharga berhadapan cabaran pada akhir 2014 apabila keseluruhan pasaran emas dan logam berharga gagal mencari hala tuju. Dagangan “risk-on, risk-off” berlanjutan sejajar data ekonomi AS yang lebih baik. Seperti dijangkakan Fed menamatkan QE oada Oktober. Ini disusuli dengan penurunan EUR dan peningkatan nyata bagi merangsang ekonomi Jepun yang telah menguncup sejak suku kedua. BOJ mengumumkan tambahan besar kepada program rangsangan serta peningkatan peruntukan pencen bagi ekuiti pada 31 Oktober yang mana prospek kenaikan kadar mula memberi tekanan terhadap emas.

Pengaliran keluar modal sebelum pelaksanaan pelan QE

Aliran keluar ETF emas berterusan berikutan pemintaan kepada

ECB yang bermula pada 9 Mac 2015. Presiden ECB Mario

dolar berbanding kelemahan EUR dan JPY. Pada Januari 2015,

Draghi mengumumkan strategi QE besar-besar bermula Mac

prestasi ekuiti emas dan logam berharga lain dilihat selari dengan

2015 hingga September 2016 membabitkan lebih $1 trilion

prestasi USD, tetapi dengan pantas susut dan ia telah berterusan

pembelian bon. Dengan berlatarbelakangkan senario ini,

sejak suku kedua 2014 terutama dengan pengukuhan berterusan

adalah menjadi pandangan kami bahawa emas dan USD akan

USD serta tekanan akibat jualan besar-besar minyak yang mula

menjadi sebahagian sasaran untuk pelaburan dagangan selamat

memberi kesan kepada emas.

terutama dengan hasil di Eropah, terutama dengan CHF, telah menjadi negatif berikutan aliran keluar modal. Kebiasaannya, kami akan bertelingkah bahawa QE adalah lebih mutlak terhadap risiko dagangan. Walaupun kami menjangkakan terdapat sedikit risiko terhadap dagangan sebaik QE bermula, kami mengiktiraf pergerakan besar CHF dalam satu hari berbanding USD (+17.6%) dan EUR (+18.8%) selepas Swiss National Bank menggugurkan penetapan kepada EUR. Pengguguran penetapan ini, yang dilaksanakan sejak 2011, menyebabkan peningkatan permintaan untuk CHF. Kami berpendapat kesan lebih besar selepas pergerakan dalam CHF serta negara bukan Kesatuan Eropah (EU) lain (seperti Denmark, Iceland, dan Sweden) membayangkan status negara-negara ini sebagai “destinasi mata wang” apabila 168

Kami percaya dengan perkembangan terbaru ini (iaitu bukan satu

- oleh AmInvestment Services Berhad

Jangkaan Pasaran Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond Senario ekonomi global yang bergerak pada dua kelajuan berbeza akan beterusan berikutan Fed AS kekal pada landasan untuk menaikkan kadar faedah pada 2H2015 manakala sebahagian lain dunia kekal lembab. People’s Bank of China (PBOC) di China contohnya mengumumkan pemotongan kadar faedah sebanyak 25 asas mata (bp) berbanding penanda aras deposit dan kadar pinjaman berkuat kuasa 1 Mac 2015. Bukan sahaja tindakan

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

ini lebih awal daripada jangkaan pasaran, terdapat beberapa

pertumbuhan mampan dengan permintaan domestik dan

andaian bahawa PBOC akan terus melaksanakan dasar monetari

pelaburan swasta menjadi pemacu utama pertumbuhan.

yang longgar dengan mengurangkan kadar faedah penanda aras

Pada ketika ini, unjuran pertumbuhan ekonomi kerajaan pada

sebanyak dua kai dan RRR sebanyak tiga kali untuk bagi tahun

4.5–5.5% kekal tidak berubah walaupun berhadapan cabaran-

berkenaan.

cabaran yang dinyatakan di atas.

Dasar monetari membabitkan dua ekonomi terbesar dunia

Ketika kami terus memantau semua faktor-faktor di atas, kami

memberikan kesan kepada ekonomi Malaysia. Selain berhadapan

berpegang kepada pandangan bahawa BNM akan meneruskan

dengan hutang isi rumah yang tinggi, dagangan global yang

kecenderungan dalam mengekalkan pertumbuhan mampan

lemah dan kejatuhan harga minyak mentah, penggubal dasar

Malaysia berbanding inflasi. Dengan lebih banyak bank pusat turut

Malaysia mengakui akan cabaran lebih besar pertumbuhan

serta dalam melaksanakan pemudahan monetari, kemungkinan

GDP pada masa hadapan. Faktor-faktor berikut akan diberikan

pemotongan kadar faedah oleh BNM turut meningkat dengan

perhatian untuk tempoh enam bulan akan datang:

JP Morgan menjadi firma pertama meminta pemotongan kadar

• Inflasi menyederhana – Kejatuhan harga minyak mentah terus

faedah seawal suku kedua 2015. Untuk bulan-bulan akan datang,

memberikan kesan positif kepada inflasi. Sehingga Januari

pasaran-pasaran global akan terus melihat sama ada kejatuhan

2015, indeks CPI susut kepada 1% YoY yang secara tidak

harga minyak telah berakhir dan kembali stabil di antara USD50

langsung menguntungkan konsumer dalam meningkatkan

– USD60, tindakan lanjut yang bakal diperkenalkan oleh China

kuasa beli sebenar. Walaupun pelaksanaan GST bulan

untuk menyokong pertumbuhan ekonomi dan bila AS akan

hadapan akan meningkatkan inflasi ia dijangka akan kembali

melaksanakan kenaikan kadar. Semua peristiwa ini akan terus

pulih selepas 6 bulan.

mempengaruhi hala tuju penggubal dasar dan pasaran modal

• Pelaburan sektor swasta – Pelaburan sektor swasta (yang meningkat 11% pada 2014) telah menyokong pertumbuhan GDP Malaysia sejak pengenalan Program ETP dna ia dijangka akan terus memberi kesan sama walaupun berkemungkinan pada kadar lebih perlahan (pertumbuhan satu angka tinggi). Fokus pelaburan sektor swasta kekal dalam sektor pembuatan dan perkhidmatan yang lebih berdaya maju berbanding sektor sumber. • Eksport – Eksport Malaysia akan mengalami tekanan dengan penurunan harga minyak mentah. Minyak mentah dan produk petroleum secara bersama merangkumi 13.6% daripada keseluruhan eksport negara. Bagaimanapun apa yang menjadi perkara utama kepada prestasi eksport Malaysia dalam tempoh terdekat ialah harga gas asli dan minyak kelapa sawit yang telah menunjukkan ketahanan dan/atau belum menggambarkan kejatuhan harga minyak mentah. • Kelemahan Ringgit – Kejatuhan nilai Ringgit memberi manfaat kepada pengeluar kita terutama dalam sektor E&E. Dengan peningkatan persaingan dan permintaan lebih tinggi produk elektronik terutama sensor yang digunakan dalam industri auto, telefon pintar dan “tablet”, keuntungan yang diraih daripada sektor E&E mampu mengimbangi kelemahan daripada sektor sumber.

Malaysia. - oleh AmInvestment Services Berhad

Jangkaan Pasaran Dana AmMetLife Asia Pacific REITS Dana Sasaran: Dana AmAsia Pacific REITS Data penggajian AS terbaru meningkatkan kecenderungkan Fed akan melambatkan kenaikan ke 2016. Persekitaran monetari kekal kondusif untuk ekuiti yang menyokong pandangan “prorisk”. Zon Euro bagaimanapun akan meraih manfaat daripada harga minyak yang rendah, mata wang yang lemah, pengurangan pendekatan jimat cermat dan pertumbuhan kredit negatif kepada sedikit positif adalah dorongan kepada pandangan lebih optimistik untuk jangka masa terdekat walaupun wujud kebimbangan terhadap deflasi jangka panjang. GDP 1Q15 China adalah terendah sejak 2010 tetapi masih dalam unjuran berikutan ia sebahagian daripada proses “normalization” Objektif-objektif utama kerajaan ialah meluaskan reformasi, mewujudkan pekerjaan dan mengekalkan kestabilan. Dasar permudah dan pemotongan langsung dijangka mengubah persekitaran monetari yang ketat sebelum ini. Peruntukan portfolio selalunya dijadikan “weighting” kepada penanda aras sesebuah negara. Persekitaran kadar faedah rendah di Australia menjadikan kelas

Walaupun cabaran tempoh terdekat terus mencabar, BNM

aset seperti REITS yang menjana hasil tinggi mendapat perhatian di

masih menjangkakan ekonomi Malaysia akan terus mencatatkan

kalangan pelabur. Di Jepun, seperti juga di Australia, persekitaran 169

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Tinjauan Pelaburan (Bersambung)

rendah kadar faedah mendorong permintaaan kepada kelas aset

terburuk dalam empat dekad. Petani merekodkan tuaian gandum

dengan hasil tinggi. Terdapat juga peningkatan yang disebabkan

tertinggi baru berdasarkan data kerajaan AS. International Grains

oleh pemulihan ekonomi yang dipacu oleh dasar monetari dan

Council meningkatkan unjuran hasil jagung dunia. Thailand pula

fiskal. Singapura kekal sebagai sasaran portfolio bukan hanya

bersedia melepaskan bekalan tambahan dalam pasaran yang

kerana “weighting” tetapi juga kestabilan pasaran. Ia juga

sememangnya terlebih bekalan manakala hujan telah membantu

meraih manfaaft daripada pemulihan ekonomi global berikutan

pengeluaran kacang soya di Brazil. Kebanyakan bahan mentah

pendedahannya kepada aktiviti ekonomi luar. Strategi ini dijangka

berada dalam pasaran lemah. Bloomberg Commodity Index susut

berterusan untuk setiap negara kecuali berlaku sesuatu di luar

untuk tujuh bulan berturut-turut, tempoh terpanjang sejak 2009.

jangkaan yang mengubah landskap makro. Pembetulan pasaran

Kejatuhan minyak disebabkan pengurangan kos dan sekali gus

juga mempersembahkan peluang untuk membuat pelaburan

menggalakkan pengeluaran tambahan dalam pasaran global

yang mana pertumbuhan dijangkakan mampan.

yang sememangnya berhadapan lebihan.

- oleh AmInvestment Services Berhad

Dalam sektor pertanian, minyak kepada sawit naik sebanyak 9 hari pada akhir 2014, peningkatan paling panjang dalam

Jangkaan Pasaran AmMetLife Commodity Stable CGF Jika dilihat pada tahun-tahun lalu, pasaran komoditi berterusan rendah dengan kadar kejatuhan meningkat sejajar dengan pertumbuhan global. Dan dengan Fed AS mula menamatkan Program QE yang telah menaikkan harga komoditi berikutan kehadiran kecaiaran murah sejak beberapa tahun lalu.

selain pengurangan pengeluaran mengikut musim di negara itu. Emas dan perak susut ke tahap terendah sejak 2010 sejajar pengukuhan dolar selepas Bank of Japan meningkatkan program rangsangan secara mengejut dan Rezab Persekutuan menamatkan pembelian aset. Emas memadamkan peningkatan pada 2014 pada 30 Oktober, selepas GDP AS mengatasi jangkaan.

Tahun ini diakhiri dengan kejatuhan besar harga minyak mentah

Emas mengakhiri Oktober dengan kejatuhan sebanyak 5.5%,

yang mendorong kepada tren kejatuhan harga komoditi untuk

kejatuhan terbesar sejak September 2013. Emas meningkat

keseluruhan 2014 dan awal 2015. Minyak mentah susut ke

70% dari Disember 2008 hingga Jun 2011 apabila Fed membeli

tahap terburuk sejak 2008 berikutan lebih pengeluaran menarik

hutang dan mengekalkan kos pinjaman pada kadar hampir sifar

kejatuhan komoditi untuk tahun keempat berturut-turut. Minyak

menerusi program pembelian aset.

mentah West Texas Intermediate jatuh 2.3% kepada $52.89 setong Indeks Bloomberg Commodity Index yang memantau 22 barangan susut 0.8% untuk kejatuhan 16% pada 2014. Kejatuhan 45% minyak mentah tahun ini, didorong pengeluaran tertinggi oleh AS dalam tiga dekad dan keengganan OPEC untuk menggurangkan pengeluaran mengejutkan pasaran. Ini mendorong pelabur untuk menilai semula harga-harga aset. Untuk bijirin, krisis Ruble Rusia menjejaskan pasaran gandum global. Dengan kejatuhan berterusan mata wang Rusia ke paras terendah berbanding dolar pada akhir 2014, disebabkan sekatan ekonomi yang dikaitkan dengan persengketaan di Ukraine, negara itu memperlahankan eksport gandum dengan tujuan meningkatkan simpanan dan mengekalkan harga pasaran tempatan. Dengan Rusia sebagai pengeksport gandum keempat terbesar di dunia, ini meningkatkan kebimbangan bekalan global. Ini sekali gus meningkat niaga hadapan gandum ke tahap tertinggi sejak Mei. Peningkatan lebihan gandum pada permulaan 2015 mendorong kejatuhan harga komoditi ini ke tahap terendah sejak 2010. Niaga hadapan gandum bermula pada paras 170

sedekad berikutan banjir di Malaysia menjejaskan penuaian

Menurut mereka yang terlibat di pasaran, disebabkan kos tenaga merangkumi hampir separuh kos bagi mengeluarkan makanan dan logam, semua komoditi akan terus susut disebabkan harga minyak rendah. Dengan inventori berlebihan dan kelembapan ekonomi seperti di China dan penurunan permintaan, jagung mungkin akan susut sebanyak 3% lagi, kapas 6.5% dan emas 5%. (Sumber: Bloomberg) - oleh AmBank (M) Berhad

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Strategi Pelaburan

171

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Strategi Pelaburan Dana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond

Strategi Pelaburan Ekuiti

kecuali Singapura, India dan Taiwan. Secara keseluruhan, 2015

2015 bukan tahun yang mudah. Kami percaya prestasinya adalah

bukan tahun yang mudah walaupun terdapat tanda-tanda

pelaburan tekanan pangkal disebabkan jangkaan peningkatan

positif seperti data makro, tekanan deflasi disebabkan harga

hasil

ini,

komoditi dan minyak yang rendah akan memacu penggunaan

pengukuhan USD dan kelemahan harga komoditi. Kebimbangan

dan pendapatan. Kami tidak menjangkakan penurunan gred

makro yang berpanjangan akan menjejaskan pengembangan

pendapatan kecuali untuk Korea, Thailand dan Malaysia.

Perbendaharaan

pada

bahagian

kedua

tahun

PER dan kerana itu, negara dengan PER di atas purata (mean) iaitu Indonesia, Thailand dan Filipina akan ketinggalan. Negara dengan tekanan inflasi berikutan import komoditi seperti India, Korea dan China, akan meraih manfaat. Bagaimanapun, untuk India, gandaan PE adalah di atas purata. Dengan ROE yang tinggi, kejatuhan harga komoditi, demografik yang baik, unjuran

Walaupun pertumbuhan GDP yang selesa sejak tiga tahun lalu, pertumbuhan pendapatan sangat mendukacitakan pada satu angka yang rendah. Walaupun terdapat pemulihan pasaran, penilaian hanya berada dalam kawasan neutral.

politik lebih baik, penurunan defisit akaun semasa dan langkah

ETP direncana untuk menjadikan Malaysia negara berpendapatan

permudah monetari, PE tinggi berganda akan mampu disokong

tinggi tetapi menangani transformasi pengeluaran modal insan

ketika ini.

dan berasaskan pengetahuan bukan mudah kerana banyak

Kami juga bimbang dengan beberapa isu politik.

yang perlu dilakuan. Isu-isu seperti penghapusan subsidi minyak walaupun perlu, adalah berbentuk taktikal dan isuisu

Indonesia

jangka panjang perlu ditangani atau berhadapan kemungkinan

Pentadbiran Jokowi mungkin tidak mempunyai mandat umum

kehilangan FDI yang akan mengalir ke negara-negara jiran.

di parlimen untuk melaksanakan pelbagai perubahan dan

Aliran keluar FDI mengatasi kemasukan dan akan menjejaslan

berkemungkinan menghabiskan tenaga untuk menyakinkan

imbangan bayaran terutama dengan harga minyak yang rendah

pembangkang akan kebaikan perubahan-perubahan ini.

serta pengakuan kesilapan dan pengakuan di dalam akaun.

Thailand

Dengan harga minyak yang lemah, kami percaya peningkatan

Tidak jelas jenis sistem perundangan dan pentadbiran menjelang

adalah terhada berdasarkan kontrak hadapan minyak. Risiko

2016. Kedua, kebanyakan pelaburan infrastruktur telah ditunda

pengurangan fiskal meningkat jika harga minyak mentah Tapis

dan akan menjejaskan daya saingnya. Adalah tidak jelas sama

susut di bawah USD65 yang mana perolehan kerajaan akan

ada perubahan politik dan infrastruktur akan dilaksanakan

terjejas teruk dan tidak dapat diatasi dengan penghapusan

dengan bersungguh-sungguh seperti yang dijangka sebelumnya.

subsidi. Walaupun kerajaan boleh menunda beberapa projek

Korea Kebimbangan utama ialah daya saingnya berbanding China (produk kategori bawah hingga pertengahan) dan Jepun (produk tinggi selain kelemahan Yen). Keengganan konglomerat untuk meningkatkan nisbah pembayaran dividen oleh kerajaan mendukacitakan pelabur. Korea Inc harus melaksanakan program yang lebih baik bagi menggalakkan tadbir urus korporat yang

pembangunan, adalah lebih baik mengetatkan isu operasi berkaitan perbelanjaan seperti yang dinyatakan dalam laporan Ketua Audit Negara. Mesej utama ialah dengan persekitaran harga minyak rendah, perancangan berhemah dan pelaksanaan operasi yang lebih baik diperlukan bagi memastikan kesihatan fiskal Malaysia. Kegagalan melakukan semua ini akan mendorong kepada penghijrahan warga asing dalam MGS.

lebih baik serta menggalakkan rantaian bekalan SME yang lebih

Dengan pelaksanaan GST, pengurangan subsidi dan penundaan

bertenaga seperti di Taiwan.

pelaksanaan fiskal, unjuran pendapatan menjadi tidak menentu.

Berdasarkan unjuran pendapatan, penurunan gred pada 2015 di Asia Pasifik kecuali Jepun berlaku di hampir semua negara 172

Malaysia

Berdasarkan persetujuan, jangkaan untuk tempoh dua tahun akan datang ialah pertumbuhan 9% setahan. Dengan tiada ruang kepada peluasan PER, pendapatan menjadi kunci utama.

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Strategi kami untuk 2015 akan difokuskan kepada syarikat

kekal mampan ketika persekitaran ekonomi yang mencabar

dengan pertumbuhan pendapatan stabil seperti pembinaan

dan mencatatkan pertumbuhan pendapatan sebenar untuk

dan penjagaan kesihatan. Kami juga akan memilih syarikat yang

tempoh jangka panjang. Portfolio dagangan kami didagang pada

memberikan dividen baik seperti telekomunikasi dan yang akan

diskaun yang besar berbanding pasaran ekuiti global dan mampu

meraih manfaat daripada reformasi seperti Tenaga (rasionalisasi

menjana ROE tinggi yang mampan dalam kitaran ekonomi serta

tarif elektrik).

mewujudkan kekayaan sebenar kepada pelanggan kami untuk

Walaupun Malaysia lebih murah berbanding jiran ASEAN lain kecuali Singapura, kebimbangan utama kami ialah pendaptan

tempoh jangka panjang. - oleh AmInvestment Services Berhad

yang mendukacitakan. Penghasilan peringkat atas dijangka sukar daripada eksport minyak dan dan komoditi. Untuk ketika ini,

Strategi Pelaburan Dana AmMetLife Global Emerging Market

kami menjangkakan menjelang akhir tahun 2015 sasaran KLCI

Dana Sasaran: AmGlobal Emerging Markets

ialah pada 1850, tetapi kami harus menekankan bahawa visibiliti

Opportunities

masa hadapan ketika ini sangat lemah.

