AmLife Investment-Linked Funds Annual Report 2012€¦ · COMPANY PROFILE. INVESTMENT-LINKED FUNDS OBJECTIVE. 6 AmL I B ImL F A R A 31 2012 AmAssurance Equity Fund The Fund aims to

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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012

Chairman’s Message

Corporate Profile

Investment-Linked Funds Objective

Market Review

Investment Outlook

Investment Strategy

Fund Performance

Sectoral & Category Breakdown

Comparative Table: Fund Performance

Comparative Table: Net Asset Value, Number of Units & Unit Price

Summary of Financial Statements

page

CONTENTS

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4

5

7

22

27

31

43

51

53

61

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Dear Valued Policyholders,

Recapping 2011, our domestic equity performance mostly mirrored that of other markets in the Asia-Pacific region. It was a very volatile year for the stock market, driven largely by global stock markets collapses, caused by external factors such as the political unrest in the Middle East and North Africa (MENA) region, natural disasters in Japan that hit global supply chains, the downgrade of US credit rating by Standard & Poor’s (S&P), worsening euro-debt crisis, as well as mounting evidence of slowing growth in many economies.

Our economy continued to expand in 2011, albeit at a slower rate compared to the previous year, registering a growth of 5.1 %, down from 7.2 % in 2010. The country’s economy continued to depend on domestic demand to drive GDP growth against a backdrop of bleak economic developments overseas. Public sector consumption grew significantly in the second half of the year to keep 2011’s real GDP growth above the 5 % level.

Given the volatile market the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) only managed to stamp a total of 0.78% in 2011.

For the financial year ended 31 March 2012 (FY2012), the total fund size in our portfolio is RM226.48 million, of which, our open ended funds contributed a substantial growth of 34.2% to RM78.27 million compared to the previous year.

Our best performing investment-linked fund was AmAssurance Bond Fund, which registered a growth of 5.9%. Meanwhile the best performing fund since inception is AmAssurance Balanced Fund, growing by 62.3%. During the year another new fund was launched, AmAssurance Dividend Fund with a 3.7% growth since the inception of the fund and performed well above the FBM KLCI benchmark.

In line with our efforts to further raise our commitment to customer centricity, we have redefined our company’s vision which is “To be the Preferred Life Insurer Trusted by all Stakeholders”. Therefore, we promise to always continue providing prudent investment approaches and innovative ideas to meet your changing needs and desired financial goals with the help of our professionally trained investment management team.

We thank you for the trust and confidence you have placed in us and we look forward to continuing this mutually rewarding relationship in the years to come.

Tan Sri Azman HashimChairmanAmBank Group

CHAIRMAN’S MESSAGE

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ABOUT AmLIFE INSURANCE BERHAD

AmLife Insurance Berhad (AmLife) is a strong partnership between AmBank Group and Friends Life Group, a leading UK life and pensions company. AmLife’s business is generated from a comprehensive range of life insurance and wealth protection solutions distributed through a combination of over 200 AmBank and AmAssurance branded branch offices, in addition to the strength of its authorised life insurance agents nationwide.

Friends Life can trace its history back to 1810 and is owned by the Resolution Group which is listed on the FTSE100 index of leading UK companies. Friends Life Group employs around 6,000 people and takes care of the financial needs of more than 5 million customers worldwide with over £111 billion of funds under management.

Over the years, AmLife has bagged many prestigious awards such as the Superior Company in the Business of the Year Awards 2007, Asia Pacific Outstanding Entrepreneurship Awards 2008 and Most Prominent Company in Malaysia Independence Award 2009.

COMPANY PROFILE

INVESTMENT-LINKED FUNDS OBJECTIVE

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AmAssurance Equity FundThe 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.

AmAssurance Bond FundThe 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.


AmAssurance Balanced FundThe 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.


AmAssurance Dana Teguh FundThe 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 Syariah-compliant Malaysian equities and/or equity-related securities and fixed income securities.


AmAssurance Dividend FundThe Fund seeks 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.


AmAssurance AmOasis Islamic Equity FundThe 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.


AmAssurance Global Emerging Market FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in:

1) AmGlobal Emerging Market Opportunities Fund (Unit Trust – AmInvestment Management Sdn Bhd)

2) Equity exposure into counters listed in Bursa Malaysia.

AmAssurance Global Agribusiness FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmGlobal Agribusiness Fund (Unit Trust - AmInvestment Management Sdn Bhd), 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.

AmAssurance Precious Metals FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmPrecious Metals Fund (Unit Trust – AmInvestment Management Sdn Bhd), 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.

AmAssurance AmAsia Recovery Capital Guaranteed Fund The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.

AmAssurance AmCurrency Income Capital Guaranteed FundThe Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.

AmAssurance AmCurrency Income II Capital Guaranteed FundThe Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.

AmAssurance AmCommodity Stable Capital Guaranteed FundThe Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.

INVESTMENT-LINKED FUNDS OBJECTIVE

MARKET REVIEW

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AmAssurance Equity Fund, Balanced Fund, Dana Teguh Fund, Dividend Fund Market Review

2011 was a very volatile year for the local stock market. After registering a modest gain in the first half, local indices came under strong selling pressure, plunging by 10% in 3Q11, before bouncing back in the fourth quarter. All this was on the back of global stock markets collapses, caused by external factors such as the political unrest in the Middle East and North Africa (MENA region), natural disasters in Japan that hit global supply chains, the downgrade of US credit rating by Standard & Poor (S&P), worsening euro-debt crisis, as well as mounting evidence of slowing growth in many economies.

Locally, investors had already started turning cautious ahead of the Sarawak election, which was held on 16 April, given the uncertain election outcome. Subsequently, the euro-debt crisis came back in full swing, alongside weak US job data and BNM raising its overnight policy rate and statutory reserve requirement ratio, which caused the market to correct. The KLCI and FBM Hijrah retraced to 1,515.50 and 10,504.30, respectively, on 6 May, 2011. Following the retracement, the local indices were on a mild uptrend from 6 May to reach a high of 1594.74 and 11,113.3, respectively, on 8 July.

Subsequently however, the local benchmark indices nose-dived. This was in tandem with the performance of global equities, which were challenged on account of rising concerns on the affairs of global economies, as well as debt crisis in the US and Europe. In the US, unconvincing deal to raise the debt ceiling a day before a threatened default triggered a downgrade in US sovereign credit rating by S&P. Dow Jones Industrial Index suffered its worst daily point drop since 2008 financial crisis. This, coupled with worsening euro-debt crisis sent global equities to fall drastically. The KLCI plunged to a low of 1,364.2 on 27 September.

Thereafter, the KLCI staged a turnaround on optimism that Europe will find a solution for its debt crisis. Sentiment improved each time European leaders came out with positive comments to resolve the crisis, as much as it waned when they failed to deliver lasting relief to the crisis. As a result, global equities and the local bourse were on a general uptrend, and the KLCI and FBM Hijrah recovered to a high of 1,489.64 and 10,582.1 on 9 November, before one significant correction on 25 November, bringing the indices to lows of 1,431.55 and 10,266.7, respectively.

In January 2012, the market was back in correction mode, before improving in February on account of better US economic data and on sustained rally in the US equity markets. US housing market showed sign of bottoming, number of new jobs increased, unemployment rate fell and January retail sales number turned out to be better than expected. These positive developments outweighed lingering concerns in the Eurozone with the European Central Bank providing temporary relief in the interbank lending crisis by injecting 489billion Euro of 3-year loans into 523 European banks.

The KLCI set a new high of 1,589.91 on 6 March before experiencing a wave of profit taking activities. It however ended the FY12 lower at 1,582.98 towards the end of FY12, under-performing most of its regional peers which offered more attractive valuations. Overall, the KLCI gave a 3.4% performance for the one-year period ending 31st March 2012, whilst the FBM Hijrah performed by 6.4% over the same period.

(By AmLife Insurance Berhad)

AmAssurance Bond Fund Market Review

The year 2011, which is the year of the Golden Rabbit according to the Chinese Zodiac, was an eventful year for the global economy and financial markets. The Japan earthquake, tsunami and subsequent nuclear crisis resulted in another contraction in the Japanese economy at a time when the economic recovery from the 2008 financial crisis was still fragile. Thailand was then hit by major floods which severely disrupted economic activity in the affected areas and raised the risk of rising inflationary pressures as Thailand is the world’s largest rice exporter.

In the US, while policymakers clashed over how to address the anemic economic recovery, high unemployment level and the country’s ballooning budget deficit, rating agencies lowered its sovereign credit rating on the US in an unprecedented move. However, the US sovereign debts retained its status as the most liquid asset class despite the rating downgrade and are still considered safe haven instruments in the event of intensifying risk aversion. According to sovereign bonds indices tracked by Bloomberg, US Treasuries returned 9.0% to investors thus far in CY2011.

MARKET REVIEW

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In the domestic scene Malaysian Government Securities (MGS) had a strong performance for 2011 despite inflation and over-supply concerns. The bullish MGS market was mainly driven by heightened global uncertainties as well as the outlook of weakening global economic growth ahead due to the uncertainties surrounding the Eurozone economic and financial crisis.

Weak sentiment surrounded the MGS market at the start of the year due to supply concerns. Market players were generally spooked with the expected spike in government funding needs from RM58 billion in 2010 to RM90 billion in 2011. In addition, sustained inflationary pressure had weighed on the MGS market as concerns that rising inflation might prompt an earlier-than-expected monetary tightening by the Bank Negara Malaysia (BNM). BNM reacted by hiking the Overnight Policy Rate (OPR) by 25 basis points from 2.75% to 3.00% on 5 May 2011 MPC meeting. Subsequently, for the remainder of 2011, BNM maintained the OPR at 3.00% while raising the bank statutory reserve requirement (SRR) by a cumulative of 300 bps to 4% in 2011 as pre-emptive measures to manage potential buildup in domestic liquidity from large and volatile capital flows.

Towards the second half of 2011, market sentiment turned around on the back of increased downside risk to global and domestic growth prospects as well as high volatilities in international financial markets on escalating European sovereign debt crisis and Standard & Poor’s downgrade of US sovereign credit rating, a historically unprecedented move. Concerns over the more challenging external global environments that could negatively affect the domestic economy prompted demand for MGS. Foreign holding of MGS further pushed prices up, with foreign holding reaching RM96.6 billion or 34.8% of outstanding MGS towards the end of 2011.


AmAssurance AmOasis Islamic Equity Fund Market Review (Feeder Fund: AmOasis Global Islamic Equity Fund)

Equity markets have had a rather dismal performance during 2011, with most of them ending the year in red. Risk aversion was high with funds moving into relatively low risk assets which has been reflected in the relative outperformance of developed versus developing markets. However, while markets have had a turbulent year, corporate profits and balance sheets have remained robust. High quality large-cap companies have continued to deliver superior profitability on the back of their diverse geographic exposure, their market leadership positions along with strong balance sheets and robust cash flows which have allowed them to enhance earnings through share buybacks. Given the uncertain macro environment, these high quality companies are currently trading at a significant discount to their own long-term averages as well as relative to smaller peers, providing us with an excellent opportunity to buy into high quality names at relatively cheap valuations. Two key advantages larger unleveraged companies have over their smaller peers is the ability to pass on cost-price inflation due to their market leading positions and secondly, the ability to raise debt at significantly lower rates compared to their leveraged peers. We feel these abilities are likely to bode well for protection of shareholder wealth during inflationary times while allowing these companies to grow relatively easier compared to smaller leveraged peers. Our portfolios’ valuations reflect this investment theme of buying into such high quality companies (higher ROE) which offer substantial value relative to the market (cheaper valuations compared to the market) while taking on relatively lower risk (lower beta for our portfolios).

With market volatility expected to remain high in 2012, we have also positioned our portfolios to ensure downside protection. We have a high exposure to communication and healthcare stocks - the inelastic nature of demand for these services and their high dividend yields make them ideal picks during a tough economic environment. The consistent application of our investment philosophy where we have always opted for high quality companies which offer growth while taking on relatively low risk is reflected in our portfolios’ historic track record. Our global equity fund reflects higher Sharpe and Sortino ratios compared to our average peers; indicating superior returns at relatively lower volatility. We believe our portfolios are well positioned to benefit from the growth in developing markets while still prioritizing capital preservation during tough economic conditions. In the current environment, without any further stimulus from the government, smaller leveraged companies are likely to struggle to grow their businesses as funding becomes more difficult and costly. In contrast, high quality large-cap unleveraged companies have the opportunity to capitalize on their cash flush balance sheets to grow their businesses. We feel that as investors shift focus towards higher quality assets, the relatively high quality and cheap valuations of our portfolio should result in outperformance against our benchmarks and real wealth creation over the long-term.

(By AmInvestment Services Berhad)

MARKET REVIEW

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MARKET REVIEW

AmAssurance Global Emerging Market Fund Market Review (Feeder Fund: AmGlobal Emerging Market Opportunities Fund)

Global equity markets declined over the period, reflecting a deterioration of the Eurozone sovereign debt crisis, uncertainty over fiscal policy and growth in the US, and increased concerns over the prospects for a hard landing in China. At the start of the period, global equities were supported by easing concerns of a double-dip recession in the US and hopes that the debt problems in the Eurozone would be contained. However, in the summer of 2011, uncertainty about US fiscal policy began to weigh on sentiment and in early August 2011 Standard & Poor’s downgraded the United States’ sovereign credit rating to AA+ from AAA, marking the first time in history that the US has not held the highest rating. This sparked a period of significant equity market volatility as investors de-risked portfolios. Global equities remained under pressure for the remainder of 2011 as fears over EU sovereign debt started to spread from the periphery to core countries such as Italy, raising concerns of a disorderly resolution to the crisis. However, emerging markets rallied strongly at the beginning of 2012 as global equities moved to a ‘risk on’ stance, driven by some encouraging US data releases and the ECB’s Long Term Refinancing Operation, which helped to ease the funding pressures faced by the European banking sector. Nonetheless, the MSCI Emerging Markets underperformed the MSCI World index over the year, reflecting the heavy sell-off in emerging market equities in the second half of 2011.

At the start of the period, our core markets were China, Korea, Russia, Turkey, Thailand and Hungary. Turkey was removed from our list of core markets in early August 2011, reflecting attractive valuations but poor earnings growth and concerns over the country’s large current account deficit. We also had concerns over the central bank’s unorthodox monetary policy, with the central bank cutting benchmark interest rates in August despite a robust domestic growth environment and clear signs of inflationary pressure. Hungary was removed from the core list in early September 2011, reflecting Eurozone and sovereign debt concerns, and in particular Hungary’s reliance on exports to the EU to drive GDP growth. Egypt was added to the core list in early October 2011, reflecting cheap valuations, although the market remains subject to a degree of domestic policy and political uncertainty.

All of the core markets except Thailand declined over the year to 31 March 2012, reflecting the broader sell-off in emerging markets over the period.

The Thai equity market produced a strongly positive performance over the year, reflecting the ASEAN region’s perceived relative lack of sensitivity to the sovereign debt problems in the Eurozone. Political risks also eased as the Puea Thai (PT) party won the general election in July 2011. Macro data releases in early 2012 were very weak due to the adverse impact of the heavy flooding seen in the latter part of 2011, but the longer-term impact on the economy is expected to be mitigated by an increase in government infrastructure spending.

The Egyptian market, which was added to the core list in October, sold off heavily in the first nine months of the review period as the collapse of the Mubarak regime in March 2011 and the subsequent policy vacuum weighed on sentiment, while the closure of the local bourse for most of March 2011 led to fears that MSCI could remove Egypt from the MSCI Emerging Markets index. However, returns from the Egyptian markets over the last three months of the review period were very strong, as political risks eased following January 2012’s parliamentary elections, which were completed in a largely peaceful fashion, while the prospect of IMF assistance helped to reduce broader macroeconomic and currency concerns. Nonetheless, fears over the depletion of Egypt’s international reserves and the associated risk of currency devaluation provided a headwind for the market over the period as a whole.

The Korean market declined but performed better than broader emerging markets over the year, with market sentiment boosted by expectations that Korean manufacturers would take market share from Japanese competitors affected by March 2011’s earthquake and tsunami. At the stock level, there were strong performances from some of the large-cap electronics names, which benefited from market share gains. Turning to policy, the Korean central bank halted the process of interest rate normalization amid concerns over slower global growth. However, the equity market suffered from some volatility in December 2011 following the death of North Korean leader Kim Jong-il and the associated increased risk of regional political instability.

The remaining core markets suffered a heavy sell-off over the period, largely reflecting the ‘risk off’ environment that dominated global equity markets from August until the end of 2011. Chinese equities declined as the market was hit by fears of a ‘hard landing’ following the large credit expansion after the implementation of stimulus in 2008/2009. In response, the authorities marginally reduced reserve requirements in late 2011, having raised benchmark interest rates earlier in 2011 due to inflation concerns. More broadly, the Chinese market was hit by concerns that the switch to a domestic-driven growth model could see China fall into the middle-income country trap.

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MARKET REVIEW

The Turkish equity market declined, largely reflecting weakness in the lira (the market produced a broadly flat return in local currency terms). Concerns over the financing of the large current account deficit and unorthodox monetary policy from the central bank (and in particular the implementation of an interest rate corridor) also provided headwinds for the market.

The Russian market declined, reflecting its higher-beta nature and a sell-off towards the end of 2011 after the alleged rigging of parliamentary elections resulted in widespread political unrest. Weakness in the rouble also provided a drag on returns. In other developments, Vladimir Putin won March’s presidential election, prompting further protests against the regime.

The Hungarian market fell heavily, reflecting the economy’s reliance on exports to the EU to drive growth. Local currency weakness and the prevalence of Swiss franc loans in the consumer sector also provided headwinds. More recently, sentiment has benefited from expectations that Hungary is likely to agree on a standby facility with the IMF.


AmAssurance Global Agribusiness Fund Market Review(Feeder Fund: AmGlobal Agribusiness Fund)

The AmAssurance Global Agribusiness Fund returned -5.92% (in MYR) compared to the MSCI World Index return of -0.57% (in MYR) for the year ended 31st of March 2012. The Global Agribusiness strategy had a tough time over the reporting period. The AmAssurance Global Agribusiness Fund performed broadly in line with global shares until August 2011 when investors became very concerned by the debt situation in Europe, with particular concern over Greece. The consensus view shifted to one where investors believed that the world would enter a major downturn or even depression in 2012. In this situation, as in 2008, commodity and energy stocks were sold down substantially as investors tried to escape companies that they believed would be impacted by slower global growth. However there is no correlation between global growth and demand for food. Food consumption has risen relentlessly for the last fifty years and is likely to continue to do so As a consequence, Agribusiness shares were sold down to bargain levels last seen in 2008 -09. Fortunately markets rebounded somewhat from the low in September and although agribusiness share also rose, they were unable to close the gap with the broader market by the end of March 2012.


AmAssurance Precious Metals Fund Market Review(Feeder Fund: AmPrecious Metals Fund)

Over the last year, gold and precious metal equities showed a disappointing performance in light of a strong gold price. Physical gold bullion was up 16.48%, whereas silver and platinum declined by 14.32% and 7.3%. The AmAssurance Precious Metals was also down during this period (Source: Bloomberg).

Several factors contributed to the negative performance of equities relative to the precious metals itself :• Healthy investment demand for Gold ETFs: Total 2011 GFMS estimated demand was 4,436 tonnes

(+2% yoy). Jewellery buying in 2011 declined by 38 tonnes (-1.7%) to 1,979 tonnes. Bar hoarding contributed 1,194 tonnes to the 2011 increase in overall demand, up 36% to a record high. Central bank buying in 2011 increased by an impressive 458% to 430 tonnes driven by a worsening debt problem in Europe and the first ever US credit downgrade. Net investment slumped 92% to 41 tonnes.

• Development/operationalissuesoftheindustry:aslewofdisappointingeventsatbothdevelopmentprojects (legislation, change in the tax regime, permits) and mining operations (decline in production due to lower head grades, bad weather, equipment failure, etc.)

• Costinflation:pressurefromsteelandenergy,increasinglaborcosts,loweroregradesminedandrisingroyalty costs as well as lower by-product credits have lead to a rise in cash costs from 500 USD/oz. in Q1 of 2011 to above 610 USD/oz. a year later.


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MARKET REVIEW

AmAssurance AmAsia Recovery CGF Performance and Market Review

Performance of Coppock Basket

Performance Statistics

Annualized Return**

Annualized Volatility**

Sharpe Ratio**

Jul’09 - Mar’10

2.29%

6.49%

0.35

Apr’10 - Mar’11

5.16%

6.72%

0.77

Apr’11 - Mar’12

-4.53%

6.67%

(0.68)

Jul’09 - Mar’12

0.52%

6.63%

0.11%

Performance of CoppockBasket from Jul 2009 to Mar 2012

110

105

100

95

90

Perf

orm

ance

(%)

Month

Jul-0

9

Oct

-09

Jan-

10

Ap

r-10

Jul-1

0

Oct

-10

Jan-

11

Ap

r-11

Jul-1

1

Oct

-11

Jan-

12

Jul 2009 to Mar 2010 Apr 2011 to Mar 2012

Apr 2010 to Mar 2011

105

101

99

97

95

Perf

orm

ance

(%)

103

Jul-0

9

Sep

-09

Nov

-09

Jan-

10

Note: **DCC: A/360 AnnualizationFactor: 250

Mar

-10

102

98

94

90

Perf

orm

ance

(%)

Ap

r-11

Jun-

11

Aug

-11

Dec

-11

Oct

-11

Feb

-12

107

103

99

95

Perf

orm

ance

(%)

Ap

r-10

Jun-

10

Aug

-10

Dec

-10

Oct

-10

Feb

-11

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MARKET REVIEW

Coppock

• Postfinancialcrisis,theCoppockBasketindexrosetoabout3%.ThisoccursduringtheperiodbetweenJul’09 and Mar’10 .

• The Coppock Basket index also rose to about 5% during the period April 10 to Mar 11,as Asianeconomies were rebounding – led by trade and investment and growth driven both by intra-region demand and revival in the US consumption.

• As the Greek sovereign crisis hit the market, the risk appetite decreased and the Coppock Basketindex fell to about 3% during the period between Aril 2011 to end of March 2012.

• The capped volatility mechanism of the index kept the Coppock Index returns subdued duringthe periods of rapid rise during 2009-10, but also helped in keeping the index losses lower during the 2011-2012 period after the Greek sovereign crisis.

Performance of Coppock Basket

Inception

Jul 09

Aug 09

Sep 09

Oct 09

Nov 09

Dec 09

Jan 10

Feb 10

Mar 10

Apr 10

May 10

Jun 10

Jul 10

Aug 10

Sep 10

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

Month Month Month

0.42%

-1.67%

2.12%

-0.64%

0.84%

1.52%

-2.62%

-0.48%

2.31%

0.70%

-3.84%

0.74%

1.37%

-0.69%

4.43%

1.23%

-0.94%

2.27%

-0.54%

-1.85%

2.47%

1.44%

-0.86%

-0.82%

0.13%

-5.24%

-1.65%

1.09%

-1.68%

0.02%

2.19%

1.38%

-1.15%

MonthlyPerformance

(over last month)

MonthlyPerformance

(over last month)

MonthlyPerformance

(over last month)

* As end of each month.

(By JP Morgan)

Month-on-Month Performance of Coppock Basket from Trade Inception to March 2012*

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MARKET REVIEW

AmAssurance AmCurrency Income and AmCurrency Income II CGF Performance and Market Review

AmCurrency 1 Income Index rose 1.18% to 5.20% in April 2011. Throughout the month, the strategy remained in a long carry position. The Index was up by 3.7% over the month due to positive contribution from the long currencies; NZD (New Zealand Dollar), AUD (Australian Dollar) and NOK (Norwegian Krone) appreciated 6.4%, 6.2% and 5.5% respectively against USD (US Dollar). Earlier in the month, the Fed signaled that its QE2 programmed would end as scheduled and this inaction, when contrasted with those of other central banks, spurred broader based dollar weakness. Meanwhile CHF (Swiss Franc) strengthened against USD as Switzerland’s economic conditions remain one of the strongest within the G10.

AmCurrency 1 Income Index fell 1.28% to 4.65% in May 2011. The strategy remained long carry in May 2011. The Index was down by 1.28% over the month due to the negative contribution from AUD, NOK and CHF which performed by -0.7%, -0.7% and -0.8% respectively. With the RBA keeping its policy rate unchanged, the AUD tumbled with the broader risk-off moves, while NOK suffered due to liquidity concerns. CHF meanwhile saw new highs on the back of continuing Eurozone worries and problems with the US and Japan. NZD strengthened which many investors found surprising given the continued uncertainty surrounding the Christchurch earthquake earlier in the year.

The strategy remained long carry in June 2011. The Index was up by 0.03% over the month due to the positive contribution from the long positions. Despite the softer risk environment, AUD and NZD remained well supported, with the New Zealand dollar performing particularly well. CHF was challenged as the turmoil in the currency union which surrounds the franc zone continued to pummel EURCHF, however remarkable comeback in all CHF-pairs were seen in final few trading sessions. Meanwhile, June was the calmest month for the yen this year as USDJPY traded in a timid 200-pip range and the dollar ended June on a soft note.

The Index lost 4.42% in the month of July. The strategy changed its position twice in the month, to short carry on 13th July and flipped back to long carry on 20th July. Dollar struggled throughout as almost all major currencies appreciated against USD. CHF appreciated by 7% against USD during the month as ongoing concerns about the Eurozone periphery, global growth conditions, and lack of progress on the US debt ceiling increased demand for the franc in July. NZD appreciated by 6% during the month as the NZD also benefitted from the dollar weakness seen in July and kiwi continues to push on to record highs. On 2nd August, strategy flipped short carry. While the outlook for JPY and CHF is to come off highs experienced in early August, expected appreciation of USD against AUD, NZD and NOK is likely to minimize any underperformance of the strategy.

The Index lost 3.45% in the month of August. The strategy changed its position four times in the month and ended the month with a long carry position. August saw the most serious volatility and broad-based risk aversion since the height of the financial crisis. CHF was the major contributor to the negative performance of Index as it depreciated by 2.5% during the month. Risk aversion attributed to concerns over the European banking sector led to a wave of early selling in EURCHF. The cross almost touched parity, leading to the SNB to launch massive countermeasures in money-markets to bring down the ‘massively overvalued’ franc. The Japanese authorities intervened as USDJPY started to slide towards 75 – in what was probably the largest single-day intervention by an individual central bank on record. Despite an unfavourable risk environment, the NOK currencies performed well in August outperforming other risk currencies. The AUD and NZD also depreciated 2.6% and 2.9% respectively during the month.

The AmCurrency Income 1 Index had an early Unwind Event on 23 Sept 2011 in which the AmCurrency Income 1Index was below the 1% level.

The AmCurrency Income II Index remained long carry in June 2011. The Index was up by 0.03% over the month due to the positive contribution from the long positions. Despite the softer risk environment, AUD (Australian Dollar) and NZD (New Zealand Dollar) remained well supported, with the New Zealand dollar performing particularly well. CHF (Swiss Franc) was challenged as the turmoil in the currency union which surrounds the franc zone continued to pummel EURCHF, however remarkable comeback in all CHF-pairs were seen in final few trading sessions. Meanwhile, June was the calmest month for the yen this year as USDJPY traded in a timid 200-pip range and the dollar ended June on the soft note. The Index lost 4.42% in the month of July. The strategy changed its position twice in the month, to short carry on 13th July and flipped back to long carry on 20th July.

15


MARKET REVIEW

Dollar struggled throughout as almost all major currencies appreciated against USD. CHF appreciated by 7% against USD during the month as ongoing concerns about the Eurozone periphery, global growth conditions, and lack of progress on the US debt ceiling increased demand for the franc in July. NZD appreciated by 6% during the month as the NZD also benefitted from the dollar weakness seen in July and kiwi continues to push on to record highs. On 2nd August, V10 flipped short carry. While the outlook for JPY (Japanese Yen) and CHF is to come off highs experienced in early August, expected appreciation of USD against AUD, NZD and NOK (Norwegian Kroner) is likely to minimize any underperformance of the strategy.

The Index lost 9.85% in the month of September as the market volatility of August continued throughout September with risk assets suffering significant declines. The strategy changed carry position three times in the month and is currently in a short carry position. The strategy also saw a change in the composition of the high yielding currencies with SEK replacing NOK.

Strategy started the month in long carry position, switching into a short carry position on 5th as risk aversion and flight to safety led FX volatility higher. SNB intervened announced a floor of 1.2 on EURCHF on the 6th which hurt the strategy due to its short carry position. The remaining of the month has seen elevated levels of volatility with markets seeing multiple risk on and risk off moves.

CHF was the major contributor to the negative performance of Index followed by NZD which was downgraded by Fitch and S&P, who cited an inability to structurally change its net debt position while data generally disappointed to the downside.

The AmCurrency Income II Index had an early Unwind Event on 27 October 2011 in which the AmCurrency Income Index was below the 1% level.

Among the key events that had affected the performance of the AmCurrency & II Indices are:

US Credit Rating Downgrade - S&P downgraded US credit rating from AAA to AA+ in the beginning of the month resulting in increased risk aversion and volatility in the market.

European sovereign debt concerns – Though more announcements and bail outs for Greece have been announced Italy has now entered the focus of investors who are concerned about the feasibility of a monetary union without a fiscal union.

Global Slowdown - Concerns around global slowdown of recovery and potential double dip recession increased as the month saw a series of soft data points including Philadelphia Fed Index, NFP and Eurozone GDP numbers.

Interventions by Swiss National Bank (SNB) and Bank of Japan (BoJ) – BoJ came in with what was one of the biggest interventions by a central bank on its own to arrest strengthening of JPY while SNB exhausted its money market measures before eventually announcing a target floor of 1.20 for EURCHF.

16


MARKET REVIEW

AmCurrency Income Index Performance

Aug

-10

Nov

-10

Feb

-11

May

-11

Aug

-11

Nov

-11

Feb

-12

7.00%

6.00%

4.00%

2.00%

1.00%

0.00%

Perf

orm

ance

(%)

5.00%

3.00%

Month

AmCurrency Income II Index Performance

Mar

-11

May

-11

Aug

-11

Oct

-11

Dec

-11

Feb

-12

Mar

-12

7.00%

6.00%

4.00%

2.00%

1.00%

0.00%

Perf

orm

ance

(%)

5.00%

3.00%

Ap

r-11

Jul-1

1

Sep

-11

Nov

-11

Jan-

12

Month

(Source: Bloomberg)

(Source: Bloomberg)

(By AmBank (M) Berhad and Bloomberg)

17


MARKET REVIEW

AmAssurance AmCommodity Stable CGF Market Review

In April 2011 the Dow Jones-UBS Commodity Excess Return Index increased 3.46% to 175.42. The MLCX Enhanced Benchmark A10 Excess Return Index increased 3.68% to 339.42. MLCX AmBank Commodity Alpha index on the other hand increased 0.22% to 1.90 in April 2011. Arab crude oil-producing countries will only add half of the 4 million barrels a day in refining capacity projects they announced over the past five years according to the secretary- general of the Organization for Arab Petroleum Exporting Countries.

Gold approached $1,570 an ounce, extending a rally to a record, on bets that the dollar will extend a slump, enhancing the allure of the metal as a store of value. Silver posted for the biggest monthly gain in 28 years. Cash premiums for soybeans and corn shipped in May to terminals near New Orleans rose relative to Chicago futures as shipping delays and reduced farmer sales tightened supplies. Cotton jumped by the exchange limit on renewed concern that dry weather in U.S., the world’s biggest exporter, may crimp output and as a weaker dollar boosted demand for commodities.

The Dow Jones-UBS Commodity Excess Return Index fell 5.06% to 166.54 in May. The MLCX Enhanced Benchmark A10 Excess Return Index fell 4.77% to 323.23. MLCX AmBank Commodity Alpha index on the other hand increased 0.30% to 173.72 .Gold futures rose as the dollar’s decline and Europe’s debt woes spurred demand for an alternative investment. Gasoline also rose as the dollar weakened and on speculation that demand rose before the Memorial Day holiday in the U.S., the traditional kickoff of the driving season.

Wheat futures fell the most in about three weeks as Russia pledged to resume exports after July 1, easing concern that supplies would tighten in coming weeks. Corn was little changed, and soybeans advanced. Cocoa rose on concern that stockpiled beans in Ivory Coast, the world’s largest grower, may have deteriorated during a civil war that disrupted exports. Sugar and cocoa also advanced.

