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Untitled Prezi

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zaty ali

on 23 August 2013

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Transcript of Untitled Prezi

FUND PERFORMANCE SUMMARY
5 Individual Funds
1) Mixed Fundamentals.
2) Tightening and Warnings.
FUND PERFORMANCE SUMMARY
AUGUST 2013

The developed markets of the US, Europe and Japan seem more attractive at this point of time compared to Emerging markets which have been hit by weaker growth in China, weaker commodity prices and political uncertainties. Asean markets of Indonesia and Thailand are looking less attractive now compared to how they appeared over the past 4 years.
1) Developed markets more attractive
With recovering PMI and GDP numbers in comparison to Asia, we have seen money flowing out of Asia and Developed Market bonds into Developed Market equities. We continue to see a bright future for equities over the next 12 months .

2) Money flowing out of Bonds and Asia into Western Equities
GLOBAL MACRO
(Money Rotation)
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Manufacturing and Services continued to grow in the US with stock markets hitting multi-year highs as confidence increased in the US economy. The unemployment rate dropped in July while Moody’s revised its outlook on the US to stable from negative despite Detroit declaring bankruptcy.
US - All time highs for Equities
Greece and Portugal briefly suffered from bailout and political scares and Germany and France reported disappointing numbers but it was the UK which appears to be surprising on the upside.The UK reported strong house prices and retail sales growth.
Europe - Clear signs of a recovery
This raised some continuous questions as to the validity of data in China even as the government there appears committed to reform the economy despite some short term pain
China – Uncertain data issues.
JULY Global Macro
Malaysia Macro
(Journey to the West)
Overview
MARKET OUTLOOK
APPENDICES
Thank you!

August Global Macro
(Money Rotation)
1) Developed markets more attractive
.
The developed markets of the US, Europe and Japan seem more attractive at this point of time compared to Emerging markets which have been hit by weaker growth in China, weaker commodity prices and political uncertainties. Asean markets of Indonesia and Thailand are looking less attractive now compared to how they appeared over the past 4 years
With recovering PMI and GDP numbers in comparison to Asia, we have seen money flowing out of Asia and Developed Market bonds into Developed Market equities. We continue to see a bright future for equities over the next 12 months .


2) Money flowing out of Bonds and Asia into Western Equities.
1) Developed markets more attractive.
FIXED INCOME MARKET REVIEW
(Bullish steepening MGS curve)
1) Due to the Hari Raya holiday-laden month in Aug-13, we foresee the primary PDS market to be quiet with 2 potential issuances.
2) As investors remain risk averse and reducing duration risk ahead of the US QE programme slowdown, for the PDS value proposition, we see value in the shorter-tenured

Genting Plantations’ SPV, Benih Restu (up to RM1.5bn) as well as a total of RM1.35bn from the holding company of MEX highway, Bright Focus.
EQUITY MARKET REVIEW
(Stay Defensive)
August will likely be a quiet month for trading due to the long Raya festive break. Also, it is a results announcement month and hence some investors may decide to wait for the actual results before trading further.
We believe investors may once again start their bargain hunting on selected KLCI stocks which had recently gone through some profit taking. This will be followed by some of the mid and small cap stocks where valuations are still attractive.
Investors are now keen on good growth stocks with attractive valuation following the improving global economic outlook, Telco stocks did not fall much recently despite some retracement in the KLCI. This indicates that while investors do not add in new positions, they are also maintaining their existing telco positions in their portfolios.

3) Recent talk on biodiesel progressing well.
1) Range Bound trading with downward bias.
Summer Doldrums …


The Managed and Self Managed Funds performance were mixed.
Notably:
- Most Equity funds registered a lower NAV return (≈ 0.5%).
- Fixed Income funds registered a higher NAV return (≈ -2.0%).

The Managed and Self Managed Fund size is decreasing.

Market Outlook
Fund Performance
2) PLANTATION - CPO price not expected to go anywhere.
EQUITY MARKET REVIEW
(Stay Defensive)
3 Managed Fund
Stable Fund
Growth Fund
Balance Fund
SHARIAH COMPLIANT INVESTMENT
Premier Equity Fund (PEF)
Premier Index Fund (PINF)
Premier Income Fund (PIF)
Dana Pendapatan Prima (DPP)
Dana Ekuiti Prima (DEP)
Source: Deutsche Bank
On month-on-month basis, DB Commodity Apex 3 TV Index return has depreciated by -0.54% compared to the previous month appereciation of 0.21%.

Index level stood at 165.13 points in July.
( 30th June : 166.03).

However, since inception, the index has depreciated from its initial higher level by -5.69%.

In term of Option Value, the rate felt in July to 0.007% compared to a rate of 0.010% month earlier.

The largest negative contributor to the index performance was WTI.
Performance of Etiqa’s Fortune 8 Underlying as at 31 July 2013
In comparison with HSCEI and Index strike level :
Source: BNP Paribas
Performance of Etiqa’s Dragon9 Underlying as at 31 July 2013
PARA China has turned around in July and appreciated by 0.31% in July compared to a depreciation of -1.79% in the same period last month.