Dana Sasaran Akhir: Schroders ISF Global Emerging

disebabkan kita menerima kesan daripada terma yang rendah

Strategi Pelaburan Pendapatan Tetap Dengan jangkaan inflasi yang sederhana, pertumbuhan ekonomi yang perlahan dan kurang keghairan tahun ini, kami percaya OPR dijangka kekal pada tahap 3.25%. Jika data ekonomi terus menunjukkan kelemahan tambahan, kami tidak menolak kemungkinan BNM akan mengurangkan kadar faedah. Kami juga berhati-hati aspek struktur bagi pasaran tempatan dan global yang masih merasai ketidaktentuan terutama dengan jangkaan peningkatan kadar faedah oleh Fed AS pada masa terdekat serta unjuran kejatuhan Ringgit.



Market Opportunities

Pasaran utama kami ketika ia bermula pada April 2015 ialah China, Hungary, India, Korea Selatan, Thailand, Turki dan UAE. Kami telah memasukkan semula Thailand selepas model sukuan menunjukkan “overweight” berikutan pemulihan dalam angka risiko dan pertumbuhan. Di China, penilaian adalah menarik dan ekonomi yang stabil, digabungkan dengan agenda perubahan yang menggalakkan. Di Hungary, penilaiannya adalah menarik dengan pasaran menawarkan pertumbuhan pendapatan yang kukuh. Pasaran India dinilai sepenuhnya tetapi ekonomi asas menunjukkan

Berdasarkan ujuran tidak menentu ini, kami cenderung untuk

tanda-tanda pemulihan tambahan serta penerimaan berterusan

melabur dalam terbitan baru bagi meraih hasil lebih menarik

kepada agenda reformasi kerajaan. Walaupun wujud sedikit

serta mengambil tindakan taktikal.

kebimbangan terhadap ESG, pasaran Korea Selatan sangat

Untuk Dana Balanced dan Dana Teguh

menarik dan akan meraih manfaat daripada pemulihan

Dengan mengambil kira unjuran pasaran di atas, kami akan

pertumbuhan global. Turki menikmati penilaian yang menarik

mengekalkan peruntukan aset dalam perndapatan tetap ke

walaupun pasaran di negara itu peka terhadap dasar monetari AS

tahap minimum dan lebih kepada ekuiti.

berikutan defisit akaun semasa yang tidak dibiaya dengan baik.

- oleh AmInvestment Services Berhad

Strategi Pelaburan Dana AmMetLife Oasis Islamic Equity Dana Sasaran: AmOasis Global Islamic Equity Dana Sasaran Akhir: Oasis Crescent Global Equity Kami telah mengekalkan pelaburan dalam syarikat-syarikat berkualiti tinggi yang mempunyai daya saing kukuh, serta

Kami juga peka akan risiko politik di Turki sebelum pilihan raya umum pada Jun 2015. Di UAE, kami percaya pasaran ekuiti telah merasai impak keterlaluan daripada kejatuhan harga minyak dan fundamentalnya tetap kukuh. Thailand menawarkan penilaian yang munasabah dan ekonominya semakin pulih walaupun terdapat ketidaktentuan politik. - oleh AmInvestment Services Berhad

mampan ketika melalui kitaran ekonomi Kami percaya syarikat-

Strategi Pelaburan Dana AmMetLife Global Agribusiness

syarikat dengan kunci kira-kira dan aliran tunai kukuh dapat

Dana Sasaran: AmGlobal Agribusiness

mampu mencatatkan Pulangan atas Ekuiti (ROE) tinggi serta

173

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Strategi Pelaburan (Bersambung)

Dana Sasaran Akhir: DWS Global Agribusiness

dan skala ekonomi menggunakan tanah sedia ada dengan

Sejak 12 bulan lalu, strategi Global Agribusiness meraih manfaat

mengoptimumkan

daripada prestasi tema-tema di bawah sektor konsumer seperti:

penilaian kepada aset nilai bersih dilakukan dan telah menjadi

makanan organik (SunOpta, Royal Wessanen ), campuran

pemacu kepada pelaburan tahun lalu. Teknologi perniagaan

(Senomyx, Frutarom), jenama persendirian (Conagra, TreeHouse),

pertanian tertentu baru seperti bioteknologi pertanian (Syngenta,

dan pemprosesan perdana (Hillshire, Post Holdings). Pada ketika

KWS Saat) tidak mencatatkan prestasi seperti yang dijangkakan

makanan organik menunjukkan aliran terhadap kesedaran

disebabak kelewatan pengenalan produk baru serta tersasar

kualiti, aspek kesihatan dan kelestarian makanan selain jenama

sedikit daripada sasaran keuntungan. Boleh dilihat bahawa

persendirian yang memehuhi pasaran lebih rendah daripada

sebahagian besar prestasi yang negatif bukan disebabkan

segmen makanan dunia yang lebih maju. Jenama persendirian

tema yang dipilih tetapi berpunca daripada sekuriti dengan

atau jenama sendiri terkenal di kalangan konsumer Eropah

pendedahan kepada pasaran baru muncul di Brazil, China, Rusia,

tetapi menikmati pertumbuhan untuk konsumer AS yang lebih

dan Ukraine selain sekuriti tertentu di Eropah Barat merangkumi

peka jenama. Syarikat-syarikat terpilih untuk makanan organik

semua sub tema. Beberapa penggabungan dan pengambilalihan

meraih manfaat daripada pertumbuhan pasaran yang lebih baik

pada 2014 termasuk syarikat-syarikat yang kami miliki seperti

daripada jangkaan selain pada masa sama, mengoptimumkan kos

Safeway, Annie’s, Hilshire, Olam International, dan Nutreco.

dan aset asas. Segmen campuran (dijana dengan peningkatan

Seterusnya kami menjual pegangan dalam syarikat ini pada harga

penembusan pasan di pasar raya dan peningkatan pengambilan

yang menyamai harga sasaran. Terdapat juga usaga penyepaduan

makanan paket), kami memiliki syarikat-syarikat yang spesifik

membabitkan pasaran nitrogen AS, minuman global, koko

sama ada beroperasi dalam persekitaran biotekonologi atau

global, dan makanana organik. Kebanyakan transaksi-transaksi

teknologi makanan (Senomyx) atau meraih pasaran menerusi

ini menunjukkan penilaian yang menarik serta kadar pembiayaan

penyepaduan sektor (Fruatarom). Bagi jenama persendirian,

yang hampir mencecah paras terendah global.

Conagra menawarkan potensi penstrukturan untuk syarikat jenama peribadi, makanan ternamadan penyedia perkhidmatan makanan. Treehouse mencatatkan prestasi yang baik berikutan berada dalam kategori pertumbuhan selain menggabungkan pengambilalihan lalu dengan berkesan. Pemprosesan perdana yang ditakrifkan kami sebagai pemprosesan berkualiti tinggi telah berkembang ke dalam kategori baru global dan pasaran seperti pengeluar protein haiwan Hillshire (pengambilalihan) dan Post pengeluar bijirin ketiga terbesar di AS (penilaian pada diskaun berbanding syarikat sama) membantu dalam peningkatkan

input.

Pemberian

harga komoditi utama, penurunan kos input utama seperti minyak dan gas, harga baik daripada petani untuk nutrien, peningkatan dagangan global dan pencapahan tren penggunaan. Kami melihat pengekalan menarik penilaian syarikat-syarikat yang baru menamatkan program perbelanjaan modal besar-besaran kerana ia membawa kepada peningkatan pengeluaran dan pendapatan, penjanaan bebas tunai tinggi serta kenaikan pembayaran dividen serta pembelian balik saham sepanjang 12 bulan lalu. - oleh AmInvestment Services Berhad

Untuk segmen huluan kami, US nitrogen mencatatkan prestasi

Strategi Pelaburan Dana AmMetLife Precious Metals

meraih manfaat kos input rendah berikutan harga gas yang rendah serta penstabilan harga Urea sebagai hasil pengeluaran. Juga pasaran potash dan fosfat telah pulih dengna peningkatan permintaan (potash) dan harga yang lebih baik bagi fosfat. Yang menjejaskan prestasi ialah kelemahan yang berpunca daripada kualiti tanah dan operator. Fokus kepada segmen sub tema dengan strategi peningkatan hasil dengan meningkatkan nilai penaksiran ladang terutama membabitkan pendedahan kami di Brazil dan ladang di Ukrainian menerusi pengusaha (SLC dan Kernel). Operator tanah berusaha meningkatkan hasil

diskaun

Pada peringkat akhir tempoh semakan, kami melihat peningkatan

prestasi.

sangat baik dengan CF Industries dan Agrium kedua-duanya

174

faktor-faktor

Dana Sasaran: Dana AmPrecious Metals Dana Sasaran Akhir: Dana DWS Noor Precious Metals

Securities

Emas kekal dalam lingkungan yang menjadi dan sebahagian dagangan selamat yang lebih luas Untuk ketika ini ECB akan mencetak wang bagi membeli bon. Bagaimanapun, jika terdapat permintaan untuk modal yang lebih nyata, terdapat kebimbangan kadar perlu dinaikkan untuk menarik modal. Jika ini berlaku, ia akan menyebabkan

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

terhadap QE ECB. Kami memantau situasi ini dan peka bawah

Strategi Pelaburan Dana AmMetLife Asia Pacific REITS

QE yang dilaksanakan sejak 6 tahun lalu telah membuktikan ia

Dana Sasaran: Dana AmAsia Pacific REITS

kurang efektif berbanding pakej rangsangan yang diperkenalkan

Untuk tahun kewangan yang disemak, dana ini mencapai objektif

sebelum ini. Kami skeptikal mengenai efikasi QE yang baru

pelaburan yang mana 70% hingga 98% nilai aset bersih (NAB)

diperkenalkan di Eropah. Kami percaya ia akan mengambil

dana dilaburkan dalam REITS tersenarai di rantau Asia Pasifik iaitu

masa tiga bulan untuk pasaran mula mempersoalkan kebaikan

Australia, Hong Kong, Jepun, Malaysia, Singapura dan Thailand.

rangsangan ini. Emas akan kekal dalam lingkungan tetap dan

Dana juga mempelbagaikan sektor pendedahan dalam REITS

menjadi dagangan selamat yang lebih luas.

kediaman, runcit, komersial dan industri. Dana memiliki antara

Dengan kelemahan mata wang Eropah dan Asia serta pengaliran

2% hingga 30% daripada NAB dalam bentuk aset cair. Strategi

pembetulan pasaran yang akan memberi kesan berbeza

keluar modal dan pengukuhan USD, kami menjangkakan

ini akan terus digunakan pada masa hadapan.

peningkatan pemindahan risiko dan minat baru untuk emas

Pengurus pelaburan melaksanakan strategi peruntukan yang aktif

sebagai mata wang yang selamat. Kami juga menjangkakan

yang mana keputusan pembahagian aset dibuat selepas penilaian

ketidaktentuan akan meningkat disebabkan imbangan semasa

tren makro ekonomi dan unjuran sektor di setiap negara Asia

membabitkan AS dan rakan dagangnya. Kami menjangka ia akan

Pasifik. Pengurus pelaburan akan menumpukan kepada REITS

mewujudkan peluang belian yang baik untuk emas dan ekuiti

dengan rekod kukuh dalam menjana pendapatan berterusan

logam berharga.

dan potensi pertumbuhan modal. Dalam menilai kestabilan

Untuk Dana Noor, kami menumpukan kepada syarikat-syarikat

sesuatu REIT, pengurus pelaburan antara lain akan melihat rekod

yang patuh Syariah yang dapat mempamerkan pulangan modal tinggi. Kami fleksibel dalam pengembangkan pegangan membabitkan ekuiti patuh Syariah dan mengambil kedudukan lebih bertahan dalam persekitaran tidak menentu yang berterusan.

kepada aset yang rendah risiko seperti aset cair bagi melindungi modal dana. Untuk tahun ini, pelaburan dana mungkin berbeza

Strategi Pelaburan AmMetLife Commodity Stable CGF

Dana Sasaran: Dana AmTactical Bond Untuk tahun kewangan yang disemak, dana ini melabur terutamanya dalam bon korporat. Pengurus akan menganalisis persekitaran ekonomi dan pasaran. Pengurus juga menganalisis dan membandingkan sekuriti berdasarkan jangkaan pulangan berbanding risiko dengan menganalisis penarafan kredit dan tempoh sekuriti yang mana pengurus akan memilih sekuriti yang dapat memberikan pulangan setimpal dengan paras risiko. Selain itu, pengurus boleh menimbangkan sekuriti dengan kredit baik atau semakin pulih atau industri yang berpotensi menawarkan Pelaburan

negatif, pengurus pelaburan boleh menukar pengagihan ast

- oleh AmInvestment Services Berhad

Strategi Pelaburan Dana AmMetLife Tactical Bond

modal.

pendapatan serta faktor kos REITS. Dalam keadaan pasaran yang

berbanding apa yang dinyatakan dalam strategi pelaburan.

- oleh AmInvestment Services Berhad

peningkatan

lampau, portfolio aset, status kewangan, dan dasar pengagihan

dana

tertakluk

kepada

pengurusan tempoh yang mana jangka masa dana dipantau dan diubah mengikut unjuran kadar faedah tanpa had terhadap

MLCX AmBank Commodity Alpha Index (Bloomberg Code: MLCXAMB Index) memantau pelaburan jangka pendek/panjang dalam niaga hadapan komoditi. Pelaburan panjang pendek ini adalah MLCXA01 Excess Return Index. Ia menggunakan kombinasi pelaburan panjang dan pendek untuk menjana pulangan alpha dengan pendedahan delta bersih hampir sifar. Jangkauan panjangnya mencapai lengkungan lebih jauh daripada penanda aras tradisional dan menggunakan penambahbaikan pemberat dan roll window untuk meningkatkan pulangan. Tidak ada pembayaran kupon pada tahun ketiga dan keempat (2% dan 3% dibayar masing-masing pada tahun pertama dan kedua) dan kupon akhir dalam tahun ke-5 akan bergantung pada prestasi

tempoh matang portfolio.

MLCXAMB Index.

- oleh AmInvestment Services Berhad

- oleh AmBank (M) Berhad

175

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

HALAMAN INI SENGAJA DIBIARKAN KOSONG

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Prestasi Dana

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Prestasi Dana

Dana AmMetLife Equity

Prestasi Sejak Permulaan Dana AmMetLife Equity berbanding Penanda Aras Prestasi sejak 27 Februari 2004 – 31 Mac 2015 120.00

AmMetLife Equity FBMKLCI

100.00

Prestasi (%)

80.00 60.00 40.00 20.00 0.00

Mac-15

Sep-14

Mac-14

Sep-13

Mac-13

Sep-12

Mac-12

Sep-11

Mac-11

Sep-10

Mac-10

Sep-09

Mac-09

Sep-08

Mac-08

Sep-07

Mac-07

Sep-06

Mac-06

Sep-05

Mac-05

Sep-04

Mac-04

-20.00

Bulan Prestasi Setahun Lengkap Dana AmMetLife Equity berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 9.00 6.00

AmMetLife Equity FBMKLCI

Prestasi (%)

3.00 0.00 -3.00 -6.00 -9.00

178

Bulan

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

Apr-14

-12.00

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Bond

Prestasi Sejak Permulaan Dana AmMetLife Bond berbanding Penanda Aras Prestasi sejak 27 Februari 2004 – 31 Mac 2015 70.00 AmMetLife Bond

60.00

MBB 12mth Tier 1

Prestasi (%)

50.00 40.00 30.00 20.00 10.00 0.00

Mac-15

Sep-14

Mac-14

Sep-13

Mac-13

Sep-12

Mac-12

Sep-11

Mac-11

Sep-10

Mac-10

Sep-09

Mac-09

Sep-08

Mac-08

Sep-07

Mac-07

Sep-06

Mac-06

Sep-05

Mac-05

Sep-04

Mac-04

-10.00

Bulan Prestasi Setahun Lengkap Dana AmMetLife Bond berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 6.00 AmMetLife Bond MBB 12mth Tier 1

2.00

0.00

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

-2.00 Apr-14

Prestasi (%)

4.00

Bulan 179

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Prestasi Dana

(Bersambung)

Dana AmMetLife Balanced

Prestasi Sejak Permulaan Dana AmMetLife Balanced berbanding Penanda Aras Prestasi sejak 27 Februari 2004 – 31 Mac 2015 120.00 AmMetLife Balanced

100.00

50% FBMKLCI & 50% MBB 12mth Tier 1

Prestasi (%)

80.00 60.00 40.00 20.00 0.00

Mac-15

Sep-14

Mac-14

Sep-13

Mac-13

Sep-12

Mac-12

Sep-11

Mac-11

Sep-10

Mac-10

Sep-09

Mac-09

Sep-08

Mac-08

Sep-07

Mac-07

Sep-06

Mac-06

Sep-05

Mac-05

Sep-04

Mac-04

-20.00

Bulan Prestasi Setahun Lengkap Dana AmMetLife Balanced berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 4.00 2.00

Prestasi (%)

0.00 -2.00 -4.00 -6.00 -8.00

AmMetLife Balanced 50% FBMKLCI & 50% MBB 12mth Tier 1

180

Bulan

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

Apr-14

-10.00

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Dana Teguh

Prestasi Sejak Permulaan Dana AmMetLife Dana Teguh berbanding Penanda Aras Prestasi sejak 27 Februari 2004 – 31 Mac 2015 120.00 AmMetLife Dana Teguh

100.00

50% FBM Emas Syariah & 50% MBB 12mth Tier 1

Prestasi (%)

80.00 60.00 40.00 20.00 0.00

Mac-15

Sep-14

Mac-14

Sep-13

Mac-13

Sep-12

Mac-12

Sep-11

Mac-11

Sep-10

Mac-10

Sep-09

Mac-09

Sep-08

Mac-08

Sep-07

Mac-07

Sep-06

Mac-06

Sep-05

Mac-05

Sep-04

Mac-04

-20.00

Bulan Prestasi Setahun Lengkap Dana AmMetLife Dana Teguh berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 6.00 AmMetLife Dana Teguh 50% FBM Emas Syariah & 50% MBB 12mth Tier 1 4.00

0.00

-2.00

-4.00

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

-6.00 Apr-14

Prestasi (%)

2.00

Bulan 181

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Prestasi Dana

(Bersambung)

Dana AmMetLife Oasis Islamic Equity

Prestasi Sejak Permulaan Dana AmMetLife Oasis Islamic Equity berbanding Penanda Aras Prestasi sejak 1 April 2007 – 31 Mac 2015 50.00 AmMetLife Oasis Islamic Equity

40.00

Dow Jones Islamic Market Index

30.00

Prestasi (%)

20.00 10.00 0.00 -10.00 -20.00 -30.00 -40.00 Mac-15

Okt-14

Mei-14

Dis-13

Jul-13

Feb-13

Sep-12

Apr-12

Nov-11

Jun-11

Jan-11

Ogos-10

Mac-10

Okt-09

Mei-09

Dis-08

Jul-08

Feb-08

Sep-07

Apr-07

-50.00

Bulan

Prestasi Setahun Lengkap Dana AmMetLife Oasis Islamic Equity berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 20.00 AmMetLife Oasis Islamic Equity Dow Jones Islamic Market Index

Prestasi (%)

15.00

10.00

5.00

0.00

182

Bulan

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

Apr-14

-5.00

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Global Emerging Market

Prestasi Sejak Permulaan Dana AmMetLife Global Emerging Market berbanding Penanda Aras Prestasi sejak 1 Jun 2008 – 31 Mac 2015 20.00 10.00

Prestasi (%)