Crude oil dropped as signs of slowing manufacturing growth in China and Europe increased speculation fuel demand may falter. China’s Purchasing Managers’ Index fell to the lowest level since February 2009 and a gauge in the 17-nation euro area slipped to an 18-month low. The euro-area recovery is cooling as European leaders struggle to contain the Greek debt crisis. Crude oil dropped 7.09% to $95.42 and Copper rose 2.30% to $9,414.00 this month. Aluminium declined 5.97% to $2,503.25. Lead increased 5.31% to $2,671.00. Zinc rose 4.24% to $2,342.00. Tin dropped 6.84% to $25,975.00. Nickel dropped 0.81% to $23,395.00.

The Dow Jones-UBS Commodity Excess Return Index dropped 5.05% to 158.1349 in June. The MLCX Enhanced Benchmark A10 Excess Return Index dropped 4.88% to 307.4583.MLCX AmBank Commodity Alpha index on the other hand increased 0.17% to 174.0171.

Egypt made two natural-gas discoveries in the Nile River Delta and Mediterranean Sea, boosting its reserves by 194 billion cubic feet of gas and 2 million barrels of condensates, the Oil Ministry said. Ethanol futures fell the most in almost a month as corn declined and Congress remained divided over plans to increase the national debt limit. Sugar fell on signs U.S. growth is slowing, adding to concern that commodity demand will ease as the federal government inches closer to default. Cocoa was unchanged, and coffee gained. Gold futures rose to a record on demand for an investment haven amid mounting concerns on the U.S. debt impasse and signs of a faltering economy. U.S. lawmakers are offering rival plans to avert a default as the Aug. 2 deadline for raising the $14.3 trillion debt limit nears. The Dow Jones-UBS Commodity Excess Return Index rose 2.96%% in July to 162.81. The MLCX Enhanced Benchmark A10 Excess Return Index rose 3.07% to 316.90.MLCX AmBank Commodity Alpha index increased 0.09% to 174.

The Organization of Petroleum Exporting Countries’ (OPEC) crude output in August rose to the highest level since December 2008, led by Saudi Arabia, a Bloomberg News survey showed. Gasoline extended gains after the Energy Department reported stockpiles fell more than forecast in the last week of August. Corn fell for the first time in five sessions and wheat dropped on speculation that demand will slow for grain used in animal feed, fuel and food after prices rose last week. Soybeans gained. Sugar rose for the first time in three days on signs that global demand is climbing at a time when output may be limited in Brazil, the world’s biggest producer. Coffee and cocoa also advanced. Gold headed for biggest monthly gain in 22 months, as investors weighed a rally in global equities with the prospect of the Federal Reserve taking more action to spur the economy. Copper climbed after data on U.S. factory orders and business activity bolstered confidence in the economy. The Dow Jones-UBS Commodity Excess Return Index rose 0.99% to 164.43. The MLCX Enhanced Benchmark A10 Excess Return Index rose 1.19% to 320.66.MLCX AmBank Commodity Alpha index increased 0.19% to 174.51 in August 2011.

18


MARKET REVIEW

Commodities declined, heading for the biggest quarterly drop since the end of 2008, as bearish data on economies in Europe and China added to concerns that the world will tilt into another recession. Oil fell as signs of slowing growth in China, the U.S. and Germany heightened concerns that fuel demand will suffer. Silver and copper led the monthly commodity declines. Copper fell on speculation demand for the metal from China, the biggest buyer, will slow after manufacturing declined. Sugar headed for a third straight quarter of losses on signs that supplies will remain ample as the global economic slowdown reduces consumption. Soybeans also declined. Corn plunged, heading for a record monthly decline, after a government report showed larger U.S. inventories than forecast, signaling reduced demand for the grain used in animal feed and ethanol. Cotton futures fell, capping a second straight quarterly slump, on concern that the European debt crisis will hinder the global economy, eroding demand for textiles and clothing. Orange juice also dropped. The Dow Jones-UBS Commodity Excess Return Index fell 14.74% this month to 140.20. The MLCX Enhanced Benchmark A10 Excess Return Index fell 14.57% this month to 273.93. MLCX AmBank Commodity Alpha index increased 0.16% to 174.80 in Sept 2011.

Oil production in October by the Organization of Petroleum Exporting Countries rose to the highest level in almost three years as gains in Libya and Angola outpaced a Saudi cut, a Bloomberg News survey showed. Gasoline fell as the dollar surged amid concern that European governments will struggle to find financial support for a plan to resolve the region’s debt crisis. Corn fell the most this month and soybeans dropped to the lowest price in almost three weeks as a rally in the dollar eroded prospects for U.S. exports and reduced the investment appeal of commodities. Coffee fell in New York on renewed concern that Europe will fail to contain the region’s debt crisis and as the dollar rallied, eroding the appeal of commodities. Sugar and cocoa also declined. Raw-sugar futures fell for the third time in four days on speculation that a deal to trim Greece’s sovereign debt will fail to end Europe’s financial crisis, slowing the economy and demand for commodities. Cotton futures fell, ending the longest rally in seven months, as demand from textile mills eased. Orange juice advanced. The Dow Jones-UBS Commodity Excess Return Index rose 6.62% to 149.48. The MLCX Enhanced Benchmark A10 Excess Return Index rose 6.52% to 291.78. MLCX AmBank Commodity Alpha index fell 0.10% to 174.62 in October 2011.

Commodities rose to the highest in almost two weeks after the Federal Reserve cut the cost of emergency funding for banks in Europe as part of a global effort to stem the region’s sovereign-debt crisis. The Fed’s move was coordinated with the European Central Bank and central banks in Canada, England, Japan and Switzerland. Separately, China cut the amount of cash that banks must set aside as reserves for the first time since 2008.

Cotton gained the most in two weeks as demand rebounded for supplies, from the U.S., the world’s leading exporter, after prices slumped to a 14-month low. Orange juice declined. Corn and soybeans rose as dry weather threatens crops in South America and improved confidence in the U.S. economy bolsters prospects for commodity demand.

Oil fell from the highest in two weeks in New York after Standard & Poor’s cut credit ratings on some of the world’s biggest lenders, and amid signs of rising crude supplies in the U.S.

The Dow Jones-UBS Commodity Excess Return Index fell 3.13% to 146.1596. The MLCX Enhanced Benchmark A10 Excess Return Index fell 2.96% to 285.8352. MLCX AmBank Commodity Alpha index rose 0.16% to 174.9336 in November 2011.

December, spurring concern that demand from the world’s second-largest crude-consuming country may slow. Heating oil and gasoline advanced, adding to their third consecutive yearly gains, on speculation gasoline imports will drop and demand for U.S. diesel exports will rise when three refineries in Europe shut in January. Gold rose the most this month, capping an 11th straight annual advance, on speculation that demand will climb from jewelers and investors. Copper rose the most in two weeks, paring the first annual decline since 2008, on bets that U.S. growth will buoy metals demand as the economy slows in China.

Corn rose, capping a third straight annual gain, and soybeans climbed on concern that bad weather will cause irreversible damage o Argentina’s crops. Raw sugar dropped as expanding production in Asia and Europe more than offset a drop in output in Brazil, the world’s leading cane grower.

The Dow Jones-UBS Commodity Excess Return Index fell 3.75 to 140.6802. The MLCX Enhanced Benchmark A10 Excess Return Index fell 3.56% to 275.6474. MLCX AmBank Commodity Alpha index rose 0.18% to 175.2567 in December 2011.

19


MARKET REVIEW

Oil gained as investors speculated that fuel demand will climb after industrial output rose more than forecast in Japan, the third-biggest crude consumer. Gold rallied to the most expensive in almost eight weeks, extending its best January performance since 2008.Silver was set for its strongest start to the year since 1983 and platinum jumped to a two-and-a half month high. Copper rallied, extending the first monthly gain since October, after Greece’s Prime Minister said major progress was made in debt talks. Tin was set for its best month since at least 1992 outperforming other commodities.

Soybeans gained as a drop in the dollar increased the appeal of U.S. exports and on speculation buying by China, the biggest importer, may increase after the end of the Lunar New Year holiday. Corn and wheat advanced. Cotton rose the most in a week as signs of progress by European governments to ease their debt crisis bolstered prospects for global economic growth and demand for some commodities. Orange juice also gained.

The Dow Jones-UBS Commodity Excess Return Index rose 2.47% to 144.16. The MLCX Enhanced Benchmark A01 Excess Return Index rose 2.84% 283.48. MLCX AmBank Commodity Alpha index rose 0.37% to 175.91 in January 2012.

Commodities, led by oil, beat stocks, bonds and the dollar for the first time since July as the European Union prepared to embargo Iranian crude, the U.S. economy improved and China took steps to shore up growth. Oil traded near a two-day high in New York after the biggest monthly gain since October as speculation that global economic growth will boost fuel demand countered concern that rising supplies will limit price gains. Soybeans jumped 10 percent to a five-month high on the Chicago Board of Trade in February, the most since 2010, as U.S. export sales rose and the government forecast that inventories will slump 25 percent before the 2013 harvest. Sugar advanced 5.8 percent on ICE Futures U.S., the most since July, after drought cut supplies from Mexico. Nickel, coffee and cotton were the biggest losers on the GSCI, declining 7.7 percent, 5.5 percent and 3 percent, respectively. Corn climbed to a seven-week high as improving economic growth may boost demand for feed and fuel. Gold slumped the most in two weeks on expectations that the Federal Reserve will refrain from taking new action to bolster the economy. Copper gained after manufacturing in China climbed for a third straight month, signaling that demand may increase for the metal used in pipes and wires in the world’s biggest user.

The Dow Jones-UBS Commodity Excess Return Index rose 2.69% to 148.04. The MLCX Enhanced Benchmark A01 Excess Return Index rose 2.70% to 291.13. MLCX AmBank Commodity Alpha index rose 0.01% to 175.92 in February 2012.

Copper, set for the biggest quarterly gain since 2010, rose in London as equities and the euro climbed amid speculation European officials will increase funds for rescuing indebted nations. Gold, poised for a quarterly advance, may rise on a weaker dollar and speculation that a strike by jewelers in India might end. Silver headed for the first three-month gain in a year.

Oil advanced in New York, heading for a second quarterly gain, as investors speculated that sanctions on Iran will tighten and that yesterday’s decline, the biggest this year, was exaggerated. Soybeans rose, heading for the biggest quarterly advance in more than a year, on speculation that demand for U.S. exports will rise as production declines in South America. Raw-sugar futures rose, snapping a four session slide, on renewed concern that supplies may tighten as crops are delayed in Brazil, the world’s top grower. Cotton dropped, while orange juice advanced.

Therefore the performances of the indices since inception are:1. MLCX AmBank Commodity Alpha index – 3.73%2. MLCX Enhanced Benchmark A01 Excess Return Index – 0.09%3. Dow Jones-UBS Commodity Excess Return Index – (3.56)%

20


MARKET REVIEW

MoM Performance

Performance Since InceptionCommencement

30 Nov 10

28 Feb 11

31 May 11

31 Aug 11

30 Nov 11

29 Feb 12

31 Mar 12

169.9859

170.1251

172.8051

173.7244

174.5127

174.9336

175.9189

176.3321

275.6397

278.9337

320.7321

323.2295

320.6591

285.8352

291.1312

275.8993

145.1062

146.7299

166.1437

166.5416

164.4327

146.1596

148.0367

139.9437

Index Level

Date MLCXAMB MLCXA01E DJUBS

MoM Performance


30 Nov 10

28 Feb 11

31 May 11

31 Aug 11

30 Nov 11

29 Feb 12

31 Mar 12

-

0.08%

1.58%

0.53%

0.45%

0.24%

0.56%

0.23%

-

1.20%

14.99%

0.78%

-0.80%

-10.86%

1.85%

-5.23%

-

1.12%

13.23%

0.24%

-1.27%

-11.11%

1.28%

-5.47%

MoM Performance


MoM Performance


30 Nov 10

28 Feb 11

31 May 11

31 Aug 11

30 Nov 11

29 Feb 12

31 Mar 12

-

0.08%

1.66%

2.20%

2.66%

2.91%

3.49%

3.73%

-

1.20%

16.36%

17.27%

16.33%

3.70%

5.62%

0.09%

-

1.12%

14.50%

14.77%

13.32%

0.73%

2.02%

-3.56%

Performance Since Inception


21


MARKET REVIEW

(Source: Bloomberg)

Performance of MLCXAMB Since Inception

Oct

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mar

-11

Ap

r-11

May

-11

Jun-

11

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

104.0%

103.0%

102.0%

101.0%

100.0%

99.0%

Perf

orm

ance

(%)

Month


INVESTMENT OUTLOOK

23


INVESTMENT OUTLOOK

AmAssurance Equity Fund, Balanced Fund, Dana Teguh Fund, Dividend Fund Market Outlook

Sugarcoating aside, we are starting the new financial year with three uncertainties that pose the key risks: uncertainty ahead of the 13th General Election, uncertainty on global economic growth and yes, the uncertainty in the Euro Zone.

With the perceived slowing global economic growth and rising market aversion ahead of the general election in the background, the chances are high that the KLCI would remain in a range trading mode until new catalysts surface. That said, in the immediate term, the KLCI is likely to be highly susceptible to unfavourable external distress which could banish any budding risk appetite from the local front. The external dangers might come in the form of the plausible Greece default and exit from the Eurozone, worries of China and India economies approaching hard landing and the threat of US failing to bring down its deficit and debt level. Already we have seen the risk appetite of investors on risky assets falling significantly of late. For instance, the MSCI emerging market index has fallen by more than 10% in the month of May alone. Although the KLCI has been fairly resilient, we have seen a consistent outflow of foreign funds – a manifestation of “sell in May, go away” investor maxim. Foreign investors have increased their selling in the local bourse in May, after seven straight months of net purchases of equities in the months prior.

As fate would have it, that little thing called Greece is not our only problem. While the focus of attention as we speak is still on the euro-debt crisis, investors are also increasingly worried about China and India where their recent economic data are pointing to slower numbers. What’s worse, as the US economy continues to be on the reverse gear, all eyes are fixed on the coming austerity programme to bring down US fiscal deficit and government debt level. The great danger is that if the US and euro-debt crisis form a symbiosis and feed on one another; inevitably, a global economic recession becomes a real risk. As a result, apart from the all-important 17 June Greek election upon which Greece’s fate in the Eurozone hinges, investors will also look for clues in the ECB policy meeting scheduled sometime in early June, as well as in the upcoming US data releases before the next FOMC meeting and the end of the US bond-buying stimulus programme around that time. Those are where the external uncertainties lie.

Domestically, the major event that casts gray clouds over us is the impending general election that could spell high volatility in the local bourse given the uncertain election outcome and rising risk aversion amongst investors.

Notwithstanding the above arguments, we believe market pullbacks and consolidations we have seen thus far may not be over just yet. In fact, we are of the opinion that the KLCI will remain in a correction and consolidation mode for at least until the Greek election slated on 17 June is over. Because at this point, the Eurodebt crisis could still worsen, triggering bank runs across Europe until the European Central Bank is forced into a decisive move to monetize European debts. Meanwhile, the fears of China’s hard landing will also render investors in risk-aversion. Under such circumstances, we believe investors will take a cautious view towards risky assets and as a consequence, equities are still vulnerable to further corrections.

Hopefully, when we all wake up one morning, somewhere in mid 2H12, we will find that all the above uncertainties are all just bad dreams. But on these proviso: (a) the European Central Bank making a decisive move to monetize European debts; (b) China policymakers easing policies substantially and its economic growth reaccelerates; (c) US Congressional leaders singing the national anthem together to remind them that US is still a great land and striking some deals to mitigate the risk of its failing to reduce its deficits and debts level, and (d) domestically, the general election producing better-than-expected results where the ruling coalition party remains in control of the government.

Of all the uncertainties, on a larger scheme of things, we believe that the determinant for the sentiment in global market – and subsequently that in our local market - to return to positive would be the conclusion of the Euro debt crisis. That said, beyond the near-term pullback, we expect market sentiment to gradually improve as global economic uncertainties clear out. Meanwhile global financial markets are still likely to be supported with liquidity as central banks in advanced countries have pledged to maintain loose monetary policy to support economic growth, if needs be, which is much the case now.

Yes, the situation in the equity market looks to be very treacherous for now. However, we are positive the uncertainties in the local and external front will gradually diffuse towards the 2H12. Thus, we maintain our 1,620 KLCI target for 2012.


AmAssurance Bond Fund Market Outlook

The most critical risk factor which will shape the global financial market going into 2012 is the contagion risk of the euro-zone sovereign debt crisis. A year ago, rising sovereign credit risk was somewhat limited to the PIIGS (Portugal, Italy, Ireland, Greece, and Spain)

24


group. However, as we approach the end of 2011, recent developments suggest that the contagion risk has spread from the periphery to the core countries. A rise in bond yields was also seen along countries like France, Austria and the Netherlands. Ongoing tussle among policymakers on how to tackle this ongoing problem further added to chaotic moment, sending risk aversion to an escalated level. At this juncture, investors have not positioned for the worst seen during the crisis of 2008 but any further off-tangent event with regard to political decisions in addressing this issue would increase the probability of the worst.

While the sovereign debt crisis to continue haunting the Europe, US policymakers will face the challenge of supporting a still-weak recovery and restoring fiscal discipline during a presidential election year. Emerging East Asian economies face external headwinds which could pose downside risk to economic growth but, unlike the developed economies, they can still implement conventional monetary easing measures as policy rates in this region are high following the normalization that took place in the earlier part of 2011. Nonetheless, we are not discounting potential inflationary pressures from rising food prices as the rising price level in emerging economies tend to be largely driven by food prices.

On the local front, we expect BNM to maintain the rates stable at 3.00% till the end of year. Global growth uncertainties do not warrant any further rate hikes, while other regional central banks have shifted towards neutral mode. Some of them in fact are being increasingly dovish, with unexpected rate cuts indicating that policymakers are now positioning for potential fallout from external headwinds. On the other hand escalating asset prices as seen in the property market have raise concern over a potential asset bubble which might spark inflationary pressure to the economy.


AmAssurance AmOasis Islamic Equity Fund Market Outlook(Feeder Fund: AmOasis Global Islamic Equity Fund)

After a relatively weak performance in 2011, global equity markets have had a relatively strong start to the year as positive economic data out of the US and continued liquidity injections by the European Central Bank (ECB) have provided a boost to equity valuations. Risk appetite picked up quite materially with investors increasingly shifting focus towards relatively poor quality and highly geared companies, leading to their relative outperformance over the short-term. While global equities continue to offer value from a long-term perspective, we feel volatility is likely to continue as most of the developed world battles with austerity while

developing markets also witness a moderate slowdown due to their export exposure to the developed world. Given this volatile backdrop, we remain convinced in our investment philosophy of investing in high quality companies which are market leaders within the sectors they operate in, have healthy balance sheets and have the ability to generate a higher level of sustainable Return on Equity (ROE) through the economic cycle.

In our view, continued quantitative easing in the developed world has provided a lifeline to poorer quality companies by allowing them access to funding which they would not have been able to secure under more normal circumstances. The lower interest rates have also transpired into earnings momentum for lower quality companies as it pushed their finance costs lower – a situation which we feel is unsustainable over the long term. As liquidity conditions eventually normalize, the higher quality companies which have strong balance sheets and robust cash flows are likely to outgrow their smaller peers as they effectively deploy their balance sheets for value enhancing acquisitions or earnings accretion through share buybacks. During the current economic conditions, we feel that the stronger are likely to continue gaining market share and increasing their profitability while the smaller players struggle to survive as liquidity conditions normalize. Our investment philosophy comes through quite clearly whereby the companies in our portfolios have proved their ability to sustainably deliver relatively higher ROE’s through the economic cycle while trading at a significant discount to the market on a cash flow basis.


AmAssurance Global Emerging Market Fund Market Outlook (Feeder Fund: AmGlobal Emerging Market Opportunities Fund)

The euphoria at the beginning of the year, with the S&P 500 and the MSCI Emerging Markets index recording their highest first-quarter returns since 1998 and 1992 respectively, looks to have dissipated and been replaced by the reappearance of uncertainty surrounding the underlying challenges facing the developed world. The recent return to ‘worry mode’ in global markets has led Global Emerging Markets’ (“GEM”) market returns to consolidate in absolute terms, although GEMs look well placed to continue to outperform their developed peers.

The US stock market performed strongly from the outset in 2012 as data on manufacturing, real estate and the labor market boosted optimism. However, the pace and the sustainability of the recovery continue to be called into question following disappointing recent jobs data. Reflecting the precarious nature of the

INVESTMENT OUTLOOK

25


current recovery the Fed again signaled its intention to keep monetary policy loose through to 2014. There was however some support for the long-term revitalization of the US following reports of huge energy production potential from shale oil and gas in the US. Concerns over the situation in developed Europe have intensified and the divergence between Northern and Southern Europe remains conspicuous; German growth is robust, 10 year bund yields are at almost record lows of 1.6% and there are signs of inflationary pressure. In contrast, unemployment in Spain is at record highs, 10 year yields are at 6% and the authorities are under pressure to tighten fiscally.

The positive fundamental case is intact and despite the sharp rally at the beginning of the year, valuations are attractive trading on 10.2x PER, supported by robust earnings growth of 13%. Consensus forecast growth for GEMs over 2012 is 5.1%. Risks to this outlook continue to be extraneous and to stem chiefly from the developed world, as highlighted above. Although the extent of the deceleration in Chinese growth continues to be subject to debate, attention has focused more recently on the necessity for reform in China in a bid to avoid the so-called middle-income country trap. Politics will play a key role in the transition towards a consumer-led economy since reform will adversely affect vested interests, particularly in local government and state-owned enterprises. However, any reform implementation is anticipated to be gradual and controlled which should limit political risks.


AmAssurance Global Agribusiness Fund Market Outlook (Feeder Fund: AmGlobal Agribusiness Fund)

The outlook for Global Agribusiness remains strong. Last year, in the market sell down in September and November, many agribusiness companies were sold down to valuation levels that we witnessed in the darkest days of 2008 and early 2009. Despite the market recovery, agribusiness companies remain relatively cheap compared to global shares, and we believe that they continue to have better earnings growth potential than the broader global market. As the global economy continues to gradually improve over 2012, global shares are likely to continue to rise. We believe that given the tailwinds that drive Global Agribusiness and the compelling valuations relative to global shares, global agribusiness shares should outperform the broader global market over the next few years. The key drivers supporting global agribusiness remain intact and are familiar to most by now, but they are worth revisiting briefly as the reasons behind

the price surges of recent months and years are set to intensify as global economic growth recovers. Relentless population growth is a key factor with the bulk of growth expected to occur in China, India and other emerging nations over the next few decades. Living standards in these countries are rising rapidly, powering demand for higher quality, protein-rich food that requires escalating amounts of feed grain, land and water to produce. Global food production simply is not keeping up. The challenge is particularly difficult given the world’s shrinking supply of arable land, increasing environmental concerns and water constraints. Moreover, accelerating demand for biofuels, which require grains for production, and increasingly unpredictable weather patterns are disrupting food production. With continued growth in world GDP and world population, increasing food demand appears only likely to increase. Since global grain inventories are already at a low base, any supply disruptions will require immediate solutions that will be provided most likely by the private sector. As a consequence the outlook appears positive for most companies in the global agribusiness universe.


AmAssurance Precious Metals Fund Market Outlook(Feeder Fund: AmPrecious Metals Fund)

The weakness in the precious metals space should be ending over the course of Q2 2012. We continue to believe that the valuation gap between equities and gold should narrow, despite the disappointing micro news environment which pushed up costs meaningfully during 2011. An important premise needed is the overall belief by investors that further central bank stimulus will arrive eventually, most likely through a weakening economy. Moreover, companies have to stop dashing hopes by starting to deliver on their production targets and to implement reasonable capital expenditure (capex) plans. That could in turn substantially improve sentiment surrounding the stocks.


AmAssurance AmCurrency Income and AmCurrency Income II CGF Market Outlook

The extreme uncertainty encompassing the investment markets in general, and the currency markets in particular, is likely to continue.

The four key events that may push the currency markets into disarray are:

INVESTMENT OUTLOOK

26


Credit Rating Downgrade – The potential downgrades of banks within the Euro countries may not bode well for the risk appetite towards perceived risky currencies.

European sovereign debt concerns – An ECB commitment to act in light of the dimming growth outlook would be a welcome respite.

Global Slowdown - Concerns around global slowdown of recovery and potential double dip recession increased as the month saw a series of soft data points including Philadelphia Fed Index, NFP and Eurozone GDP numbers.

Interventions by Central Banks – Further interventions into the currency markets by central banks will only enhance uncertainties.


AmAssurance AmCommodity Stable CGF Market Outlook

Copper, set for the biggest quarterly gain since 2010, rose in London as equities and the euro climbed amid speculation European officials will increase funds for rescuing indebted nations. Gold, poised for a quarterly advance, may rise on a weaker dollar and speculation that a strike by jewelers in India might end. Silver headed for the first three-month gain in a year.

Oil advanced in New York, heading for a second quarterly gain, as investors speculated that sanctions on Iran will tighten and that the decline in March, the biggest this year, was exaggerated. Soybeans rose, heading for the biggest quarterly advance in more than a year, on speculation that demand for U.S. exports will rise as production declines in South America. Raw-sugar futures rose, snapping a four-session slide, on renewed concern that supplies may tighten as crops are delayed in Brazil, the world’s top grower. Cotton dropped, while orange juice advanced.


INVESTMENT OUTLOOK

INVESTMENT STRATEGY

28


AmAssurance Equity Fund, Balanced Fund, Dana Teguh Fund, Dividend Fund Investment Strategy

It is evident that not all external risk factors have dissipated, and the impending general election could create uncertainty for the local market. Although we are less pessimistic of the market outlook going forward, we continue to expect market pullback and consolidation in the short and medium terms. However, we see any significant correction or volatility in the market as an opportunity for accumulation of fundamentally solid corporate names on price weakness for long-term performance.

We think Malaysia will continue to be a defensive market given its favorable fiscal and macro positions. We also think that earnings downgrades since early 2011 will slowly come to an end come 2H12. We are of the opinion that post the general election, the following conditions may be in place for a sustained stock market performance: (1) more stable political situation, (2) acceleration of private investments as growth engine via ETP, (3) major oil & gas spending by PETRONAS, (4) pick up in infrastructure spending, (5) M&A and further GLC turnarounds and (6) improved market liquidity with GLC selldown.

However, key risks to our assumption above include: (1) BN losing its simple majority in the impending general elections, and (2) sharper than expected global economic slowdown.

Strategy-wise, we believe that it is more appropriate to compose our portfolio with an optimum combination of dividend stocks, growth counters, and those that are poised for recovery in 2H12 onwards. We would likely have a tilt on oil & gas, plantation, construction, telecommunications sectors, as well as high yielders. As long as the afore-mentioned assumptions hold, portfolio exposure will likely be kept between 75%-80% for full equity portfolios. For balanced portfolios, we look to maintain equity exposure between 55% - 60%.


AmAssurance Bond Fund Investment Strategy

We project a deficit fiscal funding of MYR43 billion and MYR45.6 billion of MGS maturing in 2012, hence we expect MGS issuance in 2012 to stand at MYR88-90 billion. Our estimate for gross corporate bond issuance for 2012 is MYR45-55 billion with higher allocation into high credit grade and Public Private Partnership (PPP) project financing. Despite the supply size we expect bond demand to sustain due to strong domestic surplus liquidity within the system.

MGS spread to OPR and credit spread on domestic corporate bonds has tightened below the long term average. Unlike the developed markets which already witnessed spread widening, domestic corporate spread should remain stable for now. However it would appear that there is more room for credit spread to increase rather than decrease from current levels, if economic growth were to sharply decelerate and signs of corporate frailty were to increase.

Similar to the credit spread, we see duration spread tightening below the long term average. This is due to domestic surplus liquidity “mopping up” assets causing the yield curve to flatten. At this juncture we see very little upside for duration spread to further narrow.

Based on the above factors the risk reward analysis implies very little upside for investments into high credit grade or to going long on duration for FY2012. We target to invest into assets yielding on average 4.50% with maturity between 4 to 6 years. The above strategy will stabilize price volatility within the portfolio, and at the same time deliver a rate of return that is better than fixed deposit.


AmAssurance AmOasis Islamic Equity Fund Investment Strategy(Feeder Fund: AmOasis Global Islamic Equity Fund)

During turbulent times, we feel it is also equally important to focus on companies which offer a high level of sustainable dividend yield. Companies with strong balance sheets and robust cash flows not only have the ability to maintain current cash payouts to shareholders, but it also improves the likelihood of higher dividends in the future through an increase in the dividend payout ratios. We do feel that the strong cash flow generation and dividend yield of companies in our portfolios provides a strong underpin to our investment philosophy of providing real wealth creation while ensuring that downside risk is minimized during volatile market movements. This strategy has continued to serve us well over the long-term where our portfolios have on average captured only 75%-80% of the market downside. The current valuation anomaly whereby high quality companies are trading at a significant discount to the market, despite having proven their ability to sustainably generate a higher level of ROE’s has provided us with a unique opportunity to increase exposure to such high quality companies.

We remain confident that our portfolios are well positioned to provide real wealth creation over the long-term. At the same time, our defensive

INVESTMENTSTRATEGY

29


positioning through higher exposure to sectors such as communications and healthcare should ensure downside protection in case of any significant negative macro-economic shocks.


AmAssurance Global Emerging Market Fund Investment Strategy(Feeder Fund: AmGlobal Emerging Market Opportunities Fund)

Our core markets at the start of April 2012 are China, Korea, Russia, Thailand and Egypt.

Chinese equities offer attractive valuations relative to the global emerging markets average and while GDP growth is slowing we do not expect a hard landing for the economy. Inflation has also eased from the highs seen last year, removing a potential constraint to further policy easing. South Korean equities are attractively valued and earnings are strong, although economic growth is slowing. Russia offers attractive valuations and the market should rally strongly if macro risks in the developed world ease. The market remains very sensitive to crude oil prices, which are likely to be supported in the short term by geopolitical tension in the Middle East. In Thailand, valuations are reasonable and the economy continues to recover from the impact of last year’s flooding. Egypt is cheaply valued versus broader emerging markets and EPS growth is strong, although it remains subject to domestic policy and currency risk, as well as a degree of political uncertainty.

The cash weighting in the Feeder fund as of early April 2012 is 20%. We will look for suitable opportunities to invest the cash as and when they arise.


AmAssurance Global Agribusiness Fund Investment Strategy(Feeder Fund: AmGlobal Agribusiness Fund)

The AmAssurance Global Agribusiness Fund is currently focused in a number of key areas that include upstream activities such as Agricultural Products, Fertilizers & Agricultural Chemicals and Packaged Food & Meats and downstream activities such as Food Retailers. The fund also seeks companies that are focused on pure research and development that are likely to be the incubators for the instantly needed: new seed generations, healthier food products, more efficient processing, new generations of biofuels, and

personalized medicine research dedicated to food consumption or animal welfare.

Given the sell down that occurred last year that saw fertilizer companies severely impacted, the Fund increased the weighting to the fertilizer and chemical sector. At the end of March this weighting was 40.3% which is significantly higher than the weight of around 28% one year ago. The weights to Agricultural Products (25.2%) and Food Retailers (6.4%) have decreased a few percent and Packaged Foods and Meats has increased slightly to 12.7%.

For investors, exposure to the agricultural sector offers distinct benefits beyond expected price gains as the agricultural complex has a low correlation with traditional equity and fixed income markets. Those with a longer-term outlook should bear in mind that the agricultural sector has been driven primarily by supply-side factors – rather than demand, the key driver of gains in other commodity markets such as energy and metals. Agricultural commodity supply will remain a critical challenge for the foreseeable future and it appears demand will only increase. This should provide investment opportunities, across the whole supply chain, for companies that are seeking to overcome the global inefficiencies in feeding the world.


AmAssurance Precious Metals Fund Investment Strategy(Feeder Fund: AmPrecious Metals Fund)

Our strategy continues to be focused on higher quality names that have less of the industry’s inherent problems, e.g. better cost control and achievable production targets. These names should fare better in a more challenging market and, due to their lower cost profile, should have a higher likelihood of freeing up cash flows and increase shareholder returns over time. Over the last months, we have held a high cash level to mitigate the weakness of the market. We acknowledge that valuations for many names of our universe have become very attractive, and have started to use our cash position opportunistically to increase our holding in superior companies. This approach we continue to follow over the course of the coming quarters.