Index level is currently at 126.32 points which is 7.89 points below the strike level.

In comparison with HSCEI index, depreciation in Para China Index was relatively smaller. Since inception on the basis of 100, Para China Index has moved down by -0.86 points while HSCEI has moved down by -0.24 points as of July 2013.

PARA China Index changed from risk-off to risk-on mode on July 18 after the market has smoothed a bit after extreme volatility session in June.
In comparison with the FX strike level:
Source: BNP Paribas
On MoM, Renminbi (RMB) remain flat against the US Dollar (USD), continuing the same trend showed as of same period last month.

Since inception, the RMB accelerates stronger against USD with 2.29% higher compared to the initial rate.

In comparison with the FX strike level, RMB/USD is currently below the strike level by 0.2349 points.

BNP Paribas view that there is room for RMB to have some depreciation due to the higher pricing in the market.

BNP Paribas believed that the monetary policy stance remains cautious and liquidity will remain tighter with higher borrowing rates and greater scarcity of short-term financing due to expected capital outflows and circumspect bank behavior.
11.138%
Guaranteed Minimum Annual Cash Payment as of July 2013
Note :

1) Potential return locked-in during accumulation period will be added to Guaranteed Min Annual Cash Payment.
2) It will be paid equally in 10 installments at the end of every year during payout period.
3) Guaranteed Min Annual Cash Payment is nett of tax.

Performance of Etiqa’s Golden Retirement Underlying as at 31 July 2013

On month-on-month basis, Active Index Portfolio return has improved by 3.03% compared to a declined of -2.80% in the same period last month.

Index level stood at 103.03 points in July.
(June 13 : 99.67).

Since inception, the index has appreciated from it’s initial level by 3.03%.

The locked-in profit still unchanged at 0.138% net of tax. Previous locked-in period was as of Feb 2013.
Source: Maybank IB
Performance of Etiqa’s AUSpicious10 Underlying Assets as at 31 July 2013
Month-on-month, Structured Noted–FRNID has depreciated further by -0.41% compared to depreciation of -0.16% in the same period last month.

However, since inception, the FRNID has appreciated by 0.11% from its initial level.

The FRNID is currently pricing at 94.70 points as of July 2013.
(June 13 :95.09)
On month-on-month basis, Maybank IB Australia Plus (MAP) Index appreciated by 0.22% compared to depreciation of -0.41% in the same period last month.

However, since inception, the MAP Index has depreciated by -1.83% from its initial level.

Index level is currently at 98.17 points which is 6.83 points below the strike level.

The benchmark S&P/ASX200 Index gained by 4.50%. The markets generally lifted due to the favorable US reporting season which gave an extra catalyst for the S&P/ASX200 to inch higher.

The AUDUSD sold off the further -3.00%, benefited the USD exposed companies to outperform.
OPEN ENDED FUND
CLOSE ENDED FUND
* Note: A 5% Bid Offer Spread is applicable upon surrender.

Source: ETIQA Investment Division. Inception date is the date when the funds were managed by internal fund managers
All products are underwritten by Etiqa Insurance & Takaful. Shariah Compliant funds have been approved by the Shariah Board of Etiqa Takaful.

Fund Performance Summary as at 31 July 2013
Fund Performance Summary as at 31 July2013
Source: ETIQA Investment Division. Inception date is the date when the funds were managed by internal fund managers

All products are underwritten by Etiqa Insurance & Takaful. Shariah Compliant funds have been approved by the Shariah Board of Etiqa Takaful.

Performance of Etiqa’s Dragon9 Underlying as at 31 July 2013
Source: Deutsche Bank
Source : Bloomberg as at 14th August 2013


Private & Confidential – For internal circulation only

Luxury Edition ILP Summary as at 5th, 6th, 7th August 2013

5 out of 6 stocks >= strike level


This raised some continuous questions as to the validity of data in China even as the government there appears committed to reform the economy despite some short term pain
China – Uncertain data issues.
While Japan’s Prime Minister Shinzo Abe managed to gain control of the Upper House of parliament as expected, markets there did not take off despite positive data on retail sales and inflation. This was attributed to some uncertainty as to whether Abe would push through a sales tax which some saw as damaging to Japan’s nascent recovery.
Asia – Abe’s win shaken by sales tax.
Malaysia is now expected to record its first export contraction for the full year since the Great Financial Crisis. However Malaysia remained in a trade surplus position given weak import growth.
1) Mixed Fundamentals
Malaysia’s financial sector also experienced a tightening in July with Bank Negara announcing measures to curb excessive lending. Personal loan maximum tenures were cut from 25 to 10 years while mortgage loans were cut from 45 to 35 years.

2) Tightening and Warnings
MALAYSIA MACRO
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