0.00 -10.00 -20.00 -30.00 AmMetLife Global Emerging Market

-40.00

MSCI Emerging Markets Index

-50.00

Mac-15

Jun-14

Sep-13

Dis-12

Mac-12

Jun-11

Sep-10

Dis-09

Mac-09

Jun-08

-60.00

Bulan Prestasi Setahun Lengkap Dana AmMetLife Global Emerging Market berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 12.00 10.00 8.00

4.00 2.00 0.00 -2.00

AmMetLife Global Emerging Market MSCI Emerging Markets Index

-4.00

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

-6.00 Apr-14

Prestasi (%)

6.00

Bulan 183

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Prestasi Dana

(Bersambung)

Dana AmMetLife Precious Metals

Prestasi Sejak Permulaan Dana AmMetLife Precious Metals berbanding Penanda Aras Prestasi sejak 1 September 2008 – 31 Mac 2015 80.00 60.00

Prestasi (%)

40.00 20.00 0.00 -20.00 AmMetLife Precious Metals

-40.00

FTSE Gold Mines Index Mac-15

Dis-14

Sep-14

Jun-14

Mac-14

Dis-13

Sep-13

Jun-13

Mac-13

Dis-12

Sep-12

Jun-12

Mac-12

Dis-11

Sep-11

Jun-11

Mac-11

Dis-10

Sep-10

Jun-10

Mac-10

Dis-09

Sep-09

Jun-09

Mac-09

Dis-08

Sep-08

-60.00

Bulan

Prestasi Setahun Lengkap Dana AmMetLife Precious Metals berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 20.00 AmMetLife Precious Metals FTSE Gold Mines Index

Prestasi (%)

10.00

0.00

-10.00

-20.00

184

Bulan

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

Apr-14

-30.00

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Global Agribusiness

Prestasi Sejak Permulaan Dana AmMetLife Global Agribusiness berbanding Penanda Aras Prestasi sejak 1 September 2008 – 31 Mac 2015 40.00 30.00 20.00 Prestasi (%)

10.00 0.00 -10.00 -20.00 AmMetLife Global Agribusiness

-30.00

MSCI World Free Index

-40.00

Mac-15

Dis-14

Sep-14

Jun-14

Mac-14

Dis-13

Sep-13

Jun-13

Mac-13

Dis-12

Sep-12

Jun-12

Mac-12

Dis-11

Sep-11

Jun-11

Mac-11

Dis-10

Sep-10

Jun-10

Mac-10

Dis-09

Sep-09

Jun-09

Mac-09

Dis-08

Sep-08

-50.00

Bulan Prestasi Setahun Lengkap Dana AmMetLife Global Agribusiness berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 10.00 8.00

AmMetLife Global Agribusiness MSCI World Free Index

4.00 2.00 0.00 -2.00

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

-4.00 Apr-14

Prestasi (%)

6.00

Bulan 185

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Prestasi Dana (Bersambung)

Dana AmMetLife Dividend

Prestasi Sejak Permulaan Dana AmMetLife Dividend berbanding Penanda Aras Prestasi sejak 27 Oktober 2011 – 31 Mac 2015 50.00

AmMetLife Dividend FBMKLCI

40.00

Prestasi (%)

30.00

20.00

10.00

0.00

Feb-15

Dis-14

Okt-14

Ogos-14

Jun-14

Apr-14

Feb-14

Dis-13

Okt-13

Ogos-13

Jun-13

Apr-13

Feb-13

Dis-12

Okt-12

Ogos-12

Jun-12

Apr-12

Feb-12

Dis-11

Okt-11

-10.00

Bulan Prestasi Setahun Lengkap Dana AmMetLife Dividend berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015 12.00

9.00

AmMetLife Dividend FBMKLCI

Prestasi (%)

6.00

3.00

0.00

-3.00

186

Bulan

Mac-15

Feb-15

Jan-15

Dis-14

Nov-14

Okt-14

Sep-14

Ogos-14

Jul-14

Jun-14

Mei-14

Apr-14

-6.00

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Commodity Stable Capital Guaranteed

Prestasi Sejak Permulaan Dana AmMetLife Commodity Stable Capital Guaranteed Prestasi sejak 11 Oktober 2010 – 31 Mac 2015 3.00 AmMetLife Commodity Stable 2.00 1.00

-1.00 -2.00 -3.00 -4.00 -5.00

Feb-15

Okt-14

Jun-14

Feb-14

Okt-13

Jun-13

Feb-13

Okt-12

Jun-12

Feb-12

Okt-11

Jun-11

Feb-11

-6.00 Okt-10

Prestasi (%)

0.00

Bulan

187

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Prestasi Dana (Bersambung)

Dana AmMetLife Asia Pacific REITS

Prestasi Sejak Permulaan Dana AmMetLife Asia Pacific REITS berbanding Penanda Aras Prestasi sejak 17 September 2013 – 31 Mac 2015

Prestasi Setahun Lengkap Dana AmMetLife Asia Pacific REITS berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015

188

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Tactical Bond

Prestasi Sejak Permulaan Dana AmMetLife Tactical Bond berbanding Penanda Aras Prestasi sejak 17 September 2013 – 31 Mac 2015

Prestasi Setahun Lengkap Dana AmMetLife Tactical Bond berbanding Penanda Aras Prestasi sejak 1 April 2014 – 31 Mac 2015

189

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

HALAMAN INI SENGAJA DIBIARKAN KOSONG

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Pecahan Mengikut Sektor dan Kategori

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Pecahan Mengikut Sektor dan Kategori Dana AmMetLife Equity Butiran komposisi Dana AmMetLife Equity setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan

2.91 7.72 3.23 8.25 11.23

Produk konsumer

3.07 – – – –

Kewangan

24.83 11.34 5.54 7.58 7.32

Saham asing

– – – – –

Produk industri

8.84 13.03 17.47 4.57 4.01

Infrastruktur

3.80 1.31 3.15 –

Perladangan

0.97 –

Harta

– 2.97 – – 4.54

REITS

– – – 6.84 –

Teknologi

4.19 – – – –

Perdagangan/Perkhidmatan

–

4.06 5.72 3.83

44.47 45.85 27.22 43.71 12.78

Waran

– – – – –

Perjanjian Pembelian Semula/Tunai

6.91



17.77

39.33

23.33

56.29



100.00 100.00 100.00 100.00 100.00

Dana AmMetLife Bond Butiran komposisi Dana AmMetLife Bond setakat 31 Mac 2015 adalah seperti berikut: Unit Amanah Malaysia Bon Korporat

9.75 9.56 7.11 9.40 8.07 82.63 68.18 65.70 79.06 8.86

Sekuriti Kerajaan Malaysia

– – – – 43.95

Perjanjian Pembelian Semula/Tunai

7.62



192

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

22.26

27.19

11.54

39.12

100.00 100.00 100.00 100.00 100.00



AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Balanced Butiran komposisi Dana AmMetLife Balanced setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan

3.03 0.45 –

Produk konsumer

2.01 – – – –

Kewangan

7.61 7.81

16.59 9.00 5.18 7.27 6.83

Saham asing

– – – – –

Produk industri

7.71 10.65 10.32 3.91 2.34

Infrastruktur

2.85 0.94 – – –

Perladangan

–

Harta

– 3.02 – – 3.74

REITS

–

Teknologi

3.73 – – – –

Perdagangan/Perkhidmatan Waran Bon Korporat

–

0.62 –

6.16 –

29.54 37.07 22.51 35.91 10.34 – – – – – 26.44 24.71 26.95 27.08 11.72

Unit Amanah Malaysia

–

9.18

Perjanjian Pembelian Semula/Tunai

8.11

4.36



3.41 5.38 3.41

– 31.63

– 6.68

5.94 47.87



100.00 100.00 100.00 100.00 100.00

Dana AmMetLife Dana Teguh Butiran komposisi Dana AmMetLife Dana Teguh setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan

5.51 9.19 3.14 11.45 11.30

Produk konsumer

2.03 – – – –

Produk industri

8.43 9.44 11.02 4.20 6.51

Infrastruktur

3.53 1.39 2.69 –

Perladangan

1.47 –

Harta

1.88 3.21 –

Teknologi

4.63 – – – –

Perdagangan/Perkhidmatan Waran Bon Korporat Unit Amanah Malaysia

–

–

4.85 – –

3.97

38.92 39.89 24.91 37.04 10.76 – – – – – 13.64 19.97 22.52 18.31 – 3.38 4.62 2.35 2.27 6.75

Perjanjian Pembelian Semula/Tunai 16.59 12.30 33.37 21.88 60.71

100.00 100.00 100.00 100.00 100.00 193

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Pecahan Mengikut Sektor dan Kategori (Bersambung)

Dana AmMetLife Oasis Islamic Equity Butiran komposisi Dana AmMetLife Oasis Islamic Equity setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan

– – – 8.55 10.21

Produk konsumer

– – – – –

Produk industri

–

Infrastruktur

– – – 6.38 –

Perladangan

– – – 3.84 –

Harta

– – – – 2.93

Perdagangan/Perkhidmatan

– – – 24.42 9.97

Waran

– – – – –

Unit Amanah Malaysia

–

–

2.88

–

90.69

89.53

74.34

26.64

32.61

Perjanjian Pembelian Semula/Tunai 9.31

10.47

25.66

27.29

44.28



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmOasis Global Islamic Equity (“Dana Sasaran”)

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Bahan Asas

8.00 4.00 5.00 9.00 14.00

Komunikasi

20.00 18.00 21.00 19.00 17.00

Pengguna, Berkitar

11.00 8.00 7.00 8.00 8.00

Pengguna, Tidak Berkitar

8.00 9.00 6.00 6.00 5.00

Tenaga

8.00 10.00 11.00 12.00 10.00

Kewangan

– – – – 3.00

Penjagaan Kesihatan

19.00 22.00 22.00 19.00 15.00

Industri

3.00 6.00 8.00 6.00 8.00

Hartanah

1.00 1.00 1.00 1.00 –

Teknologi Utiliti

22.00 22.00 17.00 18.00 17.00 –

–

2.00

2.00

Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest *Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.

194

3.00



AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Precious Metals Butiran komposisi Dana AmMetLife Precious Metals setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Unit Amanah Malaysia

79.80

96.40

87.51

85.93

47.92

Perjanjian Pembelian Semula/Tunai

20.20

3.60

12.49

14.07

52.08



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmPrecious Metals (“Dana Sasaran”) Berlian Emas Platinum

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % % – – – – 70.14 73.46 79.78 71.75 74.05 – – – – –

Logam Berharga & Mineral

15.15 13.09 16.12 12.92 21.08

Perak

12.60 6.77 – – –

Pelbagai Logam & Perlombongan

–

6.60

–

Tunai dan aset lain

2.09

0.05

4.07

– 15.31

– 4.84

Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest *Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.

195

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Pecahan Mengikut Sektor dan Kategori (Bersambung)

Dana AmMetLife Global Agribusiness Butiran komposisi Dana AmMetLife Global Agribusiness setakat 31 Mac 2015 adalah seperti berikut: Unit Amanah Malaysia Perjanjian Pembelian Semula/Tunai

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % % 90.29

88.08

80.04

84.08

70.39

9.71

11.92

19.96

15.92

29.61









100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmGlobal Agribusiness (“Dana Sasaran”) Produk Pertanian

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % % 22.70 19.10 23.60 25.20 29.70

Kilang Minuman Keras

3.20

3.70

–

–

–

Jentera Pembinaan/ Perladangan

–

–

2.20

2.40

2.30

Penyulingan & Pembuatan Wine

–

–

–

–

3.50

Pengedar

– – – – –

Pelbagai Bank

–

Pelbagai Kimia Baja & Kimia Pertanian

3.20 2.10 2.00 2.70

3.20 3.70 1.70 –

–

39.90 38.20 43.00 40.30 19.80

Pengedar Makanan

2.00 1.50 – – –

Peruncitan Makanan

2.90 2.90 1.10 6.40 9.20

Utiliti Gas

– – – – –

Pasaraya Besar & Pusat Membeli Belah

–

–

2.40

1.50

–

Peralatan & Perkhidmatan Sains Hayat

–

–

2.10

2.80

–

Marin

– – – –

Pelabuhan & Perkhidmatan Marin

1.40

Sektor lain

3.30 4.30 4.50 –

1.70

1.50

1.80

– 7.10

Pembungkusan Makanan & Daging 16.70 19.50 15.10 12.70 14.40 Produk Kertas

– – – – –

Farmasi

– – – – –

Landasan Keretapi

–

Restoran

2.80 0.90 –

Kimia Khusus

– – – – –

Tunai & Sektor Lain

–

Tidak diklasifikasikan

0.90 – – – 6.00

Minuman Ringan

1.00 – – – –

1.30 1.30 0.80 –

–

-0.60

– 4.10

Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest *Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.

196

2.80 2.50

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Global Emerging Market Butiran komposisi Dana AmMetLife Global Emerging Market setakat 31 Mac 2015 adalah seperti berikut: Unit Amanah Malaysia Perjanjian Pembelian Semula/Tunai

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % % 90.97

87.74

79.59

68.52

69.66

9.03

12.26

20.41

31.48

30.34



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmGlobal Emerging Market Opportunities (“Dana Sasaran”)

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Barangan Bukan Keperluan Pengguna 12.97 15.87 10.26 19.49 12.77 Barangan Asas Pengguna

5.11 3.37 9.98 1.08 –

Derivatif

– – – -0.01 –

Tenaga

3.71 10.12 5.00 11.57 13.18

Kewangan

33.68 34.12 40.74 27.82 36.22

Penjagaan Kesihatan

3.72 0.90 1.20 –

Industri

3.98 2.59 4.48 5.06 6.90

Teknologi Maklumat

–

24.10 18.14 13.77 12.87 2.79

Bahan-bahan

1.94 3.29 3.26 6.51 8.91

Tidak diklasifikasikan

– – – – –

Perkhidmatan Telekomunikasi

3.86 3.63 7.74 –

Utiliti

1.18 –

0.24 2.25 2.06

Aset Bersih Lain

–

–

Tunai

5.75 7.97 3.33 – 13.35

–

13.36

3.81

–

Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest *Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.

197

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Pecahan Mengikut Sektor dan Kategori (Bersambung)

Dana AmMetLife Commodity Stable Capital Guaranteed Butiran komposisi Dana AmMetLife Commodity Stable Capital Guaranteed setakat 31 Mac 2015 adalah seperti berikut: Unit Amanah Malaysia Instrumen Yang Berstruktur

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % % 1.14 1.88 1.89 1.67 1.64 98.12 98.11 98.10 98.24 98.27

Perjanjian Pembelian Semula/Tunai 0.74 0.00 0.01 0.09 0.09

100.00 100.00 100.00 100.00 100.00

Dana AmMetLife Dividend Butiran komposisi Dana AmMetLife Dividend setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 % % % %

Pembinaan

3.89 4.96 –

Produk konsumer

2.00 – – –

Kewangan

–

24.41 13.88 12.60 13.29

Produk industri

8.88 3.89 10.13 6.11

Infrastruktur

4.13 4.99 4.61 5.92

Perladangan

0.48 –

Harta

0.00 7.41 3.06 –

REITS

–

Teknologi

5.30 – – –

Perdagangan/Perkhidmatan

–

5.46

4.53 4.08 16.56

44.23 41.11 9.15 24.59

Perjanjian Pembelian Semula/Tunai 6.68 19.24 56.37 28.07 100.00 100.00 100.00 100.00

198

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Asia Pacific REITS Butiran komposisi Dana AmMetLife Asia Pacific REITS setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 % %

Unit Amanah Malaysia

91.50

88.62

Perjanjian Pembelian Semula/Tunai

8.50

11.38

100.00 100.00

Peruntukan Sektor* Dana AmAsia Pacific REITS (“Dana Sasaran”)

TK 2015 TK 2014 % %

Hartanah 84.80 86.10 Deposit Tetap/Instrumen Boleh Niaga/Tunai

15.20

13.90

Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest *Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.

Dana AmMetLife Tactical Bond Butiran komposisi Dana AmMetLife Tactical Bond setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 % %

Unit Amanah Malaysia

90.63

86.64

Perjanjian Pembelian Semula/Tunai

9.37

13.36

100.00 100.00

Peruntukan Sektor* Dana AmTactical Bond (“Dana Sasaran”)

TK 2015 TK 2014 % %

Bon 93.10 84.47 Tunai 6.90 15.53 Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest *Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.

199

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

HALAMAN INI SENGAJA DIBIARKAN KOSONG

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Jadual Perbandingan Prestasi

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Jadual Perbandingan Prestasi Prestasi Dana setakat 31 Mac 2015

I Tahun 3 Tahun 5 Tahun Sejak Penerbitan Purata Kompaun Pulangan Tahunan % Pulangan Tahunan %

202

Dana AmMetLife Equity

0.88

8.58

8.37

6.41

Dana AmMetLife Bond

3.26

3.01

3.78

4.28

Dana AmMetLife Balanced

(0.81)

5.83

5.73

6.10

Dana AmMetLife Dana Teguh

5.51

10.47

9.07

6.95

Dana AmMetLife Oasis Islamic Equity

12.07

10.22

7.49

2.14

Dana AmMetLife Global Emerging Market

5.78

3.24

0.18

1.23

Dana AmMetLife Precious Metals

(14.46)

(17.53)

(13.35)

(10.51)

Dana AmMetLife Global Agribusiness

5.78

5.38

2.97

4.18

Dana AmMetLife Commodity Stable Capital Guaranteed

3.24

1.98

–

0.45

Dana AmMetLife Dividend

10.90

10.33

–

10.17

Dana AmMetLife Asia Pacific REITS

15.24

–

–

8.29

Dana AmMetLife Tactical Bond

4.38

–

–

1.98

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nilai Aset Bersih, Jumlah Unit dan Harga Unit Setakat 31 Mac 2015

Dana AmMetLife Equity Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

1.0197

0.9946

0.8265

0.8317

0.8280

NAB setiap unit terendah bagi tahun

0.8684

0.8253

0.7529

0.7070

0.6329

Jumlah NAB (RM juta)

19.3462

14.5438

12.2637

14.5937

11.4753

UIC (juta)

19.2958 14.6327 14.8900 18.6334 14.1793

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun*

NAB setiap unit (RM)

1.0026

0.9939

0.8236

0.7832

0.8093

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

0.88

20.68

5.16

(3.23)

20.65

Pertumbuhan Modal

0.88

20.68

5.16

(3.23)

20.65

Pengagihan Pendapatan

– – – – –

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

Dana AmMetLife Bond Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.7992 0.7752 0.7571 0.7323 0.6915

NAB setiap unit terendah bagi tahun

0.7738 0.7576 0.7309 0.6903 0.6640

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun* Jumlah NAB (RM juta)

12.4142

16.7134

16.3762

11.9079

11.3630

UIC (juta)

15.5323

21.5938

21.6261

16.2856

16.4615

0.7992

0.7740

0.7571

0.7311

0.6903

Jumlah Pulangan¹

3.26

2.23

3.56

5.91

3.96

Pertumbuhan Modal

3.26

2.23

3.56

5.91

3.96

Pengagihan Pendapatan

– – – – –

NAB setiap unit (RM) Jumlah Pulangan Bagi Tahun (%)

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

203

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Bersambung) Setakat 31 Mac 2015

Dana AmMetLife Balanced Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

1.0026 0.9834 0.8507 0.8626 0.8588

NAB setiap unit terendah bagi tahun

0.8708 0.8513 0.7918 0.7568 0.7085

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun* Jumlah NAB (RM juta)

21.9194

UIC (juta)

22.5725 24.6747 26.9555 26.2568 20.9280

NAB setiap unit (RM)

24.1576

22.8901

21.5113

17.5410

0.9711 0.9790 0.8491 0.8193 0.8382

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

(0.81)

15.30

3.64

(2.25)

14.04

Pertumbuhan Modal

(0.81)

15.30

3.64

(2.25)