AmAssurance AmAsia Recovery CGF Investment Strategy

The Floating Rate Negotiable Instruments of Deposit (FRNID) issued by AmBank (M) Berhad. FRNID aims

INVESTMENT STRATEGY

30


to protect depositor’s investment principal at maturity while offering opportunities to earn potential returns, depending on the performance of underlying basket. The Coppock Basket strategy has 2 underlying baskets namely the Bond Performance (JP Morgan Global Govt Bond Global Index) and the Equity Performance options(MSCI Daily Net TR Emerging Market).

The FRNID will accrete towards it maturity value on 2nd July 2012.

(By JP Morgan)

AmAssurance AmCurrency Income and AmCurrency Income II CGF Investment Strategy

The Fund employs a dynamic strategy. The quantum of participation is adjusted on a monthly basis depending on the performance of the strategy. When performance is negative the participation is adjusted downwards in the next month. This adjustment in participation rate is to enable the strategy to minimize the impact of downside moves while maximizing the benefits on the upside performance.

Due to the unwinding event that occurred recently for both of the funds, it is no longer participating in underlying assets. The FRNID will be continued to accrete towards its future maturity value.


AmAssurance AmCommodity Stable CGF Investment Strategy

AmCommodity Stable FRNID is a Floating Rate Negotiable Instrument of Deposit (FRNID) with maturity of five (5) years from the date of issue. AmCommodity Stable FRNID offers full capital protection, if held to maturity. This FRNID provides guaranteed coupon rates of 2.00% p.a. and 3.00% p.a. at the end of year 1 and 2, respectively.

The AmCommodity Stable FRNID may provide a potential coupon rate at maturity (end of year 5) derived from investments linked to MLCX AmBank Commodity Alpha Index.


INVESTMENT STRATEGY

FUND PERFORMANCE

32


AmAssurance Equity Fund

(i) Since Inception Performance

(ii) Full Year Performance

FUND PERFORMANCE

AmAssurance Equity Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

-12.00-10.00

-8.00-6.00-4.00-2.000.002.004.006.00

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

AmAssurance - Equity FBMKLCI

AmAssurance Equity Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Mar

-04

Sep

-04

Mar

-05

Sep

-05

Mar

-06

Sep

-06

Mar

-07

Sep

-07

Mar

-08

Sep

-08

Mar

-09

Sep

-09

Mar

-10

Sep

-10

Mar

-12

Sep

-11

Mar

-11

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00


33


AmAssurance Bond Fund



AmAssurance Bond Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

-2.00

0.00

2.00

4.00

6.00

8.00

AmAssurance - Bond MGS Med

FUND PERFORMANCE

AmAssurance Bond Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2012

Mar

-04

Sep

-04

Mar

-05

Sep

-05

Mar

-06

Sep

-06

Mar

-07

Sep

-07

Mar

-08

Sep

-08

Mar

-09

Sep

-09

Mar

-10

Sep

-10

Mar

-12

Sep

-11

Mar

-11


-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Perf

orm

ance

(%)

Month

34


AmAssurance Balanced Fund



FUND PERFORMANCE

AmAssurance Balanced Fund Vs BenchmarkPerformance since 1 Apr 2010 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

-10.000

-8.000

-6.000

-4.000

-2.000

0.000

2.000

4.000

6.000

AmAssurance - Balanced 50% FBM100 & 50% MSG Med

AmAssurance Balanced Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2012

Perf

orm

ance

(%)

Month

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

AmAssurance - Balanced 50% FBM100 & 50% MGS Med

Mar

-04

Sep

-04

Mar

-05

Sep

-05

Mar

-06

Sep

-06

Mar

-07

Sep

-07

Mar

-08

Sep

-08

Mar

-09

Sep

-09

Mar

-10

Sep

-10

Mar

-12

Sep

-11

Mar

-11

35


AmAssurance Dana Teguh Fund



FUND PERFORMANCE

AmAssurance Dana Teguh Fund Vs BenchmarkPerformance since 1 Apr 2010 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

-8.000

-6.000

-4.000

-2.000

0.000

2.000

4.000

6.000

8.000

AmAssurance - Dana Teguh 50% FBM Hijrah & 50% MGS Med

AmAssurance Dana Teguh Fund Vs BenchmarkPerformance since Inception 27 Feb 2004 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Mar

-04

Sep

-04

Mar

-05

Sep

-05

Mar

-06

Sep

-06

Mar

-07

Sep

-07

Mar

-08

Sep

-08

Mar

-09

Sep

-09

Mar

-10

Sep

-10

Mar

-12

Sep

-11

Mar

-11


-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

100.00

36


AmAssurance AmOasis Islamic Equity Fund



FUND PERFORMANCE

AmAssurance Oasis Islamic Equity Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

AmAssurance - AmOasis Islamic Equity Dow Jones Islamic Market Index

AmAssurance AmOasis Islamic Equity Fund Vs BenchmarkPerformance since 1 Apr 2007 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Ap

r-07

Jul-0

7

Oct

-07

Jan-

08

Ap

r-08

Jul-0

8

Oct

-08

Jan-

10

Ap

r-10

Jul-1

0

Oct

-10

Jan-

11

Ap

r-11

Jul-1

1

Oct

-11

Jan-

12

Ap

r-09

Jan-

09

Jul-0

9

Oct

-09

AmAssurance - Oasis Islamic Equity Dow Jones Islamic Market Index

-60.00-50.00-40.00-30.00-20.00-10.00

0.0010.0020.0030.00

37


AmAssurance Precious Metals Fund



FUND PERFORMANCE

AmAssurance Precious Metals Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

AmAssurance - Precious FTSE Gold Mines Index

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

AmAssurancePrecious Metals Fund Vs BenchmarkPerformance since 1 Sep 2008 - 31 Mar 2012

Perf

orm

ance

(%)

Month


-60.00

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Sep

-08

Dec

-08

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Mar

-12

38


AmAssurance Global Agribusiness Fund



FUND PERFORMANCE

AmAssurance Global Agribusiness Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

AmAssurance - Agribusiness MSCI World Free Index

-20.00

-15.00

-10.00

-5.00

0.00

5.00

AmAssuranceGlobal Agribusiness Fund Vs BenchmarkPerformance since 1 Sep 2008 - 31 Mar 2012

Perf

orm

ance

(%)

Month


-60.00

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Sep

-08

Dec

-08

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Mar

-12

39


AmAssurance Global Emerging Market Fund



AmAssurance Global Emerging Market Fund Vs BenchmarkPerformance since 1 Jun 2008 - 31 Mar 2012

Perf

orm

ance

(%)

Month

AmAssurance - Global Emergimg Market MSCI Emerging Markets Index

Jun-

08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Mar

-12

-60.00-50.00-40.00-30.00-20.00-10.00

0.0010.0020.00

FUND PERFORMANCE

AmAssurance Global Emerging Market Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

AmAssurance - Global Emerging Market MSCI Emerging Markets Index

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

40


FUND PERFORMANCE

AmAssurance Dividend Fund


AmAssurance Dividend Fund Vs BenchmarkPerformance since 27 Oct 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

AmAssurance - Dividend FBMKLCI

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

AmAssurance Amasia Star Capital Guaranteed Fund


AmAssurance AmAsia Star Capital Guaranted FundFund Performance since 7 Jul 2008 - 4 Jul 2011

Perf

orm

ance

(%)

Month

AmAssurance - AsiaStar

Jul-0

8

Sep

-08

Nov

-08

Jan-

09

Mar

-09

May

-09

Jul-0

9

Sep

-09

Nov

-09

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

-10.00-8.00-6.00-4.00-2.000.002.004.006.00

41


FUND PERFORMANCE

AmAssurance AmAsia Recovery Capital Guaranteed Fund


AmAssurance AmAsia Recovery Capital Guaranted FundFund Performance since 7 July 2009 - 31 Mar 2012

Perf

orm

ance

(%)

Month

AmAssurance - AsiaRecovery

-2.00

2.00

-1.00

0.00

1.00

3.00

-3.00

Jul-0

9

Sep

-09

Nov

-09

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep

-11

Nov

-11

Jan-

12

Mar

-12

AmAssurance AmCurrency Income Capital Guaranteed Fund


AmAssurance AmCurrency Income Capital Guaranted FundFund Performance since 16 Aug 2010 - 31 Mar 2012

Perf

orm

ance

(%)

Month

AmAssurance - AmCurrency Income

-2.50

-0.50

-2.00

-1.50

-1.00

0.00

-3.00

Aug

-10

Sep

-10

Oct

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mar

-11

Ap

r-11

May

-11

Jun-

11

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

42


AmAssurance AmCommodity Stable Capital Guaranteed Fund


AmAssurance AmCommodity Stable Capital Guaranted FundFund Performance since 11 Oct 2010 - 31 Mar 2012

Perf

orm

ance

(%)

Month

AmAssurance - AmCommodity Stable

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

Oct

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mar

-11

Ap

r-11

May

-11

Jun-

11

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

-6.00

FUND PERFORMANCE

AmAssurance AmCurrency Income II Capital Guaranteed Fund


AmAssurance AmCurrency Income II Capital Guaranted FundFund Performance since 21 Mar 2011 - 31 Mar 2012

Perf

orm

ance

(%)

Month

AmAssurance - AmCurrency Income II

-3.00

-2.50

-0.50

-2.00

-1.50

-1.00

0.00

-3.50

Mar

-11

Ap

r-11

May

-11

Jun-

11

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

SECTORAL & CATEGORY BREAKDOWN

44



Details of portfolio composition of AmAssurance Equity Fund as at 31 March 2012 are as follows:


Details of portfolio composition of AmAssurance Bond as at 31 March 2011 are as follows:

ConstructionConsumer productsFinanceIndustrial productsInfrastructureForeign stockPropertiesACE MarketWarrantTrading/ServicesREITSPlantationsRepurchase agreements/Cash

Fixed deposits/Repos/NCDs/ BAs/CashMalaysia Unit TrustsCorporate BondsMalaysian Government Securities

FY 2012%

FY 2012%

FY 2011%

FY 2011%

FY 2010%

FY 2010%

FY 2009%

FY 2009%

FY 2008%

FY 2008%

8.25-

7.584.57

-----

43.716.845.72

23.33100.00

11.549.40

79.06

-100.00

11.23-

7.324.01

--

4.54--

12.78-

3.8356.29

100.00

39.128.078.86

43.95100.00

2.903.80

17.806.601.50

-8.50

--

24.10-

10.0024.80

100.00

45.9054.10

-

-100.00

1.704.208.201.702.50

-0.80

--

14.70-

3.7062.50

100.00

11.1088.90

-

-100.00

6.204.10

15.805.202.900.101.80

-0.10

28.70-

13.8021.30

100.00

2.1097.90

-

-100.00


45



Details of portfolio composition of AmAssurance Balanced Fund as at 31 March 2012 are as follows:


Details of portfolio composition of AmAssurance Dana Teguh Fund as at 31 March 2012 are as follows:


FY 2012%

FY 2011%

FY 2010%

FY 2009%

FY 2008%

ConstructionConsumer productsFinanceIndustrial productsInfrastructureWarrantPlantationsPropertiesACE MarketForeign stockREITSTrading/ServicesCorporate BondsMalaysia Unit TrustsRepurchase agreements/Cash

7.61-

7.273.91

--

5.38---

6.1635.9127.08

-6.68

100.00

7.81-

6.832.34

--

3.413.74

---

10.3411.725.94

47.87100.00

2.582.68

13.075.431.13

-8.301.69

---

16.36-

13.2335.54

100.00

2.101.806.301.502.10

-2.900.50

---

12.3013.8024.7032.00

100.00

3.701.20

12.203.302.100.10

11.801.50

-0.10

-21.8013.0020.608.60

100.00

FY 2012%

FY 2011%

FY 2010%

FY 2009%

FY 2008%

ConstructionConsumer productsIndustrial productsInfrastructureWarrantPlantationsPropertiesTrading/ServicesCorporate BondsMalaysia Unit TrustsRepurchase agreements/Cash

11.45-

4.20--

4.85-

37.0418.312.27

21.88100.00

11.30-

6.51---

3.9710.76

-6.75

60.71100.00

7.202.109.10

--

8.507.70

20.70-

7.3037.40

100.00

4.503.200.302.60

-6.303.00

11.70-

17.4051.00

100.00

8.904.103.902.400.10

11.601.90

22.50-

16.3028.30

100.00

46



Details of portfolio composition of AmAssurance AmOasis Islamic Equity Fund as at 31 March 2012 are as follows:

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

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


FY 2012%

FY 2011%

FY 2010%

FY 2009%

FY 2008%

ConstructionConsumer productsIndustrial productsInfrastructureWarrantPlantationsPropertiesTrading/ServicesMalaysia Unit TrustsRepurchase agreements/Cash

8.55 -

2.88 6.38

-3.84

-24.42 26.64 27.29

100.00

10.21 -----

2.93 9.97

32.61 44.28

100.00

--------

54.47 45.53

100.00

--------

70.60 29.40

100.00

--------

88.31 11.69

100.00

FY 2012%

FY 2011%

FY 2010%

FY 2009%

FY 2008%

Basic MaterialsCommunicationConsumer, CyclicalConsumer, Non CyclicalEnergyFinancialHealthcareIndustrialsPropertyTechnologyUtilities

9.0019.008.006.00

12.00-

19.006.001.00

18.002.00

14.0017.008.005.00

10.003.00

15.008.00

-17.003.00

12.0017.0010.005.007.00

-13.0012.004.00

16.004.00

11.0016.009.005.007.00

-15.0011.004.00

17.005.00

12.0015.0014.004.006.00

-13.0011.004.00

16.005.00

47



Details of portfolio composition of AmAssurance Precious Metals Fund as at 31 March 2012 are as follows:

AmPrecious Metals Fund (“Target Fund”) Sector Allocation*



FY 2012%

FY 2011%

FY 2010%

FY 2009%

Malaysia Unit TrustsRepurchase agreements/Cash

85.93 14.07

100.00

47.92 52.08

100.00

59.83 40.17

100.00

59.83 40.17

100.00

FY 2012%

FY 2011%

FY 2010%

FY 2009%

DiamondGoldPlatinumPrecious Metals & MineralsSilverCash and other assets

-71.75

-12.92

-15.31

-74.05

-21.08

-4.84

-72.359.90

-8.509.25

0.0779.434.86

-8.157.49

48





Details of portfolio composition of AmAssurance Global Agribusiness Fund as at 31 March 2012 are as follows:

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

FY 2012%

FY 2011%

FY 2010%

FY 2009%


84.08 15.92

100.00

70.39 29.61

100.00

76.29 23.71

100.00

-100.00 100.00

FY 2012%

FY 2011%

FY 2010%

FY 2009%

Agricultural ProductsConstruction/ Farm MachineryConsumer DiscretionaryConsumer StaplesDistillers & VintnersDistributorsDiversified BanksEnergyFertilizers & Agricultural ChemicalsFood RetailsGas UtilitiesHypermarkets & Super CenterLife Sciences Tools & ServiceMarineMarine Ports & ServicesOther SectorsPackaged Foods & MeatPaper ProductsPharmaceuticalsRailroadsRestaurantsSpecialty ChemicalsCash & Others SectorsNot Classified

25.202.40

----

2.00-

40.306.40

-1.502.80

-1.80

-12.70

--

0.80--

4.10-

29.702.30

--

3.50-

2.70-

19.809.20

-----

7.1014.40

---

2.80-

2.506.00

25.90-----

2.90-

13.706.701.40

---

2.50-

23.701.601.60

-3.501.804.00

10.70

22.404.70

---

4.102.60

-

33.30----

1.902.40

-16.40

---

2.502.805.101.70

49





Details of portfolio composition of AmAssurance Global Emerging Market as at 31 March 2012 are as follows:

AmAssurance AmAsia Recovery CGF

Details of portfolio composition of AmAssurance AmAsia Recovery CGF as at 31 March 2012 are as follows:

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

FY 2012%

FY 2012%

FY 2011%

FY 2011%

FY 2010%

FY 2010%

FY 2009%


Structured InstrumentRepurchase agreements/Cash

68.52 31.48

100.00

99.03 0.97

100.00

69.66 30.34

100.00

99.05 0.95

100.00

78.21 21.79

100.00

99.05 0.95

100.00

-100.00 100.00

FY 2012%

FY 2011%

FY 2010%

FY 2009%

Consumer DiscretionaryConsumer StaplesDerivativesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsNot ClassifiedTelecommunication ServicesUtilitiesOthers Net AssetCash

19.491.08

-0.0111.5727.82

-5.06

12.876.51

--

2.2513.36

-

12.77--

13.1836.22

-6.902.798.91

-3.812.06

-13.35

11.733.83

-10.0232.651.949.761.843.17

-7.141.95

15.97-

9.674.09

-12.0027.27

-7.132.064.769.89

15.673.653.81

-

50



AmAssurance AmCurrency Income CGF

Details of portfolio composition of AmAssurance AmCurrency Income CGF as at 31 March 2012 are as follows:

AmAssurance AmCommodity Stable CGF

Details of portfolio composition of AmAssurance AmCommodity Stable CGF as at 31 March 2012 are as follows:


Details of portfolio composition of AmAssurance AmCurrency Income II CGF as at 31 March 2012 are as follows:


Details of portfolio composition of AmAssurance Dividend Fund as at 31 March 2012 are as follows:

FY 2012%

FY 2012%

FY 2012%

FY 2012%

FY 2011%

FY 2011%

FY 2011%


Malaysia Unit TrustStructured InstrumentRepurchase agreements/Cash


ConstructionConsumer productsFinanceIndustrial productsInfrastructureForeign stockPropertiesACE MarketWarrantTrading/ServicesREITSPlantationsRepurchase agreements/Cash

99.42 0.58

100.00

1.6798.240.09

100.00

98.591.41

100.00

--

13.296.115.92

----

24.5916.565.46

28.07100.00

98.96 1.04

100.00

1.6498.270.09

100.00

98.241.76

100.00

COMPARATIVE TABLE: FUND PERFORMANCE

52


Fund Performance As At 31 March 2012

Since Launch5 Years3 Years1 Year

Average CompoundedAnnual Return (%)

Annual Return (%)

COMPARATIVE TABLE: FUND PERFORMANCE







AmAssurance Agribusiness Fund


AmAssurance AmAsia RECOVERY CGF



AmAssurance AmCurrency Income II CGF

AmAssuranc Dividend Fund

(3.23)

5.91

(2.25)

(0.67)

(3.41)

(8.89)

(5.30)

(19.14)

1.85

1.33

0.23

(2.26)

-

16.21

5.00

12.77

13.69

10.14

(0.46)

3.63

(5.11)

-

-

-

-

-

5.95

4.34

5.89

6.54

-

-

-

-

-

-

-

-

-

5.62

4.74

6.21

5.69

(2.42)

(0.32)

3.18

(4.17)

0.81

(0.64)

(2.60)

(2.19)

9.07

COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE

54


Net Asset Value, Number of Units and Unit Price as at 31 March 2012

AMASSURANCE EQUITY FUND

Performance details of the Fund for the financial years ended 31 March 2012 are as follows:


AMASSURANCE BOND FUND



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

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)

Total Return for the Year (%)Total Return¹Capital growthIncome distributions

FY2012

FY2011

FY2010

FY2009

FY2008

0.8317 0.7070

14.5937 18.6334 0.7832

(3.23)(3.23)

-

0.8280 0.6329

11.4753 14.1793 0.8093

20.65 20.65

-

0.6730 0.5010

4.6029 6.8745 0.6708

34.43 34.43

-

0.6663 0.4816

2.4408 4.8912 0.4990

(22.40)(22.40)

-

0.7363 0.5865

2.4655 3.8346 0.6430

9.63 9.63

-



Total Return for the Year (%)Annualised Return¹Capital growthIncome distributions

FY2012

FY2011

FY2010

FY2009

FY2008

0.7323 0.6903

11.9079 16.2856 0.7311

5.91 5.91

-

0.6915 0.6640

11.3630 16.4615 0.6903

3.96 3.96

-

0.6640 0.6310

5.8876 8.8720 0.6640

5.15 5.15

-

0.6374 0.5944

3.5000 5.5422 0.6315

3.45 3.45

-

0.6104 0.5433

3.1694 5.1926 0.6104

3.23 3.23

-

* 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


Note: 1. Annualised return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of fees, annualised over one year.

55



AMASSURANCE BALANCED FUND



AMASSURANCE DANA TEGUH FUND





FY2012

FY2011

FY2010

FY2009

FY2008

0.8626 0.7568

21.5113 26.2568 0.8193

(2.25)(2.25)

-

0.8588 0.7085

17.5410 20.9280 0.8382

14.04 14.04

-

0.7360 0.5730

5.8011 7.9035 0.7350

28.65 28.65

-

0.6972 0.5508

2.8729 5.0283 0.5713

(16.44)(16.44)

-

0.7577 0.6154

3.3232 4.8601 0.6837

11.10 11.10

-




FY2012

FY2011

FY2010

FY2009

FY2008

0.8169 0.7318

13.1293 16.6728 0.7875

(0.67)(0.67)

-

0.8118 0.6501

7.0499 8.8919 0.7928

15.27 15.27

-

0.6880 0.5380

2.7808 4.0512 0.6878

28.34 28.34

-

0.6400 0.5162

1.6482 3.0755 0.5359

(13.54)(13.54)

-

0.7068 0.5283

1.6951 2.7350 0.6198

8.02 8.02

-






56



AMASSURANCE AMOASIS ISLAMIC EQUITY FUND



AMASSURANCE PRECIOUS METALS FUND





FY2012

FY2011

FY2010

FY2009

FY2008

0.4642 0.4110

4.3479 9.8279 0.4424

(3.41)(3.41)

-

0.4688 0.3915

4.3056 9.4007 0.4580

10.95 10.95

-

0.4300 0.3180

3.3350 8.0792 0.4128

24.68 24.68

-

0.4660 0.2590

2.7186 8.2108 0.3311

(24.75)(24.75)

-

0.5210 0.4260

3.5068 7.9691 0.4400

(8.68)(8.68)

-




FY2012

FY2011

FY2010

FY2009

0.5597 0.4293

5.1605 12.0202 0.4293

(19.14)(19.14)

-

0.5665 0.4892

4.5400 8.5518 0.5309

7.71 7.71

-

0.5630 0.4810

1.9337 3.9231 0.4929

(1.91)(1.91)

-

0.5030 0.5000

0.5973 1.1887 0.5025

---






57



AMASSURANCE GLOBAL AGRIBUSINESS FUND



AMASSURANCE GLOBAL EMERGING MARKET FUND





FY2012

FY2011

FY2010

FY2009

0.6046 0.4794

1.4590 2.6083 0.5594

(5.30)(5.30)

-

0.5976 0.4943

1.3087 2.2156 0.5907

4.42 4.42

-

0.6140 0.5020

0.6895 1.2188 0.5657

12.53 12.53

-

0.5030 0.5000

0.5310 1.0564 0.5027

---




FY2012

FY2011

FY2010

FY2009

0.5557 0.4590

0.7216 1.4608 0.4940

(8.89)(8.89)

-

0.5726 0.4853

0.7228 1.3331 0.5422

0.63 0.63

-

0.5580 0.4950

0.6226 1.1554 0.5388

7.57 7.57

-

0.5010 0.4980

0.5413 1.0807 0.5009

---






58



AMASSURANCE AMASIA RECOVERY CGF



AMASSURANCE AMCURRENCY INCOME CGF

Performance details of the Fund for the financial period ended 31 March 2012 are as follows:




FY2012

FY2011

FY2010

0.5112 0.4995

84.3793 165.0711

0.5112

1.85 1.85

-

0.5034 0.4894

84.3390 168.0419

0.5019

1.52 1.52

-

0.5000 0.4900

84.5429 170.9963

0.4944

---




FY2012

FY2011

0.5015 0.4877

42.0634 85.0083 0.4948

1.33 1.33

-

0.5000 0.4855

42.5831 87.2069 0.4883

---






59



AMASSURANCE AMCOMMODITY STABLE CGF



AMASSURANCE AMCURRENCY INCOME II CGF





FY2012

FY2011

0.4891 0.4749

4.5326 9.4236 0.4810

0.23 0.23

-

0.5000 0.4799

4.5676 9.5188 0.4799

---




FY2012

FY2011

0.5038 0.4833

17.2383 35.2736 0.4887

(2.26)(2.26)

-

0.5000 0.5000

18.2888 36.5777 0.5000

---






60



AMASSURANCE DIVIDEND FUND





Financial Period 2012

0.5273 0.4973

5.4439 10.4925 0.5189

---




SUMMARY OF FINANCIAL STATEMENTS

Statement by the Manager

Independent auditors’ report

Statements of financial position

Statements of comprehensive income

Statements of changes in equity

Statements of cash flows

Notes to the financial statements

62

63

64

68

72

77

91

page

62


In the opinion of the Manager, AmLife Insurance Berhad, the financial statements set out on pages 64 to 180 have been drawn up in accordance with Financial Reporting Standards in Malaysia and the Guidelines issued by Bank Negara Malaysia so as to give a true and fair view of the financial position of the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance AmAsia Star CG Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund (collectively referred to as “the Funds”) of AmLife Insurance Berhad as at 31 March 2012 and of their results, changes in equity and cash flows for the year then ended.

On behalf of AmLife Insurance Berhad

Adrian John Nurse

Kuala Lumpur, Malaysia 31 May 2012


STATEMENT BY THE MANAGER

63


REPORT ON THE FINANCIAL STATEMENTS

We have audited the financial statements of investment-linked funds of AmLife Insurance Berhad (“the Manager”) (comprising the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance AmAsia Star CG Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund) (collectively referred to as “the Funds”), which comprise the statements of financial position as at 31 March 2012, and the statements of comprehensive income, statements of changes in equity and statements of cash flows of the Funds for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 64 to 180.

Directors’ responsibility for the financial statementsThe directors of the Manager are responsible for the preparation of financial statements that give a true and fair view in accordance with Financial Reporting Standards in Malaysia and the Guidelines issued by Bank Negara Malaysia, and for such internal control as the directors determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements 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 statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation of financial statements that give a true and fair view 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 directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards in Malaysia and the Guidelines issued by Bank Negara Malaysia so as to give a true and fair view of the financial position of the Funds as at 31 March 2012 and of their financial performance and cash flows for the year then ended.

Other mattersThis report is made solely to the unitholders of the Funds, as a body, in accordance with Guidelines 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 30 May 2012

Brandon Bruce Sta Maria No. 2937/09/13(J) Chartered Accountant

INDEPENDENT AUDITORS’ REPORTto the unitholders of the Investment-Linked Funds of AmLife Insurance Berhad (Incorporated in Malaysia)


64


STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012


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

Note

11,462,575 -

161,525 4,395

11,628,495

69,615 19,415 64,195

153,225

11,475,270

9,283,968 2,191,302 11,475,270

14,179,271

0.8093

11,718,566 -

301,125 138

12,019,829

66,876 30,533 14,479

111,888

11,907,941

10,045,448 1,862,493

11,907,941

16,285,582

0.7312

11,366,085 -

110,799 1,310

11,478,194

29,938 5,524

79,757 115,219

11,362,975

10,154,465 1,208,510 11,362,975

16,461,544

0.6903

ASSETSInvestmentsDeferred tax asset Other receivables Cash and bank balances Total assets LIABILITIES Provision for taxationDeferred tax liability Other payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITY Unitholders’ capital Undistributed income Unitholders’ account

UNITS IN CIRCULATION

NAV PER UNIT (RM)

14,621,733 8,138

14,341 2,686

14,646,898

25,736 -

27,445 53,181

14,593,717

12,961,910 1,631,807

14,593,717

18,633,446

0.7832

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

AmAssurance Equity Fund AmAssurance Bond Fund

Note

17,187,332 -

491,786 3,147

17,682,265

47,242 26,284 67,728

141,254

17,541,011

15,142,220 2,398,791 17,541,011 20,927,960

0.8382

12,921,964 -

279,038 150

13,201,152

48,006 1,204

22,618 71,828

13,129,324

11,900,548 1,228,776

13,129,324

16,672,811

0.7875

6,931,850 -

227,778 917

7,160,545

35,198 16,688 58,787

110,673

7,049,872

5,829,325 1,220,547 7,049,872

8,891,870

0.7928

ASSETSInvestmentsDeferred tax asset Sundry receivables Cash and bank balances Total assets LIABILITIES Provision for taxationDeferred tax liability Other payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITY Unitholders’ capital Undistributed income Unitholders’ account


NAV PER UNIT (RM)

21,362,548 3,139

192,275 2,420

21,560,382

15,671 -

33,441 49,112

21,511,270

19,595,250 1,916,020

21,511,270

26,256,835

0.8193

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

AmAssurance Balanced Fund AmAssurance Dana teguh

65



STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012 (cont’d)

Note

4,304,658 17,317 3,061

92,320 1,437

4,418,793

3,435 109,731 113,166

4,305,627

4,594,689 (289,062)

4,305,627

9,400,744

0.4580

ASSETSInvestmentsDeferred tax assetTax recoverableSundry receivablesCash and bank balancesTotal assets LIABILITIESProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalAccumulated lossesUnitholders’ account


NAV PER UNIT (RM)

4,348,778 30,678

- 17,946

891 4,398,293

62 50,376 50,438

4,347,855

4,801,446 (453,591)

4,347,855

9,827,922

0.4424

2012RM

2011RM

34

5

5

5

AmAssuranceAmOasis Islamic Equity Fund


Note

751,869 -

67 586

4,105 756,627

4,110 2,112

27,638 33,860

722,767

675,103

47,664 722,767

1,333,091

0.5422

- - - - - -

- - - -

-

-

- -

-

-

102,925,282 - -

25,332 2,043

102,952,657

468,384 7,693

6,215,627 6,691,704

96,260,953

93,574,671

2,686,282 96,260,953

187,089,354

0.5145

ASSETSInvestmentsDeferred tax assetTax recoverableSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed income/ (Accumulated losses)Unitholders’ account


NAV PER UNIT (RM)

725,332 2,103

- 528

9,286 737,249

- 3,411

12,258 15,669

721,580

739,930

(18,350) 721,580

1,460,756

0.4940

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

AmAssuranceGlobal Emerging Market Fund

AmAssuranceAmAsia Star CG Fund

66





Note

88,247,427 -

444 536

88,248,407

152,476 2,731

3,754,161 3,909,368

84,339,039

84,039,603

299,436 84,339,039

168,041,905

0.5019

4,654,869 11,059

228 4,239

4,670,395

- 8,073

129,678 137,751

4,532,644

4,715,132

(182,488) 4,532,644

9,423,571

0.4810

4,601,279 15,165

227 4,020

4,620,691

- 53,122 53,122

4,567,569

4,760,783

(193,214) 4,567,569

9,518,847

0.4798

ASSETSInvestmentsDeferred tax assetSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed income/ (Accumulated losses)Unitholders’ account


NAV PER UNIT (RM)

90,843,497 -

144 528

90,844,169

358,269 4,679

6,101,961 6,464,909

84,379,260

82,539,771

1,839,489 84,379,260

165,071,089

0.5112

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

AmAssuranceAmAsia Recovery CG Fund

AmAssuranceAmCommodity Stable CG Fund

Note

4,497,607 3,879

93,587 418

4,595,491

- 3,220

52,267 55,487

4,540,004

4,440,848

99,156 4,540,004

8,551,816

0.5309

1,459,599 -

16,623 5,491

1,481,713

6,637 1,853

14,253 22,743

1,458,970

1,397,977

60,993 1,458,970

2,608,312

0.5594

1,349,633 -

4,396 236

1,354,265

12,568 1,364

31,673 45,605

1,308,660

1,173,738

134,922 1,308,660

2,215,601

0.5907

ASSETSInvestments Deferred tax assetSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed income/ (Accumulated losses)Unitholders’ account


NAV PER UNIT (RM)

5,057,175 89,864 43,810

947 5,191,796

- 2,404

28,850 31,254

5,160,542

6,082,750

(922,208) 5,160,542

12,020,242

0.4293

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

AmAssurancePrecious Metals Fund

AmAssuranceGlobal Agribusiness Fund

67




Note

ASSETSInvestmentsSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed incomeUnitholders’ account


NAV PER UNIT (RM)

5,463,444 7,013 1,345

5,471,802

11,543 1,029

15,326 27,898

5,443,904

5,253,589 190,315

5,443,904

10,492,470

0.5188

2012RM

3

4

5

5

5



Note

43,660,185 77,505 1,778

931 43,740,399

566 1,158,506 1,159,072

42,581,327

43,610,422 (1,029,095)

42,581,327

87,206,942

0.4883

17,878,906 34,184

105 181

17,913,376

756 674,278 675,034

17,238,342

17,730,297 (491,955)

17,238,342

35,273,557

0.4887

18,210,776 13,062

171 471

18,224,480

14 11,260 11,274

18,213,206

18,374,025 (160,819)

18,213,206

36,577,657

0.4979

ASSETSInvestmentsDeferred tax assetSundry receivablesCash and bank balancesTotal assets LIABILITIESProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalAccumulated lossesUnitholders’ account


NAV PER UNIT (RM)

44,211,429 17,421 1,581

659 44,231,090

8,904 2,158,805 2,167,709

42,063,381

42,526,927 (463,546)

42,063,381

85,008,326

0.4948

2012RM

2012RM

2011RM

2011RM

34

5

5

5

AmAssuranceAmCurrency Income CG Fund

AmAssuranceAmCurrency Income II CG Fund

68


STATEMENTS OF COMPREHENSIVE INCOMEFOR THE FINANCIAL YEAR ENDED 31 MARCH 2012



Note

35,718 133,124 168,842

2,143,708 -

2,312,550

(22,102) (453,009) (477,219) (952,330)

1,360,220

(103,279)

1,256,941

512,100 31,983

544,083

47,265 242,548 833,896

(117,966) - -

(117,966)

715,930

(61,947)

653,983

84,244 73,605

157,849

265,757 -

423,606

(18,888) (11,116)

(119,154) (149,158)

274,448

(17,231)

257,217

Net investment income: Interest income Dividend income

Gain on disposal of investments Net unrealised capital gain Total income

Management expenses Loss on disposal of investments Net unrealised capital loss Total outgo

(Deficit)/excess of income over outgo before taxation Taxation (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the year

120,078 286,961 407,039

- -

407,039

(214,898)(452,444) (344,417)

(1,011,759)

(604,720)

45,225

(559,495)

2012RM

2012RM

2011RM

2011RM

67

8


Note

54,600 167,618 222,218

1,820,189 2,042,407

(26,235) (430,986) (418,764) (875,985)

1,166,422

(86,775)

1,079,647

213,875 118,516 332,391

44,616 377,007

(134,217) -

(229,008) (363,225)

13,782

(5,553)

8,229

33,775 56,230 90,005

984,802 1,074,807

(15,648) (210,942) (207,885) (434,475)

640,332

(48,585)

591,747


Gain on disposal of investments Total income



444,087 374,831 818,918

- 818,918

(272,935) (582,531) (477,643)

(1,333,109)

(514,191)

31,420

(482,771)

2012RM

2012RM

2011RM

2011RM

67

8

AmAssurance Balanced Fund AmAssurance Dana teguh

69



STATEMENTS OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)

Note

12,234 28,369 40,603

362,353 493,526 896,482

(27,017) (487,020)

- (514,037)

382,445

(39,223)

343,222





52,683 28,972 81,655

- -

81,655

(50,114) (40,890)

(167,007) (258,011)

(176,356)

11,827

(164,529)

2012RM

2011RM

67

8



Note

745 -

745

12,874 -

13,619

(8,438) (1,014) (9,452)

4,167

(1,008)

3,159

5,878 -

5,878

6,003,863 -

6,009,741

(177,369) (5,854,800) (6,032,169)

(22,428)

467,943

445,515

15,555 -

15,555

- 3,310,308 3,325,863

(1,016,012) -

(1,016,012)

2,309,851

(266,069)

2,043,782



Management expenses Net unrealised capital loss Total outgo


6,278 1,281 7,559

10,793 -

18,352

(11,555) (77,658) (89,213)

(70,861)

4,847

(66,014)

2012RM

2012RM

2011RM

2011RM

67

8



70





Note

19,515 -

19,515

2,279,188 2,298,703

(850,240) -

(850,240)

1,448,463

(183,896)

1,264,567

100,918 2,037

102,955

51,322 154,277

(31,174) -

(31,174)

123,103

(12,179)

110,924

- - -

- -

(18,819) (189,560) (208,379)

(208,379)

15,165

(193,214)


Net unrealised capital gain Total income


Excess/(deficit) of income over outgo before taxation Taxation Excess/(deficit) of income over outgo after taxation, representing total comprehensive income/(loss) for the year/period

24,355 -

24,355

2,572,417 2,596,772

(848,978) -

(848,978)

1,747,794

(207,741)

1,540,053

2012RM

01.04.2011 to 31.03.2012

RM2011RM

11.10.2010 to 31.03.2011

RM

67

8



Note

24,649 146,566 171,215

21,372

192,587

(22,919) - -

(22,919)

169,668

(3,682)

165,986

6,112 -

6,112

- 6,112

(11,344) (74,139)

- (85,483)

(79,371)

5,442

(73,929)

5,693 -

5,693

74,896 80,589

(11,101) - -

(11,101)

69,488

(6,447)

63,041



Management expenses Net unrealised capital lossLoss on disposal of investment Total outgo


27,890 -

27,890 -

27,890

(23,144) (1,074,815)

(38,097) (1,136,056)

(1,108,166)

86,802

(1,021,364)

2012RM

2012RM

2011RM

2011RM

67

8



71





Note


Gains on disposal of investments Net unrealised capital gain Total income

Management expenses Total outgo

Excess of income over outgo before taxation Taxation Excess of income over outgo after taxation, representing total comprehensive income for the period

30,028 51,762 81,790

19,129 144,295 245,214

(37,907) (37,907)

207,307

(16,992)

190,315

67

8


27.10.2011 to 31.03.2012

RM

Note

7,080 7,080

- 7,080

(144,305) (968,809)

(1,113,114)

(1,106,034)

76,939

(1,029,095)

9,278 9,278

- 9,278

(96,772) (264,021) (360,793)

(351,515)

20,379

(331,136)

171 171

- 171

(10,760) (163,278) (174,038)

(173,867)

13,048

(160,819)

Net investment income: Interest income



Excess/(deficit) of income over outgo before taxation Taxation Excess/(deficit) of income over outgo after taxation, representing total comprehensive income/(loss) for the year/period

104,225 104,225

751,055 855,280

(221,309) -

(221,309)

633,971

(68,422)

565,549

6

8



01.04.2011 to 31.03.2012

RM

01.04.2011 to 31.03.2012

RM

16.08.2010 to 31.03.2011

RM

21.03.2011 to 31.03.2011

RM

72


STATEMENTS OF CHANGES IN EQUITYFOR THE FINANCIAL YEAR ENDED 31 MARCH 2012


934,361 1,256,941

- -

2,191,302

2,191,302 (559,495)

- -

1,631,807

4,611,267 1,256,941

11,771,264 (6,164,202) 11,475,270

11,475,270 (559,495)

11,974,079 (8,296,137) 14,593,717

At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011

At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012

3,676,906

- 11,771,264 (6,164,202) 9,283,968

9,283,968 -

11,974,079 (8,296,137) 12,961,910

Unitholders’ capital

RM

Undistributed income

RM


Total equity

RM

951,293 257,217

- -

1,208,510

1,208,510 653,983

- -

1,862,493

5,890,599 257,217

8,424,315 (3,209,156)

11,362,975

11,362,975 653,983

10,351,906 (10,460,923) 11,907,941


At 1 April 2011Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2012

4,939,306

- 8,424,315 (3,209,156)

10,154,465

10,154,465 -

10,351,906 (10,460,923) 10,045,448


RM


RM


Total equity

RM

1,319,144 1,079,647

- -

2,398,791

2,398,791 (482,771)

- -

1,916,020

5,808,689 1,079,647

12,357,949 (1,705,274) 17,541,011

17,541,011 (482,771)

14,106,619 (9,653,589) 21,511,270



4,489,545

- 12,357,949 (1,705,274) 15,142,220

15,142,220 -

14,106,619 (9,653,589) 19,595,250


RM


RM

Total equity

RM



73



628,800 591,747

- -

1,220,547

1,220,547 8,229

- -

1,228,776

2,786,451 591,747

4,809,957 (1,138,283) 7,049,872

7,049,872 8,229

11,268,525 (5,197,302) 13,129,324



2,157,651

- 4,809,957 (1,138,283) 5,829,325

5,829,325 -

11,268,525 (5,197,302) 11,900,548


RM


RM

AmAssurance Dana Teguh

Total equity

RM

(632,284) 343,222

- -

(289,062)

(289,062) (164,529)

- -

(453,591)

3,335,014 343,222

1,973,070 (1,345,679) 4,305,627

4,305,627 (164,529)

3,021,175 (2,814,418) 4,347,855



3,967,298

- 1,973,070 (1,345,679) 4,594,689

4,594,689 -

3,021,175 (2,814,418) 4,801,446


RM

Accumulatedlosses

RM


Total equity

RM

44,505 3,159

- -

47,664

47,664 (66,014)

- -

(18,350)

622,580 3,159

151,020 (53,992)

722,767

722,767 (66,014)

168,625 (103,798) 721,580



578,075

- 151,020 (53,992)

675,103

675,103 -

168,625 (103,798) 739,930


RM

Undistributed income/(Accumulated losses)

RM


Total equity

RM

STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)


74



642,500 2,043,782

- -

2,686,282

2,686,282 445,515

- -

(3,131,797) -

96,396,014 2,043,782

- (2,178,843)

96,260,953

96,260,953 445,515

- (96,706,468)

- -


At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsEqualisationAt 31 March 2012

95,753,514

- -

(2,178,843) 93,574,671

93,574,671 - -

(96,706,468) 3,131,797

-


RM


RM

AmAssurance AmAsia Star CG Fund

Total equity

RM

(66,830) 165,986

- -

99,156

99,156 (1,021,364)

- -

(922,208)

1,933,742 165,986

3,225,127 (784,851)

4,540,004

4,540,004 (1,021,364) 4,575,155 (2,933,253) 5,160,542



2,000,572

- 3,225,127

(784,851) 4,440,848

4,440,848 -

4,575,155 (2,933,253) 6,082,750


RM


RM


Total equity

RM

71,881 63,041

- -

134,922

134,922 (73,929)

- -

60,993

689,488 63,041

740,470 (184,339)

1,308,660

1,308,660 (73,929)

737,273 (513,034)

1,458,970



617,607

- 740,470 (184,339)

1,173,738

1,173,738 -

737,273 (513,034)

1,397,977


RM


RM


Total equity

RM



75



(965,131) 1,264,567

- -

299,436

299,436 1,540,053

- -

1,839,489

84,542,903 1,264,567

8,762 (1,477,193) 84,339,039

84,339,039 1,540,053

- (1,499,832) 84,379,260



85,508,034

- 8,762

(1,477,193) 84,039,603

84,039,603 - -

(1,499,832) 82,539,771


RM


RM

AmAssurance AmAsia Recovery CG Fund

Total equity

RM

- (193,214)

- -

(193,214)

(193,214) 110,924 (100,198)

- (182,488)

- (193,214)

4,794,586 (33,803)

4,567,569

4,567,569 110,924 (100,198) (45,651)

4,532,644

At launch date of the fund on 11.10.2010 Total comprehensive loss for the periodCreation of unitsCancellation of unitsAt 31 March 2011

At 1 April 2011Total comprehensive income for the yearCoupon paymentCancellation of unitsAt 31 March 2012

- -

4,794,586 (33,803)

4,760,783

4,760,783 -

(45,651) 4,715,132


RM

Accumulatedlosses

RM

AmAssurance AmCommodity Stable CG Fund

Total equity

RM

- (1,029,095)

- -

(1,029,095)

(1,029,095) 565,549

- -

(463,546)

- (1,029,095) 43,716,690

(106,268) 42,581,327

42,581,327 565,549

- (1,083,495) 42,063,381



- -

43,716,690 (106,268)

43,610,422

43,610,422 - -

(1,083,495) 42,526,927


RM

Accumulatedlosses

RM

AmAssurance AmCurrency Income CG Fund

Total equity

RM



76





- (160,819)

- -

(160,819)

(160,819) (331,136)

- -

(491,955)

- (160,819)

18,374,025 -

18,213,206

18,213,206 (331,136)

- (643,728)

17,238,342



- -

18,374,025 -

18,374,025

18,374,025 - -

(643,728) 17,730,297


RM

Accumulatedlosses

RM

AmAssurance AmCurrency Income II CG Fund

Total equity

RM

- 190,315

- -

190,315

- 190,315

5,283,559 (29,970)

5,443,904

At launch date of the fund on 27.10.2011 Total comprehensive income for the periodCreation of unitsCancellation of unitsAt 31 March 2012

- -

5,283,559 (29,970)

5,253,589


RM


RM


Total equity

RM

77


STATEMENTS OF CASH FLOWSFOR THE FINANCIAL YEAR ENDED 31 MARCH 2012



(604,720)

(407,039) 452,444 344,417 (214,898)

(44,664,845) 37,667,950

380,833 147,184

(36,750) (6,720,526)

11,974,079 (8,296,137) 3,677,942

(3,042,584) 6,454,270 3,411,686

3,409,000 2,686

3,411,686

1,360,220

(168,842) (1,690,699)

477,219 (22,102)

(31,855,703) 31,406,287

153,160 40,060 19,894

(258,404)

11,771,264 (6,164,202) 5,607,062

5,348,658 1,105,612 6,454,270

6,449,875 4,395

6,454,270

2012RM

2011RM


CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss/(gain) on disposal of investments Net unrealised capital loss on investments Excess of outgo over income Net purchase of investments Proceeds from disposal of investments Investment income received Decrease in other receivables (Decrease)/increase in other payables Net cash used in operating activities

CASH FLOWS FROM FINANCING ACTIVITIES Creation of units Cancellation of units Net cash generated from financing activities

Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of year Cash and cash equivalents at end of year

CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutions Cash and bank balances

78




715,930

(544,083) (47,265)

(242,548) (117,966)

(13,531,222) 10,375,470

543,783 (190,326)

(65,278) (2,985,539)

10,351,906 (10,460,923)

(109,017)

(3,094,556) 4,446,927 1,352,371

1,352,233 138

1,352,371

274,448

(157,849) (254,641) 119,154 (18,888)

(7,945,975) 4,390,202

157,849 (110,035)

22,329 (3,504,518)

8,424,315 (3,209,156) 5,215,159

1,710,641 2,736,286 4,446,927

4,445,617 1,310

4,446,927

2012RM

2011RM


CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net (gain) on disposal of investments Net unrealised capital (gain)/loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities

CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash (used in)/generated from financing activities

Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year

CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances

STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)

79




(514,191)

(818,918) 582,531 477,643 (272,935)

(60,694,415) 48,616,252

831,579 299,511 (34,287)

(11,254,295)

14,106,619 (9,653,589) 4,453,030

(6,801,265) 8,229,068 1,427,803

1,425,383 2,420

1,427,803

1,166,422

(222,218) (1,389,203)

418,764 (26,235)

(34,307,817) 30,011,430

231,429 (407,202)

23,478 (4,474,917)

12,357,949 (1,705,274)

10,652,675

6,177,758 2,051,310 8,229,068

8,225,921 3,147

8,229,068

2012RM

2011RM

CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss/(gain) on disposal of investments Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash used in operating activities

CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities





80




13,782

(332,391) (44,616)

229,008 (134,217)

(23,287,007) 15,729,049

327,529 (51,260) (36,169)

(7,452,075)

11,268,525 (5,197,302) 6,071,223

(1,380,852) 4,208,764 2,827,912

2,827,762 150

2,827,912

640,332

(90,005) (773,860) 207,885 (15,648)

(13,299,691) 12,911,768

85,780 (215,520)

14,534 (518,777)

4,809,957 (1,138,283) 3,671,674

3,152,897 1,055,867 4,208,764

4,207,847 917

4,208,764

2012RM

2011RM

CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net gain on disposal of investments Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities






81




(176,356)

(81,655) 40,890

167,007 (50,114)

(5,843,284) 4,871,905

79,808 74,374

(59,355) (926,666)

3,021,175 (2,814,418)

206,757

(719,909) 1,906,800 1,186,891

1,186,000 891

1,186,891

382,445

(40,603) 124,667 (493,526) (27,017)

(6,238,327) 5,998,038

28,935 (11,503) 40,781

(209,093)

1,973,070 (1,345,679)

627,391

418,298 1,488,502 1,906,800

1,905,363 1,437

1,906,800

2012RM

2011RM

CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss on disposal of investments Net unrealised capital loss/(gain) on investments Excess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash used in operating activities






82




(70,861)

(7,559) (10,793) 77,658 (11,555)

(154,402) 110,809

7,559 58

(15,380) (62,911)

168,625 (103,798)

64,827

1,916 229,345 231,261

221,975 9,286

231,261

4,167

(745) (12,874)

1,014 (8,438)

(208,637) 196,257

745 1,801

10,602 (7,670)

151,020 (53,992) 97,028

89,358 139,987 229,345

225,240 4,105

229,345

2012RM

2011RM

CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net gain on disposal of investments Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities


Net increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year




83




(22,428)

(5,878) (6,003,863) 5,854,800

(177,369)102,393,863

(2,256) 25,332

(6,215,627) 96,023,943

(96,706,468) (96,706,468)

(682,525) 682,525

-

- - -

2,309,851

(15,555) -

(3,310,308) (1,016,012)

- 15,555

(129) 3,152,435 2,151,849

(2,178,843) (2,178,843)

(26,994) 709,519 682,525

680,482 2,043

682,525

01.04.2011 to 13.07.2011

RM

CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net gain on disposal of investments Net unrealised capital loss/(gain) on investmentsExcess of outgo over incomeProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash generated from operating activities

CASH FLOWS FROM FINANCING ACTIVITIESCancellation of unitsNet cash used in financing activity

Net (decrease) in cash and cash equivalentCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year




01.04.2010 to 31.03.2011

RM

84





(1,108,166)

(27,890) 38,097

1,074,815 (23,144)

(4,320,998) 1,016,950

27,893 49,777 (23,417)

(3,272,939)

4,575,155 (2,933,253) 1,641,902

(1,631,037) 2,342,696

711,659

710,712 947

711,659

169,668

(171,215)-

(21,372) (22,919)

(1,003,825) -

171,215 (28,699) 27,723

(856,505)

3,225,127 (784,851)

2,440,276

1,583,771 758,925

2,342,696

2,342,278 418

2,342,696

2012RM

2011RM

CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss on disposal of investments Net unrealised capital loss/(gain) on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash used in operating activities





85





(79,371)

(6,112) 74,139 (11,344)

(355,846) 6,113

(12,227) (17,420)

(390,724)

737,273 (513,034) 224,239

(166,485) 399,738 233,253

227,762 5,491

233,253

69,488

(5,693) (74,896) (11,101)

(343,037) 5,693

11,866 14,788

(321,791)

740,470 (184,339) 556,131

234,340 165,398 399,738

399,502 236

399,738

2012RM

2011RM

CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net unrealised capital loss/(gain) on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income received(Increase)/decrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities





86





1,747,794

(24,355) (2,572,417)

(848,978) 24,356

300 2,347,800

1,523,478

- (1,499,832) (1,499,832)

23,646 855,674 879,320

878,792 528

879,320

1,448,463

(19,515) (2,279,188)

(850,240) 19,515

(210) 2,319,131 1,488,196

8,762 (1,477,193) (1,468,431)

19,765 835,909 855,674

855,138 536

855,674

2012RM

2011RM

CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net unrealised capital gain on investmentsExcess of outgo over incomeInvestment income receivedDecrease/(increase) in other receivablesIncrease in other payablesNet cash generated from operating activities

CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash used in financing activities




87




123,103

(102,955) (51,322) (31,174) (2,269)

102,956 (1)

76,556 146,068

- (45,651)

(100,198) (145,849)

219 4,020 4,239

4,239 4,239

(208,379)

- 189,560 (18,819)

(4,790,839) -

(227) 53,122

(4,756,763)

4,794,586 (33,803)

- 4,760,783

4,020 -

4,020

4,020 4,020

01.04.2011 to 31.03.2012

RM

11.10.2010 to 31.03.2011

RM

CASH FLOWS FROM OPERATING ACTIVITIES Excess/(deficit) of income over outgo before taxationAdjustments: Net investment income Net unrealised capital (gain)/loss on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income receivedIncrease in other receivablesIncrease in other payablesNet cash generated from/(used in) operating activities

CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsCoupon payment to unitholdersNet cash (used in)/generated from financing activities


CASH AND CASH EQUIVALENTS COMPRISE OF:Cash and bank balances



88




633,971

(104,225) (751,055) (221,309)

- 104,225

197 1,000,299

883,412

- (1,083,495) (1,083,495)

(200,083) 455,906 255,823

255,164 659

255,823

(1,106,034)

(7,080) 968,809 (144,305)

(44,174,019) 7,080 (1,778)

1,158,506 (43,154,516)

43,716,690 (106,268)

43,610,422

455,906 -

455,906

454,975 931

455,906

01.04.2011 to 31.03.2012

RM

16.08.2010 to 31.03.2011

RM

CASH FLOWS FROM OPERATING ACTIVITIES Excess/(deficit) of income over outgo before taxationAdjustments: Net investment income Net unrealised capital (gain)/loss on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income receivedDecrease/(increase) in other receivablesIncrease in other payablesNet cash generated from/(used in) operating activities






89




(351,515)

(9,278) 264,021 (96,772)

- 9,276

66 663,018 575,588

- (643,728) (643,728)

(68,140) 320,471 252,331

252,150 181

252,331

(173,867)

(171) 163,278 (10,760)

(18,054,054) 171 (171)

11,260 (18,053,554)

18,374,025 -

18,374,025

320,471 -

320,471

320,000 471

320,471

01.04.2011 to 31.03.2012

RM

21.03.2011 to 31.03.2011

RM

CASH FLOWS FROM OPERATING ACTIVITIES Deficit of income over outgo before taxationAdjustments: Net investment income Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income receivedDecrease/(increase) in other receivablesIncrease in other payablesNet cash generated from/(used in) operating activities






90




207,307

(81,790)(19,129)

(144,295) (37,907)

(4,387,917) 620,337 77,370 (7,013)

15,326(3,719,804)

5,283,559 (29,970)

5,253,589

1,533,785 -

1,533,785

1,532,440

1,345 1,533,785

27.10.2011 to 31.03.2012

RM

CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net (gain) on disposal of investments Net unrealised capital gain on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease in other receivablesIncrease in other payablesNet cash used in operating activities


Net increase in cash and cash equivalentsCash and cash equivalents at the launch date of the fundCash and cash equivalents at end of period




91



1. THE MANAGER AND ITS PRINCIPAL ACTIVITY

The investment-linked funds of AmLife Insurance Berhad (“the Manager”) comprise the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance AmAsia Star CG Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and 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 Insurance Act, 1996. Its principal activity is the underwriting of life and investment-linked insurance business.

There have been no significant changes in the nature of the principal activities of the Manager during the year.

The financial statements were authorised for issue by the Board of Directors of the Manager in accordance with a resolution dated 30 May 2012.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Accounting

The financial statements have been prepared under the historical cost convention, unless otherwise indicated in the accounting policies below, and comply with Financial Reporting Standards (“FRSs”) in Malaysia, the Insurance Act, 1996 and Guidelines/Circulars issued by Bank Negara Malaysia.

The Funds have adopted all FRSs, Issues Committee (“IC”) Interpretations and amendments to FRSs in Malaysia except for those which have been issued but are not yet effective as described in Note 2.3.

The financial statements 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) AmAssurance Equity Fund 1.50% p.a. (ii) AmAssurance Bond Fund 1.00% p.a (iii) AmAssurance Balanced Fund 1.50% p.a. (iv) AmAssurance Dana Teguh 1.50% p.a. (v) AmAssurance AmOasis Islamic Equity Fund 1.50% p.a. (vi) AmAssurance Global Emerging Market Fund 1.50% p.a. (vii) AmAssurance AmAsia Star CG Fund 1.00% p.a. (viii) AmAssurance Precious Metals Fund 1.50% p.a. (ix) AmAssurance Global Agribusiness Fund 1.50% p.a. (x) AmAssurance AmAsia Recovery CG Fund 1.00% p.a (xi) AmAssurance AmCommodity Stable CG Fund 0.50% p.a. (xii) AmAssurance AmCurrency Income CG Fund 0.50% p.a. (xiii) AmAssurance AmCurrency Income II CG Fund 0.50% p.a. (xiv) AmAssurance Dividend Fund 1.50% p.a. (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 becomes a party to the contractual provisions of the instrument. This includes

NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2012

92


“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 within the scope of FRS 139 are classified as financial assets at fair value

through profit or loss, financial assets available-for-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 determines 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

Financial assets or financial liabilities are recorded in the statement of financial position at fair value. Changes in fair value are recognised in “Investment and trading income”. Interest and dividend income or expense are recorded in “Investment and trading income”, “Interest 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

Loans and receivables 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 issued by the Funds, that are not designated at fair value through profit

or loss, 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 shares.

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.


NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

93


(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 has 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 has transferred control of the asset.

When the Funds have transferred its rights to receive cash flows from an asset or has entered into a pass–through arrangement, and has 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’s 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 for financial instruments traded in active markets at reporting date is based on their quoted market price or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.

For financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques. Valuation techniques include the discounted cash flow method, comparison to similar instruments for which market observable prices exist, option pricing models, credit models and other relevant valuation models.

(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.



94


For financial assets carried at amortised cost, the Funds first assesses 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 income statement. 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”. Loans 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 loans, advances and financing” 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 a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current EIR. If the Funds have reclassified trading assets to loans, advances and financing, 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 statement of financial position 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 statement of financial position.

(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, the 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 assessments 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



95


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 exceeds 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 income statement.

(h) Net creation and cancellation

Net creation of units which represents premium paid by policyholders as payment for a new contract or subsequent payments to increase the amount of that contract are reflected in the statements of comprehensive income of the Funds. Net creation of units is recognised on a receipt basis.

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

(i) 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 is 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 statement of comprehensive income.

(iii) Dividend income

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

(j) Income tax

Income tax on the statements of comprehensive income for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable income for the year and is measured using the tax rates that have been enacted at the date of the statement of financial positions.

Deferred tax is provided for, using the liability method. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits that 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 statements of financial positions date. Deferred tax is recognised as income or an expense and included in the statements of comprehensive income for the year/period.

(k) 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



96


the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each statements of financial position 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.

(l) Foreign currency transactions

The financial statements are presented in Ringgit Malaysia which is also the functional currency of the Funds.

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.

(m) Cash and cash equivalents

For the purpose of the statements of cash flows, cash and cash equivalents represent cash at bank and deposits with licensed banks, which have an insignificant risk of changes in value.

The statements of cash flows have been prepared using the indirect method.

2.3 Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except as follows:

On 1 April 2011, the Funds adopted the following new and amended FRS and IC Interpretations

mandatory for annual financial periods beginning on or after 1 April 2011:

Effective for annual periods beginning on Description or after

FRS 1: First-time Adoption of Financial Reporting Standards 1 July 2010

Amendments to FRS 2: Share-based Payment 1 July 2010

FRS 3 Business Combinations 1 July 2010

Amendments to FRS 5: Non-current Assets Held for Sale and Discontinued Operations 1 July 2010

Amendments to FRS 127: Consolidated and Separate Financial Statements 1 July 2010

Amendments to FRS 138: Intangible Assets 1 July 2010

Amendments to IC Interpretation 9: Reassessment of Embedded Derivatives 1 July 2010

IC Interpretation 12: Service Concession Arrangements 1 July 2010

IC Interpretation 16: Hedges of a Net Investment in a Foreign Operation 1 July 2010

IC Interpretation 17: Distributions of Non-cash Assets to Owners 1 July 2010

Amendments to FRS 132: Classification of Rights Issues 1 March 2010

IC Interpretation 18: Transfers of Assets from Customers 1 January 2011



97




Effective for annual periods beginning on Description or after

Amendments to FRS 7: Improving Disclosures about Financial Instruments 1 January 2011

Amendments to FRS 1: Limited Exemptions for First-time Adopters 1 January 2011

Amendments to FRS 1: Additional Exemptions for First-time Adopters 1 January 2011

IC Interpretation 4: Determining Whether an Arrangement contains a Lease 1 January 2011

Improvements to FRS issued in 2010 1 January 2011 The adoption of the above standards and interpretations did not have any significant effect on the financial

performance and position of the Funds except for the additional disclosure requirements under the Amendments to FRS 7.

Amendments to FRS 7: Improving Disclosures about Financial Instruments The amended standard requires enhanced disclosure about fair value measurement and liquidity risk.

Fair value measurements related to items recorded at fair value are to be disclosed by source of inputs using a three level fair value hierarchy (Level 1, Level 2 and Level 3), by class, for all financial instruments recognised at fair value. A reconciliation between the beginning and ending balance for Level 3 fair value measurements is required. Any significant transfers between levels of the fair value hierarchy and the reasons for those transfers need to be disclosed. The amendments also clarify the requirements for liquidity risk disclosures with respect to derivative transactions and assets used for liquidity management. The fair value measurement disclosures are presented in Note 11. The liquidity risk disclosures are not significantly impacted by the amendments and are presented in Note 12.

2.4 Transition to Malaysian Financial Reporting Standards Framework On 19 November 2011, the Malaysian Accounting Standards Board (MASB) issued a new MASB

approved accounting framework, the Malaysian Financial Reporting Standards Framework (“MFRS Framework”).

The Funds will be required to prepare financial statements using the MFRS Framework in their first MFRS financial statements for the year ending 31 December 2012.

The Directors of the Manager are of the opinion that the financial performance and financial position as disclosed in these financial statements for the period ended 31 March 2011 would not be significantly different if prepared under the MFRS Framework.