14.04

Pengagihan Pendapatan

– – – – –

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

Dana AmMetLife Dana Teguh Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

1.0617 1.0088 0.8259 0.8169 0.8118

NAB setiap unit terendah bagi tahun

0.9333 0.8260 0.7632 0.7318 0.6501

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun* Jumlah NAB (RM juta)

17.9532

UIC (juta)

16.9101 12.1007 15.6696 16.6728 8.8919

NAB setiap unit (RM)

12.1769

12.9224

13.1293

7.0499

1.0617 1.0063 0.8246 0.7875 0.7928

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

5.50

22.03

4.71

(0.67)

15.27

Pertumbuhan Modal

5.50

22.03

4.71

(0.67)

15.27

Pengagihan Pendapatan

– – – – –

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

204

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Oasis Islamic Equity Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.5953 0.5827 0.4747 0.4642 0.4688

NAB setiap unit terendah bagi tahun

0.5100 0.4672 0.4218 0.4110 0.3915

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun* Jumlah NAB (RM juta)

4.2864

4.5139

3.4302

4.3479

4.3056

UIC (juta)

7.2363 8.5410 7.2475 9.8279 9.4007

NAB setiap unit (RM)

0.5923 0.5285 0.4733 0.4424 0.4580

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

12.08

11.66

6.98

(3.41)

10.95

Pertumbuhan Modal

12.08

11.66

6.98

(3.41)

10.95

Pengagihan Pendapatan

– – – – –

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

Dana AmMetLife Global Emerging Market Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.5658

0.5229

0.5073

0.5557

0.5726

NAB setiap unit terendah bagi tahun

0.5143

0.4673

0.4655

0.4590

0.4853

Jumlah NAB (RM juta)

0.9532

0.8839

0.7619

0.7216

0.7228

UIC (juta)

1.7536 1.7201 1.5360 1.4608 1.3331

NAB setiap unit (RM)

0.5436 0.5139 0.4960 0.4940 0.5422

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun*

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

5.78

3.61

0.40

(8.89)

0.63

Pertumbuhan Modal

5.78

3.61

0.40

(8.89)

0.63

Pengagihan Pendapatan

– – – – –

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

205

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Bersambung) Setakat 31 Mac 2015

Dana AmMetLife Precious Metals Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.3027 0.3532 0.4582 0.5597 0.5665

NAB setiap unit terendah bagi tahun

0.2231

0.2534

0.3467

0.4293

0.4892

3.8268

3.9300

4.8916

5.1605

4.5400

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun* Jumlah NAB (RM juta) UIC (juta) NAB setiap unit (RM)

15.8907 13.9612 13.8346 12.0202 8.5518 0.2408

0.2815

0.3536

0.4293

0.5309

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

(14.45) (20.39) (17.63) (19.14) 7.71

Pertumbuhan Modal

(14.45) (20.39) (17.63) (19.14) 7.71

Pengagihan Pendapatan

– – – – –

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

Dana AmMetLife Global Agribusiness Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.6773

0.6195

0.6114

0.6046

0.5976

NAB setiap unit terendah bagi tahun

0.5785

0.5672

0.5196

0.4794

0.4943

Jumlah NAB (RM juta)

2.1153

1.8693

1.6572

1.4590

1.3087

UIC (juta)

3.2309 3.0205 2.7952 2.6083 2.2156

NAB setiap unit (RM)

0.6547

0.6189

0.5929

0.5594

0.5907

Jumlah Pulangan¹

5.79

4.39

5.99

(5.30)

4.42

Pertumbuhan Modal

5.79

4.39

5.99

(5.30)

4.42

Pengagihan Pendapatan

– – – – –

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun*

Jumlah Pulangan Bagi Tahun (%)

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

206

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Commodity Stable Capital Guaranteed Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

TK 2011

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.5102

0.4942

0.4892

0.4891

0.5000

NAB setiap unit terendah bagi tahun

0.4942

0.4803

0.4753

0.4749

0.4799

Jumlah NAB (RM juta)

4.2982

4.1688

4.0511

4.5326

4.5676

UIC (juta)

8.4261 8.4356 8.4356 9.4236 9.5188

NAB setiap unit (RM)

0.5102

0.4942

0.4803

0.4810

0.4799

Jumlah Pulangan¹

3.24

2.89

(0.15)

0.23

–

Pertumbuhan Modal

3.24

2.89

(0.15)

0.23

–

Pengagihan Pendapatan

– – – – –

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun*

Jumlah Pulangan Bagi Tahun (%)

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

Dana AmMetLife Dividend Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015

TK 2014

TK 2013

TK 2012

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.6968

0.6290

0.5577

0.5273

NAB setiap unit terendah bagi tahun

0.6015

0.5566

0.5065

0.4973

Jumlah NAB (RM juta)

12.6593

9.4440

6.3501

5.4439

UIC (juta)

18.1690 15.0299 11.3857 10.4925

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun*

NAB setiap unit (RM)

0.6968

0.6283

0.5577

0.5189



Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

10.89

12.66

7.48

–

Pertumbuhan Modal

10.89

12.66

7.48

–

Pengagihan Pendapatan

– – – –

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

207

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Bersambung) Setakat 31 Mac 2015

Dana AmMetLife Asia Pacific REITS Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:



TK 2015

TK 2014

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.5669 0.5000

NAB setiap unit terendah bagi tahun

0.4907 0.4750

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun* Jumlah NAB (RM juta)

0.6857

0.5809

UIC (juta) 1.2136 1.1849 NAB setiap unit (RM)

0.5650 0.4903

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹

15.24

–

Pertumbuhan Modal

15.24

–

Pengagihan Pendapatan – – *Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

Dana AmMetLife Tactical Bond Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:



TK 2015

TK 2014

Harga Unit (RM) NAB setiap unit tertinggi bagi tahun

0.5153 0.5008

NAB setiap unit terendah bagi tahun

0.4869 0.4807

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun* Jumlah NAB (RM juta)

0.4635

0.4912

UIC (juta) 0.8995 0.9949 NAB setiap unit (RM)

0.5153 0.4937

Jumlah Pulangan Bagi Tahun (%) Jumlah Pulangan¹ – – Pertumbuhan Modal – – Pengagihan Pendapatan – – *Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

208

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ringkasan kepada Maklumat Kewangan

Pernyataan oleh Pengurus

210

Laporan Juruaudit Bebas

211

Penyata Aset dan Liabiliti

213

Penyata Pendapatan dan Perbelanjaan

219

Penyata Perubahan di dalam Nilai Aset Bersih

225

Nota-nota kepada Maklumat Kewangan

231

209

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Pernyataan oleh Pengurus

Pada pendapat Pengurus, maklumat kewangan Dana-dana Berkaitan Pelaburan AmMetLife Insurance Berhad (dahulu dikenali sebagai AmLife Insurance Berhad) yang disertakan yang terdiri daripada Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend) yang dibentangkan di mukasurat 213 hingga 277 telah disediakan menurut polisi-polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia. Bagi pihak AmMetLife Insurance Berhad (dahulu dikenali sebagai AmLife Insurance Berhad)

Ramzi Albert Toubassy Kuala Lumpur, Malaysia 20 Mei 2015

210

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Laporan Juruaudit Bebas

Laporan mengenai maklumat kewangan Kami telah mengaudit maklumat kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (“Pengurus”) (“Danadana”) yang merangkumi Penyata-penyata Aset dan Liabiliti pada 31 Mac 2015 Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend), Penyata-penyata Pendapatan dan Perbelanjaan serta Penyata-penyata Perubahan di dalam Nilai Aset Bersih bagi tahun berakhir 31 Mac 2015 untuk Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend), serta ringkasan polisi-polisi perakaunan yang penting dan maklumat penerangan lain (“maklumat kewangan”), seperti yang dibentangkan pada mukasurat 213 hingga 277. Tanggungjawab para pengarah ke atas maklumat kewangan Para pengarah Pengurus bertanggungjawab ke atas penyediaan maklumat kewangan menurut polisi-polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia. Para pengarah adalah juga bertanggungjawab ke atas sebarang kawalan dalamanan yang ditentukan oleh pengarah Pengurus sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada salah nyata yang penting, sama ada disebabkan oleh penipuan atau kesilapan. Tanggungjawab juruaudit Tanggungjawab kami adalah untuk menyatakan pendapat ke atas maklumat kewangan ini berdasarkan audit kami. Kami telah melaksanakan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami mematuhi keperluan etika dan merancang serta melaksanakan audit tersebut untuk memperoleh keyakinan yang munasabah mengenai sama ada maklumat kewangan ini bebas daripada salah nyata yang penting. Audit melibatkan pelaksanaan prosedur-prosedur untuk memperoleh bukti audit mengenai amaun dan pendedahan dalam maklumat kewangan. Prosedur yang dipilih bergantung pada pertimbangan kami, termasuk penilaian risiko salah nyata yang penting dalam maklumat kewangan, sama ada disebabkan oleh penipuan atau kesilapan. Dalam membuat penilaian risiko tersebut, kami mempertimbangkan kawalan dalaman yang relevan kepada penyediaan maklumat kewangan Dana-dana menurut polisi-polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia bagi merangka prosedur audit yang bersesuaian dengan keadaan, tetapi bukan bertujuan untuk menyatakan pendapat mengenai keberkesanan kawalan dalaman Dana-dana. Audit juga melibatkan penilaian kesesuaian polisi-polisi perakaunan yang telah digunakan dan kewajaran anggaran-anggaran perakaunan yang telah dibuat oleh Pengurus, serta penilaian keseluruhan pembentangan maklumat kewangan.

211

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Laporan Juruaudit Bebas (Bersambung)

Kami percaya bahawa bukti audit yang telah kami perolehi adalah mencukupi dan bersesuaian untuk memberikan asas untuk pendapat audit kami. Pendapat Pada pendapat kami, maklumat kewangan tersebut telah disediakan, dalam semua perkara yang penting, menurut polisi-polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia. Perkara-perkara lain Laporan ini dibuat khusus untuk para pemegang unit Dana-dana, sebagai satu badan, menurut Garis Panduan Perniagaan Insurans/ Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab ke atas mana-mana pihak lain bagi isi kandungan laporan ini.

Ernst & Young AF: 0039 Akauntan Bertauliah

Megat Iskandar Shah Bin Mohamad Nor No. 3083/07/15(J) Akauntan Bertauliah

Kuala Lumpur, Malaysia 20 Mei 2015

Ini adalah terjemahan Bahasa Malaysia untuk penyata kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad yang telah diaudit, yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan Pemegang Unit Dana-dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan berkenaan. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk penyata kewangan dan juruaudit yang telah disahkan.

212

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ringkasan kepada Maklumat Kewangan

Penyata-penyata Aset dan Liabiliti Pada 31 Mac 2015



Dana AmMetLife Equity

Dana AmMetLife Bond

2015 2014 Nota RM RM

2015 2014 RM RM

Aset Pelaburan

3 17,743,960 14,766,318 12,517,869 16,809,385

Aset cukai tertangguh

4

–

–

23,014

13,951

Lain-lain belum terima

530,521

23,601

170,079

184,996

Tunai dan baki di bank

1,317,419

926

53,201

52,848

Jumlah aset

19,591,900

14,790,845

12,764,163

17,061,180

Liabiliti Peruntukan cukai

91,290

14,266

204,952

141,932

4

121,447

197,470

–

–

Lain-lain belum bayar

32,945

35,338

145,049

205,800

350,001

347,732

Liabiliti cukai tertangguh

Jumlah liabiliti 245,682 247,074 Nilai aset bersih dana (“NAB”)

19,346,218

14,543,771

12,414,162

16,713,448

Sumbangan pemegang unit

14,407,216

9,787,871

9,216,161

13,970,976

Pendapatan tidak teragih

4,939,002

4,755,900

3,198,001

2,742,472

Diwakili oleh:

Modal pemegang unit

5

19,346,218

14,543,771

12,414,162

16,713,448

Unit dalam edaran

5

19,295,796

14,632,663

15,532,298

21,593,784

NAB seunit (RM)

5

1.0026

0.9939

0.7992

0.7740

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

213

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Aset dan Liabiliti (Bersambung) Pada 31 Mac 2015



Dana AmMetLife Balanced

2015 2014 Nota RM RM

Dana AmMetLife Dana Teguh 2015 2014 RM RM

Aset Pelaburan

3 21,881,350 24,170,882 17,549,355 12,286,190

Lain-lain belum terima

355,183

412,307

740,649

153,463

Tunai dan baki di bank

1,968

785

3,400

475

Jumlah aset 22,238,501 24,583,974

18,293,404

12,440,128

Liabiliti Peruntukan cukai

212,385

53,237

192,628

68,867

4

72,960

259,894

119,007

171,863

Lain-lain belum bayar

33,793

113,206

28,551

22,523

340,186

263,253

24,157,637

17,953,218

12,176,875

Liabiliti cukai tertangguh

Jumlah liabiliti 319,138 426,337 Nilai aset bersih dana (“NAB”) 21,919,363 Diwakili oleh: Sumbangan pemegang unit

15,973,346

18,017,146

12,750,090

7,832,202

Pendapatan tidak teragih

5,946,017

6,140,491

5,203,128

4,344,673

Modal pemegang unit 5 21,919,363

24,157,637

17,953,218

12,176,875

Unit dalam edaran

5 22,572,456

24,674,688

16,910,096

12,100,742

NAB seunit (RM)

5 0.9711

0.9790

1.0617

1.0063

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

214

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Dana AmMetLife AmOasis Islamic Equity

Dana AmMetLife Asia Pacific REITS

2015 2014 Nota RM RM

2015 2014 RM RM

Aset Pelaburan

3 3,988,807 4,528,964 672,241 509,424

Cukai boleh pulih

200

6,562

–

–

Lain-lain belum terima

15,835

66,386

197

16,275

Tunai dan baki di bank

409,675

280

62,462

65,411

Jumlah aset

4,414,517

4,602,192

734,900

Liabiliti

591,110



Peruntukan cukai

–

–

361

47

4

65,008

30,687

6,552

329

Lain-lain belum bayar

63,114

57,580

42,256

9,790

49,169

10,166

Liabiliti cukai tertangguh

Jumlah liabiliti 128,122 88,267 Nilai aset bersih dana (“NAB”)

4,286,395

4,513,925

685,731

580,944

Sumbangan pemegang unit

3,625,140

4,308,629

599,005

585,824

Pendapatan tidak teragih/ (Kerugian terkumpul)

661,255

205,296

86,726

(4,880)

Diwakili oleh:

Modal pemegang unit

5

4,286,395

4,513,925

685,731

580,944

Unit dalam edaran

5

7,236,273

8,541,049

1,213,613

1,184,942

NAB seunit (RM)

5

0.5923

0.5285

0.5650

0.4903

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

215

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Aset dan Liabiliti (Bersambung) Pada 31 Mac 2015



Dana AmMetLife Global Emerging Market

Dana AmMetLife Tactical Bond

2015 2014 Nota RM RM

2015 2014 RM RM

Aset Pelaburan

3 885,544 900,362 421,026 421,809

Cukai boleh pulih

–

–

67

–

Lain-lain belum terima

705

696

9,131

14,620

Tunai dan baki di bank

87,925

403

43,529

65,019

Jumlah aset 974,174 901,461

473,753

501,448

Liabiliti Peruntukan cukai

979

797

–

51

4

6,616

1,365

880

436

Lain-lain belum bayar

13,333

15,367

9,395

9,779

10,275

10,266

883,932

463,478

491,182

Liabiliti cukai tertangguh

Jumlah liabiliti 20,928 17,529 Nilai aset bersih dana (“NAB”) 953,246 Diwakili oleh: Sumbangan pemegang unit

886,459

871,871

447,653

494,606

Pendapatan tidak teragih/ (Kerugian terkumpul)

66,787

12,061

15,825

(3,424)

Modal pemegang unit 5 953,246

883,932

463,478

491,182

1,720,080

899,484

994,931

0.5139

0.5153

0.4937

Unit dalam edaran 5 1,753,586 NAB seunit (RM)

5

0.5436

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

216

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Dana AmMetLife Precious Metals

Dana AmMetLife Global Agribusiness

2015 2014 Nota RM RM

2015 2014 RM RM

Aset Pelaburan 3 3,535,402 3,456,063 Aset cukai tertangguh

2,135,006

1,904,036

4

300,037

247,919

–

–

Cukai boleh pulih

16,566

17,497

–

–

Lain-lain belum terima

9,331

126,979

21,704

7,579

Tunai dan baki di bank

807

129,015

2,080

916

Jumlah aset 3,862,143 3,977,473

2,158,790

1,912,531

Liabiliti Peruntukan cukai

–

–

4,026

3,493

Liabiliti cukai tertangguh

4

–

–

29,762

19,578

Lain-lain belum bayar

35,333

47,443

9,728

20,167

43,516

43,238

3,930,030

2,115,274

1,869,293

7,413,192

6,907,783

1,780,728

1,646,478

(Kerugian terkumpul)/ Pendapatan tidak teragih (3,586,382)

(2,977,753)

334,546

222,815

Modal pemegang unit 5 3,826,810

3,930,030

2,115,274

1,869,293

13,961,225

3,230,882

3,020,546

0.2815

0.6547

0.6189

Jumlah liabiliti 35,333 47,443 Nilai aset bersih dana (“NAB”) 3,826,810 Diwakili oleh: Sumbangan pemegang unit

Unit dalam edaran 5 15,890,719 NAB seunit (RM)

5

0.2408

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

217

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Aset dan Liabiliti (Bersambung) Pada 31 Mac 2015



Dana AmMetLife Commodity Stable Capital Guaranteed

2015 2014 Nota RM RM

Dana AmMetLife Dividend 2015 2014 RM RM

Aset Pelaburan

3

4,991,936

4,851,547

11,550,834

9,499,910

Cukai boleh pulih

–

–

–

3,597

Lain-lain belum terima

223

231

438,025

11,236

Tunai dan baki di bank

37,179

222

827,377

4,636

Jumlah aset 5,029,338 4,852,000

12,816,236

9,519,379

Liabiliti Peruntukan cukai

20,248

20,217

31,994

–

Liabiliti cukai tertangguh

4

17,568

3,606

100,331

52,361

Lain-lain belum bayar

693,337

659,384

24,659

22,997

156,984

75,358

4,168,793

12,659,252

9,444,021

4,245,117

9,945,268

7,899,133

(76,324)

2,713,984

1,544,888

Modal pemegang unit 5 4,298,185

4,168,793

12,659,252

9,444,021

Unit dalam edaran

5 8,426,071

8,435,571

18,168,967

15,029,935

NAB seunit (RM)

5

0.4942

0.6968

0.6283

Jumlah liabiliti 731,153 683,207 Nilai aset bersih dana (“NAB”) 4,298,185 Diwakili oleh: Sumbangan pemegang unit

4,240,903

Pendapatan tidak teragih/ (Kerugian terkumpul) 57,282

0.5101

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

218

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ringkasan kepada Maklumat Kewangan

Penyata-penyata Pendapatan dan Perbelanjaan Bagi tahun kewangan berakhir 31 Mac 2015



Dana AmMetLife Equity

Dana AmMetLife Bond

2015 2014 Nota RM RM

2015 2014 RM RM

Pendapatan pelaburan bersih:

Pendapatan faedah

6

62,640

68,210

755,156

917,300



Pendapatan dividen

7

426,217

211,548

13,372

28,713



488,857

279,758

768,528

946,013

Perolehan daripada pelupusan pelaburan

900,163

591,948

32,592

50,086

Perolehan modal tidak terealisasi bersih

–

2,034,694

–

–

Jumlah pendapatan

1,389,020

2,906,400

801,120

996,099

Perbelanjaan pengurusan (254,624)

(201,813)

(138,740)

(180,296)

(950,293)

–

(152,894)

(373,411)

Jumlah perbelanjaan (1,204,917)

(201,813)

(291,634)

(553,707)

184,103

2,704,587

509,486

442,392

8

(1,001)

(218,060)

(53,957)

(51,856)