98



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)

3. INVESTMENTS

(i) AmAssurance Equity Fund

Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institution

FVPTL: Quoted equity securities: Cost Net unrealised (loss)/gain Fair value Quoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments

5,012,700 -

6,449,875 11,462,575

4,770,038 242,662

5,012,700

- - -

5,012,700

6,449,875 11,462,575

10,212,233 1,000,500 3,409,000

14,621,733

10,340,620 (128,387)

10,212,233

973,868 26,632

1,000,500 11,212,733

3,409,000

14,621,733

2012RM

2011RM

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:

FVPTL: Quoted equity securities: Construction GAMUDA Bhd Malaysian Resources Corporation Bhd Finance Malayan Banking Bhd Industrial Products KKB Engineering Bhd Plantation Kulim Bhd

Trading & Services Alam Maritim Resources Bhd Axiata Group Bhd Berjaya Sports Toto Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Pharmaniaga Bhd SapuraCrest Petroleum Bhd Sime Darby Bhd

644,225 598,212

1,037,668

701,969

848,040

805,264 986,653 748,917 827,734 531,784 883,572 56,190

943,078 727,314 10,340,620

4.36%3.91%

7.60%

4.58%

5.73%

5.00%7.13%5.24%5.20%3.37%5.78%0.39%6.69%5.01%

69.98%

175,000 300,000

125,000

400,000

200,000

1,000,000 200,000 175,000 350,000 300,000 300,000 11,190

200,000 75,000

637,000 570,000

1,108,750

668,000

836,000

730,000 1,040,000

764,750 759,500

492,000 843,000

56,733 976,000 730,500

10,212,233

No. of unitsFair value

RMCostRM

Fair valueas %

of NAV

2012

99



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (i) AmAssurance Equity Fund (cont’d)

FVPTL: Quoted unit and property trust funds: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust

Total investments at FVTPL

476,447 497,421 973,868

11,314,488

3.31%3.55%6.86%

76.83%

350,000 450,000

483,000 517,500

1,000,500 11,212,733


RMCostRM

Fair valueas %

of NAV

2012

The weighted average effective interest rates are as follows:

Deposits with licensed banks 2.65 2.73

2012%

Weighted averageeffective interest rate

per annum

2011%

100



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)

(ii) AmAssurance Bond Fund


Unquoted corporate bondsMalaysian government securitiesUnquoted unit and property trust fundsDeposits with licensed financial institutions

FVPTL:Unquoted corporate bonds: Cost Net unrealised gain/(loss) Fair value

Malaysian government securities: Cost Net unrealised loss Fair value

Unquoted unit and property trust funds: Cost Net unrealised gain Fair valueTotal investments at FVTPL LAR:Deposits with licensed banks

Total investments

1,007,449 4,995,500

917,519 4,445,617 11,366,085

1,009,450 (2,001)

1,007,449

5,008,750 (13,250)

4,995,500

833,641 83,878

917,519 6,920,468

4,445,617 11,366,085

9,265,363 -

1,100,970 1,352,233

11,718,566

9,066,520 198,843

9,265,363

- - -

980,625 120,345

1,100,970 10,366,333

1,352,233

11,718,566

2012RM

2011RM

FVPTL: Unquoted corporate bonds: ADCB Finance (Cayman) Limited due 02/09/2015 Syarikat Prasarana Negara Berhad due 04/08/2016 Gulf Investment Corporation G.S.C due 01/03/2016 Special Power Vehicle Berhad due 19/05/2016 Prominic Berhad due 05/05/2016 Sarawak Energy Berhad due 23/06/2026 Projek Lebuhraya Usahasama Berhad due 10/01/2031 Tanjung Bin Energy Issuer Berhad due 16/03/2027

1,020,300

2,500,000

500,000

1,004,250

1,006,200

1,010,090

1,008,500

1,017,180 9,066,520

8.81%

21.28%

4.32%

8.24%

8.63%

9.16%

8.77%

8.58%77.81%

1,000,000

2,500,000

500,000

625,000

1,000,000

1,000,000

1,000,000

1,000,000

1,049,500

2,534,500

514,250

981,313

1,027,900

1,091,200

1,044,500

1,022,200 9,265,363


RMCostRM

Fair valueas %

of NAV

2012

101



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (ii) AmAssurance Bond Fund (cont’d)

FVPTL: Quoted unit and property trust funds: AmBond AmDynamic Bond Total investments at FVTPL

857,800 122,825 980,625

10,047,145

8.18%1.07%9.25%

87.05%

821,050 205,268

973,929 127,041

1,100,970 10,366,333


RMCostRM

Fair valueas %

of NAV

2012


Unquoted corporate bonds - secured Unquoted corporate bonds - unsecured Malaysian government securities Deposits with licensed banks

0.40 0.44 2.81 2.70

1.77 3.28

- 2.75

2012%


per annum

2011%

102




(iii) AmAssurance Balanced Fund


Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Unquoted unit and property trust funds Deposits with licensed financial institutions

FVPTL:Quoted equity securities: Cost Net unrealised (loss)/gain Fair value Unquoted corporate bonds: Cost Net unrealised gain/(loss) Fair value

Quoted unit and property trust funds: Cost Net unrealised gain Fair value Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR:Deposits with licensed banks

Total investments

5,925,800 2,014,900

- 1,020,711 8,225,921 17,187,332

5,658,581 267,219

5,925,800

2,018,900 (4,000)

2,014,900

- - -

955,742 64,969

1,020,711 8,961,411

8,225,921

17,187,332

12,833,984 5,786,431 1,316,750

- 1,425,383

21,362,548

13,040,417 (206,433)

12,833,984

5,753,295 33,136

5,786,431

1,284,842 31,908

1,316,750

- - -

19,937,165

1,425,383

21,362,548

2012RM

2011RM

FVPTL: Quoted equity securities: Construction GAMUDA Bhd Malaysian Resources Corporation Bhd Finance Malayan Banking Bhd Industrial Products KKB Engineering Bhd Plantation Kulim Bhd

828,683850,281

1,464,632

867,196

1,165,857

3.81%3.75%

7.22%

3.88%

5.34%

225,000 425,000

175,000

500,000

275,000

819,000 807,500

1,552,250

835,000

1,149,500


RMCostRM

Fair valueas %

of NAV

2012

103



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (iii) AmAssurance Balanced Fund (cont’d)

FVPTL: Quoted equity securities (cont’d.): Properties Alam Maritim Resources Bhd Axiata Group Bhd

Trading & Services Dialog Group Bhd Faber Group Bhd MMC Corporation BHD Pharmaniaga BHD Sapuracrest Petroleum Bhd Sime Darby Bhd

Unquoted corporate bonds: ADCB Finance (Cayman) Limited due 02/09/2015 Syarikat Prasarana Negara Berhad due 04/08/2026 Gulf Investment Corporation G.S.C due 01/03/2016 Special Power Vehicle Berhad due 19/05/2016Tanjung Bin Energy Issuer Bhd due 16/03/2026

Quoted unit and property trust funds: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Total investments at FVTPL

1,008,959 1,228,640

1,190,108 526,047

1,316,126 56,191

1,568,012 969,685

13,040,417

1,020,300

500,000

1,000,000

1,707,225

1,525,770 5,753,295

649,304 635,538

1,284,842 20,078,554

4.24%6.04%

5.04%2.29%5.88%0.26%7.37%4.53%

59.66%

4.88%

2.36%

4.78%

7.76%

7.13%26.90%

3.05%3.07%6.12%

92.68%

1,250,000250,000

500,000300,000450,00011,190

325,000 100,000

1,000,000

500,000

1,000,000

1,062,500

1,500,000

475,000 575,000


RMCostRM

Fair valueas %

of NAV

2012

912,5001,300,000

1,085,000 492,000

1,264,500 56,734

1,586,000 974,000

12,833,984

1,049,500

506,900

1,028,500

1,668,231

1,533,300 5,786,431

655,500 661,250

1,316,750 19,937,165


Unquoted corporate bonds - secured Unquoted corporate bonds - unsecured Deposits with licensed banks

2.39 2.60 2.65

1.28 4.14 2.73

2012%


per annum

2011%

104




(iv) AmAssurance Dana Teguh

Quoted equity securities Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutions

FVTPL:Quoted equity securities: Cost Net unrealised (loss)/gain Fair value Unquoted corporate bonds: Cost Net unrealised gain Fair value Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments

2,255,950 -

468,053 4,207,847 6,931,850

2,079,965 175,985

2,255,950

- - -

435,434 32,619

468,053 2,724,003

4,207,847

6,931,850

7,434,120 2,366,427

293,655 2,827,762

12,921,964

7,537,387 (103,267)

7,434,120

2,309,613 56,814

2,366,427

267,602 26,053

293,655 10,094,202

2,827,762

12,921,964

2012RM

2011RM


FVTPL: Quoted equity securities: Construction Gamuda Bhd Malaysian Resources Corporation Bhd WCT Bhd Industrial Products KKB Engineering Bhd Plantation Kulim Bhd Trading & Services Alam Maritim Resources Bhd Axiata Group Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Petronas DaganganBhd Sapuracrest Petroleum Bhd Sime Darby Bhd

460,218 498,543 545,417

562,873

638,214

527,765 615,984 611,891 350,764 664,057 644,395 835,375 581,891

7,537,387

3.47%3.62%4.18%

4.13%

4.78%

3.61%4.95%4.13%2.50%4.82%5.48%6.50%4.45%

56.62%

125,000 250,000 225,000

325,000

150,000

650,000 125,000 250,000 200,000 225,000 38,000

175,000 60,000

455,000 475,000 549,000

542,750

627,000

474,500 650,000 542,500 328,000 632,250 719,720 854,000 584,400

7,434,120


RMCostRM

Fair valueas %

of NAV

2012

105



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (iv) AmAssurance Dana Teguh (cont’d)

FVTPL: AmAssurance Dana Teguh (cont’d.): Unquoted corporate bonds: Syarikat Prasarana Negara Berhad due 04/08/2026 Special Power Vehicle Berhad due 19/05/2016 Sarawak Energy Berhad

Unquoted unit and property trust funds: AmBon Islam Total investments at FVTPL

1,000,000

602,550 707,063

2,309,613

267,602 267,602

10,114,602

7.72%

4.48%5.82%

18.02%

2.24%2.24%

76.88%


RMCostRM

Fair valueas %

of NAV

2012


Unquoted corporate bonds - secured Unquoted corporate bonds - unsecured Deposits with licensed banks

- -

2.60

1.91 3.23 2.80

2012%


per annum

2011%

1,000,000

375,000 700,000

240,425

1,013,800

588,787 763,840

2,366,427

293,655 293,655

10,094,202

106




(v) AmAssurance AmOasis Islamic Equity Fund

Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutions

FVTPL:Quoted equity securities: Cost Net unrealised (loss)/gain Fair value

Unquoted unit and property trust funds: Cost Net unrealised loss Fair value Total investments at FVTPL LAR: Deposits with licensed banks

Total investments

995,300 1,403,995 1,905,363 4,304,658

865,888 129,412 995,300

1,749,866 (345,871)

1,403,995 2,399,295

1,905,363

4,304,658

2,004,200 1,158,578 1,186,000 4,348,778

2,055,660 (51,460)

2,004,200

1,490,584 (332,006)

1,158,578 3,162,778

1,186,000

4,348,778

2012RM

2011RM


FVTPL: Quoted equity securities: Construction Gamuda Bhd Malaysian Resources Corporation Bhd Industrial KKB Engineering Bhd IPC YTL Power International Bhd Plantation Kulim Bhd

Trading & Services Alam Maritim Resources Bhd Faber Group Bhd MMC Corporation Bhd Sapuracrest Petroleum Bhd Sime Darby Bhd

184,292 200,219

131,152

272,814

168,029

163,539 263,123 188,405 289,996 194,091

2,055,660

4.19%4.37%

2.88%

6.38%

3.85%

3.36%5.66%4.20%6.73%4.48%

46.10%

50,000 100,000

75,000

150,000

40,000

200,000 150,000 65,000 60,000 20,000

182,000 190,000

125,250

277,500

167,200

146,000 246,000 182,650 292,800 194,800

2,004,200


RMCostRM

Fair valueas %

of NAV

2012

107



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (v) AmAssurance AmOasis Islamic Equity Fund (cont’d)

FVTPL: Quoted unit and property trust funds: AmOasis Global Islamic Equity Total investments at FVTPL

1,490,584 1,490,584 3,546,244

26.65%26.65%72.74%

1,403,997

1,158,578 1,158,578 3,162,778


RMCostRM

Fair valueas %

of NAV

2012


Deposits with licensed banks 2.602.80

2012%


per annum

2011%

108




(vi) AmAssurance Global Emerging Market Fund

Unquoted unit and property trust funds Deposits with licensed financial institutions

FVTPL:Unquoted unit and property trust funds: Cost Net unrealised loss Fair valueTotal investments at FVTPL LAR: Deposits with licensed banks Total investments

526,629 225,240 751,869

475,254 51,375

526,629 526,629

225,240

751,869

503,357 221,975 725,332

529,640 (26,283)

503,357 503,357

221,975

725,332

2012RM

2011RM


FVTPL: Unquoted unit and property trust funds: AmCash Management AmGlobal Emerging Market Opportunities Total investments at FVTPL

83,306 446,334 529,640 529,640

11.54%58.21%69.76%69.76%

83,306 446,341

83,306 420,051 503,357 503,357


RMCostRM

Fair valueas %

of NAV

2012



2012%


per annum

2011%

109




(vii) AmAssurance AmAsia Star CG Fund

Structured product Deposits with licensed financial institutions

FVTPL:Structured product: Cost Net unrealised gain Fair value Total investments at FVTPL LAR:Deposits with licensed banks

Total investments

102,244,800 680,482

102,925,282

96,390,000 5,854,800

102,244,800 102,244,800

680,482

102,925,282

- - -

- - - -

-

-

2012RM

2011RM


Deposits with licensed banks 1.70-

2012%


per annum

2011%

110




(viii) AmAssurance Precious Metals Fund


FVTPL:Unquoted unit and property trust funds: Cost Net unrealised loss Fair value Total investments at FVTPL LAR:Deposits with licensed banks Total investments

2,155,329 2,342,278 4,497,607

2,203,824 (48,495)

2,155,329 2,155,329

2,342,278

4,497,607

4,346,463 710,712

5,057,175

5,469,773 (1,123,310) 4,346,463 4,346,463

710,712

5,057,175

2012RM

2011RM


FVTPL: Unquoted unit and property trust funds: Am Precious Metals Total investments at FVTPL

5,469,773 5,469,7735,469,773

84.22%84.22%84.22%

5,883,139

4,346,463 4,346,4634,346,463


RMCostRM

Fair valueas %

of NAV

2012



2012%


per annum

2011%

111




(ix) AmAssurance Global Agribusiness Fund


FVTPL: Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments

950,131 399,502

1,349,633

793,037 157,094 950,131 950,131

399,502

1,349,633

1,231,837 227,762

1,459,599

1,148,88282,955

1,231,837 1,231,837

227,762

1,459,599

2012RM

2011RM


FVTPL: Unquoted unit and property trust funds: Am Global Agribusiness Total investments at FVTPL

1,148,882 1,148,882 1,148,882

84.43%84.43%84.43%

1,370,383 1,231,837 1,231,837 1,231,837


RMCostRM

Fair valueas %

of NAV

2012



2012%


per annum

2011%

112




(x) AmAssurance AmAsia Recovery CG Fund


FVTPL: Structured product: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments

87,392,289 855,138

88,247,427

85,486,343 1,905,946 87,392,289 87,392,289

855,138

88,247,427

89,964,705 878,792

90,843,497

85,486,343 4,478,362

89,964,705 89,964,705

878,792

90,843,497

2012RM

2011RM


FVTPL: Structured product: Floating Rate Negotiable Instrument of Deposit Due 02/07/2012 Total investments at FVTPL

85,486,343 85,486,343 85,486,343

106.62%106.62%106.62%

89,700,000 89,964,705 89,964,705 89,964,705


RMCostRM

Fair valueas %

of NAV

2012


Deposits with licensed banks Floating rate negotiable instruments deposits

2.70 4.93

2.75 4.93

2012%


per annum

2011%

113




Structured product Unquoted unit and property trust funds

FVTPL: Structured product: Cost Net unrealised loss Fair value Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL

4,525,534 75,745

4,601,279

4,715,094 (189,560)

4,525,534

75,745 -

75,745 4,601,279

4,576,856 78,013

4,654,869

4,715,094 (138,238)

4,576,856

78,013 -

78,013 4,654,869

(xi) AmAssurance AmCommodity Stable CG Fund


FVTPL: Structured product: Floating Rate Negotiable Instrument of Deposit Due 12/10/2015 Unquoted unit and property trust funds: AmCash Management Fund AmIncome Fund

4,715,094 4,715,094

25,856 52,157 78,013

4,793,107

100.98%100.98%

0.57%1.15%1.72%

102.70%

5,045,920

25,856 52,157

4,576,856 4,576,856

25,856 52,157 78,013

4,654,869


RMCostRM

Fair valueas %

of NAV

2012


Floating rate negotiable instruments deposits 2.00 3.00

2012%


per annum

2011%

2012RM

2011RM

114




(xii) AmAssurance AmCurrency Income CG Fund


FVTPL: Structured product: Cost Net unrealised loss Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments

43,205,210 454,975

43,660,185

44,174,019 (968,809)

43,205,210 43,205,210

454,975 43,660,185

43,956,265 255,164

44,211,429

44,174,019 (217,754) 43,956,265

43,956,265

255,164

44,211,429



44,174,019 44,174,019 44,174,019

104.50%104.50%104.50%

46,193,169 43,956,265 43,956,265 43,956,265


RMCostRM

Fair valueas %

of NAV

2012



2.70 4.57

2.98 4.57

2012%


per annum

2011%

2012RM

2011RM

115




(xiii) AmAssurance AmCurrency Income II CG Fund


FVTPL: Structured product: Cost Net unrealised loss Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments

17,890,776 320,000

18,210,776

18,054,054 (163,278)

17,890,776 17,890,776

320,000 18,210,776

17,626,756 252,150

17,878,906

18,054,055 (427,299)

17,626,756 17,626,756

252,150

17,878,906



18,054,055 18,054,055 18,054,055

102.25%102.25%102.25%

18,933,000 17,626,756 17,626,756 17,626,756


RMCostRM

Fair valueas %

of NAV

2012



2.78 4.85

2.98 4.85

2012%


per annum

2011%

2012RM

2011RM

116




Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions

FVPTL: Quoted equity securities: Cost Net unrealised gain Fair value Quoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments

3,026,254 904,750

1,532,440 5,463,444

2,901,003 125,251

3,026,254

885,706 19,044

904,750 3,931,004

1,532,440

5,463,444

2012RM


FVPTL: Quoted equity securities: Finance Malayan Banking Bhd Malaysia Building Society Bhd Industrial KKB Engineering Bhd IPC YTL Power International Bhd Plantation Boustead Holdings Bhd Trading/Service Berjaya Sports Toto Bhd Faber Group Bhd Padiberas Nasional Bhd Petronas Dagangan Bhd Pharmaniaga Bhd

378,837 269,420

345,423

314,962

273,722

324,848 263,123 390,274 329,464 10,930

2,901,003

7.33%6.01%

6.14%

5.95%

5.49%

6.02%4.52%6.98%6.96%0.20%

55.59%

45,000 150,000

200,000

175,000

55,000

75,000 150,000 125,000 20,000

2,200

399,150 327,000

334,000

323,750

298,650

327,750 246,000 380,000 378,800

11,154 3,026,254


RMCostRM

Fair valueas %

of NAV

2012

(xiv) AmAssurance Dividend Fund

117



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (xiv) AmAssurance Dividend Fund (cont’d)

FVPTL: Quoted unit and property trust funds: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Sunway Real Estate Invt Trust

Total investments at FVTPL

276,458 306,501 302,747 885,706

3,786,709

5.07%5.81%5.74%

16.62%72.21%

200,000 275,000 250,000

276,000 316,250 312,500 904,750

3,931,004


RMCostRM

Fair valueas %

of NAV

2012


Deposits with licensed banks 2.73

2012%


per annum

118




4. DEFERRED TAXATION

The deferred tax (asset)/liability relate to unrealised capital (losses)/ gain on investments of the respective Funds.


At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year

59,193

(39,778) 19,415

19,415

(27,553) (8,138)

2012RM

2011RM


15,307

(9,783) 5,524

5,524

25,009 30,533

2012RM

2011RM


60,320

(34,036) 26,284

26,284

(29,423) (3,139)

2012RM

2011RM


33,945

(17,257) 16,688

16,688

(15,484) 1,204

2012RM

2011RM


(56,540)

39,223 (17,317)

(17,317)

(13,361) (30,678)

2012RM

2011RM





119



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)4. DEFERRED TAXATION (cont’d)


4,191

(81) 4,110

4,110

(6,213) (2,103)

2012RM

2011RM


203,559

264,825 468,384

468,384

(468,384) -

2012RM

2011RM


(5,589)

1,710 (3,879)

(3,879)

(85,985) (89,864)

2012RM

2011RM


6,576

5,992 12,568

12,568

(5,931) 6,637

2012RM

2011RM


(29,859)

182,335 152,476

152,476

205,793 358,269

2012RM

2011RM






120



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)4. DEFERRED TAXATION (cont’d)

At beginning of the year/launch date of the fund Recognised in the statement of comprehensive income (Note 8) At end of the year/period

-

(15,165) (15,165)

(15,165)

4,106 (11,059)

2012RM

2011RM


-

(77,505) (77,505)

(77,505)

60,084 (17,421)

2012RM

2011RM


-

(13,062) (13,062)

(13,062)

(21,122) (34,184)

2012RM

2011RM

At launch date of the fund Recognised in the statement of comprehensive income (Note 8) At end of the period

-

11,543 11,543

2012RM





121




5. UNITHOLDERS’ ACCOUNT




Amount received for creations during the year Amount paid for cancellations due to surrenders during the year

Unitholders’ account brought forward (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/income for the year

Net asset value per unit at 31 March


Unitholders’ account brought forward Excess of income over outgo after taxation, representing total comprehensive income for the year





11,974,079

(8,296,137) 3,677,942

11,475,270

(559,495)14,593,717

0.7832

10,351,906

(10,460,923) (109,017)

11,362,975

653,983 11,907,941

0.7312

14,106,619

(9,653,589) 4,453,030

17,541,011

(482,771) 21,511,270

0.8193

11,771,264

(6,164,202) 5,607,062

4,611,267

1,256,941 11,475,270

0.8093

8,424,315

(3,209,156) 5,215,159

5,890,599

257,217 11,362,975

0.6903

12,357,949

(1,705,274)10,652,675

5,808,689

1,079,647 17,541,011

0.8382

15,853,631

(11,399,456)4,454,175

14,179,271

- 18,633,446

14,657,826

(14,833,788) (175,962)

16,461,544

- 16,285,582

19,186,782

(13,857,906) 5,328,876

20,927,960

- 26,256,835

14,613,800

(7,309,058) 7,304,742

6,874,529

- 14,179,271

12,427,370

(4,837,820) 7,589,550

8,871,994

- 16,461,544

14,967,223

(1,942,756) 13,024,467

7,903,493

- 20,927,960

No. of units

No. of units

No. of units

No. of units

No. of units

No. of units

RM

RM

RM

RM

RM

RM

2012

2012

2012

2011

2011

2011

122















11,268,525

(5,197,302) 6,071,223

7,049,872

8,229 13,129,324

0.7875

3,021,175

(2,814,418) 206,757

4,305,627

(164,529) 4,347,855

0.4424

168,625

(103,798) 64,827

722,767

(66,014) 721,580

0.4940

4,809,957

(1,138,283) 3,671,674

2,786,451

591,747 7,049,872

0.7928

1,973,070

(1,345,679) 627,391

3,335,014

343,222 4,305,627

0.4580

151,020

(53,992) 97,028

622,580

3,159 722,767

0.5422

14,834,806

(7,053,865)7,780,941

8,891,870

- 16,672,811

7,042,611

(6,615,434) 427,178

9,400,744

- 9,827,922

339,337

(211,672) 127,665

1,333,091

- 1,460,756

5,267,721

(427,060) 4,840,661

4,051,209

- 8,891,870

4,240,856

(2,919,335) 1,321,521

8,079,223

- 9,400,744

278,749

(101,099) 177,650

1,155,441

- 1,333,091

No. of units

No. of units

No. of units

No. of units

No. of units

No. of units

RM

RM

RM

RM

RM

RM

2012

2012

2012

2011

2011

2011

NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)5. UNITHOLDERS’ ACCOUNT (cont’d)

123














-

(96,706,468) (96,706,468)

96,260,953

445,515 -

-

4,575,155

(2,933,253) 1,641,902

4,540,004

(1,021,364) 5,160,542

0.4293

737,273

(513,034) 224,239

1,308,660

(73,929) 1,458,970

0.5594

-

(2,178,843)(2,178,843)

96,396,014

2,043,782 96,260,953

0.5145

3,225,127

(784,851) 2,440,276

1,933,742

165,986 4,540,004

0.5309

740,470

(184,339) 556,131

689,488

63,041 1,308,660

0.5907

-

(187,089,354)(187,089,354)

187,089,354

- -

9,632,794

(6,164,368) 3,468,426

8,551,816

- 12,020,242

1,363,450

(970,739) 392,711

2,215,601

- 2,608,312

-

(4,273,555) (4,273,555)

191,362,909

- 187,089,354

4,945,963

(317,231) 4,628,732

3,923,084

- 8,551,816

1,276,510

(279,663) 996,847

1,218,754

- 2,215,601

No. of units

No. of units

No. of units

No. of units

No. of units

No. of units

RM

RM

RM

RM

RM

RM

2012

2012

2012

2011

2011

2011



124



Amount received for creations during the year/period Amount paid for cancellations due to surrenders during the year/period



-

(1,499,832) (1,499,832)

84,339,039

1,540,053 84,379,260

0.5112

8,762

(1,477,193)(1,468,431)

84,542,903

1,264,567 84,339,039

0.5019

-

(2,970,816) (2,970,816)

168,041,905

- 165,071,089

-

(2,954,378) (2,954,378)

170,996,283

- 168,041,905

No. of units No. of unitsRM RM

2012 2011


Unitholders’ account brought forward/ at launch date (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the yearCoupon payment


-

(45,651) (45,651)

4,567,569

110,924 (100,198)

4,532,644

0.4810

4,794,586

(33,803) 4,760,783

-

(193,214)-

4,567,569

0.4798

-

(95,276) (95,276)

9,518,847

- -

9,423,571

9,587,247

(68,400) 9,518,847

-

- -

9,518,847


01.04.2011 to 31.03.2012 11.10.2010 to 31.03.2011






Unitholders’ account brought forward/ at launch date Excess/(Deficit) of income over outgo after taxation, representing total comprehensive income/(loss) for the year


-

(1,083,495)(1,083,495)

42,581,327

565,549 42,063,381

0.4948

43,716,690

(106,268) 43,610,422

-

(1,029,095)42,581,327

0.4883

-

(2,198,616) (2,198,616)

87,206,942

- 85,008,326

87,419,462

(212,520) 87,206,942

-

- 87,206,942


01.04.2011 to 31.03.2012 16.08.2010 to 31.03.2011

125







Unitholders’ account brought forward/ at launch date Deficit of income over outgo after taxation, representing total comprehensive loss for the year


-

(643,728) (643,728)

18,213,206

(331,136) 17,238,342

0.4887

18,374,025

- 18,374,025

-

(160,819) 18,213,206

0.4979

-

(1,304,100) (1,304,100)

36,577,657

- 35,273,557

36,577,657

- 36,577,657

-

- 36,577,657


01.04.2011 to 31.03.2012 21.03.2011 to 31.03.2011

Amount received for creations during the period Amount paid for cancellations due to surrenders during the period

Unitholders’ account brought forward/ at launch date Excess of income over outgo after taxation, representing total comprehensive income for the year


5,283,559

(29,970) 5,253,589

-

190,315 5,443,904

0.5188

10,570,844

(78,374) 10,492,470

-

- 10,492,470

No. of units RM

27.10.2011 to 31.03.2012

126



6. INTEREST INCOME


35,718 - -

35,718

78,042 8,538

425,520 512,100

63,766 16,369 4,109

84,244

120,078 - -

120,078

2012RM

2012RM

2011RM

2011RM


Interest income from: Deposits with licensed financial institutions Malaysia government securities Corporate bonds

46,381 8,219

54,600

85,910 127,965 213,875

33,775 -

33,775

100,931 343,156 444,087

2012RM

2012RM

2011RM

2011RM

AmAssurance Balanced Fund AmAssurance Dana Teguh

Interest income from: Deposits with licensed financial institutions Corporate bonds

12,234 52,683

2012RM

2011RM


Interest income from: Deposits with licensed financial institutions

15,555 5,878

2012RM

2011RM


745

6,278

2012RM

2011RM



5,693

6,112

2012RM

2011RM


24,649

27,890

2012RM

2011RM



127



30,028

27.10.2011 to 31.03.2012

RM



- 100,918

01.04.2011 to 31.03.2012

RM

11.10.2010 to 31.03.2011

RM


19,515 24,355

2012RM

2011RM



171 9,278

01.04.2011 to 31.03.2012

RM

21.03.2011 to 31.03.2011

RM


7,080

104,225

01.04.2011 to 31.03.2012

RM

16.08.2010 to 31.03.2011

RM



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)6. INTEREST INCOME (cont’d)

128



7. DIVIDEND INCOME


133,124

- 133,124

31,983

- 31,983

73,605

- 73,605

275,331

11,630 286,961

2012RM

2012RM

2011RM

2011RM


Gross dividends from: Quoted equity securities in Malaysia Quoted unit and property trust funds in Malaysia

167,618

- 167,618

118,516

118,516

56,230

- 56,230

306,852

67,979374,831

2012RM

2012RM

2011RM

2011RM



27.10.2011 to 31.03.2012

RM



42,177

9,585 51,762

2012RM

2011RM


2012RM

2011RM



28,369

- 28,369

1,281

- 1,281

-

- -

28,972

- 28,972

01.04.2011 to 31.03.2012

RM

11.10.2010 to 31.03.2011

RM


2012RM

2011RM



-

146,566 146,566

2,037

- 2,037

-

- -

-

- -

129



8. TAXATION


-

39,223

39,223

1,534

(13,361)

(11,827)

Malaysian income tax: Current year’s provision

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year

2012RM

2011RM


2012RM

2012RM

2011RM

2011RM


143,057

(39,778)

103,279

36,938

25,009

61,947

27,014

(9,783)

17,231

(17,672)

(27,553)

(45,225)



2012RM

2012RM

2011RM

2011RM


120,811

(34,036)

86,775

21,037

(15,484)

5,553

65,842

(17,257)

48,585

(1,997)

(29,423)

(31,420)



1,089

(81)

1,008

441

(468,384)

(467,943)

1,244

264,825

266,069

1,366

(6,213)

(4,847)



2012RM

2011RM


2012RM

2011RM


130



1,561

182,335

183,896

8,073

4,106

12,179

-

(15,165)

(15,165)

1,948

205,793

207,741



01.04.2011 to 31.03.2012

RM

11.10.2010 to 31.03.2011

RM


2012RM

2011RM


566

(77,505)

(76,939)

743

(21,122)

(20,379)

14

(13,062)

(13,048)

8,338

60,084

68,422



01.04.2011 to 31.03.2012

RM

21.03.2011 to 31.03.2011

RM


01.04.2011 to 31.03.2012

RM

16.08.2010 to 31.03.2011

RM


NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)8. TAXATION (cont’d)

1,972

1,710

3,682

489

(5,931)

(5,442)

455

5,992

6,447

(817)

(85,985)

(86,802)



2012RM

2011RM


2012RM

2011RM


131






27.10.2011 to 31.03.2012

RM


5,449

11,543

16,992

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% (2011: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business.

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:

2012RM

2012RM

2011RM

2011RM


1,360,220

108,818 (7,473)

1,934 103,279

715,930

57,275 (4,765)

9,437 61,947

274,448

21,956 (6,429)

1,704 17,231

(604,720)

(48,378) (14,039)

17,192 (45,225)

(Deficit)/excess of income over outgo before taxation

Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes

2012RM

2012RM

2011RM

2011RM


1,166,422

93,314 (42,332)

35,793 86,775

13,782

1,104 (6,288)

10,737 5,553

640,332

51,227 (20,644)

18,003 48,585

(514,191)

(41,135) (12,117)

21,832 (31,420)



132




382,445

30,596 (3,248)

11,875 39,223

(176,356)

(14,108) (1,728)

4,009 (11,827)



2012RM

2011RM


4,167

333 -

675 1,008

(22,428)

(1,795) (475,538)

9,390 (467,943)

2,309,851

184,788 -

81,281 266,069

(70,861)

(5,668) (103)

924 (4,847)



2012RM

2011RM


2012RM

2011RM


169,668

13,573 (11,726)

1,835 3,682

(79,371)

(6,350)-

908 (5,442)

69,488

5,559 -

888 6,447

(1,108,166)

(88,653)-

1,851 (86,802)



2012RM

2011RM


2012RM

2011RM


133




1,448,463

115,877 -

68,019 183,896

123,103

9,848 (163)

2,494 12,179

(208,379)

(16,670) -

1,505 (15,165)

1,747,794

139,824 -

67,917 207,741

Excess/(deficit) of income over outgo before taxation


01.04.2011 to 31.03.2012

RM

11.10.2010 to 31.03.2011

RM


2012RM

2011RM


(1,106,034)

(88,483) -

11,544 (76,939)

(351,515)

(28,121)-

7,742 (20,379)

(173,867)

(13,909) -

861 (13,048)

633,971

50,717 -

17,705 68,422

Excess/(deficit) of income over outgo before taxation


01.04.2011 to 31.03.2012

RM

21.03.2011 to 31.03.2011

RM


01.04.2011 to 31.03.2012

RM

16.08.2010 to 31.03.2011

RM


Excess of income over outgo before taxation


27.10.2011 to 31.03.2012

RM


207,307

16,585 (2,626)

3,03316,992

9. CONTINGENT LIABILITIES AND COMMITMENTS

At 31 March 2012, the Funds have no material contingent liabilities or commitments that are not included in the financial statements.

134




10. SIGNIFICANT RELATED PARTY DISCLOSURE

(a) Related parties

The related parties and their relationship with the Manager are as follows:

Name Relationship

AmInvestment Bank Berhad Other related company

AmBank (M) Berhad Other related company

AmIslamic Bank (M) Berhad Other related company

AmSec Nominees (Tempatan) Sendirian Berhad Other related company

AmTrustee Berhad Other related company

In the normal course of business, the Manager undertakes various transactions with subsidiaries and associated companies of its ultimate holding company, AMMB Holdings Berhad and other companies deemed related parties by virtue of common director’s shareholdings and a corporate shareholder’s interest in its ultimate holding company.

(b) Key management personnel

In line with the group classification, the key management personnel of the Manager include the directors and the Chief Executive Officer. There were no significant transcations entered into with key management personnel during the year.

(c) Related party balances

At the financial year/period end, the significant related party balances of the Funds with related parties of the Manager, were as follows:

2012RM

2011RM


5,012,700

6,449,875 4,395

-

3,409,000 2,686

AmSec Nominees (Tempatan) Sendirian Berhad Investment AmBank (M) Berhad Deposits with licensed banks Cash and bank balances

135



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (c) Related party balances (cont’d)

2012RM

2011RM


6,002,949

4,445,617 1,310

-

1,352,233 138

AmSec Nominees (Tempatan) Sendirian Berhad Investment AmBank (M) Berhad Deposits with licensed banks Cash and bank balances

2012RM

2011RM


2012RM

2011RM


2,255,950

4,207,847 917

-

2,827,762 150

AmSec Nominees (Tempatan) Sendirian Berhad Investments AmIslamic Bank (M) Berhad Deposits with licensed banks Cash and bank balances

2012RM

2011RM


995,300

1,905,363 1,437

-

1,186,000 891

AmSec Nominees (Tempatan) Sendirian Berhad Investments AmBank (M) Berhad Deposits with licensed banks Cash and bank balances

5,925,800

2,014,900

8,225,921 3,147

-

-

1,425,383 2,420

AmSec Nominees (Tempatan) Sendirian Berhad Investment

AmTrustee Berhad Investment AmBank (M) Berhad Deposits with licensed banks Cash and bank balances

136



2012RM

2011RM


4,105 9,286 AmBank (M) Berhad Cash and bank balances

2012RM

2011RM


680,482 2,043

- -

AmBank (M) Berhad Deposits with licensed banks Cash and bank balances

2012RM

2011RM


2,342,278 418

710,712 947

AmIslamic Bank (M) Berhad Deposits with licensed banks Cash and bank balances

2012RM

2011RM


236 5,491 AmBank (M) Berhad Cash and bank balances

2012RM

2011RM


855,138 536

878,792 528



137



2012RM

2011RM


4,020 4,239 AmBank (M) Berhad Cash and bank balances

2012RM

2011RM


931 659 AmBank (M) Berhad Cash and bank balances

2012RM

2011RM


471 181 AmBank (M) Berhad Cash and bank balances


1,532,440 1,345


2012RM


138



(d) Related party transactions

During the financial year, the significant related party transactions of the Funds with related parties of the Manager, were as follows:

2012RM

2012RM

2012RM

2012RM

2011RM

2011RM

2011RM

2011RM





35,718

2,655

63,766

2,711

46,380

3,259

33,775

1,611

120,078

6,297

78,042

4,976

100,931

8,863

85,910

4,323

AmBank (M) Berhad Investment income: Interest income AmTrustee Berhad Management expense: Trustee fees



AmIslamic Bank (M) Berhad Investment income: Interest income AmTrustee Berhad Management expense: Trustee fees

NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (cont’d)

139



12,234

10

420

52,683

-

629

AmIslamic Bank (M) Berhad Investment income: Interest income Management expenses: Bank charges AmTrustee Berhad Management expense: Trustee fees

10-

AmBank (M) Berhad Management expenses: Bank charges

15,555

35

5,878

-

AmBank (M) Berhad Investment income: Interest income Management expense: Bank charges

13,607

10

27,890

10

AmIslamic Bank (M) Berhad Investment income: Interest income Management expense: Bank charges

NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (d) Related party transactions (cont’d)

2012RM

2011RM


2012RM

2011RM


2012RM

2011RM


2012RM

2011RM


140



10-


10-


7,080

20

11,665

10


19,515

40

24,355

20



2012RM

2011RM


01.04.2011 to 31.03.2012

RM

11.10.2010 to 31.03.2011

RM


01.04.2011 to 31.03.2012

RM

16.08.2010 to 31.03.2011

RM


2012RM

2011RM


141



171

-

-

10

AmBank (M) Berhad Investment income: Interest income Management expenses: Bank charges


01.04.2011 to 31.03.2012

RM

21.03.2011 to 31.03.2011

RM



27.10.2011 to 31.03.2012

RM


AmTrustee Berhad Management expense: Trustee fees

30,028

12

888

142




11. FAIR VALUES OF FINANCIAL INSTRUMENTS

(a) Fair value hierarchy

The Funds use the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

The following tables show an analysis of financial instruments recorded at fair value by level of the fair

value hierarchy:

FVTPL: 2012 Quoted equity securities Quoted unit and property trust funds

2011 Quoted equity securities

FVTPL: 2012 Unquoted corporate bondsUnquoted unit and property trust funds

2011Unquoted corporate bondsMalaysian government securitiesUnquoted unit and property trust funds

- - -

- -

9,265,363 1,100,970 10,366,333

1,007,449 4,995,500

917,519 6,920,468

10,212,233 1,000,500 11,212,733

5,012,700 5,012,700

9,265,363 1,100,970 10,366,333

1,007,449 4,995,500

917,519 6,920,468

10,212,233 1,000,500

11,212,733

5,012,700 5,012,700

- - -

- - - -

- - -

- -

- - -

- - - -

Level 1 RM’000

Level 1 RM’000

Level 3 RM’000

Level 3 RM’000

Level 2 RM’000

Level 2 RM’000

Total RM’000

Total RM’000



143




NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)11. FAIR VALUES OF FINANCIAL INSTRUMENTS (a) Fair value hierarchy (cont’d)

Level 1 RM’000

Level 1 RM’000

Level 1 RM’000

Level 3 RM’000

Level 3 RM’000

Level 3 RM’000

Level 2 RM’000

Level 2 RM’000

Level 2 RM’000

Total RM’000

Total RM’000

Total RM’000


FVTPL: 2012 Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds

2011Quoted equity securities Unquoted corporate bonds Unquoted unit and property trust funds

FVTPL: 2012 Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds

2011Quoted equity securities Unquoted unit and property trust funds

FVTPL: 2012 Quoted equity securities Unquoted unit and property trust funds

2011Quoted equity securities Unquoted unit and property trust funds

- 5,786,431

- 5,786,431

- 2,014,900 1,020,711 3,035,611

- 2,366,427

293,655 2,660,082

- 468,053 468,053

- 1,158,578 1,158,578

- 1,403,995 1,403,995

12,833,984 5,786,431 1,316,750 19,937,165

5,925,800 2,014,900 1,020,711 8,961,411

7,434,120 2,366,427

293,655 10,094,202

2,255,950 468,053

2,724,003

2,004,200 1,158,578 3,162,778

995,300 1,403,995 2,399,295

12,833,984

- 1,316,750

14,150,734

5,925,800 - -

5,925,800

7,434,120

- -

7,434,120

2,255,950 -

2,255,950

2,004,200

- 2,004,200

995,300 -

995,300

- - - -

- - - -

- - - -

- - -

- - -

- - -


144






Level 1 RM’000

Level 1 RM’000

Level 1 RM’000

Level 1 RM’000

Level 3 RM’000

Level 3 RM’000

Level 3 RM’000

Level 3 RM’000

Level 2 RM’000

Level 2 RM’000

Level 2 RM’000

Level 2 RM’000

Total RM’000

Total RM’000

Total RM’000

Total RM’000

FVTPL: 2012 Unquoted unit and property trust funds

2011Unquoted unit and property trust funds

FVTPL: 2012 Structured product

2011Structured product





503,357 503,357

526,629 526,629

- -

102,244,800 102,244,800

- -

102,244,800 102,244,800

4,346,463 4,346,463

2,155,329 2,155,329

1,231,837 1,231,837

950,131 950,131

503,357 503,357

526,629 526,629

4,346,463 4,346,463

2,155,329 2,155,329

1,231,837 1,231,837

950,131 950,131

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -



145



Level 1 RM’000

Level 3 RM’000

Level 2 RM’000

Total RM’000

FVTPL: 2012 Structured product Unquoted unit and property trust funds

2011Structured product Unquoted unit and property trust funds

4,576,856 78,013

4,654,869

4,525,534 75,745

4,601,279

4,576,856 78,013

4,654,869

4,525,534 75,745

4,601,279

- - -

- - -

- - -

- - -



Level 1 RM’000

Level 1 RM’000

Level 3 RM’000

Level 3 RM’000

Level 2 RM’000

Level 2 RM’000

Total RM’000

Total RM’000





89,964,705 89,964,705

87,392,289 87,392,289

43,956,265 43,956,265

43,205,210 43,205,210

89,964,705 89,964,705

87,392,289 87,392,289

43,956,265 43,956,265

43,205,210 43,205,210

- -

- -

- -

- -

- -

- -

- -

- -



146





Level 1 RM’000

Level 1 RM’000

Level 3 RM’000

Level 3 RM’000

Level 2 RM’000

Level 2 RM’000

Total RM’000

Total RM’000



FVTPL: 2012 Quoted equity securitiesQuoted unit and property trust funds

17,626,756 17,626,756

17,890,776 17,890,776

- --

3,026,254 904,750

3,931,004

- -

- -

3,026,254 904,750

3,931,004

- -

- -

- --


17,626,756 17,626,756

17,890,776 17,890,776

147




2012RM

2012RM

2011RM

2011RM


- -

6,449,875 161,525

4,395 6,615,795

9,265,363 -

1,352,233 301,125

138 10,918,859

1,007,449 4,995,500

4,445,617 110,799

1,310 10,560,675

- -

3,409,000 14,341 2,686

3,426,027

Investments: Unquoted corporate bonds Malaysian government securities Deposits with licensed financial institutions Other receivables Cash and bank balances

2012RM

2012RM

2011RM

2011RM


2,014,900

8,225,921 491,786

3,147 10,735,754

2,366,427

2,827,762 279,038

150 5,473,377

-

4,207,847 227,778

917 4,436,542

5,786,431

1,425,383 192,275

2,420 7,406,509

Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances

12. FINANCIAL RISK

(1) Credit risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Funds by failing to discharge an obligation. The Funds are exposed to the risk of credit-related losses that can occur as a result of a counterparty or issuer being unable or unwilling to honour its contractual obligations to make timely repayments of interest, principal and proceeds from realisation of investments.

The Manager manages the Funds’ credit risk by undertaking credit evaluation and close monitoring of any changes to the issuer/counterparty’s credit profile to minimise such risk. It is the Funds’ policy to enter into financial instruments with reputable counterparties. The Manager also closely monitors the creditworthiness of the Funds’ counterparties (e.g., brokers, custodian, banks, etc.) by reviewing their credit ratings and credit profile on a regular basis.

Credit exposure

The table below shows the maximum exposure to credit risk for the components of the statement of financial position and items such as future commitments. The maximum exposure is shown gross, before the effect of mitigation through the use of master netting or collateral agreements and the use of credit derivatives.

148



2,342,278

93,587 418

2,436,283

227,762 16,623 5,491

249,876

399,502 4,396

236 404,134

710,712 43,810

947 755,469

Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances

2012RM

2011RM


2012RM

2011RM


Investments: Floating rate negotiable instruments deposit Deposits with licensed financial institutions Other receivables Cash and bank balances

2012RM

2011RM


2012RM

2011RM


-

1,905,363 92,320 1,437

1,999,120

-

1,186,000 17,946

891 1,204,837

Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances

2012RM

2011RM


87,392,289

855,138 444 536

88,248,407

4,576,856

- 228

4,239 4,581,323

4,525,534

- 227

4,020 4,529,781

89,964,705

878,792

144 528

90,844,169


2011RM

2011RM


2012RM

2011RM


NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure (cont’d)

225,240

586 4,105

229,931

- - - -

102,244,800

680,482 25,332 2,043

102,952,657

221,975 528

9,286 231,789

149



Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances

2012RM


1,532,440 7,013

1,345 1,540,798

43,205,210

454,975 1,778

931 43,662,894

17,626,756

252,150 105 181

17,879,192

17,890,776

320,000 171 471

18,211,418

43,956,265

255,164 1,581

659 44,213,669


2012RM

2012RM


2012RM

2012RM


- - - -

- - - -

3,409,000 510

2,686 3,412,196

6,449,875 937

4,395 6,455,207

- - - -

- - - -

- - - -

- - - -

- 13,831

- 13,831

- 160,588

- 160,588

- - - -

- - - -

3,409,000 14,341 2,686

3,426,027

6,449,875 161,525

4,395 6,615,795

Neither impaired nor past-due

NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure (cont’d)

Credit exposure by credit rating

The table below provides information regarding the credit risk exposures of the Funds by classifying assets according to the Funds’ credit ratings of counterparties.


AAA RM

AA RM

A RM

Government Guaranteed

(GG)RM

Not rated

RM

Past-due but not

impaired RM

Total RM

2012 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances


150





NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)


AAA RM

AAA RM

AARM

AA RM

A RM

A RM


(GG)RM


(GG)RM

Not rated

RM

Not rated

RM

Past-due but not

impaired RM

Past-due but not

impaired RM

Total RM

Total RM

2,608,250

- - -

2,608,250

1,007,449

-

- - -

1,007,449

2,078,000

- - -

2,078,000

2,014,900

- - -

2,014,900

3,141,300

1,352,233 204 138

4,493,875

-

-

4,445,617 2,301 1,310

4,449,228

1,533,300

1,425,383 213

2,420 2,961,316

-

8,225,921 1,194 3,147

8,230,262

981,313

- - -

981,313

-

-

- - - -

1,668,231

- - -

1,668,231

-

- - - -

2,534,500

- - -

2,534,500

-

4,995,500

- - -

4,995,500

506,900

- - -

506,900

-

- - - -

-

- 300,921

- 300,921

-

-

- 108,498

- 108,498

-

- 192,062

- 192,062

-

- 490,592

- 490,592

-

- - - -

-

-

- - - -

-

- - - -

-

- - - -

9,265,363

1,352,233 301,125

138 10,918,859

1,007,449

4,995,500

4,445,617 110,799

1,310 10,560,675

5,786,431

1,425,383 192,275

2,420 7,406,509

2,014,900

8,225,921 491,786

3,147 10,735,754

2012 Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances

2011 Investments: Unquoted corporate bonds Malaysian government securities Deposits with licensed financial institutions Other receivables Cash and bank balances




151






AAA RM

AA RM

A RM


(GG)RM

Not rated

RM

Past-due but not

impaired RM

Total RM

- - - -

- - - -

1,186,000 182 891

1,187,073

1,905,363 271

1,437 1,907,071

- - - -

- - - -

- - - -

- - - -

-

17,764 -

17,764

- 92,049

- 92,049

- - - -

- - - -

1,186,000

17,946 891

1,204,837

1,905,363 92,320 1,437

1,999,120





AAA RM

AA RM

A RM


(GG)RM

Not rated

RM

Past-due but not

impairedRM

Total RM

-

- - - -

-

- - - -

763,840

2,827,762 434 150

3,592,186

-

4,207,847 600 917

4,209,364

588,788

- - -

588,788

-

- - - -

1,013,799

- - -

1,013,799

-

- - - -

-

- 278,604

- 278,604

-

- 227,178

- 227,178

-

- - - -

-

- - - -

2,366,427

2,827,762 279,038

150 5,473,377

-

4,207,847 227,778

917 4,436,542



152





AAA RM

AA RM

A RM


(GG)RM

Not rated

RM

Past-due but not

impaired RM

Total RM

2011 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances


AAA RM

AA RM

A RM


(GG)RM

Not rated

RM

Past-due but not

impaired RM

Total RM

221,975 36

- 222,011

225,240 120

- 225,360

- -

9,286 9,286

- -

4,105 4,105

- - - -

- - - -

- - - -

- - - -

- 492

- 492

- 466

- 466

- - - -

- - - -

221,975

528 9,286

231,789

225,240 586

4,105 229,931





- - - --

102,244,800

680,482 352

2,043 102,927,677

- - - --

- - - --

-

- 24,980

- 24,980

- - - --

102,244,800

680,482 25,332 2,043

102,952,657

153








AAA RM

AAA RM

AA RM

AA RM

A RM

A RM


(GG)RM


(GG)RM

Not rated

RM

Not rated

RM

Past-due but not

impaired RM

Past-due but not

impaired RM

Total RM

Total RM

- - - -

- - - -

227,762 37

- 227,799

399,502 213

- 399,715

710,712 109 947

711,768

2,342,278 1,168

418 2,343,864

- -

5,491 5,491

- -

236 236

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- 43,701

- 43,701

- 92,419

- 92,419

- 16,586

- 16,586

- 4,183

- 4,183

- - - -

- - - -

- - - -

- - - -

710,712

43,810 947

755,469

2,342,278 93,587

418 2,436,283

227,762

16,623 5,491

249,876

399,502 4,396

236 404,134





154






AAA RM

AAA RM

AA RM

AA RM

A RM

A RM


(GG)RM


(GG)RM

Not rated

RM

Not rated

RM

Past-due but not

impaired RM

Past-due but not

impaired RM

Total RM

Total RM


- - - - -

-

- - - -

- - - -

- - - -

89,964,705

878,792 132 528

90,844,157

87,392,289

855,138 442 536

88,248,405

4,576,856 -

4,239 4,581,095

4,525,534 -

4,020 4,529,554

-

- - - -

- - - - -

- - - -

- - - -

-

- - - -

- - - - -

- - - -

- - - -

-

- 12

- 12

-

- 2 - 2

- 228

- 228

- 227

- 227

-

- - - -

- - - - -

- - - -

- - - -

89,964,705

878,792 144 528

90,844,169

87,392,289

855,138 444 536

88,248,407

4,576,856

228 4,239

4,581,323

4,525,534 227

4,020 4,529,781



2012 Investments: Floating rate negotiable instruments deposits Other receivables Cash and bank balances

2011 Investments: Floating rate negotiable instruments deposits Other receivables Cash and bank balances


155






AAA RM

AA RM

A RM


(GG)RM

Not rated

RM

Past-due but not

impaired RM

Total RM

-

255,164 42

- 255,206

-

454,975 236

- 455,211

43,956,265

- -

659 43,956,924

43,205,210

- -

931 43,206,141

-

- - - -

-

- - - -

-

- - - -

-

- - - -

- -

1,539 -

1,539

-

- 1,542

- 1,542

-

- - - -

-

- - - -

43,956,265

255,164 1,581

659 44,213,669

43,205,210

454,975 1,778

931 43,662,894





AAA RM

AA RM

A RM


(GG)RM

Not rated

RM

Past-due but not

impaired RM

Total RM

-

252,150 41

- 252,191

-

320,000 171

- 320,171

17,626,756

- -

181 17,626,937

17,890,776

- -

471 17,891,247

-

- - - -

-

- - - -

-

- - - -

-

- - - -

-

- 64

- 64

-

- - - -

-

- - - -

-

- - - -

17,626,756

252,150 105 181

17,879,192

17,890,776

320,000 171 471

18,211,418



156






AAA RM

AA RM

A RM


(GG)RM

Not rated

RM

Past-due but not

impaired RM

Total RM

- - - -

1,532,440 229

1,345 1,534,014

- - - -

- - - -

- 6,784

- 6,784

- - - -

1,532,440

7,013 1,345

1,540,798


157



(2) Liquidity risk

Liquidity risk is the risk that an entity, although solvent, either does not have sufficient financial resources available to it in order to meet its obligations when they fall due, or can secure them only at excessive cost.

Expected utilisation or settlement of assets

The table below summarises the expected utilisation or settlement of assets:

Current* RM

Non-current RM

Total RM


- - - - - - -

- - - - - -

10,212,233 1,000,500 3,409,000

8,138 14,341 2,686

14,646,898

5,012,700 -

6,449,875 161,525

4,395 11,628,495

10,212,233 1,000,500 3,409,000

8,138 14,341 2,686

14,646,898

5,012,700 -

6,449,875 161,525

4,395 11,628,495

2012

ASSETS Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions Deferred tax asset Other receivables Cash and bank balances Total assets 2011

ASSETS Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets

* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.

NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK

158



Current* RM

Current* RM

Non-current RM

Non-current RM

Total RM

Total RM



- - - - - - -

- - - - - - -

- - - - - - - -

- - - - - - - -

9,265,363 1,100,970 1,352,233

301,125 138

12,019,829

1,007,449 4,995,500

917,519 4,445,617

110,799 1,310

11,478,194

12,833,984 5,786,431 1,316,750 1,425,383

3,139 192,275

2,420 21,560,382

5,925,800 2,014,900

- 1,020,711 8,225,921

491,786 3,147

17,682,265

9,265,363 1,100,970 1,352,233 301,125

138 12,019,829

1,007,449 4,995,500

917,519 4,445,617

110,799 1,310

11,478,194

12,833,984 5,786,431 1,316,750 1,425,383

3,139 192,275

2,420 21,560,382

5,925,800 2,014,900

- 1,020,711 8,225,921

491,786 3,147

17,682,265

2012

ASSETS Investments: Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets

2011

ASSETS Investments: Unquoted corporate bonds Malaysian government securities Unquoted unit and property trust funds Deposits with licensed financial institutions Other receivablesCash and bank balances Total assets



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)

2012

ASSETS Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets

2011

ASSETS Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets

159



Current* RM

Current* RM

Non-current RM

Non-current RM

Total RM

Total RM



- - - - - - -

- - - - - -

- - - - - - -

- - - - - - - -

7,434,120 2,366,427

293,655 2,827,762

279,038 150

13,201,152

2,255,950 468,053

4,207,847 227,778

917 7,160,545

2,004,200 1,158,578 1,186,000

30,678 17,946

891 4,398,293

995,300 1,403,995 1,905,363

17,317 3,061

92,320 1,437

4,418,793

7,434,120 2,366,427

293,655 2,827,762

279,038 150

13,201,152

2,255,950 468,053

4,207,847 227,778

917 7,160,545

2,004,200 1,158,578 1,186,000

30,678 17,946

891 4,398,293

995,300 1,403,995 1,905,363

17,317 3,061

92,320 1,437

4,418,793

2012

ASSETS Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets 2011

ASSETS Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets




2012

ASSETS Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets

2011

ASSETS Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Tax recoverableOther receivables Cash and bank balances Total assets

160



Current* RM

Current* RM

Non-current RM

Non-current RM

Total RM

Total RM



- - - - - -

- - - - - -

- - - - -

503,357 221,975

2,103 528

9,286 737,249

526,629 225,240

67 586

4,105 756,627

102,244,800 680,482 25,332 2,043

102,952,657

503,357 221,975

2,103 528

9,286 737,249

526,629 225,240

67 586

4,105 756,627

102,244,800 680,482 25,332 2,043

102,952,657

2012

ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets 2011

ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutions Tax recoverable Other receivables Cash and bank balances Total assets




2011

ASSETS Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets

161



Current* RM

Current* RM

Non-current RM

Non-current RM

Total RM

Total RM



- - - - - -

- - - - - -

- - - - -

- - - - -

4,346,463 710,712 89,864 43,810

947 5,191,796

2,155,329 2,342,278

3,879 93,587

418 4,595,491

1,231,837 227,762 16,623 5,491

1,481,713

950,131 399,502

4,396 236

1,354,265

4,346,463 710,712 89,864 43,810

947 5,191,796

2,155,329 2,342,278

3,879 93,587

418 4,595,491

1,231,837 227,762 16,623

5,491 1,481,713

950,131 399,502

4,396 236

1,354,265

2012

ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets 2011

ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutions Deferred tax asset Other receivables Cash and bank balances Total assets




2012

ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets

2011

ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets

162



Current* RM

Current* RM

Non-current RM

Non-current RM

Total RM

Total RM



-- - - -

- - - - -

89,964,705 878,792

144 528

90,844,169

87,392,289 855,138

444 536

88,248,407

89,964,705 878,792

144 528

90,844,169

87,392,289 855,138

444 536

88,248,407

2012

ASSETS Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets 2011

ASSETS Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets




- - - - - - -

- - - - - - -

4,576,856 78,013

- 11,059

228 4,239

4,670,395

4,525,534 75,745

- 15,165

227 4,020

4,620,691

4,576,856 78,013

- 11,059

228 4,239

4,670,395

4,525,534 75,745

- 15,165

227 4,020

4,620,691

2012

ASSETS Investments: Structured product Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets

2011

ASSETS Investments: Structured product Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets

163



Current* RM

Non-current RM

Total RM





- - - - - -

- - - - - -

17,626,756 252,150 34,184

105 181

17,913,376

17,890,776 320,000 13,062

171 471

18,224,480

17,626,756 252,150 34,184

105 181

17,913,376

17,890,776 320,000 13,062

171 471

18,224,480

2012

ASSETS Investments: Structured product Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets

2011


Current* RM

Non-current RM

Total RM


- - - - - -

- - - - - -

43,956,265 255,164 17,421 1,581

659 44,231,090

43,205,210 454,975 77,505 1,778

931 43,740,399

43,956,265 255,164 17,421 1,581

659 44,231,090

43,205,210 454,975 77,505 1,778

931 43,740,399

2012

ASSETS Investments: Structured product Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets 2011


164




Current* RM

Non-current RM

Total RM


- - - - - -

3,026,254 904,750

1,532,440 7,013 1,345

5,471,802

3,026,254 904,750

1,532,440 7,013 1,345

5,471,802

2012

ASSETS Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets


165



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. (cont’d)

Maturity profiles

The table below summarises the maturity profile of the financial assets and financial liability of the Funds based on remaining undiscounted contractual obligations:


Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

10,212,233

1,000,500

3,409,000 14,341 2,686

14,638,760

27,445 27,445

5,012,700

6,449,875 161,525

4,395 11,628,495

64,195 64,195

-

-

3,409,000 14,341 2,686

3,426,027

27,445 27,445

-

6,449,875 161,525

4,395 6,615,795

64,195 64,195

-

-

- - - -

- -

-

- - - -

- -

-

-

- - - -

- -

-

- - - -

- -

-

-

- - - -

- -

-

- - - -

- -

-

-

- - - -

- -

-

- - - -

- -

10,212,233

1,000,500

- - -

11,212,733

- -

5,012,700

- - -

5,012,700

- -

10,212,233

1,000,500

3,409,000 14,341 2,686

14,638,760

27,445 27,445

5,012,700

6,449,875 161,525

4,395 11,628,495

64,195 64,195

2012 Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets

Other payables Total financial liability

2011

Investments: Quoted equity securities Deposits with licensed financial institutions Other receivables Cash and bank balances Total financial assets


166



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)


Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

9,265,363

1,100,970

1,352,233 301,125

138 12,019,829

14,479 14,479

1,007,449

4,995,500

917,519

4,445,617 110,799

1,310 11,478,194

79,757 79,757

-

-

1,352,233 301,125

138 1,653,496

14,479 14,479

-

-

-

4,445,617 110,799

1,310 4,557,726

79,757 79,757

-

-

- - - -

- -

-

-

-

- - - -

- -

9,265,363

-

- - -

9,265,363

- -

1,007,449

4,995,500

-

- - -

6,002,949

- -

-

-

- - - -

- -

-

-

-

- - - -

- -

-

-

- - - -

- -

-

-

-

- - - -

- -

-

1,100,970

- - -

1,100,970

- -

-

-

917,519

- - -

917,519

- -

9,265,363

1,100,970

1,352,233 301,125

138 12,019,829

14,479 14,479

1,007,449

4,995,500

917,519

4,445,617 110,799

1,310 11,478,194

79,757 79,757

2012 Investments: Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


2011

Investments: Unquoted corporate bonds Malaysian government securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


167




Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

12,833,984 5,786,431

1,316,750

1,425,383

192,275 2,420

21,557,243

33,441 33,441

5,925,800 2,014,900

-

8,225,921 491,786

3,147 16,661,554

67,728 67,728

- -

-

1,425,383 192,275

2,420 1,620,078

33,441 33,441

- -

-

8,225,921 491,786

3,147 8,720,854

67,728 67,728

- -

-

- - - -

- -

- -

-

- - - -

- -

- 5,786,431

-

- - -

5,786,431

- -

- 2,014,900

-

- - -

2,014,900

- -

- -

-

- - - -

- -

- -

-

- - - -

- -

- -

-

- - - -

- -

- -

-

- - - -

- -

12,833,984 -

1,316,750

- - -

14,150,734

- -

5,925,800 -

-

- - -

5,925,800

- -

12,833,984 5,786,431

1,316,750

1,425,383

192,275 2,420

21,557,243

33,441 33,441

5,925,800 2,014,900

-

8,225,921 491,786

3,147 16,661,554

67,728 67,728

2012 Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


2011

Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets



168





Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

7,434,120 2,366,427

293,655

2,827,762 279,038

150 13,201,152

22,618 22,618

2,255,950

468,053

4,207,847 227,778

917 7,160,545

58,787 58,787

- -

-

2,827,762 279,038

150 3,106,950

22,618 22,618

-

-

4,207,847 227,778

917 4,436,542

58,787 58,787

- -

-

- - - -

- -

-

-

- - - -

- -

- 2,366,427

-

- - -

2,366,427

- -

-

-

- - - -

- -

- -

-

- - - -

- -

-

-

- - - -

- -

- -

-

- - - -

- -

-

-

- - - -

- -

7,434,120 -

293,655

- - -

7,727,775

- -

2,255,950

468,053

- - -

2,724,003

- -

7,434,120 2,366,427

293,655

2,827,762 279,038

150 13,201,152

22,618 22,618

2,255,950

468,053

4,207,847 227,778

917 7,160,545

58,787 58,787

2012 Investments: Quoted equity securities Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


2011

Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


169




Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

2,004,200

1,158,578

1,186,000 17,946

891 4,367,615

50,376 50,376

995,300

1,403,995

1,905,363 92,320 1,437

4,398,415

109,731 109,731

-

-

1,186,000 17,946

891 1,204,837

50,376 50,376

-

-

1,905,363 92,320 1,437

1,999,120

109,731 109,731

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

2,004,200

1,158,578

- - -

3,162,778

- -

995,300

1,403,995

- - -

2,399,295

- -

2,004,200

1,158,578

1,186,000 17,946

891 4,367,615

50,376 50,376

995,300

1,403,995

1,905,363 92,320 1,437

4,398,415

109,731 109,731

2012 Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


2011

Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets



170






Carrying Value

RM

Carrying Value

RM

Up to a

year RM

Up to a

year RM

1 - 3

years RM

1 - 3

years RM

3 - 5 years

RM

3 - 5 years

RM

5 - 15 years

RM

5 - 15 years

RM

Over 15 years

RM

Over 15 years

RM

No maturity

date RM

No maturity

date RM

Total RM

Total RM

503,357

221,975

528 9,286

735,146

12,258 12,258

526,629

225,240 586

4,105 756,560

27,638 27,638

102,244,800

680,482 25,332

2,043 102,952,657

6,215,627 6,215,627

-

221,975 528

9,286 231,789

12,258 12,258

-

225,240 586

4,105 229,931

27,638 27,638

-

680,482 25,332

2,043 707,857

6,215,627 6,215,627

-

- - - -

- -

-

- - - -

- -

102,244,800

- - -

102,244,800

- -

-

- - - -

- -

-

- - - -

- -

- - - - -

- -

-

- - - -

- -

-

- - - -

- -

- - - - -

- -

-

- - - -

- -

-

- - - -

- -

- - - - -

- -

503,357

- - -

503,357

- -

526,629

- - -

526,629

- -

- - - - -

- -

503,357

221,975 528

9,286 735,146

12,258 12,258

526,629

225,240 586

4,105 756,560

27,638 27,638

102,244,800

680,482 25,332

2,043 102,952,657

6,215,627 6,215,627

2012 Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


2011

Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


2011 Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


171





Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

4,346,463

710,712 43,810

947 5,101,932

28,850 28,850

2,155,329

2,342,278 93,587

418 4,591,612

52,267 52,267

-

710,712 43,810

947 755,469

28,850 28,850

-

2,342,278 93,587

418 2,436,283

52,267 52,267

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

4,346,463

- - -

4,346,463

- -

2,155,329

- - -

2,155,329

- -

4,346,463

710,712 43,810

947 5,101,932

28,850 28,850

2,155,329

2,342,278 93,587

418 4,591,612

52,267 52,267



2011



Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

1,231,837

227,762 16,623 5,491

1,481,713

14,253 14,253

950,131

399,502 4,396

236 1,354,265

31,673 31,673

-

227,762 16,623

5,491 249,876

14,253 14,253

-

399,502 4,396

236 404,134

31,673 31,673

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

1,231,837

- - -

1,231,837

- -

950,131

- - -

950,131

- -

1,231,837

227,762 16,623 5,491

1,481,713

14,253 14,253

950,131

399,502 4,396

236 1,354,265

31,673 31,673



2011




172




Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

89,964,705

878,792 144 528

90,844,169

6,101,961 6,101,961

87,392,289

855,138

444 536

88,248,407

3,754,161 3,754,161

-

878,792 144 528

879,464

6,101,961 6,101,961

-

855,138 444 536

856,118

3,754,161 3,754,161

89,964,705

- - -

89,964,705

- -

87,392,289

- - -

87,392,289

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

89,964,705

878,792 144 528

90,844,169

6,101,961 6,101,961

87,392,289

855,138 444 536

88,248,407

3,754,161 3,754,161



2011

Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets



Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

4,576,856

78,013 228

4,239 4,659,336

129,678 129,678

4,525,534

75,745 227

4,020 4,605,526

53,122 53,122

-

- 228

4,239 4,467

129,678 129,678

-

- 227

4,020 4,247

53,122 53,122

4,576,856

- - -

4,576,856

- -

-

- - - -

- -

-

- - - -

- -

4,525,534

- - -

4,525,534

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

78,013 - -

78,013

- -

-

75,745 - -

75,745

- -

4,576,856

78,013 228

4,239 4,659,336

129,678 129,678

4,525,534

75,745 227

4,020 4,605,526

53,122 53,122

2012 Investments: Structured product Quoted unit and property trust fundsOther receivables Cash and bank balances Total financial assets


2011

Investments: Structured product Quoted unit and property trust fundsOther receivables Cash and bank balances Total financial assets



173





Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

43,956,265

255,164 1,581

659 44,213,669

2,158,805 2,158,805

43,205,210

454,975 1,778

931 43,662,894

1,158,506 1,158,506

-

255,164 1,581

659 257,404

2,158,805 2,158,805

-

454,975 1,778

931 457,684

1,158,506 1,158,506

43,956,265

- - -

43,956,265

- -

43,205,210

- - -

43,205,210

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

43,956,265

255,164 1,581

659 44,213,669

2,158,805 2,158,805

43,205,210

454,975 1,778

931 43,662,894

1,158,506 1,158,506



2011




Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

17,626,756

252,150 105 181

17,879,192

674,278 674,278

17,890,776

320,000 171 471

18,211,418

11,260 11,260

-

252,150 105 181

252,436

674,278 674,278

-

320,000 171 471

320,642

11,260 11,260

17,626,756

- - -

17,626,756

- -

17,890,776

- - -

17,890,776

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

17,626,756

252,150 105 181

17,879,192

674,278 674,278

17,890,776

320,000 171 471

18,211,418

11,260 11,260



2011



174





Carrying Value

RM

Up to a

year RM

1 - 3

years RM

3 - 5 years

RM

5 - 15 years

RM

Over 15 years

RM

No maturity

date RM

Total RM

3,026,254

904,750

1,532,440 7,013 1,345

5,471,802

15,326 15,326

-

-

1,532,440 7,013 1,345

1,540,798

15,326 15,326

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

3,026,254

904,750

- - -

3,931,004

- -

3,026,254

904,750

1,532,440 7,013 1,345

5,471,802

15,326 15,326

2012 Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets


(3) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the values of, or the income from, assets or in interest or exchange rates. Market risk includes the following four elements:

Price risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in equity prices or income

Foreign exchange risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in exchange rates

Interest rate risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in interest rates

Property risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in real estate values or income.