Lebihan pendapatan daripada perbelanjaan selepas cukai

183,102

2,486,527

455,529

390,536

Pendapatan tidak teragih dibawa ke hadapan

4,755,900

2,269,373

2,742,472

2,351,936

Pendapatan tidak teragih dihantar ke hadapan

4,939,002

4,755,900

3,198,001

2,742,472

Kerugian modal tidak terealisasi bersih

Lebihan pendapatan daripada perbelanjaan sebelum cukai Cukai

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

219

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung) Bagi tahun kewangan berakhir 31 Mac 2015



Dana AmMetLife Balanced

Dana AmMetLife Dana Teguh

2015 2014 Nota RM RM

2015 2014 RM RM

Pendapatan pelaburan bersih:

Pendapatan faedah

6

521,616

527,721

250,213

225,667



Pendapatan dividen

7

424,903

301,604

240,384

132,349

946,519

829,325

490,597

358,016

Perolehan daripada pelupusan pelaburan

1,469,678

409,264

1,296,801

558,846

Perolehan modal tidak terealisasi bersih

–

2,860,799

–

1,971,108

Jumlah pendapatan

2,416,197

4,099,388

1,787,398

2,887,970

Perbelanjaan pengurusan (301,013)

(317,590)

(197,342)

(170,376)

(2,336,664)

–

(660,696)

–

Jumlah perbelanjaan (2,637,677)

(317,590)

(858,038)

(170,376)



Kerugian modal tidak terealisasi bersih

(Defisit)/Lebihan pendapatan daripada perbelanjaan sebelum cukai



(221,480)

3,781,798

929,360

2,717,594

Cukai

8

27,006

(309,101)

(70,905)

(222,541)

(Defisit)/Lebihan pendapatan daripada perbelanjaan selepas cukai



(194,474)

3,472,697

858,455

2,495,053

Pendapatan tidak teragih dibawa ke hadapan

6,140,491

2,667,794

4,344,673

1,849,620

Pendapatan tidak teragih dihantar ke hadapan

5,946,017

6,140,491

5,203,128

4,344,673

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

220

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Dana AmMetLife AmOasis Islamic Equity

Dana AmMetLife Asia Pacific REITS

2015 2014 Nota RM RM

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 RM RM

Pendapatan pelaburan bersih:

Pendapatan faedah

6

10,143

37,264

1,852

577



Pendapatan dividen

7

–

–

26,213

–



10,143

37,264

28,065

577

Perolehan daripada pelupusan pelaburan

69,383

–

2,085

–

Perolehan modal tidak terealisasi bersih

429,013

468,352

77,779

4,113

Jumlah pendapatan

508,539

505,616

107,929

4,690

Perbelanjaan pengurusan (11,897)

(21,945)

(9,785)

(9,195)

Jumlah perbelanjaan (11,897)

(21,945)

(9,785)

(9,195)

Lebihan/(Defisit) pendapatan daripada perbelanjaan sebelum cukai



496,642

483,671

98,144

(4,505)

Cukai

8

(40,683)

(40,449)

(6,538)

(375)

Lebihan/(Defisit) pendapatan daripada perbelanjaan selepas cukai



455,959

443,222

91,606

(4,880)

Pendapatan/(kerugian) tidak teragih dibawa ke hadapan

205,296

(237,926)

(4,880)

–

Pendapatan/(kerugian) tidak teragih dihantar ke hadapan

661,255

205,296

86,726

(4,880)

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

221

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung) Bagi tahun kewangan berakhir 31 Mac 2015



Dana AmMetLife Global Emerging Market

Dana AmMetLife Tactical Bond

2015 2014 Nota RM RM

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 RM RM

Pendapatan pelaburan bersih:

Pendapatan faedah

6

2,269

5,978

1,509



Pendapatan dividen

7

2,307

1,888

24,792

–

4,576

7,866

26,301

638

Perolehan modal tidak terealisasi bersih

65,641

35,938

5,549

5,453

Jumlah pendapatan

70,217

43,804

31,850

6,091

Perbelanjaan pengurusan

(10,059)

(11,638)

(9,295)

(9,028)

–

–

(2,980)

–

Jumlah perbelanjaan (10,059)

(11,638)

(12,275)

(9,028)

Lebihan/(Defisit) pendapatan daripada perbelanjaan sebelum cukai

60,158

32,166

19,575

(2,937)

Cukai

(5,432)

(3,353)

(326)

(487)

54,726

28,813

19,249

(3,424)

12,061

(16,752)

(3,424)

–

66,787

12,061

15,825

(3,424)



Kerugian atas pelupusan pelaburan

8

Lebihan/(Defisit) pendapatan daripada perbelanjaan selepas cukai Pendapatan/(kerugian) tidak teragih dibawa ke hadapan Pendapatan/(kerugian) tidak teragih dihantar ke hadapan

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

222

638

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015



Dana AmMetLife Precious Metals

Dana AmMetLife Global Agribusiness

2015 2014 Nota RM RM Pendapatan pelaburan bersih:

Pendapatan faedah

2015 2014 RM RM

6

14,090

6,994

6,663

11,528

14,090

6,994

6,663

11,528

Perolehan modal tidak terealisasi bersih

–

–

127,309

84,879

Jumlah pendapatan

14,090

6,994

133,972

96,407

Perbelanjaan pengurusan

(19,986)

(16,230)

(11,524)

(14,148)

Kerugian atas pelupusan pelaburan

(2,448)

(245,908)

–

–

Kerugian modal tidak terealisasi bersih

(651,472)

(849,271)

–

–

Jumlah perbelanjaan (673,906)

(1,111,409)

(11,524)

(14,148)

(Defisit)/Lebihan pendapatan daripada perbelanjaan sebelum cukai

(659,816)

(1,104,415)

122,448

82,259

51,187

87,054

(10,717)

(7,713)

(1,017,361)

111,731

74,546

(1,960,392)

222,815

148,269

(2,977,753)

334,546

222,815



Cukai

8

(Defisit)/Lebihan pendapatan daripada perbelanjaan selepas cukai (608,629) (Kerugian)/pendapatan tidak teragih dibawa ke hadapan (2,977,753) (Kerugian)/pendapatan tidak teragih dihantar ke hadapan

(3,586,382)

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

223

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung) Bagi tahun kewangan berakhir 31 Mac 2015



Dana AmMetLife Commodity Stable Capital Guaranteed

2015 2014 Nota RM RM

Dana AmMetLife Dividend 2015 2014 RM RM

Pendapatan pelaburan bersih:

Pendapatan faedah

6

387

–

41,061

Pendapatan dividen 7

2,223

2,259

375,552

304,673

2,610

2,259

416,613

363,894

Perolehan daripada pelupusan pelaburan

–

–

403,835

193,523

Perolehan modal tidak terealisasi bersih

174,523

156,852

599,644

563,730

Jumlah pendapatan

177,133

159,111

1,420,092

1,121,147

Perbelanjaan pengurusan

(29,534)

(28,880)

(167,434)

(128,790)

Jumlah perbelanjaan (29,534)

(28,880)

(167,434)

(128,790)

Lebihan pendapatan daripada perbelanjaan sebelum cukai

147,599

130,231

1,252,658

992,357

Cukai

(13,993)

(12,549)

(83,562)

(72,838)

133,606

117,682

1,169,096

919,519

(76,324)

(194,006)

1,544,888

625,369

57,282

(76,324)

2,713,984

1,544,888

8

Lebihan pendapatan daripada perbelanjaan selepas cukai (Kerugian)/pendapatan tidak teragih dibawa ke hadapan Pendapatan/(kerugian) tidak teragih dihantar ke hadapan

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

224

59,221

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ringkasan kepada Maklumat Kewangan

Penyata-penyata Perubahan di dalam Nilai Aset Bersih Bagi tahun kewangan berakhir 31 Mac 2015

Dana AmMetLife Equity

2015 2014 RM RM

Nilai aset bersih pada awal tahun



14,543,771

12,263,704

Amaun diterima daripada penerbitan unit



9,690,938

5,762,935

Amaun dibayar bagi pembatalan unit (5,071,593) 19,163,116

(5,969,395)

Pendapatan terealisasi bersih selepas cukai

12,057,244



1,057,372

614,609

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai

(874,270)

1,871,918

Nilai aset bersih pada akhir tahun

19,346,218

14,543,771

Dana AmMetLife Bond

2015 2014 RM RM

Nilai aset bersih pada awal tahun



16,713,448

16,376,217

Amaun diterima daripada penerbitan unit



3,249,568

6,584,452

Amaun dibayar bagi pembatalan unit (8,004,383) 11,958,633

(6,637,757)

Pendapatan terealisasi bersih selepas cukai

16,322,912



599,360

738,412

Kerugian modal tidak terealisasi bersih selepas cukai

(143,831)

(347,876)

Nilai aset bersih pada akhir tahun

12,414,162

16,713,448

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

225

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Perubahan di dalam Nilai Aset Bersih (Bersambung) Bagi tahun kewangan berakhir 31 Mac 2015

Dana AmMetLife Balanced

2015 2014 RM RM

Nilai aset bersih pada awal tahun



24,157,637

22,890,142

Amaun diterima daripada penerbitan unit



8,387,650

6,824,737

Amaun dibayar bagi pembatalan unit (10,431,450) 22,113,837

(9,029,939)

Pendapatan terealisasi bersih selepas cukai

20,684,940



1,955,256

840,762

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai

(2,149,730)

2,631,935

Nilai aset bersih pada akhir tahun

21,919,363

24,157,637

Dana AmMetLife Dana Teguh Nilai aset bersih pada awal tahun



12,176,875

12,922,403

Amaun diterima daripada penerbitan unit



9,613,259

3,187,043

Amaun dibayar bagi pembatalan unit (4,695,371) 17,094,763

(6,427,624)

Pendapatan terealisasi bersih selepas cukai

9,681,822



1,466,295

681,782

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai

(607,840)

1,813,271

Nilai aset bersih pada akhir tahun

17,953,218

12,176,875

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

226

2015 2014 RM RM

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife AmOasis Islamic Equity

2015 2014 RM RM

Nilai aset bersih pada awal tahun



4,513,925

3,430,179

Amaun diterima daripada penerbitan unit



741,116

2,035,198

Amaun dibayar bagi pembatalan unit (1,424,605) 3,830,436

(1,394,674)

Pendapatan terealisasi bersih selepas cukai

4,070,703



61,266

12,339

Perolehan modal tidak terealisasi selepas cukai

394,693

430,883

Nilai aset bersih pada akhir tahun

4,286,395

4,513,925

Dana AmMetLife Asia Pacific REITS

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 RM RM

Nilai aset bersih pada awal tahun



580,944

Amaun diterima daripada penerbitan unit



376,276

619,712

Amaun dibayar bagi pembatalan unit (363,095) 594,125

(33,888)

Pendapatan/(kerugian) terealisasi bersih selepas cukai

–

585,824



20,050

(8,664)

Perolehan modal tidak terealisasi selepas cukai

71,556

3,784

Nilai aset bersih pada akhir tahun

685,731

580,944

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

227

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Perubahan di dalam Nilai Aset Bersih (Bersambung) Bagi tahun kewangan berakhir 31 Mac 2015

Dana AmMetLife Global Emerging Market

2015 2014 RM RM

Nilai aset bersih pada awal tahun



883,932

761,916

Amaun diterima daripada penerbitan unit



129,571

149,658

Amaun dibayar bagi pembatalan unit (114,983) 898,520

(56,455)

Kerugian terealisasi bersih selepas cukai

855,119



(5,664)

(4,250)

Perolehan modal tidak terealisasi selepas cukai

60,390

33,063

Nilai aset bersih pada akhir tahun

953,246

883,932

Dana AmMetLife Tactical Bond Nilai aset bersih pada awal tahun



491,182

–

Amaun diterima daripada penerbitan unit



222,547

512,693

Amaun dibayar bagi pembatalan unit (269,500) 444,229

(18,087)

Pendapatan/(kerugian) terealisasi bersih selepas cukai

494,606



14,144

(8,440)

Perolehan modal tidak terealisasi selepas cukai

5,105

5,016

Nilai aset bersih pada akhir tahun

463,478

491,182

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

228

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 RM RM

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Dana AmMetLife Precious Metals

2015 2014 RM RM

Nilai aset bersih pada awal tahun



3,930,030

4,891,635

Amaun diterima daripada penerbitan unit



1,366,592

959,846

Amaun dibayar bagi pembatalan unit (861,183) 4,435,439

(904,090)

Kerugian terealisasi bersih selepas cukai

4,947,391



(9,275)

(236,032)

Kerugian modal tidak terealisasi bersih selepas cukai

(599,354)

(781,329)

Nilai aset bersih pada akhir tahun

3,826,810

3,930,030

Dana AmMetLife Global Agribusiness

2015 2014 RM RM

Nilai aset bersih pada awal tahun



1,869,293

1,657,240

Amaun diterima daripada penerbitan unit



541,111

566,988

Amaun dibayar bagi pembatalan unit (406,861) 2,003,543

(429,481)

Kerugian terealisasi bersih selepas cukai

1,794,747



(5,394)

(3,543)

Perolehan modal tidak terealisasi selepas cukai

117,125

78,089

Nilai aset bersih pada akhir tahun

2,115,274

1,869,293

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

229

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Penyata-penyata Perubahan di dalam Nilai Aset Bersih (Bersambung) Bagi tahun kewangan berakhir 31 Mac 2015

Dana AmMetLife Commodity Stable Capital Guaranteed Nilai aset bersih pada awal tahun



2015 2014 RM RM 4,168,793

4,051,111

Amaun dibayar bagi pembatalan unit (4,214) 4,164,579

–

Kerugian terealisasi bersih selepas cukai

4,051,111



(26,955)

(26,622)

Perolehan modal tidak terealisasi selepas cukai

160,561

144,304

Nilai aset bersih pada akhir tahun

4,298,185

4,168,793

Dana AmMetLife Dividend Nilai aset bersih pada awal tahun



9,444,021

6,350,103

Amaun diterima daripada penerbitan unit



3,505,334

2,685,138

Amaun dibayar bagi pembatalan unit (1,459,199) 11,490,156

(510,739)

Pendapatan terealisasi bersih selepas cukai

8,524,502



617,423

400,888

Perolehan modal tidak terealisasi selepas cukai

551,673

518,631

Nilai aset bersih pada akhir tahun

12,659,252

9,444,021

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

230

2015 2014 RM RM

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Ringkasan kepada Maklumat Kewangan

Nota-nota kepada Maklumat Kewangan 31 Mac 2015

1. Pengurus dan aktiviti utamanya

Dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (dahulu dikenali sebagai AmLife Insurance Berhad) (“Pengurus”) terdiri daripada Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend) (secara bersama dirujuk sebagai “Dana-dana”). Pengurus adalah sebuah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia serta dilesenkan di bawah Akta Perkhidmatan Kewangan 2013. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan pelaburan. Tiada perubahan ketara dalam aktiviti-aktiviti utama Pengurus semasa tahun kewangan berakhir 31 Mac 2015. Maklumat kewangan ini telah diluluskan untuk penerbitan oleh Lembaga Pengarah Pengurus menurut satu resolusi pada 20 Mei 2015.

2. Polisi perakaunan yang penting

2.1 Asas Penyediaan Maklumat kewangan Dana-dana telah disediakan menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia (“BNM”). Maklumat kewangan ini telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan di dalam polisi perakaunan yang penting di dalam Nota 2.2 kepada maklumat kewangan. Maklumat kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”).



2.2 Ringkasan polisi perakaunan yang penting (a)

Yuran pengurusan



Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih Dana-dana, pada kadar-kadar berikut: (i)

Dana AmMetLife Equity

1.50% setahun

(ii) Dana AmMetLife Bond

1.00% setahun

(iii) Dana AmMetLife Balanced

1.50% setahun

(iv) Dana AmMetLife Dana Teguh

1.50% setahun

(v) Dana AmMetLife AmOasis Islamic Equity

1.50% setahun

(vi) Dana AmMetLife Asia Pacific REITS

1.50% setahun

(vii) Dana AmMetLife Global Emerging Market

1.50% setahun

(viii) Dana AmMetLife Tactical Bond

1.00% setahun

(ix) Dana AmMetLife Precious Metals

1.50% setahun

(x) Dana AmMetLife Global Agribusiness

1.50% setahun

(xi) Dana AmMetLife Commodity Stable Capital Guaranteed 0.50% setahun (xii) Dana AmMetLife Dividend

1.50% setahun

231

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung)

(b)

Instrumen kewangan – pengiktirafan permulaan dan ukuran berikutnya



(i)

Tarikh pengiktirafan



Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu tarikh Dana-dana menjadi pihak kepada peruntukan kontrak instrumen tersebut. Ini termasuk pembelian atau penjualan “dagangan lazim” aset kewangan yang memerlukan penghantaran aset dalam tempoh masa yang secara amnya ditetapkan oleh peraturan atau konvensyen di dalam pasaran. (ii)



Ukuran permulaan instrumen kewangan Aset-aset kewangan diklasifikasikan sebagai aset kewangan pada nilai saksama melalui keuntungan atau kerugian, aset kewangan sedia untuk dijual, aset kewangan dipegang sehingga matang atau pinjaman dan belum terima, sewajarnya. Liabiliti-liabiliti kewangan Dana-dana diklasifikasikan sebagai liabiliti-liabiliti kewangan pada nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sewajarnya. Dana-dana menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangannya pada pengiktirafan permulaan. Klasifikasi instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat pengurusan yang mana instrumen kewangan tersebut diperolehi serta sifat-sifatnya. Semua instrumen kewangan diukur pada mulanya pada nilai saksamanya tambah kos transaksi, kecuali dalam kes aset-aset kewangan dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau kerugian, yang diukur pada nilai saksama. Dana-dana mengklasifikasikan pelaburan ke dalam aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL”) atau pinjaman dan belum terima (“LAR”).



(iii)

Ukuran berikutnya Ukuran berikutnya instrumen kewangan bergantung kepada klasifikasinya seperti yang dinyatakan di bawah: 1. Aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL“) Aset-aset kewangan atau liabiliti-liabiliti kewangan direkodkan di dalam Penyata Aset dan Liabiliti pada nilai saksama. Perubahan di dalam nilai saksama diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan atau perbelanjaan faedah dan dividen direkodkan sebagai “Pendapatan Pelaburan Bersih” atau “Perbelanjaan faedah”, sewajarnya dan menurut terma kontrak, atau apabila hak pembayaran telah ditetapkan.

Termasuk di dalam klasifikasi tersebut adalah sekuriti pendapatan tetap, skim pelaburan kolektif dan ekuiti.

2. Pinjaman dan belum terima (“LAR”) LAR termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau boleh ditentukan dengan harga yang dipaparkan di dalam pasaran aktif. Selepas ukuran permulaan, amaun seterusnya diukur pada kos terlunas menggunakan kadar faedah efektif (“EIR”), tolak peruntukan untuk kemerosotan. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium atas pemerolehan dan yuran serta kos yang merupakan sebahagian penting EIR.

(iv)

Liabiliti kewangan pada kos terlunas



Liabiliti-liabiliti kewangan Dana-dana, yang tidak ditetapkan pada FVTPL, diklasifikasikan sebagai liabiliti kewangan pada kos terlunas, di mana kandungan aturan berkontrak menyebabkan Dana-dana berkewajipan sama ada untuk memberikan wang tunai atau aset kewangan yang lain kepada pemegang, atau untuk memenuhi kewajipan tersebut selain daripada dengan pertukaran satu amaun tunai yang tetap atau aset kewangan yang lain untuk sejumlah tetap instrumen ekuiti sendiri. Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira 232

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

dengan mengambil kira sebarang diskaun atau premium di atas penerbitan dan kos yang merupakan sebahagian besar EIR. (c)

Penyahiktirafan aset kewangan dan liabiliti kewangan



(i)

Aset kewangan Aset kewangan (atau, di mana berkaitan, sebahagian daripada aset kewangan atau sebahagian daripada sekumpulan aset kewangan yang serupa) dinyahiktiraf apabila: –

Hak-hak untuk menerima aliran tunai daripada aset telah luput

–

Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset-aset atau telah mengambil alih kewajipan untuk membayar aliran-aliran tunai yang diterima sepenuhnya tanpa kelewatan material kepada pihak ketiga di bawah aturan “serah semua”; dan sama ada:

–

Dana-dana telah memindahkan sebahagian besar risiko dan ganjaran aset, atau

–

Dana-dana belum memindahkan mahupun menyimpan sebahagian besar semua dan ganjaran aset, tetapi telah memindahkan kawalan aset.