(a) Foreign exchange risk (currency risk)

At 31 March 2012, the Funds are not exposed to foreign exchange risk through its investment operation and fee income derived from financial instruments as all transactions are denominated in local currency (Ringgit Malaysia).

(b) Interest rate risk

The Funds are exposed to fair value interest rate risk where changes to interest rates result in

changes to fair values arising from volatility of interest rates rather than cashflows, for example fixed interest corporate bonds and floating rate negotiable instruments deposit. Conversely, floating rate financial assets expose the Funds to cashflow interest rate risk.

Bond related performance benchmarks within fund mandates are set so that asset profiles match liability profiles as closely as possible. This mitigates against interest rate risk.

Day-to-day investment decisions around the management of interest rate risk and its impact on the value of the Funds’ investments are largely undertaken on behalf of the Funds by AmInvestment Bank Berhad, within the boundaries set by fund mandates. In its decision making on fixed income investments, AmInvestment will assess the extent of interest rate risk allowed by the fund as set out in the fund objectives and relative to the defined performance

175



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (b) Interest rate risk (cont’d)

benchmarks. The methodology followed by the Funds to manage interest rate risk within each specific fund is an integral part of the asset management approach adopted. Investment policy takes account amongst others the Basis-Point Value (“BPV”) to measure the maximum loss of a fixed income portfolio of a 0.01 parallel movement in the yield curve.

The following table demonstrates the sensitivity to a reasonable change in interest rates on the fair value or future cash flows of the debt securities and Negotiable Instruments of Deposits:




(319,850) 359,050

(195,251) 203,678

(100,100) 110,200

(80,651) 84,635

(190,555) 215,058

- -

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

(319,850) 359,050

(195,251) 203,678

(100,100) 110,200

(80,651) 84,635

(190,555) 215,058

- -

2012 Interest ratesInterest rates






Changes in basis points



Effect on netincome or loss

for the year (negative)/ positive

RM



RM



RM

Impact on

on NAV (negative)/ positive

RM

Impact on


RM

Impact on


RM

176







- -

1,022,448 (1,022,448)

899,647 (899,647)

873,923 (873,923)

45,769 (45,769)

45,255 (45,255)

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

- -

1,022,448 (1,022,448)

899,647 (899,647)

873,923 (873,923)

45,769 (45,769)

45,255 (45,255)












RM



RM



RM

Impact on


RM

Impact on


RM

Impact on


RM

177






439,563 (439,563)

432,052 (432,052)

176,268 (176,268)

178,908 (178,908)

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

+100 bps-100 bps

439,563 (439,563)

432,052 (432,052)

176,268 (176,268)

178,908 (178,908)









RM



RM

Impact on


RM

Impact on


RM

(c) Equity risk

Equity risk are accepted in accordance with agreed risk appetite in order to achieve the desired level of return from policyholder assets.

The management of equity investments is undertaken by the Funds. In its decision-making on equity investments, the Funds will assess the extent of equity risk required or allowed by the Funds as set out in the Funds’ objectives and relative to defined performance benchmarks. The methodology followed by the Funds to manage equity risk within each fund is an integral part of the asset management approach adopted. Investment policy takes account amongst others the Value at Risks (“VaR”) to measure the maximum loss in market value of an equity portfolio within a given time span and at a given confidence level.

(d) Price risk

The analysis below is performed for reasonably possible movements in key variables with all other variables held constant, showing the impact on profit before tax. The correlation of variables will have significant effect in determining the ultimate impact on price risk, but to demonstrate the impact due to changes in variables, variables had to be changed on an individual basis. It should be noted that movements in these variables are non-linear.

178



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (d) Price risk (cont’d)




Changes in FBMKLCI

Changes in FBMKLCI

Changes in FBMKLCI


for the year positive/

(negative) RM



(negative) RM



(negative) RM

Impact on

on NAV positive/

(negative) RM

Impact on

on NAV positive/

(negative) RM

Impact on

on NAV positive/

(negative) RM

1,681,910

(1,681,910)

751,905 (751,905)

2,122,610 (2,122,610)

888,870 (888,870)

1,115,118 (1,115,118)

338,393 (338,393)

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

1,681,910

(1,681,910)

751,905 (751,905)

2,122,610 (2,122,610)

888,870 (888,870)

1,115,118 (1,115,118)

338,393 (338,393)

2012 Market indices: FBMKLCI FBMKLCI 2011 Market indices: FBMKLCI FBMKLCI



179



NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (d) Price risk (cont’d)



Changes in FBMKLCI

Changes in FBMKLCI



(negative) RM



(negative) RM

Impact on

on NAV positive/

(negative) RM

Impact on

on NAV positive/

(negative) RM

300,630 (300,630)

149,295 (149,295)

589,651 (589,651)

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

300,630 (300,630)

149,295 (149,295)

589,651 (589,651)


2012 Market indices: FBMKLCI FBMKLCI

(e) Operational risks

Operational risk causes are people, processes, governance, IT system and external events. The BRMC aims to maintain an appropriate control environment to keep the exposure to operational risks in line with the agreed risk appetite, recognising that operational risks may arise in the normal course of business even when carried out in line with the the Funds’ policies and BNM’s regulation.

13. CAPITAL MANAGEMENT

The Funds’ objectives for managing capital are: a) To invest in investments that meet the objective of the fund; b) To achieve consistent returns while safeguarding capital by using various investment strategies; c) To maintain sufficient liquidity to meet the expenses of the Fund, and to meet redemption requests as they arise; and d) To maintain sufficient fund size to make the operation of the Funds cost-efficient. No changes were made to the capital management objectives, policies or processes during current

financial year.

180




14. COMPARATIVES

There are no comparatives provided for the Dividend Fund as this is the first set of audited financial statements prepared for the period from the date of its launch on 27 October 2011 to 31 March 2012.

The comparatives for AmCommodity Stable Fund, AmCurrency Income CG Fund and AmCurrency Income II CG Fund have been prepared for the period from their respective launch dates to 31 March 2011. Accordingly, the statements of comprehensive income, statements of changes in equity and statements of cash flow of the Funds has not been prepared in respect of comparable periods.

182

AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012

Objektif Dana Berkaitan Pelaburan

Ulasan Pasaran

Tinjauan Pelaburan

Strategi Pelaburan

Prestasi Dana

Pecahan Sektor & Kategori

Jadual Perbandingan: Prestasi Dana

Jadual Perbandingan: Nilai Aset Bersih, Jumlah Unit & Harga Unit

Nota-nota Kepada Penyata Kewangan

mukasurat

KANDUNGAN

183

185

202

208

212

224

232

234

242

OBJEKTIF DANA BERKAITAN PELABURAN

184


Dana AmAssurance Equity Dana bertujuan untuk menyediakan Pemegang Polisi dengan pertumbuhan modal, di dalam satu tempoh pelaburan jangka masa sederhana ke panjang, terutamanya melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.

Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

Dana AmAssurance Bond Dana bertujuan untuk menyediakan Pemegang Polisi satu peluang untuk mendapatkan pendapatan yang lebih tinggi dari pendapatan purata yang boleh diperoleh daripada deposit tetap, selama satu tempoh pelaburan jangka masa panjang, terutama melalui pelaburan di dalam pelbagai portfolio sekuriti berpendapatan tetap.


Dana AmAssurance Balanced Dana bertujuan untuk menyediakan Pemegang Polisi satu peluang untuk mendapatkan pendapatan yang lebih tinggi dari pendapatan purata yang boleh diperoleh daripada deposit tetap berisiko lebih rendah berbanding dengan dana ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana.


Dana AmAssurance Dana Teguh Dana bertujuan untuk menyediakan Pemegang Polisi dengan satu peluang untuk mendapatkan pendapatan yang lebih tinggi dari pendapatan purata yang diperoleh daripada deposit tetap berisiko lebih rendah berbanding dengan dana ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana, melalui pendedahan di dalam ekuiti-ekuiti Malaysia yang mematuhi hukum Syariah dan/atau sekuriti-sekuriti berkaitan ekuiti dan sekuriti berpendapatan tetap.


Dana AmAssurance Dividend Dana berusaha untuk menyediakan Pemegang Polisi dengan jumlah pulangan terutamanya melalui pelaburan di dalam ekuiti dan syarikat-syarikat sekuriti berkaitan ekuiti yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik, dengan penekanan ke atas peluang peningkatan modal jangka masa panjang.


Dana AmAssurance AmOasis Islamic Equity Dana berusaha untuk mencapai modal sederhana dan apresiasi pendapatan selama satu tempoh jangka masa sederhana ke panjang dengan melabur di dalam saham-

saham syarikat-syarikat global yang mematuhi hukum Syariah melalui pelaburan di dalam:

1) Dana AmOasis Global Islamic Equity (Unit Amanah – AmInvestment)

2) Pendedahan ekuiti kepada kaunter-kaunter lulus Syariah yang tersenarai di Bursa Malaysia


Dana AmAssurance Global Emerging Market Dana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam:

1) Dana Global Emerging Market Opportunities (Unit Amanah – AmInvestment Management Sdn Bhd)

2) Pendedahan ekuiti kepada kaunter-kaunter yang tersenarai di Bursa Malaysia.

Dana AmAssurance Global Agribusiness Dana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam Dana Sasaran, Dana AmGlobal Agribusiness (Unit Amanah - AmInvestment Management Sdn Bhd), yang melabur di dalam portfolio ekuiti terpilih perniagaan-agro. Perniagaan-agro adalah satu istilah umum yang merujuk kepada pelbagai perniagaan yang terlibat di dalam pengeluaran produk makanan.

Dana AmAssurance Precious Metals Dana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam Dana Sasaran, Dana AmPrecious Metals (Unit Amanah – AmInvestment Management Sdn Bhd), yang melabur di dalam portfolio ekuiti global yang mematuhi hukum Syariah dan syarikat-syarikat sekuriti berkaitan ekuiti yang menjalankan aktiviti-aktiviti berkaitan emas, perak, platinum atau logam berharga yang lain.

Dana AmAssurance AmAsia Recovery Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.

Dana AmAssurance AmCurrency Income Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.

Dana AmAssurance AmCommodity Stable Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.

Dana AmAssurance AmCurrency Income II Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.

OBJEKTIF DANA BERKAITAN PELABURAN

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Ulasan Pasaran Dana AmAssurance Equity, Dana Balanced, Dana Teguh, Dana Dividend

Tahun 2011 merupakan tahun yang tidak menentu bagi pasaran saham tempatan. Setelah mencatatkan keuntungan sederhana pada pertengahan tahun pertama, indeks-indeks tempatan mengalami tekanan jualan yang tinggi lalu menjunam sebanyak 10% pada suku ketiga 2011 sebelum kembali kukuh pada suku keempat. Cetusan ini berpunca dari pasaran saham global yang merosot disebabkan oleh beberapa faktor termasuk letusan pergolakan politik di negara-negara Timur Tengah dan Afrika Utara (rantau MENA), bencana alam di Jepun yang melanda rantaian bekalan global, penurunan taraf kredit Amerika Syarikat oleh Standard & Poor’s (S&P), krisis hutang Euro yang semakin buruk, serta peningkatan bukti pertumbuhan perlahan di kebanyakan ekonomi.

Pasaran tempatan menyaksikan pelabur-pelabur bertindak dengan berhati-hati menjelang pilihanraya di Sarawak, yang telah diadakan pada 16 April, atas jangkaan keputusan pilihanraya yang tidak menentu. Seterusnya, krisis hutang Euro muncul kembali dengan sepenuhnya, seiring dengan data pekerjaan AS yang lemah, serta peningkatan kadar dasar semalaman dan nisbah keperluan rizab berkanun oleh BNM mengakibatkan pasaran merosot sedikit. KLCI dan FBM Hijrah masing-masing menjejak semula kepada 1,515.50 dan 10,504.30 pada 6 Mei 2011. Berikutan penjejakan semula tersebut, indeks tempatan meningkat pada aliran sederhana dari 6 Mei dan mencecah paras tertinggi masing-masing iaitu sebanyak 1,594.74 dan 11,113.3 pada 8 Julai.

Namun, indeks penanda aras tempatan menjunam selaras dengan prestasi ekuiti global yang telah dilanda teruk disebabkan oleh peningkatan kebimbangan terhadap hal-ehwal ekonomi global serta krisis hutang di AS dan Eropah. Di AS, perbincangan yang tidak meyakinkan bagi menaikkan siling hutang sehari sebelum ancaman ketidakpatuhan telah menyebabkan penurunan taraf kredit kerajaan AS oleh S&P. Dow Jones Industrial Index mengalami penurunan mata harian terburuk sejak krisis kewangan 2008. Keadaan tersebut, ditambah pula dengan krisis hutang Euro yang semakin memuncak, telah menyebabkan ekuiti-ekuiti global jatuh secara mendadak. Pada 27 September, KLCI menjunam ke paras terendah iaitu pada 1,364.2.

KLCI kemudiannya mempamerkan pemulihan atas sikap optimis bahawa Eropah akan mencari jalan penyelesaian terhadap krisis hutangnya. Sentimen bertambah baik setiap kali pemimpin-pemimpin Eropah mengeluarkan komen-komen positif untuk menyelesaikan krisis. Bagaimana pun, sentimen menjadi pudar apabila mereka gagal memberi jaminan kukuh terhadap krisis tersebut. Akibatnya, ekuiti-ekuiti global dan bursa saham tempatan meningkat secara umum di mana KLCI dan FBM Hijrah pulih dengan mencapai paras tertinggi iaitu 1,489.64 dan 10,582.1 pada 9 November, sebelum satu penurunan ketara pada 25 November membawa indeks kepada paras rendah masing-masing iaitu pada 1,431.55 dan 10,266.7.

Pada bulan Januari 2012, pasaran kembali kepada mod pembetulan sebelum meningkat pada bulan Februari disebabkan oleh data ekonomi AS yang lebih baik dan kenaikan berterusan di pasaran ekuiti AS. Pasaran perumahan AS menunjukkan tanda penurunan, bilangan pekerjaan baru meningkat, kadar pengangguran menurun dan jumlah jualan runcit pada bulan Januari adalah lebih baik daripada yang dijangkakan. Perkembangan-perkembangan positif ini mengatasi kebimbangan berlarutan di Eurozone dengan ECB menyediakan bantuan sementara kepada krisis pinjaman antara bank dengan menyuntik pinjaman tiga tahun sebanyak 489 billion kepada 523 bank Eropah.

KLCI mencapai paras tertinggi iaitu 1,589.91 pada 6 Mac sebelum mengalami aktiviti-aktiviti pengambilan untung. Namun, tahun kewangan 2012 diakhiri dengan lebih rendah pada paras 1,582.98 menjelang akhir tahun dengan prestasi yang kurang memuaskan berbanding dengan rakan serantau yang menawarkan penilaian yang lebih menarik. Secara keseluruhan, KLCI memberikan prestasi 3.4% bagi tempoh satu tahun yang berakhir pada 31 Mac 2012, manakala FBM Hijrah pula memberikan 6.4% bagi tempoh yang sama.

(Oleh AmLife Insurance Berhad)

Ulasan Pasaran Dana AmAssurance Bond

Tahun 2011, iaitu tahun Arnab Emas mengikut Zodiak Cina, merupakan tahun yang penuh dengan peristiwa untuk ekonomi global dan pasaran kewangan. Gempa bumi di Jepun, tsunami dan krisis nuklear yang menyusulinya telah mencetuskan satu lagi penguncupan ekonomi Jepun di saat pemulihan ekonomi dari krisis kewangan tahun 2008 masih lagi rapuh. Thailand pula dilanda banjir besar yang telah mengganggu aktiviti ekonomi di kawasan-kawasan yang terlibat dan sekaligus menambah risiko peningkatan tekanan inflasi sebagai sebuah negara pengeksport beras terbesar dunia.

Sementara para penggubal polisi di AS bertelingkah mengenai cara untuk menangani pemulihan ekonomi yang lemah, kadar pengangguran yang tinggi dan defisit bajet negara yang melonjak, agensi penarafan telah

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menurunkan kadar kredit kerajaannya ke atas AS sebagai satu langkah di luar jangkaan. Namun begitu, status hutang kerajaan AS kekal sebagai aset kelas kecairan tertinggi berikutan penurunan kadar penarafan dan masih berupaya menjadi tempat perlindungan sekiranya berlaku kegiatan pengelakan risiko yang intensif. Mengikut indeks bon-bon kerajaan yang diawasi oleh Bloomberg, Perbendaharaan AS setakat ini telah memberi pulangan 9.0% kepada para pelabur di tahun 2011.

Senario domestik pula menyaksikan Sekuriti Kerajaan Malaysia (“MGS”) mencapai prestasi yang kukuh pada tahun 2011 walaupun terdapat kebimbangan inflasi dan lebihan bekalan. Pasaran MGS yang menyakinkan (bulis) telah didorong terutamanya oleh ketidaktentuan global yang semakin meningkat di samping prospek pertumbuhan ekonomi global mendatang yang semakin lemah disebabkan oleh ketidaktentuan yang menyelubungi pasaran Euro.

Sentimen lemah menyelubungi pasaran MGS di permulaan tahun disebabkan oleh kebimbangan bekalan. Pemain pasaran secara amnya telah dicemaskan oleh jangkaan kenaikan mendadak keperluan pendanaan kerajaan dari RM58 bilion pada tahun 2010 kepada RM90 bilion pada tahun 2011. Selain itu, tekanan inflasi yang berterusan telah menekan pasaran MGS manakala kebimbangan kenaikan inflasi mungkin mendorong pengetatan dasar kewangan lebih awal dari jangkaan oleh BNM.

BNM bertindak balas dengan menaikkan OPR sebanyak 25 mata asas dari 2.75% kepada 3.00% di mesyuarat MPC (Monetary Policy Committee) pada 5 Mei 2011. Untuk baki tahun 2011, BNM telah mengekalkan OPR (Overnight Policy Rate) pada 3.00% di samping meningkatkan keperluan Rizab Berkanun Bank (SRR) secara kumulatif sebanyak 300 mata asas kepada 4% sebagai langkah berjaga-jaga untuk menangani potensi pengumpulan kecairan domestik dari aliran modal besar dan tidak menentu.

Menjelang separuh tahun kedua 2011, sentimen pasaran telah bertukar arah terhadap peningkatan risiko penurunan nilai kepada prospek pertumbuhan domestik dan global di samping kemeruapan yang tinggi di pasaran kewangan antarabangsa ke atas krisis hutang Eropah yang bertambah buruk dan penurunan kadar hutang AS secara luar jangkaan oleh Standard & Poor’s. Kebimbangan terhadap persekitaran luar yang semakin mencabar mampu menjejaskan ekonomi domestik secara negatif telah mendorong permintaan untuk MGS. Selain permintaan domestik, pegangan asing terus semakin menolak dan pada satu tahap telah mencecah RM96.6 bilion atau 34.8% edaran MGS menjelang akhir tahun 2011.


Ulasan Pasaran Dana AmAssurance AmOasis Islamic Equity (Dana Pengantara: Dana AmOasis Global Islamic Equity)

Pasaran ekuiti telah mengalami prestasi yang kurang memberangsangkan di dalam tahun 2011, dengan kebanyakan daripada mereka mengakhiri tahun di bawah paras. Penghindaran risiko adalah tinggi dengan dana beralih kepada aset berisiko rendah seperti yang telah ditunjukkan di dalam prestasi luar jangkaan pasaran maju berbanding pasaran membangun. Walau bagaimanapun, keuntungan korporat dan kunci kira-kira kekal kukuh semasa pasaran melalui tahun yang bergelora. Syarikat bermodal besar telah memberikan keuntungan yang tinggi secara berterusan di atas kepelbagaian pendedahan geografi mereka, kedudukan mereka sebagai peneraju pasaran berserta dengan kunci kira-kira dan aliran tunai yang kukuh yang telah membolehkan mereka meningkatkan pendapatan melalui pembelian balik saham. Memandangkan persekitaran makro tidak menentu, syarikat-syarikat berkualiti tinggi kini memperdagang pada diskaun yang ketara kepada purata jangka panjang mereka sendiri serta relatif kepada rakan niaga lain yang lebih kecil, lantas memberikan kami satu peluang yang sangat baik untuk melabur di dalam syarikat berkualiti tinggi pada penilaian yang agak rendah. Dua kelebihan utama yang dimiliki oleh syarikat besar yang tidak berkeumpilan berbanding dengan rakan niaga mereka yang lebih kecil adalah pertama, keupayaan untuk memindahkan inflasi harga kos disebabkan oleh kedudukan mereka sebagai peneraju pasaran dan kedua, keupayaan untuk meningkatkan hutang pada kadar ketara yang jauh lebih rendah berbanding rakan niaga mereka yang berkeumpilan. Kami merasakan kebolehan ini berkemungkinan menjadi satu petanda baik untuk perlindungan kepentingan pemegang saham semasa inflasi sementara membolehkan syarikat-syarikat ini berkembang dengan lebih mudah berbanding rakan niaga berkeumpilan yang lebih kecil. Penilaian portfolio kami mencerminkan tema pelaburan di dalam syarikat berkualiti tinggi (ROE lebih tinggi) yang menawarkan nilai yang besar berbanding harga pasaran (penilaian rendah berbanding pasaran) di samping mengambil risiko yang lebih rendah (beta rendah bagi portfolio kami).

Dengan jangkaan bahawa ketidakstabilan pasaran akan kekal tinggi di dalam tahun 2012, kami juga telah menyusun kedudukan portfolio kami untuk memastikan perlindungan daripada kerugian. Kami mempunyai

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pendedahan yang tinggi kepada stok-stok sektor komunikasi dan penjagaan kesihatan - sifat ketidakanjalan permintaan untuk perkhidmatan-perkhidmatan tersebut dan hasil dividen mereka yang tinggi telah menjadikan mereka sebagai pilihan yang sesuai di dalam persekitaran ekonomi yang mencabar. Penggunan falsafah pelaburan kami secara konsisten di mana kami sentiasa memilih syarikat berkualiti tinggi yang menawarkan pertumbuhan di sementara mengambil risiko yang rendah dapat dilihat di dalam sejarah rekod prestasi portfolio kami. Dana ekuiti global kami mencerminkan nisbah Sharpe dan Sortino yang lebih tinggi berbanding rakan niaga kami, menunjukkan pulangan yang lebih lumayan pada paras ketidaktentuan yang rendah. Kami percaya portfolio kami telah disusun dengan baik untuk meraih manfaat daripada pertumbuhan pasaran membangun di samping masih mengutamakan penjagaan modal semasa kegawatan ekonomi. Pada persekitaran semasa, tanpa sebarang rangsangan selanjutnya daripada kerajaan, syarikat-syarikat kecil yang berkeumpilan berkemungkinan menghadapai kesukaran untuk mengembangkan perniagaan mereka disebabkan oleh pembiayaan yang menjadi lebih sukar untuk didapati dan kosnya yang semakin tinggi. Sebaliknya, syarikat bermodal besar yang tidak berkeumpilan mempunyai peluang untuk mengambil kesempatan ke atas kunci kira-kira mereka yang stabil untuk mengembangkan perniagaan mereka. Kami merasakan bahawa apabila para pelabur mengalihkan tumpuan mereka ke arah aset yang berkualiti tinggi, penilaian portfolio kami yang agak tinggi dan lebih murah akan menghasilkan keputusan prestasi yang mendahului penanda aras kami dan penghasilan kekayaan sebenar di dalam jangka masa panjang.

(Oleh AmInvestment Services Berhad)

Ulasan Pasaran Dana AmAssurance Global Emerging Market (Dana Pengantara: Dana AmGlobal Emerging Market Opportunities)

Pasaran ekuiti global merosot dalam tempoh tersebut, mencerminkan kemerosotan krisis hutang Eurozone, ketidaktentuan ke atas dasar fiskal dan pertumbuhan di AS, dan peningkatan kebimbangan terhadap terdapat kemungkinan berlaku kemelesetan ketara di China. Permulaan tempoh menyaksikan ekuiti global disokong oleh kelegaan pada kebimbangan mengenai kemelesetan berganda di AS dan harapan bahawa masalah hutang di Eurozone akan dapat dibendung. Namun, pada musim panas tahun 2011, ketidakpastian tentang dasar fiskal AS mula condong ke arah sentimen dan pada awal bulan Ogos 2011, Standard & Poor’s telah menuruntaraf kredit AS dari AAA kepada AA+, buat pertama kali di dalam sejarah AS tidak memegang kedudukan tertinggi. Ini mencetuskan satu tempoh ketidaktentuan pasaran ekuiti yang ketara apabila para pelabur melepaskan portfolio mereka. Ekuiti global kekal tertekan bagi baki tahun 2011 apabila kebimbangan ke atas hutang EU mula merebak dari negara pinggiran kepada negara teras seperti Itali, lantas meningkatkan kebimbangan berkaitan resolusi krisis yang tidak sekata. Pasaran-pasaran baru, bagaimanapun, mengukuh pada awal tahun 2012 apabila ekuiti global berganjak kepada kedudukan pengambilan risiko dipacu oleh beberapa keluaran data AS yang memberangsangkan dan Operasi Pembiayaan Semula Jangka Panjang oleh ECB, yang telah membantu meringankan tekanan pembiayaan yang dihadapi oleh sektor perbankan negara Eropah. Namun begitu, MSCI Emerging Markets mencapai prestasi lebih rendah pada indeks MSCI World sepanjang tahun, mencerminkan jualan ekuiti pasaran baru yang banyak pada separuh tahun kedua 2011.

Pada permulaan tempoh, pasaran teras kami adalah China, Korea, Rusia, Turki, Thailand dan Hungary. Turki telah dikeluarkan daripada senarai pasaran teras kami pada awal bulan Ogos 2011, mencerminkan penilaian menarik tetapi pertumbuhan pendapatan yang tidak menggalakkan dan kebimbangan terhadap defisit akaun semasa negara yang besar. Kami juga mempunyai kebimbangan terhadap dasar kewangan bank pusat yang tidak ortodoks dengan tindakan bank pusat mengurangkan kadar penanda aras faedah pada bulan Ogos walaupun persekitaran pertumbuhan domestik kukuh dan tanda-tanda jelas tekanan inflasi. Hungary telah dikeluarkan dari senarai teras pada awal bulan September 2011, menggambarkan kebimbangan terhadap Eurozone dan hutang kerajaan, khususnya kebergantungan Hungary pada eksport ke Kesatuan Eropah (EU) untuk memacu pertumbuhan KDNK. Mesir telah dimasukkan ke dalam senarai teras pada awal Oktober 2011, mencerminkan penilaian yang murah, walaupun pasaran masih tertakluk kepada sebahagian dasar dalam negeri dan ketidaktentuan politik.

Semua pasaran teras kecuali Thailand merosot sepanjang tahun sehingga 31 Mac 2012, mencerminkan jualan yang meluas di dalam pasaran baru sepanjang tempoh tersebut.

Pasaran ekuiti Thai telah menghasilkan prestasi positif yang kukuh sepanjang tahun, menggambarkan tanggapan bahawa rantau ASEAN kurang prihatin terhadap masalah hutang di Eurozone. Risiko politik juga reda apabila parti Puea Thai (PT) memenangi pilihan raya umum pada bulan Julai 2011. Keluaran data makro pada awal 2012 sangat lemah disebabkan oleh kesan buruk banjir besar di penghujung tahun 2011, tetapi kesan jangka masa lebih panjang ke atas ekonomi dijangka akan dapat diimbangi dengan peningkatan di dalam perbelanjaan infrastruktur kerajaan.

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Pasaran Mesir, yang dimasukkan ke dalam senarai teras pada bulan Oktober, telah dijual secara besar-besaran di dalam sembilan bulan pertama tempoh penilaian berikutan kejatuhan rejim Mubarak pada bulan Mac 2011 dan dasar vakum berikutnya condong kepada sentimen, manakala keputusan bursa tempatan bagi bulan Mac 2011 membawa kepada kebimbangan bahawa MSCI boleh mengeluarkan Mesir dari indeks MSCI Emerging Markets. Namun, pulangan daripada pasaran Mesir di dalam jangka masa 3 bulan terakhir tempoh penilaian adalah sangat kukuh disebabkan keredaan risiko politik berikutan pilihan raya parlimen bulan Januari 2012, yang telah terlaksana di dalam suasana aman, manakala prospek bantuan IMF telah membantu mengurangkan kebimbangan makro ekonomi dan mata wang yang lebih luas. Bagaimanapun, kebimbangan kepupusan rizab antarabangsa Mesir dan risiko bersabit penurunan nilai mata wang pada keseluruhannya telah menjadi satu cabaran hebat kepada pasaran di dalam tempoh tersebut.

Pasaran Korea merosot tetapi dengan capaian lebih baik daripada keseluruhan pasaran baru sepanjang tahun dengan sentimen pasaran yang dirangsang oleh jangkaan bahawa para pengeluar Korea akan mengambil syer pasaran para pesaing Jepun yang terjejas akibat gempa bumi dan tsunami Mac 2011. Di peringkat stok, terdapat prestasi kukuh dari sebahagian jenama-jenama elektronik bermodal besar yang telah mendapat manfaat daripada keuntungan syer pasaran. Beralih kepada dasar, bank pusat Korea menghentikan proses normalisasi kadar faedah di tengah-tengah kebimbangan terhadap pertumbuhan global yang lebih lembap. Pasaran ekuiti telah mengalami sedikit ketidaktentuan pada bulan Disember 2011 berikutan kematian pemimpin Korea Utara Kim Jong-il dan risiko bersabit peningkatan ketidakstabilan politik serantau.