Apabila Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah terlibat dalam aturan serah semua, dan tidak memindahkan mahupun menyimpan semua risiko dan ganjaran aset atau pun memindahkan kawalan aset, aset tersebut diiktiraf setakat penglibatan berterusan Dana-dana di dalam aset tersebut. Dalam kes ini, Dana-dana juga mengiktiraf liabiliti yang berkaitan. Aset yang telah dipindahkan dan liabiliti yang berkaitan diukur pada dasar yang menunjukkan hak dan kewajipan yang telah disimpan oleh Dana-dana. (ii)



Liabiliti kewangan



Liabiliti kewangan dinyahiktiraf apabila tanggungjawab di bawah liabiliti dilepaskan, dibatalkan atau luput. Di mana liabiliti kewangan sedia ada digantikan dengan yang lain daripada peminjam yang sama pada terma-terma yang berbeza secara besar, atau terma liabiliti sedia ada yang diubah secara besar, pertukaran atau perubahan sedemikian dianggap sebagai penyahiktirafan liabiliti asal dan pengiktirafan liabiliti yang baru. Perbezaan di antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf di dalam keuntungan atau kerugian. (d)

Penentuan nilai saksama Nilai saksama aset kewangan seperti sekuriti ekuiti, yang didagangkan secara aktif di dalam pasaran kewangan teratur ditentukan dengan merujuk kepada harga yang disiarkan bagi aset pada penutup dagangan pada tarikh laporan. Bagi pelaburan di dalam unit, saham amanah hartanah, nilai saksama ditentukan dengan merujuk kepada nilai aset bersih yang diterbitkan. Pelaburan di dalam ekuiti yang tidak mempunyai harga pasaran yang disiarkan di dalam pasaran aktif dan yang mana nilai saksama tidak boleh diukur dengan tepat akan dinyatakan pada kos ditolak kerugian kemerosotan. Bagi instrumen kewangan yang mana tiada pasaran aktif seperti sekuriti pendapatan tetap tidak tersiar harga iaitu bon tidak tersiar harga, nilai saksama didapatkan daripada Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”). Sekiranya nilai saksama tidak boleh diukur dengan tepat, instrumen kewangan diukur pada kos, yang merupakan nilai saksama pertimbangan yang dibayar bagi pemerolehan instrumen tersebut atau amaun yang diterima atas penerbitan liabiliti kewangan tersebut. Semua kos transaksi yang boleh dikaitkan secara langsung kepada pemerolehan tersebut juga dimasukkan di dalam kos pelaburan. Nilai saksama Instrumen Deposit Boleh Niaga (“NID”) adalah berdasarkan kepada siaran harga broker, manakala nilai saksama deposit tetap/berhasil adalah pokoknya sendiri. 233

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung)

(e)

Kemerosotan aset kewangan Dana-dana menilai pada setiap tarikh laporan sama ada terdapat sebarang bukti objektif bahawa sesuatu aset kewangan atau sekumpulan aset kewangan telah merosot. Suatu aset kewangan atau sekumpulan aset kewangan dianggap merosot sekiranya, dan hanya sekiranya, terdapat bukti objektif kemerosotan akibat satu atau lebih kejadian yang telah berlaku selepas pengiktirafan permulaan aset tersebut (“kejadian kerugian” yang telah berlaku) dan kejadian (atau kejadian-kejadian) kerugian tersebut memberi impak ke atas anggaran aliran tunai masa hadapan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan secara tepat.



Aset-aset kewangan yang dibawa pada kos terlunas Bukti kemerosotan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami masalah kewangan, kemungkinan bahawa mereka akan diisytiharkan muflis atau penyusunan semula kewangan yang lain, keingkaran atau delinkuensi dalam pembayaran faedah atau pokok dan di mana data yang boleh dilihat menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran tunai masa hadapan, seperti perubahan di dalam tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran. Bagi aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara individu sama ada bukti objektif kemerosotan wujud bagi aset kewangan yang signifikan secara individu, atau secara kolektif bagi aset-aset kewangan yang tidak signifikan secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti objektif kemerosotan wujud bagi aset kewangan yang telah dinilai secara individu, ia memasukkan aset tersebut ke dalam sekumpulan aset kewangan dengan sifat-sifat risiko kredit yang serupa dan menilainya secara kolektif bagi kemerosotan. Aset-aset yang dinilai secara individu bagi kemerosotan dan yang mana kerugian kemerosotan diiktiraf atau terus diiktiraf, tidak dimasukkan di dalam penilaian kemerosotan secara kolektif. Sekiranya terdapat bukti objektif bahawa kerugian kemerosotan telah berlaku, amaun kerugian diukur sebagai perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran tunai masa hadapan (tidak termasuk jangkaan kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset tersebut dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan faedah terus diakru pada amaun dibawa yang telah dikurangkan dan diakru menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan bagi tujuan mengukur kerugian kemerosotan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. LAR bersama dengan peruntukan yang berkaitan dihapus kira apabila tiada prospek realistik pemulihan masa hadapan dan semua cagaran telah terealisasi atau telah dipindahkan ke Dana-dana. Sekiranya, di dalam tahun seterusnya, amaun anggaran kerugian kemerosotan meningkat atau berkurang disebabkan oleh kejadian yang berlaku selepas kemerosotan tersebut diiktiraf, kerugian kemerosotan yang diiktiraf terdahulu ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapus kira masa hadapan dipulihkan kemudian, pemulihan tersebut dikreditkan ke “Kerugian kemerosotan di atas LAR” setakat mana amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan. Nilai semasa anggaran aliran tunai masa hadapan didiskaunkan pada EIR asal aset kewangan. Sekiranya LAR mempunyai kadar faedah boleh ubah, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset dagangan kepada LAR, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR baru yang ditentukan pada tarikh klasifikasi semula. Pengiraan nilai semasa anggaran aliran tunai masa hadapan aset kewangan bercagar menunjukkan aliran tunai yang mungkin terhasil daripada perampasan harta tolak kos bagi mendapatkan dan menjual cagaran tersebut, sama ada perampasan harta berkemungkinan atau tidak.

(f)

234

Pengimbangan instrumen kewangan Aset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersih dilaporkan di dalam Penyata Aset dan Liabiliti sekiranya, dan hanya sekiranya, pada masa ini terdapat hak undang-undang yang boleh dikuatkuasakan untuk mengimbangi amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan secara bersih, atau untuk merealisasikan aset tersebut dan menyelesaikan liabiliti secara serentak. Ini pada amnya tidak berlaku bagi perjanjian

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

perjanjian induk penghasilan bersih, oleh itu, aset-aset dan liabiliti-liabiliti yang berkaitan dibentangkan kasar di dalam Penyata Aset dan Liabiliti. (g)

Kemerosotan aset bukan kewangan Dana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa sesuatu aset mungkin merosot. Sekiranya sebarang tanda wujud, atau apabila ujian kemerosotan tahunan bagi sesuatu aset diperlukan, Dana-dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih sesuatu aset adalah Nilai saksamaet atau unit penjanaan tunai (“CGU”) tolak kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Di mana amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap merosot dan dikira turun kepada amaun boleh pulihnya. Dalam menilai nilai gunaan, anggaran aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan kadar diskaun pra-cukai yang menunjukkan penilaian pasaran semasa nilai masa wang dan risiko yang spesifik kepada aset tersebut. Dalam menentukan nilai saksama ditolak kos untuk menjual, satu model penilaian yang wajar digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham tersiar harga bagi entiti-entiti dagangan awam atau penanda nilai saksama lain yang ada. Bagi aset-aset tidak termasuk ihsan, penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang tanda yang kerugian kemerosotan yang telah diiktiraf terdahulu mungkin tidak lagi wujud atau mungkin telah berkurangan. Sekiranya terdapat tanda sedemikian, Dana-dana menganggarkan amaun boleh pulih aset atau CGU tersebut. Kerugian kemerosotan yang telah diiktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan di dalam anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian kemerosotan yang terakhir diiktiraf. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang mungkin akan ditentukan, bersih daripada susut nilai, tiada kerugian kemerosotan diiktiraf bagi aset tersebut di dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.

(h)

Penerbitan bersih unit Penerbitan bersih unit mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran bagi kontrak baru atau pembayaran berikutnya untuk meningkatkan amaun kontrak itu tolak kos penukaran, sekiranya ada, di dalam dana-dana. Penerbitan bersih unit diiktiraf berdasarkan penerimaan.

(i)

Pembatalan bersih unit Pembatalan bersih unit mewakili pembatalan unit yang timbul daripada serahan dan pengeluaran. Pembatalan bersih diiktiraf semasa serahan kontrak insurans yang berkaitan.

(j)

Pengiktirafan hasil yang lain Hasil diiktiraf selagi ia berkemungkinan bahawa manfaat ekonomi akan mengalir kepada Dana-dana dan hasil tersebut boleh diukur secara tepat. Kriteria pengiktirafan berikut harus dipenuhi sebelum hasil diiktiraf.



(i)

Pendapatan faedah Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian menggunakan kaedah faedah efektif. Apabila sesuatu aset kewangan atau sekumpulan aset kewangan yang serupa telah dikira turun akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan untuk tujuan mengukur kerugian kemerosotan.



(ii)

Keuntungan dan kerugian pelaburan terealisasi Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa pelaburan dikreditkan atau dicaj kepada Penyata Pendapatan dan Perbelanjaan.



(iIi)

Pendapatan dividen Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan tersiar harga dan tidak tersiar harga dan diiktiraf apabila hak untuk menerima pembayaran ditetapkan. 235

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung)

(k)

Cukai pendapatan Cukai pendapatan ke atas keuntungan dan kerugian terdiri daripada cukai semasa dan tertangguh. Cukai semasa adalah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan keuntungan boleh cukai bagi tahun ini dan diukur menggunakan kadar cukai berkanun pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti, atas perbezaan sementara pada tarikh Penyata Aset dan Liabiliti di antara asas cukai aset dan liabiliti dan amaun dibawanya di dalam maklumat kewangan. Pada dasarnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh potong, setakat mana ia berkemungkinan bahawa keuntungan boleh cukai akan tersedia yang mana perbezaan sementara boleh potong boleh digunakan. Cukai tertangguh diukur pada kadar cukai yang dijangka akan dikenakan di dalam tempoh yang amaun aset tersebut direalisasikan atau liabiliti diselesaikan, berdasarkan kepada kadar cukai berkanun atau berkanun secara substantif pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan di dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang telah diiktiraf secara terus di dalam modal para pemegang unit, yang mana dalam kes ini, cukai tertangguh juga diiktiraf di dalam modal para pemegang unit.

(l)

Peruntukan Peruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian terdahulu dan ia berkemungkinan bahawa alir keluar sumber yang membawa manfaat-manfaat ekonomi diperlukan untuk menyelesaikan obligasi tersebut, dan anggaran tepat amaun boleh dibuat. Peruntukan dikaji semula pada setiap tarikh Penyata Aset dan Liabiliti dan diselaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah penting, peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menunjukkan, sewajarnya, risiko yang spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan di dalam peruntukan disebabkan oleh peredaran masa diiktiraf sebagai kos kewangan.

(m)

Transaksi matawang asing



(i)



Matawang fungsi dan pembentangan



Penyata-penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”) yang juga matawang fungsi dan pembentangan Dana-dana.

(ii)

Transaksi matawang asing



Transaksi dalam matawang asing pada mulanya direkodkan pada kadar semasa matawang fungsi pada tarikh transaksi. Aset-aset dan liabiliti-liabiliti monetari berdenominasi matawang asing ditukarkan semula pada kadar pertukaran matawang fungsi pada tarikh laporan. Semua perbezaan dibawa ke keuntungan dan kerugian. Butiran bukan monetari berdenominasi matawang asing yang diukur pada kod sejarah ditukarkan menggunakan kadar pertukaran pada tarikh transaksi awal. Butiran bukan monetari diukur pada nilai saksama dalam matawang asing ditukarkan menggunakan kadar pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa ke keuntungan atau kerugian, kecuali bagi perbezaan yang berkaitan dengan butiran yang mana keuntungan atau kerugian diiktiraf secara langsung di dalam ekuiti, yang mana dalam hal ini, keuntungan atau kerugian diiktiraf bersih daripada komponen pertukaran di dalam ekuiti. (n)

Tunai dan tunai setara Tunai dan tunai setara terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.

236

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

3. Pelaburan (i) Dana AmMetLife Equity Sekuriti ekuiti tersiar harga



Deposit dengan institusi kewangan berlesen

2015 2014 RM RM 17,743,960

12,142,443

–

2,623,875

17,743,960

14,766,318

FVTPL: Sekuriti ekuiti tersiar harga Kos

16,225,883

9,674,073

Keuntungan tidak terealisasi bersih

1,518,077

2,468,370

Nilai saksama

17,743,960

12,142,443

Jumlah pelaburan pada FVTPL

17,743,960

12,142,443

LAR: Deposit dengan institusi kewangan berlesen

–

2,623,875

Jumlah pelaburan

17,743,960

14,766,318

237

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung)

(i) Dana AmMetLife Equity (Bersambung)

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Sekuriti ekuiti tersiar harga



Pembinaan Gamuda Berhad

37,000

170,441

188,700

0.98%

IJM Corporation Berhad 26,400

179,493

190,080

0.98%

YTL Corporation Berhad 104,900

171,685

175,183

0.91%

5,600

391,788

384,496

1.99%

QL Resources Berhad 51,300

173,589

201,096

1.04%

407,975

440,154

2.28%

CIMB Group Holdings Berhad 164,098

1,118,594

1,020,690

5.28%

Malayan Banking Berhad 155,794

1,444,496

1,453,558

7.51%

Public Bank Berhad 96,300

1,747,143

1,818,144

9.40%

96,544

97,121

0.50%

305,466

390,096

2.02%

Produk Pengguna British American Tobacco (Malaysia) Berhad

Kewangan Bursa Malaysia Berhad 51,300

Perindustrian DRB-Hicom Berhad 49,300 Kossan Rubber Industries Berhad 68,800 Petronas Gas Berhad

20,600

458,313

474,212

2.45%

SKP Resources Berhad

305,300

197,438

257,978

1.33%

V.S Industry Berhad

62,700

157,933

266,475

1.38%

WELLCALL Holdings Berhad

99,800

178,812

199,600

1.03%

618,589

725,130

3.75%

3,900

86,649

88,842

0.46%

Sarawak Oil Palms Berhad 19,000

112,135

96,710

0.50%

Syarikat Projek Infrastruktur Digi.Com Berhad 115,100 Perladangan Kuala Lumpur Kepong Berhad

Teknologi

238

Elsoft Research Berhad 243,000

372,844

434,970

2.25%

Inari Amertron Berhad

52,200

151,567

172,782

0.89%

Malaysia Pacific Industries Berhad 27,400

148,351

191,800

0.99%

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(i) Dana AmMetLife Equity (Bersambung) 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: (Bersambung) Sekuriti ekuiti tersiar harga (Bersambung) Perdagangan & Perkhidmatan AirAsia Berhad 68,700

169,521

163,506

0.85%

Astro Malaysia Holdings Berhad 61,500

182,091

196,800

1.02%

Axiata Group Berhad 134,600

943,888

952,968

4.93%

Berjaya Auto Berhad 131,500 400,598 497,070 2.57% Dialog Group Berhad

206,420

250,144

326,144

1.69%

Engtex Group Berhad

148,800

192,036

147,312

0.76%

Genting Malaysia Berhad

101,100

406,805

427,653

2.21%

IHH Healthcare Berhad

71,300

353,592

428,513

2.21%

Malaysia Airports Holdings Berhad

61,320

428,837

429,240

2.22%

Maxis Berhad

80,100

544,902

575,919

2.98%

MISC Berhad

24,100

187,002

204,609

1.06%

MY E.G. Services Berhad

68,100

164,552

189,999

0.98%

Scicom (MSC) Berhad

148,180

234,741

294,878

1.52%

Sime Darby Berhad

61,900

590,597

573,813

2.97%

Sunway Berhad

100,000

335,406

365,000

1.89%

Telekom Malaysia Berhad

61,100

365,918

444,197

2.30%

Tenaga Nasional Berhad

119,500

1,354,963

1,716,020

8.87%

Uzma Berhad

94,800

177,236

197,184

1.02%

Westports Holdings Berhad

85,900

253,209

345,318

1.78%



16,225,883

17,743,960

91.72%

Jumlah pelaburan pada FVTPL Purata wajaran kadar faedah efektif adalah seperti berikut:

Deposit dengan institusi kewangan berlesen

Purata wajaran kadar faedah efektif setahun 2015 2014 % % –

2.90%

239

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung) (ii) Dana AmMetLife Bond Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah



Deposit dengan institusi kewangan berlesen

2015 2014 RM RM 10,387,024

11,496,596

1,225,845

1,611,407

905,000

3,701,382

12,517,869

16,809,385

FVTPL: Bon Korporat tidak tersiar harga Kos

10,763,296

11,729,915

Kerugian tidak terealisasi bersih

(376,272)

(233,319)

Nilai saksama

10,387,024

11,496,596

Unit tidak tersiar harga dan dana amanah hartanah Kos

1,137,267

1,552,472

Keuntungan tidak terealisasi bersih

88,578

58,935

Nilai saksama

1,225,845

1,611,407

Jumlah pelaburan pada FVTPL

11,612,869

13,108,003

LAR:

240

Deposit dengan institusi kewangan berlesen

905,000

3,701,382

Jumlah pelaburan

12,517,869

16,809,385

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(ii) Dana AmMetLife Bond (Bersambung) Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Bon korporat tidak tersiar harga



Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000

1,020,300

1,023,360

8.24%

Gulf Investment Corporation matang pada 01/03/2016 500,000

500,000

505,795

4.07%

Special Power Vehicle Berhad matang pada 19/05/2016 625,000

1,004,250

732,331

5.90%

Prominic Berhad matang pada 05/05/2016 1,000,000

1,006,200

1,003,430

8.08%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,300,000

1,292,720

1,306,513

10.52%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 1,300,000

1,335,880

1,370,733

11.04%

Gulf Investment Corporation matang pada 01/03/2016 700,000

721,280

708,113

5.70%

Prominic Berhad matang pada 05/05/2016 400,000

408,800

401,372

3.23%

RHB Bank Berhad Hybrid Tier 1 matang pada 29/03/2019 1,300,000

1,550,900

1,437,605

11.58%

Binariang GSM Sdn Bhd matang pada 28/12/2015 1,491,696

1,533,166

1,508,732

12.15%

389,800

389,040

10,763,296

10,387,024

Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd matang pada 02/12/2026

400,000

Unit tidak tersiar harga dan dana amanah hartanah



Dana AmBond

3.13% 83.67%

909,137

999,447

1,082,601

8.72%

Dana AmDynamic Bond 230,111

137,820

143,244

1.15%

1,137,267

1,225,845

9.87%

11,900,563

11,612,869

93.55%





Jumlah pelaburan pada FVTPL Purata wajaran kadar faedah efektif adalah seperti berikut:

Bon korporat tidak tersiar harga – terjamin

Purata wajaran kadar faedah efektif setahun 2015 2014 % %



4.98%

4.98%

Bon korporat tidak tersiar harga – tidak terjamin

4.83%

4.82%

Deposit dengan institusi kewangan berlesen

3.70%

2.90% 241

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung) (iii) Dana AmMetLife Balanced

2015 2014 RM RM

Sekuriti ekuiti tersiar harga

14,322,553

14,776,048

Bon korporat tidak tersiar harga

5,785,797

5,972,720

Unit tersiar harga dan dana amanah hartanah

–

151,000

Unit tidak tersiar harga dan dana amanah hartanah

–

2,218,693

1,773,000

1,052,421

21,881,350

24,170,882





Deposit dengan institusi kewangan berlesen FVTPL:

Sekuriti ekuiti tersiar harga Kos

13,019,179

11,218,670

Keuntungan tidak terealisasi bersih

1,303,374

3,557,378

Nilai saksama

14,322,553

14,776,048

Bon korporat tidak tersiar harga Kos

6,177,165

6,177,165

Kerugian tidak terealisasi bersih

(391,368)

(204,445)

Nilai saksama

5,785,797

5,972,720

Unit tersiar harga dan dana amanah hartanah Kos

–

154,710

Kerugian tidak terealisasi bersih

–

(3,710)

Nilai saksama

–

151,000

Unit tidak tersiar harga dan dana amanah hartanah Kos

–

2,319,247

Kerugian tidak terealisasi bersih

–

(100,554)

Nilai saksama

–

2,218,693

Jumlah pelaburan pada FVTPL

20,108,350

23,118,461

LAR: Deposit dengan institusi kewangan berlesen

1,773,000

1,052,421

Jumlah pelaburan 21,881,350 24,170,882

242

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(iii) Dana AmMetLife Balanced (Bersambung) Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Sekuriti ekuiti tersiar harga



Pembinaan Gamuda Berhad

42,400

203,587

216,240

0.99%

IJM Corporation Berhad 62,000

419,719

446,400

2.04%

442,260

439,424

2.00%

Produk Pengguna British American Tobacco (Malaysia) Berhad

6,400

Kewangan Bursa Malaysia Berhad 38,200

329,226

327,756

1.50%

CIMB Group Holdings Berhad

853,137

769,713

3.51%

Hong Leong Bank Berhad

123,748 24,700

360,626

352,222

1.61%

Malayan Banking Berhad 100,127

916,833

934,185

4.26%

Public Bank Berhad 66,000

1,211,423

1,246,080

5.68%

Kossan Rubber Industries Berhad 85,300

377,355

483,651

2.21%

Petronas Gas Berhad

15,900

348,518

366,018

1.67%

SKP Resources Berhad

350,000

221,256

295,750

1.35%

Produk Perindustrian

V.S Industry Berhad

72,800

178,684

309,400

1.41%

WELLCALL Holdings Berhad

116,000

207,839

232,000

1.06%

Syarikat Projek Infrastruktur Digi.Com Berhad 99,000 547,620 623,700 2.85% Teknologi Elsoft Research Berhad 223,000

352,576

399,170

1.82%

Inari Amertron Berhad

59,300

174,027

196,283

0.90%

Malaysia Pacific Industries Berhad 31,600

179,411

221,200

1.01%

243

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung) (iii) Dana AmMetLife Balanced (Bersambung) 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: (Bersambung) Sekuriti ekuiti tersiar harga (Bersambung) Perdagangan & Perkhidmatan AirAsia Berhad 88,500

244

217,552

210,630

0.96%

Astro Malaysia Holdings Berhad

33,700

98,752

107,840

0.49%

Axiata Group Berhad

93,000

654,819

658,440

3.00%

Berjaya Auto Berhad 141,900

447,651

536,382

2.45%

Engtex Group Berhad

180,200

237,710

178,398

0.81%

Genting Malaysia Berhad

63,400

254,381

268,182

1.22%

IHH Healthcare Berhad

21,300

104,125

128,013

0.58%

Malaysia Airports Holdings Berhad

59,280

417,689

414,960

1.89%

Maxis Berhad

29,700

195,889

213,543

0.97%

MISC Berhad

25,800

199,932

219,042

1.00%

MY E.G. Services Berhad

46,400

104,425

129,456

0.59%

Scicom (MSC) Berhad

203,600

324,418

405,164

1.85%

Sime Darby Berhad

35,500

335,440

329,085

1.50%

Sunway Berhad

113,000

379,481

412,450

1.88%

Telekom Malaysia Berhad

42,800

243,015

311,156

1.42%

Tenaga Nasional Berhad

92,600

998,358

1,329,736

6.07%

Uzma Berhad

55,200

102,852

114,816

0.52%

Westports Holdings Berhad

123,400

378,593

496,068

2.26%



13,019,179

14,322,553

65.34%

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(iii) Dana AmMetLife Balanced (Bersambung) 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: (Bersambung) Bon korporat tidak tersiar harga





Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000

1,020,300

1,023,360

4.67%

Gulf Investment Corporation matang pada 01/03/2016 1,000,000

1,000,000

1,011,590

4.62%

Special Power Vehicle Berhad matang pada 19/05/2016 1,062,500

1,707,225

1,244,963

5.68%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 500,000

497,200

502,505

1,952,440

2,003,379

6,177,165

5,785,797

26.40%

20,108,350

91.74%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018

Jumlah pelaburan pada FVTPL

1,900,000

19,196,344

2.29% 9.14%

Purata wajaran kadar faedah efektif adalah seperti berikut: Bon korporat tidak tersiar harga – terjamin

Purata wajaran kadar faedah efektif setahun 2015 2014 % %



4.98%

4.98%

Bon korporat tidak tersiar harga – tidak terjamin

5.61%

5.62%

Deposit dengan institusi kewangan berlesen

3.70%

2.90%

245

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung) (iv) Dana AmMetLife Dana Teguh

2015 2014 RM RM

Sekuriti ekuiti tersiar harga

11,654,493

7,755,034

Bon korporat tidak tersiar harga

2,393,377

2,453,070

593,485

567,813

2,908,000

1,510,273

17,549,355

12,286,190

Unit tidak tersiar harga dan dana amanah hartanah





Deposit dengan institusi kewangan berlesen FVTPL:

Sekuriti ekuiti tersiar harga Kos

10,072,437

5,553,382

Keuntungan tidak terealisasi bersih

1,582,056

2,201,652

Nilai saksama

11,654,493

7,755,034

Bon korporat tidak tersiar harga Kos

2,521,790

2,521,790

Kerugian tidak terealisasi bersih

(128,413)

(68,720)

Nilai saksama

2,393,377

2,453,070

Unit tidak tersiar harga dan dana amanah hartanah Kos

559,532

552,453

Keuntungan tidak terealisasi bersih

33,953

15,360

Nilai saksama

593,485

567,813

Jumlah pelaburan pada FVTPL

14,641,355

10,775,917

LAR:

246

Deposit dengan institusi kewangan berlesen

2,908,000

1,510,273

Jumlah pelaburan

17,549,355

12,286,190

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(iv) Dana AmMetLife Dana Teguh (Bersambung) Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Sekuriti ekuiti tersiar harga



Pembinaan Gamuda Berhad

34,300

162,425

174,930

0.97%

Hock Seng Lee Berhad

200,000

334,848

362,000

2.02%

IJM Corporation Berhad 59,700

342,874

429,840

2.39%

299,764

356,328

1.98%

Produk Pengguna QL Resources Berhad 90,900 Produk Perindustrian DRB-Hicom Berhad 68,600 134,339 135,142 0.75% Kossan Rubber Industries Berhad 76,400

334,660

433,188

2.41%

Petronas Gas Berhad

18,100

403,196

416,662

2.32%

SKP Resources Berhad

259,900

189,947

219,615

1.22%

V.S Industry Berhad

64,800

165,871

275,400

1.53%

Digi.Com Berhad 72,700

370,477

458,010

2.55%

Time Dotcom Berhad 27,300

126,879

161,616

0.90%

Kuala Lumpur Kepong Berhad 5,400

119,248

123,012

0.69%

Sarawak Oil Palms Berhad 26,600

156,464

135,394

0.75%

388,501

330,660

1.84%

395,232

2.20%

Syarikat Projek Infrastruktur

Perladangan

Hartanah Tambun Indah Land Berhad 183,700

Teknologi Elsoft Research Berhad 220,800

326,485

Globetronics Technology Berhad

31,500

142,726

165,690

0.92%

49,500

142,757

163,845

0.91%

Vitrox Corporation Berhad 26,600

89,484

87,248

0.49%

Inari Amertron Berhad



247

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung) (iv) Dana AmMetLife Dana Teguh (Bersambung) 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: (Bersambung) Sekuriti ekuiti tersiar harga (Bersambung) Perdagangan & Perkhidmatan Axiata Group Berhad 93,000

655,530

658,440

3.67%

Berjaya Auto Berhad 145,000

468,891

548,100

3.05%

Dialog Group Berhad

243,258

291,644

384,348

2.14%

IHH Healthcare Berhad

80,700

400,929

485,007

2.70%

KPJ Healthcare Berhad

31,100

132,815

132,486

0.74%

Maxis Berhad

71,300

483,223

512,647

2.86%

MISC Berhad

38,000

309,163

322,620

1.80%

MY E.G. Services Berhad

91,800

160,156

256,122

1.43%

Pos Malaysia Berhad

35,100

177,929

185,679

1.03%

Scicom (MSC) Berhad

173,000

274,679

344,270

1.92%

Sime Darby Berhad

38,200

362,366

354,114

1.97%

Sunway Berhad

117,400

393,732

428,510

2.39%

Telekom Malaysia Berhad

74,000

454,879

537,980

3.00%

Tenaga Nasional Berhad

78,300

831,485

1,124,388

6.26%

Uzma Berhad 86,200 160,982 179,296 1.00% Westports Holdings Berhad

248

93,700

283,089

376,674

2.10%



10,072,437

11,654,493

64.92%

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(iv) Dana AmMetLife Dana Teguh (Bersambung) 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: (Bersambung) Bon korporat tidak tersiar harga





Special Power Vehicle Berhad matang pada 19/05/2016 375,000

602,550

439,398

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,000,000

994,400

1,005,010

5.60%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 900,000

924,840

948,969

5.29%



2,521,790

2,393,377

13.33%

Unit tidak tersiar harga dan dana amanah hartanah



Dana AmBon Islam

2.45%

477,730

559,532

Jumlah pelaburan pada FVTPL 13,153,759

593,485

3.31%

14,641,355 81.55%

Purata wajaran kadar faedah efektif adalah seperti berikut:

Purata wajaran kadar faedah efektif setahun 2015 2014 % %

Bon korporat tidak tersiar harga – tidak terjamin

5.32%

5.33%

Deposit dengan institusi kewangan berlesen

3.30%

2.93%

249

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung) (v) Dana AmMetLife AmOasis Islamic Equity Unit tidak tersiar harga dan dana amanah hartanah





Deposit dengan institusi kewangan berlesen

2015 2014 RM RM 3,988,807

4,055,245

–

473,719

3,988,807

4,528,964

FVTPL: Unit tidak tersiar harga dan dana amanah hartanah Kos

3,176,209

3,671,661

Keuntungan tidak terealisasi bersih

812,598

383,584

Nilai saksama

3,988,807

4,055,245

Jumlah pelaburan pada FVTPL

3,988,807

4,055,245

LAR: Deposit dengan institusi kewangan berlesen

–

473,719

Jumlah pelaburan

3,988,807

4,528,964

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Unit tidak tersiar harga dan dana amanah hartanah



AmOasis Global Islamic Equity

3,286,485

3,176,209

3,988,807

93.06%



3,176,209

3,988,807

93.06%

Jumlah pelaburan pada FVTPL

Purata wajaran kadar faedah efektif adalah seperti berikut: Deposit dengan institusi kewangan berlesen

250

Purata wajaran kadar faedah efektif setahun 2015 2014 % % –%

2.93%

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(vi) Dana AmMetLife Asia Pacific REITS

2015 2014 RM RM

Unit tidak tersiar harga dan dana amanah hartanah 672,241 672,241

509,424 509,424

FVTPL: Unit tidak tersiar harga dan dana amanah hartanah Kos

590,348

505,311

Keuntungan tidak terealisasi bersih

81,893

4,113

Nilai saksama

672,241

509,424

Jumlah pelaburan pada FVTPL

672,241

509,424

Jumlah pelaburan

672,241

509,424

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Unit tidak tersiar harga dan dana amanah hartanah



AmAsia Pacific REITS

992,530

590,348

672,241

98.03%

Jumlah pelaburan pada FVTPL

590,348

672,241

98.03%



251

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung) (vii) Dana AmMetLife Global Emerging Market

2015 2014 RM RM

Unit tidak tersiar harga dan dana amanah hartanah

885,544

790,362

–

110,000

885,544

900,362





Deposit dengan institusi kewangan berlesen

FVTPL: Unit tidak tersiar harga dan dana amanah hartanah Kos

802,843

773,302

Keuntungan tidak terealisasi bersih

82,701

17,060

Nilai saksama

885,544

790,362

Jumlah pelaburan pada FVTPL

885,544

790,362

LAR: Deposit dengan institusi kewangan berlesen

–

110,000

Jumlah pelaburan

885,544

900,362

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Unit tidak tersiar harga dan dana amanah hartanah





AmCash Management

90,086

90,086

90,086

9.45%

AmGlobal Emerging Market Opportunities

716,887

712,757

795,458

83.45%

Jumlah pelaburan pada FVTPL

802,843

885,544

92.90%



Purata wajaran kadar faedah efektif adalah seperti berikut: Deposit dengan institusi kewangan berlesen

252

Purata wajaran kadar faedah efektif setahun 2015 2014 % % –%

3.00%

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(viii) Dana AmMetLife Tactical Bond

2015 2014 RM RM

Unit tidak tersiar harga dan dana amanah hartanah 421,026 421,026

421,809 421,809

FVTPL: Unit tidak tersiar harga dan dana amanah hartanah Kos

410,025

416,356

Keuntungan tidak terealisasi bersih

11,001

5,453

Nilai saksama

421,026

421,809

Jumlah pelaburan pada FVTPL

421,026

421,809

Jumlah pelaburan 421,026 421,809

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Unit tidak tersiar harga dan dana amanah hartanah



AmTactical Bond

427,394

410,025

421,026

90.84%

Jumlah pelaburan pada FVTPL

410,025

421,026

90.84%



253

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung)

(ix) Dana AmMetLife Precious Metals Unit tidak tersiar harga dan dana amanah hartanah

2,821,867

Deposit dengan institusi kewangan berlesen FVTPL:

2015 2014 RM RM 3,456,063

713,535

–

3,535,402

3,456,063



Unit tidak tersiar harga dan dana amanah hartanah Kos

6,572,330

6,555,055

Kerugian tidak terealisasi bersih

(3,750,463)

(3,098,992)

Nilai saksama

2,821,867

3,456,063

Jumlah pelaburan pada FVTPL

2,821,867

3,456,063

LAR: Deposit dengan institusi kewangan berlesen

713,535

–

Jumlah pelaburan

3,535,402

3,456,063

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Unit tidak tersiar harga dan dana amanah hartanah



AmPrecious Metals

8,069,392

6,572,330

2,821,867

73.74%



6,572,330

2,821,867

73.74%

Jumlah pelaburan pada FVTPL Purata wajaran kadar faedah efektif adalah seperti berikut: Deposit dengan institusi kewangan berlesen

254

Purata wajaran kadar faedah efektif setahun 2015 2014 % % 3.40%

–%

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(x) Dana AmMetLife Global Agribusiness Unit tidak tersiar harga dan dana amanah hartanah

2015 2014 RM RM

1,929,471

Deposit dengan institusi kewangan berlesen

1,677,913

205,535

226,123

2,135,006

1,904,036

FVTPL: Unit tidak tersiar harga dan dana amanah hartanah Kos 1,557,441 1,433,192 Keuntungan tidak terealisasi bersih

372,030

244,721

Nilai saksama

1,929,471

1,677,913

Jumlah pelaburan pada FVTPL

1,929,471

1,677,913

LAR: Deposit dengan institusi kewangan berlesen

205,535

226,123

Jumlah pelaburan

2,135,006

1,904,036

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Unit tidak tersiar harga dan dana amanah hartanah



AmGlobal Agribusiness

1,746,127

1,557,441

1,929,471

91.22%



1,557,441

1,929,471

91.22%

Jumlah pelaburan pada FVTPL Purata wajaran kadar faedah efektif adalah seperti berikut: Deposit dengan institusi kewangan berlesen

Purata wajaran kadar faedah efektif setahun 2015 2014 % % 3.40%

3.00%

255

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung)

(xi) Dana AmMetLife Commodity Stable Capital Guaranteed Produk berstruktur





Unit tidak tersiar harga dan dana amanah hartanah

2015 2014 RM RM 4,934,688

4,760,165

57,248

91,382

4,991,936

4,851,547

FVTPL: Produk berstruktur Kos

4,715,094

4,715,094

Keuntungan tidak terealisasi bersih

219,594

45,071

Nilai saksama

4,934,688

4,760,165

Unit tidak tersiar harga dan dana amanah hartanah Kos/Nilai saksama 57,248 91,382 Jumlah pelaburan pada FVTPL

4,991,936

4,851,547

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah:

2015

Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Produk berstruktur



Instrumen Deposit Boleh Niaga Kadar Terapung matang pada 12/10/15 Unit tidak tersiar harga dan dana amanah hartanah



Dana AmIncome

5,045,920

4,715,094

4,934,688

114.81%

57,248

57,248

57,248

1.33%

Jumlah pelaburan pada FVTPL

4,772,342

4,991,936

116.14%



256

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(xii) Dana AmMetLife Dividend Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah

2015 2014 RM RM 11,550,834

7,245,830

–

430,350

–

1,823,730

11,550,834

9,499,910



Deposit dengan institusi kewangan berlesen

FVTPL: Sekuriti ekuiti tersiar harga Kos

10,296,683

6,590,459

Keuntungan tidak terealisasi bersih

1,254,151

655,371

Nilai saksama

11,550,834

7,245,830

Unit tersiar harga dan dana amanah hartanah Kos

–

431,214

Kerugian tidak terealisasi bersih

–

(864)

Nilai saksama

–

430,350

Jumlah pelaburan pada FVTPL

11,550,834

7,676,180

LAR: Deposit dengan institusi kewangan berlesen

–

1,823,730

Jumlah pelaburan 11,550,834 9,499,910

257

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 3. Pelaburan (Bersambung)

(xii) Dana AmMetLife Dividend (Bersambung)

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah: 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: Sekuriti ekuiti tersiar harga



Pembinaan Gamuda Berhad

24,100

111,330

122,910

0.97%

IJM Corporation Berhad

34,000

230,378

244,800

1.93%

YTL Corporation Berhad 68,500

111,772

114,395

0.90%

251,141

247,176

1.95%

302,874

2.39%

Produk Pengguna British American Tobacco (Malaysia) Berhad

3,600

Kewangan Bursa Malaysia Berhad

35,300

283,440

CIMB Group Holdings Berhad

101,593

664,408

631,908

4.99%

Malayan Banking Berhad

95,130

894,926

887,563

7.01%

1,150,483

1,198,880

9.47%

Kossan Rubber Industries Berhad 46,200

202,848

261,954

2.07%

Petronas Gas Berhad

15,700

349,581

361,414

2.85%

SKP Resources Berhad

200,700

129,569

169,591

1.34%

V.S Industry Berhad

41,400

102,308

175,950

1.39%

WELLCALL Holdings Berhad

65,200

116,498

130,400

1.03%

366,692

510,930

4.04%

57,052

59,228

0.47%

159

180

0.00%

249,039

289,443

2.29%

Public Bank Berhad 63,500 Produk Perindustrian

Syarikat Projek Infrastruktur Digi.Com Berhad 81,100 Perladangan Kuala Lumpur Kepong Berhad 2,600 Hartanah Tambun Indah Land Berhad 100 Teknologi Elsoft Research Berhad 161,700 Inari Amertron Berhad

258

52,900

149,500

175,099

1.38%

Malaysia Pacific Industries Berhad 27,300

147,686

191,100

1.51%

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(xii) Dana AmMetLife Dividend (Bersambung) 2015 Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB FVTPL: (Bersambung) Sekuriti ekuiti tersiar harga (Bersambung) Perdagangan & Perkhidmatan AirAsia Berhad 56,800 Astro Malaysia Holdings Berhad

34,200

148,983

135,184

1.07%

100,216

109,440

0.86%

Axiata Group Berhad 83,100

581,885

588,348

4.65%

Berjaya Auto Berhad 86,000

292,149

325,080

2.57%

Genting Malaysia Berhad

277,642

280,026

2.21%

66,200

IHH Healthcare Berhad

46,900

226,134

281,869

2.23%

Malaysia Airports Holdings Berhad

41,520

289,803

290,640

2.30%

Maxis Berhad

46,000

308,803

330,740

2.61%

MISC Berhad

15,100

108,171

128,199

1.01%

MY E.G. Services Berhad

105,600

190,930

294,624

2.33%

Scicom (MSC) Berhad

97,640

154,767

194,304

1.53%

SEG International Bhd

87,000

122,263

124,410

0.98%

Sime Darby Berhad

40,900

390,626

379,143

2.99%

Sunway Berhad 92,300 306,513 336,895 2.66% Telekom Malaysia Berhad

39,700

221,018

288,619

2.28%

Tenaga Nasional Berhad

75,600

787,815

1,085,616

8.58%

Westports Holdings Berhad

75,100

220,155

301,902

2.38%

Jumlah pelaburan pada FVTPL

10,296,683

11,550,834

91.24%

Purata wajaran kadar faedah efektif adalah seperti berikut: Deposit dengan institusi kewangan berlesen

Purata wajaran kadar faedah efektif setahun 2015 2014 % % –%

2.90%

259

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 4. Cukai Tertangguh Liabiliti/(aset) cukai tertangguh adalah berkaitan dengan keuntungan/(kerugian) modal tidak terealisasi di atas pelaburan Dana- dana masing-masing. (i) Dana AmMetLife Equity

2015 2014 RM RM

Pada awal tahun



197,470

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

(76,023)

162,776

Pada akhir tahun

121,447

197,470

34,694

(ii) Dana AmMetLife Bond

2015 2014 RM RM

Pada awal tahun



(13,951)

11,584

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

(9,063)

(25,535)

Pada akhir tahun

(23,014)

(13,951)

(iii) Dana AmMetLife Balanced

2015 2014 RM RM

Pada awal tahun



259,894

31,030

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

(186,934)

228,864

Pada akhir tahun

72,960

259,894

(iv) Dana AmMetLife Dana Teguh

260



2015 2014 RM RM

Pada awal tahun



171,863

14,027

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

(52,856)

157,836

Pada akhir tahun

119,007

171,863

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(v) Dana AmMetLife AmOasis Islamic Equity Pada awal tahun

2015 2014 RM RM



30,687

(6,781)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

34,321

37,468

Pada akhir tahun

65,008

30,687

(vi) Dana AmMetLife Asia Pacific REITS Pada awal tahun

2015 2014 RM RM



329

–

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

6,223

329

Pada akhir tahun

6,552

329

(vii) Dana AmMetLife Global Emerging Market Pada awal tahun

2015 2014 RM RM



1,365

(1,510)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

5,251

2,875

Pada akhir tahun

6,616

1,365

(viii) Dana AmMetLife Tactical Bond Pada awal tahun

2015 2014 RM RM



436

–

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

444

436

Pada akhir tahun

880

436

261

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 4. Cukai Tertangguh (Bersambung)

(ix) Dana AmMetLife Precious Metals

2015 2014 RM RM

Pada awal tahun



(247,919)

(179,978)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

(52,118)

(67,941)

Pada akhir tahun

(300,037)

(247,919)

(x) Dana AmMetLife Global Agribusiness Pada awal tahun

2015 2014 RM RM



19,578

12,787

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

10,184

6,791

Pada akhir tahun

29,762

19,578

(xi) Dana AmMetLife Commodity Stable Capital Guaranteed Pada awal tahun

2015 2014 RM RM



3,606

(8,943)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

13,962

12,549

Pada akhir tahun

17,568

3,606

(xii) Dana AmMetLife Dividend Pada awal tahun

262

2015 2014 RM RM



52,361

7,262

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)

47,970

45,099

Pada akhir tahun

100,331

52,361

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

5. Modal Para Pemegang Unit

(i) Dana AmMetLife Equity

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

5,981,485

9,690,938

3,580,109

5,762,935

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(1,318,352)

(5,071,593)

(3,837,480)

(5,969,395)



4,663,133

4,619,345

(257,371)

14,632,663

14,543,771

14,890,034

12,263,704

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

183,102

–

2,486,527



19,295,796

19,346,218

14,632,663

14,543,771

1.0026

0.9939

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac



(206,460)

(ii) Dana AmMetLife Bond

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

1,746,235

3,249,568

5,764,102

6,584,452

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(7,807,721)

(8,004,383)

(5,796,406)

(6,637,757)



(6,061,486)

(4,754,815)

(32,304)

Modal para pemegang unit dibawa ke hadapan

21,593,784

16,713,448

21,626,088

16,376,217

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

455,529

–

390,536



15,532,298

12,414,162

21,593,784

Nilai aset bersih seunit pada 31 Mac



0.7992

(53,305)

16,713,448 0.7740

263

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 5. Modal Para Pemegang Unit (Bersambung)

(iii) Dana AmMetLife Balanced

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

3,563,363

8,387,650

3,442,556

6,824,737

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(5,665,595)

(10,431,450)

(5,723,386)

(9,029,939)



(2,102,232)

(2,043,800)

(2,280,830)

(2,205,202)

Modal para pemegang unit dibawa ke hadapan

24,674,688

24,157,637

26,955,518

22,890,142

(Defisit)/Lebihan daripada perbelanjaan selepas cukai

–

(194,474)

–

3,472,697



22,572,456

21,919,363

24,674,688

Nilai aset bersih seunit pada 31 Mac



0.9711

24,157,637 0.9790

(iv) Dana AmMetLife Dana Teguh

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

6,808,452

9,613,259

1,492,824

3,187,043

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(1,999,098)

(4,695,371)

(5,061,669)

(6,427,624)



4,809,354

4,917,888

(3,568,845)

(3,240,581)

12,100,742

12,176,875

15,669,587

12,922,403

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

858,455

–

2,495,053



16,910,096

17,953,218

12,100,742

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac

264



1.0617

12,176,875 1.0063

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(v) Dana AmMetLife AmOasis Islamic Equity

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

668,947

741,116

3,658,529

2,035,198

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(1,973,723)

(1,424,605)

(2,365,007)

(1,394,674)



(1,304,776)

(683,489)

1,293,522

Modal para pemegang unit dibawa ke hadapan

8,541,049

4,513,925

7,247,527

3,430,179

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

455,959

–

443,222



7,236,273

4,286,395

8,541,049

Nilai aset bersih seunit pada 31 Mac



0.5923

640,524

4,513,925 0.5285

(vi) Dana AmMetLife Asia Pacific REITS

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun/tempoh tersebut

411,104

376,276

1,207,395

619,712

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun/tempoh tersebut

(382,433)

(363,095)

(22,453)

(33,888)



28,671

13,181

1,184,942

585,824

1,184,942

580,944

–

–

Lebihan/(Defisit) daripada perbelanjaan selepas cukai

–

91,606

–

(4,880)



1,213,613

685,731

1,184,942

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac



0.5650

580,944 0.4903

265

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 5. Modal Para Pemegang Unit (Bersambung)

(vii) Dana AmMetLife Global Emerging Market

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

1,190,620

129,571

246,638

149,658

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(1,157,114)

(114,983)

(62,600)

(56,455)



33,506

14,588

184,038

1,720,080

883,932

1,536,042

761,916

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

54,726

–

28,813



1,753,586

953,246

1,720,080

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac



0.5436

93,203

883,932 0.5139

(viii) Dana AmMetLife Tactical Bond

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun/tempoh tersebut

282,711

222,547

1,148,974

512,693

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun/tempoh tersebut

(378,158)

(269,500)

(154,043)

(18,087)



(95,447)

(46,953)

994,931

494,606

Modal para pemegang unit dibawa ke hadapan

994,931

491,182

–

–

Lebihan/(Defisit) daripada perbelanjaan selepas cukai

–

19,249

–

(3,424)



899,484

463,478

994,931

Nilai aset bersih seunit pada 31 Mac

266

2015 2014



0.5153

491,182 0.4937

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

(ix) Dana AmMetLife Precious Metals

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

4,688,605

1,366,592

2,703,945

959,846

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(2,759,111)

(861,183)

(2,577,338)

(904,090)



1,929,494

505,409

126,607

55,756

13,961,225

3,930,030

13,834,618

4,891,635

Defisit pendapatan daripada perbelanjaan selepas cukai

–

(608,629)

–

(1,017,361)



15,890,719

3,826,810

13,961,225

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac



0.2408

3,930,030 0.2815

(x) Dana AmMetLife Global Agribusiness

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

1,483,710

541,111

544,918

566,988

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(1,273,374)

(406,861)

(319,527)

(429,481)



210,336

134,250

225,391

137,507

3,020,546

1,869,293

2,795,155

1,657,240

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

111,731

–

74,546



3,230,882

2,115,274

3,020,546

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac



0.6547

1,869,293 0.6189

267

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 5. Modal Para Pemegang Unit (Bersambung)

(xi) Dana AmMetLife Commodity Stable Capital Guaranteed

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(9,500)

(4,214)

–

–



(9,500)

(4,214)

–

–

8,435,571

4,168,793

8,435,571

4,051,111

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

133,606

–

117,682



8,426,071

4,298,185

8,435,571

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac



0.5101

4,168,793 0.4942

(xii) Dana AmMetLife Dividend

2015 2014

Jumlah Unit RM

Jumlah Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut

4,882,311

3,505,334

4,320,217

2,685,138

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut

(1,743,279)

(1,459,199)

(675,982)

(510,739)



3,139,032

2,046,135

3,644,235

2,174,399

15,029,935

9,444,021

11,385,700

6,350,103

Lebihan pendapatan daripada perbelanjaan selepas cukai

–

1,169,096

–

919,519



18,168,967

12,659,252

15,029,935

Modal para pemegang unit dibawa ke hadapan

Nilai aset bersih seunit pada 31 Mac

268



0.6968

9,444,021 0.6283

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

6. Pendapatan Faedah

Dana AmMetLife Bond



Dana AmMetLife Equity



2015 2014 2015 2014 RM RM RM RM

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen

62,640

68,210

81,141

126,946

Bon korporat

–

–

674,015

790,354



62,640

68,210

755,156

917,300



Dana AmMetLife Balanced

Dana AmMetLife Dana Teguh

2015 2014 2015 2014 RM RM RM RM

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen

57,261

63,270

72,550

37,050

Bon korporat

464,355

464,451

177,663

188,617



521,616

527,721

250,213

225,667



Dana AmMetLife AmOasis Islamic Equity

Dana AmMetLife Asia Pacific REITS

1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 RM RM RM RM Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen



10,143

37,264

Dana AmMetLife Global Emerging Market

1,852

577

Dana AmMetLife Tactical Bond

1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 RM RM RM RM Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen

2,269

5,978

1,509

638

269

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 6. Pendapatan Faedah (Bersambung)

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen

270

Dana AmMetLife Precious Metals

Dana AmMetLife Global Agribusiness

2015 2014 2015 2014 RM RM RM RM

14,090

6,994

Dana AmMetLife Commodity Stable Capital Guaranteed

6,663

11,528

Dana AmMetLife Dividend

2015 2014 2015 2014 RM RM RM RM

387

–

41,061

59,221

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

7. Pendapatan Dividen

Dana AmMetLife Bond



Dana AmMetLife Equity



2015 2014 2015 2014 RM RM RM RM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia

426,217

211,548

–

–

Unit tidak tersiar harga dan dana amanah hartanah di Malaysia

–

–

13,372

28,713



426,217

211,548

13,372

28,713



Dana AmMetLife Balanced

Dana AmMetLife Dana Teguh



2015 2014 2015 2014 RM RM RM RM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia

417,103

277,057

233,305

114,755

Unit tersiar harga dan dana amanah hartanah di Malaysia

7,800

5,300

–

–

Unit tidak tersiar harga dan dana amanah hartanah di Malaysia

–

19,247

7,079

17,594



424,903

301,604



Dana AmMetLife Asia Pacific REITS

240,384

132,349

Dana AmMetLife Global Emerging Market

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 014 2015 2014 RM RM RM RM Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia

26,213

–

2,307

1,888



26,213

–

2,307

1,888

271

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 7. Pendapatan Dividen (Bersambung)



Dana AmMetLife Tactical Bond

Dana AmMetLife Commodity Stable Capital Guaranteed

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 2015 2014 RM RM RM RM Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia

24,792

–

2,223

2,259



24,792

–

2,223

2,259





Dana AmMetLife Dividend

2015 2014 RM RM Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia

272



368,142

277,348

Unit tersiar harga dan dana amanah hartanah di Malaysia

7,410

27,325



375,552

304,673

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

8. Cukai

Dana AmMetLife Bond



Dana AmMetLife Equity



2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa

77,024

55,284

63,020

77,391

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)

(76,023)

162,776

(9,063)

(25,535)

Perbelanjaan cukai bagi tahun tersebut

1,001

218,060

53,957

51,856



Dana AmMetLife Balanced

Dana AmMetLife Dana Teguh



2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa

159,928

80,237

123,761

64,705

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)

(186,934)

228,864

(52,856)

157,836

Perbelanjaan cukai bagi tahun tersebut

(27,006)

309,101

70,905

222,541



Dana AmMetLife AmOasis Islamic Equity

Dana AmMetLife Asia Pacific REITS

1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 RM RM RM RM Cukai pendapatan Malaysia: Peruntukan tahun/tempoh semasa

6,362

2,981

315

46

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)

34,321

37,468

6,223

329

Perbelanjaan cukai bagi tahun/tempoh tersebut

40,683

40,449

6,538

375

273

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 8. Cukai (Bersambung)



Dana AmMetLife Global Emerging Market

Dana AmMetLife Tactical Bond

1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 RM RM RM RM Cukai pendapatan Malaysia: Peruntukan tahun/tempoh semasa

181

478

(118)

51

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)

5,251

2,875

444

436

Perbelanjaan cukai bagi tahun/tempoh tersebut

5,432

3,353

326

487



Dana AmMetLife Precious Metals

Dana AmMetLife Global Agribusiness

2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa

931

(19,113)

533

922

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)

(52,118)

(67,941)

10,184

6,791

Perbelanjaan cukai bagi tahun tersebut

(51,187)

(87,054)

10,717

7,713



Dana AmMetLife Commodity Stable Capital Guaranteed

Dana AmMetLife Dividend

2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa

31

–

35,592

27,739

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)

13,962

12,549

47,970

45,099

Perbelanjaan cukai bagi tahun tersebut

13,993

12,549

83,562

72,838

Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan di atas pelupusan pelaburan semasa tahun/tempoh tersebut, pada kadar cukai keutamaan 8% (2014: 8%) menurut kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.

274

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Satu penyesuaian perbelanjaan cukai pendapatan yang dikenakan kepada lebihan/(defisit) pendapatan berbanding daripada perbelanjaan sebelum cukai pada kadar cukai pendapatan yang dikenakan kepada dana-dana berkaitan pelaburan, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut: Dana AmMetLife Bond



Dana AmMetLife Equity



2015 2014 2015 2014 RM RM RM RM

Lebihan pendapatan daripada perbelanjaan sebelum cukai

184,103

2,704,587

509,486

442,392

Cukai pada caj cukai Malaysia 8%

14,728

216,367

40,759

35,391

Pendapatan tidak tertakluk kepada cukai

(34,097)

(14,452)

2,097

2,041

Perbelanjaan tidak boleh potong untuk tujuan cukai

20,370

16,145

11,101

14,424



1,001

218,060

53,957

51,856



Dana AmMetLife Balanced



Dana AmMetLife Dana Teguh

2015 2014 2015 2014 RM RM RM RM

(Defisit)/Lebihan pendapatan daripada perbelanjaan sebelum cukai

(221,480)

3,781,798

929,360

2,717,594

Cukai pada caj cukai Malaysia 8%

(17,718)

302,544

74,349

217,407

Pendapatan tidak tertakluk kepada cukai

(33,368)

(18,850)

(19,231)

(8,496)

Perbelanjaan tidak boleh potong untuk tujuan cukai

24,080

25,407

15,787

13,630



(27,006)

309,101

70,905

222,541



Dana AmMetLife AmOasis Islamic Equity

Dana AmMetLife Asia Pacific REITS

1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 RM RM RM RM Lebihan/(Defisit) pendapatan daripada perbelanjaan sebelum cukai

496,642

483,671

98,144

(4,505)

Cukai pada caj cukai Malaysia 8%

39,731

38,694

7,851

(360)

Pendapatan tidak tertakluk kepada cukai

–

–

(2,097)

–

Perbelanjaan tidak boleh potong untuk tujuan cukai

952

1,755

784

735



40,683

40,449

6,538

375 275

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

Nota-nota kepada Maklumat Kewangan (Bersambung) 8. Cukai (Bersambung)



Dana AmMetLife Global Emerging Market

Dana AmMetLife Tactical Bond

1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 RM RM RM RM Lebihan/(Defisit) pendapatan daripada perbelanjaan sebelum cukai

60,158

32,166

19,575

(2,937)

Cukai pada caj cukai Malaysia 8%

4,813

2,573

1,566

(235)

Pendapatan tidak tertakluk kepada cukai

(185)

(151)

(1,983)

–

Perbelanjaan tidak boleh potong untuk tujuan cukai

804

931

743

722



5,432

3,353

326

487



Dana AmMetLife Precious Metals



2015 2014 2015 2014 RM RM RM RM

(Defisit)/Lebihan pendapatan daripada perbelanjaan sebelum cukai

(659,816)

(1,104,415)

122,448

82,259

Cukai pada caj cukai Malaysia 8%

(52,785)

(88,352)

9,796

6,581

Perbelanjaan tidak boleh potong untuk tujuan cukai

1,598

1,298

921

1,132



(51,187)

(87,054)

10,717

7,713



Dana AmMetLife Commodity Stable Capital Guaranteed

Dana AmMetLife Dividend



2015 2014 2015 2014 RM RM RM RM

Lebihan pendapatan daripada perbelanjaan sebelum cukai

147,599

130,231

1,252,658

992,357

Cukai pada caj cukai Malaysia 8%

11,808

10,419

100,213

79,390

Pendapatan tidak tertakluk kepada cukai

(178)

(180)

(30,044)

(16,855)

2,363

2,310

13,393

10,303

13,993

12,549

83,562

72,838

Perbelanjaan tidak boleh potong untuk tujuan cukai 276

Dana AmMetLife Global Agribusiness



AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2015

9. Perbandingan Maklumat kewangan tempoh terdahulu bagi Dana AmMetLife Asia Pacific REITS dan Dana AmMetLife Tactical Bond telah disediakan dari tarikh pelancaran dana-dana tersebut pada 17 September 2013 hingga 31 Mac 2014. Oleh itu, Penyata-penyata Pendapatan dan Perbelanjaan dan Penyata-penyata Perubahan di dalam Nilai Aset Bersih tahun semasa serta nota-nota yang berkaitan dengan Dana AmMetLife Asia Pacific REITS dan Dana AmMetLife Tactical Bond tidak boleh dibandingkan.

277

AmMetLife Insurance Berhad (15743-P)

(Dahulunya dikenali sebagai AmLife Insurance Berhad) Tingkat 7, Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur, Malaysia T 1300 88 8800

E [email protected]

ammetlife.com