Pasaran teras yang lain telah menanggung jualan besar pada tempoh tersebut, jelas menggambarkan persekitaran risiko rendah yang menguasai pasaran ekuiti global dari bulan Ogos hingga akhir tahun 2011. Ekuiti China merosot kerana pasaran dilanda kebimbangan kemelesetan ketara berikutan pengembangan kredit yang besar selepas pelaksanaan rangsangan pada 2008/2009. Sebagai tindak balas, pihak berkuasa telah mengurangkan syarat-syarat rizab pada akhir 2011, setelah menaikkan kadar faedah penanda aras di awal 2011 yang disebabkan oleh kebimbangan inflasi. Secara lebih meluas, pasaran China telah dilanda kebimbangan bahawa pertukaran kepada model pertumbuhan dorongan domestik mungkin menyaksikan kejatuhan China ke dalam perangkap negara berpendapatan sederhana.

Pasaran ekuiti Turki merosot, mencerminkan kelemahan matawang Lira (pasaran bentuk mata wang tempatan telah menghasilkan pulangan yang mendatar). Kebimbangan terhadap pembiayaan defisit akaun semasa yang besar dan dasar kewangan tidak ortodoks bank pusat (dan khususnya perlaksanaan koridor kadar faedah) juga menyebabkan halangan kepada pasaran.

Pasaran Rusia merosot, mencerminkan sifat beta yang lebih tinggi dan jualan pesat menjelang akhir tahun 2011 selepas dakwaan bahawa pilihan raya parlimen telah dimanipulasi mencetuskan pergolakan politik yang meluas. Kelemahan matawang Rouble juga menyebabkan pulangan agak perlahan. Pada perkembangan lain, Vladimir Putin telah memenangi pilihan raya presiden pada bulan Mac mendorong bantahan lanjut menentang rejim.

Pasaran Hungary jatuh menjunam, menggambarkan kebergantungan ekonominya ke atas eksport Kesatuan Eropah (EU) untuk memacu pertumbuhan. Kelemahan mata wang tempatan dan pinjaman Swiss franc yang berleluasa di dalam sektor pengguna juga telah menyebabkan kelembapan. Baru-baru ini, sentimen telah mendapat manfaat daripada jangkaan bahawa Hungary berkemungkinan besar bersetuju untuk menerima kemudahan tunggu-sedia dari IMF.


Ulasan Pasaran Dana AmAssurance Global Agribusiness(Dana Pengantara: Dana AmGlobal Agribusiness)

Dana AmAssurance Global AgriBusiness mendapat pulangan -5.92% (dalam MYR) berbanding dengan pulangan Indeks MSCI World -0.57% (dalam MYR) untuk tahun berakhir 31 Mac, 2012. Strategi Dana AmAssurance Global AgriBusiness menghadapi waktu yang sukar sepanjang tempoh penilaian. Prestasi Dana AmAssurance Global AgriBusiness meluas selaras dengan pasaran global sehingga Ogos 2011 ketika pelabur mulai bimbang tentang situasi hutang di Eropah, terutamanya Greece. Pandangan konsensus berubah kepada satu pandangan di mana pelabur-pelabur percaya bahawa dunia akan memasuki kemerosotan besar-besaran atau mungkin kemelesetan dalam tahun 2012. Pada situasi ini, seperti tahun 2008, saham komoditi and tenaga dijual secara teguh untuk mengurangkan pegangan ketika pelabur-pelabur cuba mengelak syarikat yang mereka percaya akan mengalami kesan pertumbuhan global yang lebih

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lemah. Bagaimanapun, tiada hubung kait di antara pertumbuhan global dan permintaan makanan. Pengambilan makanan telah meningkat secara berterusan bagi lima puluh tahun kebelakang dan berkemungkinan akan terus meningkat (lihat bahagian dibawah). Kesannya, terdapat kekeliruan saham AgriBusiness yang telah dijual bagi pengurangan pegangan ke paras penawaran dilihat terakhir adalah pada 2008-09. Mujur pasaran agak menganjal dari kedudukan rendah pada bulan September tetapi walaupun saham Agribusiness turut meningkat, ianya tidak mampu untuk merapatkan jurang dengan pasaran meluas pada hujung Mac 2012.


Ulasan Pasaran Dana AmAssurance Precious Metals(Dana Pengantara: Dana AmPrecious Metals)

Sepanjang tahun lepas, ekuiti emas dan logam berharga menunjukkan prestasi mengecewakan meskipun harga emas teguh. Bulion emas fizikal naik 16.48%, manakala perak dan platinum menurun kepada 14.32% dan 7.3%. Dana AmAssurance Precious Metals juga merosot sepanjang tempoh ini (Sumber: Bloomberg).

Beberapa faktor menyumbang kepada prestasi negatif ekuiti relatif pada logam berharga itu sendiri:• Permintaan pelaburan Emas ETF yang sihat: Jumlah permintaan GFMS 2011 dianggarkan pada 4,436

tan (+2% yoy). Pembelian barang kemas pada tahun 2011 menyusut sebanyak 38 tan (-1.7%) kepada 1,979 tan. Penyimpanan bar menyumbang 1,194 tan kepada keseluruhan peningkatan permintaan, meningkat 36% untuk kenaikan rekod. Pembelian bank pusat pada 2011 meningkat kepada tahap yang memberangsangkan pada 458% ke 430 tan didorong oleh masalah hutang yang semakin memburuk di Eropah dan penurunan taraf kredit AS yang pertama. Pelaburan bersih merosot 92% kepada 41 tan.

• Isu pembangunan/operasi industri: Kitaran peristiwa yang mengecewakan di kedua-dua projekpembangunan (perundangan, pertukaran di dalam regim cukai, permit) dan operasi perlombongan (penurunan produksi kerana kepala gred yang rendah, cuaca buruk, kegagalan peralatan, dsb)

• Inflasi kos: Tekanan dari besi dan tenaga, kenaikan kos buruh, bijih yang dilombong bergred rendahdan peningkatan kos royalti, juga kredit produk sampingan lebih rendah mengakibatkan kenaikan kos tunai dari 500 USD/auns dalam suku pertama 2011 kepada lebih 610 USD/auns setahun kemudian.


191


Prestasi dan Ulasan Pasaran AmAssurance AmAsia Recovery CGF

Prestasi Coppock Basket

Statistik Prestasi

Pulangan Tahunan**

Kemeruapan Tahunan**

Nisbah Sharpe**

Jul’09 - Mac’10

2.29%

6.49%

0.35

Apr’10 - Mac’11

5.16%

6.72%

0.77

Apr’11 - Mac’12

-4.53%

6.67%

(0.68)

Jul’09 - Mac’12

0.52%

6.63%

0.11%

Prestasi Coppock Basket dari Jul 2009 sehingga Mac 2012

110

105

100

95

90

Pres

tasi

(%)

Bulan

Jul-0

9

Okt

-09

Jan-

10

Ap

r-10

Jul-1

0

Okt

-10

Jan-

11

Ap

r-11

Jul-1

1

Okt

-11

Jan-

12

Jul 2009 to Mac 2010 Apr 2011 to Mac 2012

Apr 2010 to Mac 2011

105

101

99

97

95

Pres

tasi

(%) 103

Jul-0

9

Sep

-09

Nov

-09

Jan-

10

Nota: **DCC: A/360 Faktor Tahunan: 250

Mac

-10

102

98

94

90

Pres

tasi

(%)

Ap

r-11

Jun-

11

Og

o-11

Dec

-11

Okt

-11

Feb

-12

107

103

99

95

Pres

tasi

(%)

Ap

r-10

Jun-

10

Og

o-10

Dec

-10

Okt

-10

Feb

-11

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Coppock

• Selepaskrisiskewangan,indeksCoppockBasketmeningkatkepadasekitar3%.Iniberlakudidalamtempohantara Jul ‘09 dan Mac ‘10.

• IndeksCoppockBasketjugameningkatkepadakira-kira5%dalamtempohdiantara10Aprilke11Mac,selari dengan kebangkitan ekonomi Asia - diterajui oleh dagangan dan pelaburan dan pertumbuhan yang didorong oleh permintaan serantau dan pemulihan penggunaan Amerika Syarikat (AS).

• SebaiksahajakrisisnegaraGreecemelandapasaran,selerarisikomenurundanindeksCoppockBasketjatuh kepada kira-kira 3% di dalam tempoh antara April 2011 hingga akhir Mac 2012.

• MekanismeketidaktentuanyangdihadkankeatasindeksbukansahajatelahberjayamengawalpulanganIndeks Coppock di dalam tempoh peningkatan pesat semasa 2009-10, malahan juga membantu mengekalkan kerugian indeks lebih rendah di dalam tempoh 2011-2012 selepas krisis negara Greece.

Prestasi Coppock Basket

Permulaan

Jul 09

Ogo 09

Sep 09

Okt 09

Nov 09

Dec 09

Jan 10

Feb 10

Mac 10

Apr 10

Mei 10

Jun 10

Jul 10

Ogo 10

Sep 10

Okt 10

Nov 10

Dec 10

Jan 11

Feb 11

Mac 11

Apr 11

Mei 11

Jun 11

Jul 11

Ogo 11

Sep 11

Okt 11

Nov 11

Dec 11

Jan 12

Feb 12

Mac 12

Bulan Bulan Bulan

0.42%

-1.67%

2.12%

-0.64%

0.84%

1.52%

-2.62%

-0.48%

2.31%

0.70%

-3.84%

0.74%

1.37%

-0.69%

4.43%

1.23%

-0.94%

2.27%

-0.54%

-1.85%

2.47%

1.44%

-0.86%

-0.82%

0.13%

-5.24%

-1.65%

1.09%

-1.68%

0.02%

2.19%

1.38%

-1.15%

Prestasi Bulanan(sepanjangbulan lepas)



* Pada akhir setiap bulan.

(Oleh JP Morgan)

Prestasi Bulan ke Bulan Coppock Basket dari Permulaan Perdagangan sehingga Mac 2012*

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193


Prestasi dan Ulasan Pasaran AmAssurance AmCurrency Income dan AmCurrency Income II CGF

Indeks AmCurrency 1 Income meningkat 1.18% kepada 5.20% di dalam bulan April 2011. Sepanjang bulan tersebut, strategi kekal pada posisi ‘long carry’. Indeks meningkat sebanyak 3.7% sepanjang bulan disebabkan oleh sumbangan positif daripada mata wang yang meningkat nilai; NZD (Dollar New Zealand), AUD (Dollar Australia) dan NOK (Krone Norway) masing-masing meningkat 6.4%, 6.2% dan 5.5% berbanding USD (Dolar AS). Pada awal bulan tersebut, FED memberi isyarat bahawa program QE2 akan berakhir seperti yang dijadualkan dan ketiadaan tindakan ini, apabila dibandingkan dengan bank-bank pusat yang lain, telah mendorong kelemahan Dolar. Sementara itu, CHF (Franc Swiss) lebih kukuh berbanding USD disebabkan keadaan ekonomi Switzerland kekal sebagai salah satu ekonomi terkukuh di dalam G10.

Indeks AmCurrency 1 Income jatuh 1.28% kepada 4.65% di dalam bulan Mei 2011. Strategi kekal ‘long carry’ di dalam bulan Mei 2011. Indeks turun sebanyak 1.28% sepanjang bulan disebabkan sumbangan negatif daripada AUD, NOK dan CHF iaitu masing-masing sebanyak -0.7%, -0.7% dan -0.8%. Selaras dengan RBA yang mengekalkan kadar polisinya, AUD jatuh dengan tindakan hapus risiko yang lebih meluas, manakala NOK terjejas akibat kebimbangan kecairan. Sementara itu, CHF mengalami peningkatan baru disebalik kebimbangan Eurozone yang semakin berterusan dan juga permasalahan dengan AS dan Jepun. Pengukuhan NZD mengejutkan para pelabur memandangkan ketidaktentuan berterusan tentang isu gempa bumi di Christchurch pada awal tahun.

Strategi kekal ‘long carry’ di dalam bulan Jun 2011. Indeks meningkat sebanyak 0.03% sepanjang bulan disebabkan oleh sumbangan positif daripada kedudukan peningkatan. Walaupun berhadapan dengan persekitaran risiko yang lemah, AUD dan NZD kekal disokong dengan baik, dengan dolar New Zealand menunjukkan prestasi yang cemerlang. CHF telah dicabar disebabkan oleh kerana pergolakan di dalam kesatuan mata wang yang melingkungi zon Franc terus menghentam EURCHF, walau bagaimanapun, kemunculan semula yang luar biasa di dalam semua pasangan CHF dapat dilihat pada beberapa sesi dagangan akhir. Sementara itu, Jun tahun ini adalah bulan paling tenang untuk Yen kerana USDJPY diniagakan di dalam lingkungan 200-pip dan Dolar mengakhiri bulan Jun dengan catatan yang sedikit lemah.

Indeks kehilangan 4.42% di dalam bulan Julai. Strategi mengubah kedudukannya dua kali di dalam bulan ini kepada ‘short carry’ pada 13 Julai dan beralih kepada ‘long carry’ pada 20 Julai. Dolar bergelut secara keseluruhannya kerana hampir semua nilai mata wang utama meningkat nilai berbanding USD. CHF meningkat sebanyak 7% berbanding USD pada bulan tersebut disebabkan kebimbangan berterusan mengenai perihal Eurozone, keadaan pertumbuhan global, dan kekurangan kemajuan pada siling hutang AS telah meningkatkan permintaan terhadap Franc di dalam bulan Julai. NZD meningkat sebanyak 6% di dalam bulan tersebut kerana NZD juga mendapat faedah daripada kelemahan Dolar yang dilihat di dalam bulan Julai dan kemudiannya terus menaik ke paras rekod tertinggi. Pada 2 Ogos, strategi beralih kepada ‘short carry’. Walaupun tinjauan untuk JPY dan CHF dijangka mengalami paras tertinggi pada awal bulan Ogos, jangkaan peningkatan USD berbanding AUD, NZD dan NOK mungkin meminimumkan sebarang ketidakberhasilan strategi.

Indeks kehilangan 3.45% di dalam bulan Ogos. Strategi mengubah posisinya empat kali sepanjang bulan dan mengakhiri bulan dengan kedudukan ‘long carry’. Bulan Ogos menyaksikan tahap ketidaktentuan yang paling serius dan penghindaran risiko yang meluas sejak kemuncak krisis kewangan. CHF adalah penyumbang utama kepada prestasi Indeks yang negatif oleh kerana ia menyusut sebanyak 2.5% sepanjang bulan tersebut. Penghindaran risiko yang berpunca dari kebimbangan terhadap sektor perbankan Eropah membawa kepada gelombang jualan awal di dalam EURCHF. Penjualan silang hampir mencapai kesamarataan, menyebabkan Swiss National Bank (SNB) melancarkan tindakan balas besar-besaran di dalam pasaran mata wang untuk menjatuhkan Franc yang ‘dinilai jauh terlalu tinggi’. Pihak berkuasa Jepun telah campur tangan sebaik USDJPY mula menggelongsor ke arah 75 – kemungkinan merupakan suatu campur tangan terbesar di dalam tempoh satu hari oleh sebuah bank pusat. Walaupun persekitaran risiko tidak menguntungkan, mata wang NOK menunjukkan prestasi yang baik di dalam bulan Ogos mengatasi risiko matawang yang lain. AUD dan NZD masing-masing menyusut sebanyak 2.6% dan 2.9% sepanjang bulan.

Indeks AmCurrency Income I mengalami penutupan awal pada 23 September 2011 di mana Indeks AmCurrency Income I berada di bawah paras 1%.

Indeks AmCurrency Income II kekal ‘long carry’ di dalam bulan Jun 2011. Indeks meningkat sebanyak 0.03% sepanjang bulan disebabkan oleh sumbangan positif daripada beberapa kedudukan peningkatan. Walaupun persekitaran risiko kelihatan perlahan, AUD dan NZD kekal disokong dengan baik, dengan dolar New Zealand terutamanya menunjukkan prestasi yang cemerlang. CHF telah dicabar oleh kerana pergolakan di dalam

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kesatuan mata wang yang melinkungi zon Franc terus menghentam EURCHF, bagaimanapun, kemunculan semula yang luar biasa di dalam semua pasangan CHF dapat dilihat pada beberapa sesi dagangan akhir. Sementara itu, Jun tahun ini adalah bulan paling tenang untuk Yen kerana USDJPY diniagakan di dalam lingkungan 200-pip dan Dolar mengakhiri bulan Jun dengan catatan sedikit lemah. Indeks kehilangan 4.42% di dalam bulan Julai. Strategi mengubah kedudukannya dua kali di dalam bulan ini, kepada ‘short carry’ pada 13 Julai dan beralih kepada ‘long carry’ pada 20 Julai.

Dolar bergelut secara keseluruhannya kerana hampir semua nilai mata wang utama meningkat nilai berbanding USD. CHF meningkat sebanyak 7% berbanding USD pada bulan tersebut disebabkan kebimbangan berterusan mengenai perihal Eurozone, keadaan pertumbuhan global, dan kekurangan kemajuan pada siling hutang AS telah meningkatkan permintaan terhadap Franc di dalam bulan Julai. NZD meningkat sebanyak 6% di dalam bulan tersebut kerana NZD juga mendapat faedah daripada kelemahan Dolar yang dilihat di dalam bulan Julai dan kemudiannya terus menaik ke paras rekod tertinggi. Pada 2 Ogos, V10 beralih kepada ‘short carry’. Walaupun tinjauan untuk JPY dan CHF dijangka mengalami paras tertinggi pada awal bulan Ogos, jangkaan peningkatan USD berbanding AUD, NZD dan NOK mungkin meminimumkan sebarang ketidakberhasilan strategi.

Indeks kehilangan 9.85% di dalam bulan September disebabkan kemeruapan pasaran bulan Ogos berterusan sepanjang bulan September dengan aset risiko mengalami penurunan ketara. Strategi menukar kedudukan ‘carry’ sebanyak tiga kali sepanjang bulan dan kini berada di kedudukan ‘short’. Strategi ini juga menyaksikan perubahan di dalam komposisi mata wang yang menghasilkan pulangan tinggi dengan SEK menggantikan NOK.

Strategi memulakan bulan tersebut di dalam kedudukan ‘long’, beralih kepada kedudukan ‘short carry’ pada 5 haribulan apabila penghindaran risiko dan pencarian perlindungan menyebabkan FX meruap dengan lebih tinggi. Campurtangan SNB mengumumkan nilai lantai 1.2 pada EURCHF pada 6 haribulan yang telah menggugat strategi disebabkan oleh kedudukan ‘short carry’. Baki bulan tersebut menyaksikan peningkatan tahap kemeruapan dengan pasaran melihat pelbagai aktiviti pengambilan dan penolakan risiko.

CHF adalah penyumbang utama kepada prestasi negatif Indeks diikuti oleh NZD yang telah diturun taraf oleh Fitch and S&P, dengan menyatakan untuk mengubah struktur kedudukan hutang bersih, disamping data secara amnya mengecewakan kepada nilai rendah.

Indeks AmCurrency Income II mengalami penutupan awal pada 27 Oktober 2011 di mana Indeks AmCurrency Income berada di bawah paras 1%.

Antara peristiwa-peristiwa utama yang telah menjejaskan prestasi Indeks AmCurrency & II adalah: Penurunan Taraf Penilaian Kredit AS – S&P menurunkan penarafan kredit AS dari AAA kepada AA+ pada awal bulan menyebabkan peningkatan pengelakan risiko dan kemeruapan pasaran.

Kebimbangan Hutang Kerajaan Eropah – Walaupun lebih banyak pengumuman dan penyelamatan untuk Greece telah dilaksanakan, Itali kini telah memasuki tumpuan pelabur yang bimbang tentang kebolehlaksanaan kesatuan monetari tanpa kesatuan fiskal.

Kelembapan Global – Kebimbangan sekitar kelembapan proses pemulihan global dan potensi kemelesetan berganda meningkat apabila bulan ini menyaksikan satu siri titik data anjal termasuk Philadelphia Fed Index, NFP dan angka KDNK Eurozone.

Campur tangan oleh Swiss National Bank (SNB) dan Bank Jepun (BOJ) – BOJ telah melaksanakan apa yang dikatakan sebagai salah satu daripada campur tangan terbesar oleh sebuah bank pusat untuk menghentikan pengukuhan JPY manakala SNB pula telah menggunakan langkah-langkah penilaian pasaran kewangannya sebelum akhirnya mengumumkan sasaran nilai lantai 1.20 untuk EURCHF.

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(Oleh AmBank (M) Berhad dan Bloomberg)

Prestasi Indeks AmCurrency Income

Og

o-10

Nov

-10

Feb

-11

Mei

-11

Og

o-11

Nov

-11

Feb

-12

7.00%

6.00%

4.00%

2.00%

1.00%

0.00%

Pres

tasi

(%) 5.00%

3.00%

Bulan

Prestasi Indeks AmCurrency Income II

Mac

-11

Mei

-11

Og

o-11

Okt

-11

Dec

-11

Feb

-12

Mac

-12

7.00%

6.00%

4.00%

2.00%

1.00%

0.00%

Pres

tasi

(%) 5.00%

3.00%

Ap

r-11

Jul-1

1

Sep

-11

Nov

-11

Jan-

12

Bulan

(Sumber: Bloomberg)

(Sumber: Bloomberg)

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196


Ulasan Pasaran Dana AmAssurance AmCommodity Stable CGF

Di dalam bulan April 2011, Indeks Dow Jones-UBS Commodity Excess Return meningkat 3.46% kepada 175,42. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 3.68% kepada 339,42. Indeks MLCX AmBank Commodity Alpha sebaliknya meningkat 0.22% kepada 1.90 di dalam bulan April 2011. Negara-negara pengeluar minyak mentah Arab hanya akan menambah separuh daripada 4 juta tong sehari untuk memperkemaskan projek kapasiti yang telah mereka umumkan di dalam tempoh lima tahun yang lalu menurut setiausaha agung Pertubuhan Pengeksport Petroleum Negara Arab.

Harga emas menghampiri $1,570 per auns, memperluaskan pengumpulan kepada satu rekod, pada pertaruhan yang Dolar akan merosot secara berlanjutan, sekaligus mempertingkatkan daya tarikan logam ini sebagai simpanan yang mempunyai nilai. Harga perak mencatatkan keuntungan terbesar bulanan di dalam tempoh masa 28 tahun. Premium tunai bagi kacang soya dan jagung yang dihantar ke beberapa terminal berhampiran New Orleans di dalam bulan Mei meningkat berbanding niaga hadapan Chicago oleh kerana kelewatan penghantaran dan kekurangan jualan petani telah menyempitkan bekalan. Harga kapas melonjak disebabkan had pertukaran pada kebimbangan baru bahawa cuaca yang kering di AS, pengeksport terbesar di dunia, mungkin akan mengancam pengeluaran dan kelemahan Dolar juga telah merangsang permintaan bagi komoditi.

Indeks Dow Jones-UBS Commodity Excess Return jatuh 5.06% kepada 166.54 di dalam bulan Mei. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 4.77% kepada 323.23. Indeks MLCX AmBank Commodity Alpha sebaliknya meningkat 0.30% kepada 173.72. Niaga hadapan Emas meningkat disebabkan oleh penurunan Dolar dan krisis hutang di Eropah mendorong permintaan bagi pelaburan alternatif. Harga petrol juga meningkat apabila Dolar menjadi lemah dan berikutan spekulasi bahawa permintaan telah meningkat sebelum cuti Hari Memorial di AS, iaitu permulaan tradisi musim memandu.

Niaga hadapan gandum jatuh paling rendah di dalam kira-kira tiga minggu apabila Rusia berjanji untuk menyambung semula eksport selepas 1 Julai, mengurangkan kebimbangan kesempitan bekalan di dalam beberapa minggu ke hadapan. Harga jagung mencatat perubahan kecil, dan kacang soya menampakkan kemajuan. Harga koko meningkat berikutan kebimbangan bahawa mutu stok kacang yang terkumpul di Ivory Coast, penanam terbesar di dunia, mungkin telah terjejas semasa perang sivil yang telah menjejaskan eksport. Harga gula dan koko juga menampakkan kemajuan.

Harga minyak mentah jatuh oleh kerana tanda-tanda kelembapan pertumbuhan pembuatan di China dan Eropah telah meningkatkan spekulasi bahawa permintaan bahan api mungkin tergendala. Indeks China’s Purchasing Managers jatuh kepada paras terendah sejak Februari 2009 manakala pengukur di dalam kawasan 17-negara Euro menurun kepada paras terendah di dalam tempoh 18 bulan. Pemulihan kawasan Euro mereda disebabkan pemimpin Eropah berhempas-pulas untuk mengawal krisis hutang Greece. Harga minyak mentah turun 7.09% kepada $95.42 dan harga tembaga meningkat 2.30% kepada $9,414.00 di dalam bulan ini. Harga aluminium merosot 5.97% kepada $ 2,503.25. Harga plumbum meningkat 5.31% kepada $2,671.00. Harga zink meningkat 4.24% kepada $2,342.00. Harga timah jatuh 6.84% kepada $25,975.00. Harga nikel turun 0.81% kepada $23,395.00.

Indeks Dow Jones-UBS Commodity Excess Return jatuh 5.05% kepada 158,1349 di dalam bulan Jun. Indeks MLCX Enhanced Benchmark A10 Excess Return turun 4.88% kepada 307.4583. Indeks MLCX AmBank Alpha Commodity sebaliknya meningkat 0.17% kepada 174.0171.

Menurut Kementerian Minyak Mesir, negara itu telah membuat dua penemuan gas asli di Delta Sungai Nil dan Laut Mediterranean, meningkatkan rizabnya sebanyak 194 bilion kaki padu gas dan 2 juta tong kondensat. Niaga hadapan etanol jatuh paling rendah di dalam tempoh hampir sebulan apabila harga jagung merosot dan Kongres kekal tidak bersepakat di dalam rancangan untuk meningkatkan had hutang negara. Harga gula jatuh disebabkan tanda-tanda pertumbuhan ekonomi AS yang semakin perlahan, menambah kepada kebimbangan bahawa permintaan komoditi akan berkurangan akibat kerajaan persekutuan yang semakin menuju kepada keingkaran. Harga koko kekal tidak berubah, manakala harga kopi pula menaik. Niaga hadapan emas meningkat kepada rekod atas permintaan untuk perlindungan pelaburan di tengah-tengah kebimbangan ke atas kebuntuan hutang AS dan tanda-tanda kegoyahan ekonomi. Para penggubal undang-undang AS menawarkan pelan saingan untuk mengumpulkan $14.3 trilion bagi mengelakkan keingkaran sebelum tarikh akhir 2 Ogos tiba. Indeks Dow Jones-UBS Commodity Excess Return meningkat 2.96% di dalam bulan Julai kepada 162.81. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 3.07% kepada 316.90. Indeks MLCX AmBank Commodity Alpha meningkat 0.09% kepada 174.

Mengikut kajian Bloomberg News, pengeluaran minyak mentah oleh Pertubuhan Negara-negara Pengeksport Petroleum (OPEC) di dalam bulan Ogos telah meningkat kepada tahap tertinggi sejak Disember 2008, diketuai

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oleh Arab Saudi. Gasolin meneruskan perolehan selepas Jabatan Tenaga melaporkan stok penimbal turun lebih daripada yang diramalkan di dalam minggu terakhir bulan Ogos. Harga jagung jatuh buat kali pertama di dalam tempoh lima sesi dan harga gandum menurun atas spekulasi bahawa permintaan bagi bijirin yang digunakan di dalam makanan haiwan, bahan api dan makanan akan menjadi perlahan selepas menghadapai kenaikan harga minggu sebelumnya. Harga kacang soya menunjukkan kenaikan. Harga gula meningkat buat pertama kali di dalam masa tiga hari disebabkan terdapat tanda-tanda bahawa permintaan global akan meningkat pada masa pengeluaran mungkin menjadi terhad di Brazil, pengeluar terbesar di dunia. Harga kopi dan koko turut menaik. Emas menuju keuntungan bulanan terbesar di dalam tempoh 22 bulan, di mana para pelabur mengumpul semula di dalam ekuiti global berdasarkan prospek bahawa Rizab Persekutuan mengambil lebih banyak tindakan untuk merangsang ekonomi. Harga tembaga menaik selepas data permintaan kilang AS dan aktiviti perniagaan menyuntik keyakinan ke dalam ekonomi. Indeks Dow Jones-UBS Commodity Excess Return meningkat 0.99% kepada 164.43. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 1.19% kepada 320.66. Indeks MLCX AmBank Alpha Commodity meningkat 0.19% kepada 174.51 di dalam bulan Ogos 2011.

Harga komoditi merosot, menuju kepada penurunan suku tahunan terbesar sejak akhir tahun 2008, apabila data bearis ekonomi-ekonomi di Eropah dan China menambah kepada kebimbangan bahawa dunia akan jatuh ke kancah kemelesetan yang baru. Harga minyak jatuh menunjukkan tanda-tanda pertumbuhan perlahan di China, AS dan Jerman telah meningkatkan kebimbangan bahawa permintaan bahan api akan terjejas. Harga perak dan tembaga mendahului penurunan komoditi bulanan. Harga tembaga jatuh disebabkan spekulasi permintaan bagi logam dari China, sebagai pembeli terbesar, akan menjadi lembab selepas pembuatan merosot. Pengeluar gula menuju kerugian tiga suku berturut-turut berdasarkan tanda-tanda bahawa bekalan akan kekal mencukupi disebabkan kelembapan ekonomi global yang akan mengurangkan penggunaan. Harga kacang soya juga merosot. Harga jagung menjunam, menuju rekod penurunan bulanan terburuk, selepas laporan kerajaan menunjukkan inventori AS yang lebih besar daripada ramalan, memberikan isyarat permintaan yang berkurangan bagi gandum yang digunakan di dalam makanan haiwan dan etanol. Niaga hadapan kapas jatuh, menghadkan kemerosotan suku kedua berturut-turut, atas kebimbangan bahawa krisis hutang Eropah akan menghalang ekonomi global, menghakis permintaan untuk tekstil dan pakaian. Harga jus oren juga menurun. Indeks Dow Jones-UBS Commodity Excess Return jatuh 14.74% di dalam bulan ini kepada 140.20. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 14.57% di dalam bulan ini kepada 273.93. Indeks MLCX AmBank Commodity Alpha meningkat 0.16% kepada 174.80 di dalam bulan September 2011.

Menurut tinjauan oleh Bloomberg News, pada bulan Oktober pengeluaran minyak oleh Pertubuhan Negara-negara Pengeksport Petroleum meningkat ke tahap tertinggi di dalam tempoh hampir tiga tahun oleh kerana keuntungan di Libya dan Angola mengatasi bahagian Saudi. Harga gasolin jatuh kerana Dolar melonjak di tengah-tengah kebimbangan bahawa kerajaan Eropah akan bergelut untuk mendapatkan sokongan kewangan sebagai rancangan untuk menyelesaikan krisis hutang di rantau tersebut. Harga jagung jatuh paling teruk di dalam bulan ini dan kacang soya jatuh kepada harga terendahnya di dalam tempoh hampir tiga minggu apabila pengumpulan semula di dalam Dolar menghakis prospek untuk eksport AS dan mengurangkan daya penarik pelaburan komoditi. Harga kopi jatuh di New York atas kebimbangan baru bahawa Eropah tidak akan berjaya membendung krisis hutang di rantau tersebut dan dengan lonjakan Dolar, menghakis daya penarik komoditi. Harga gula dan koko turut merosot. Niaga hadapan gula mentah jatuh untuk kali ketiga di dalam tempoh empat hari di atas spekulasi bahawa percubaan untuk memperbaiki hutang Greece tidak akan berjaya menamatkan krisis kewangan di Eropah, sekaligus memperlahankan ekonomi dan permintaan bagi komoditi. Niaga hadapan kapas jatuh, menamatkan pengumpulan semula terpanjang di dalam tempoh tujuh bulan, kerana permintaan dari kilang tekstil berkurangan. Harga jus oren menampakkan kemajuan. Indeks Dow Jones-UBS Commodity Excess Return meningkat 6.62% kepada 149.48. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 6.52% kepada 291.78. Indeks MLCX AmBank Commodity Alpha jatuh 0.10% kepada 174.62 di dalam bulan Oktober 2011.

Harga komoditi melonjak ke paras tertinggi di dalam tempoh hampir dua minggu selepas Rizab Persekutuan mengurangkan kos pembiayaan kecemasan kepada bank-bank di Eropah sebagai sebahagian daripada usaha global untuk mengekang krisis hutang negara di rantau tersebut. Langkah FED tersebut telah diselaraskan dengan Bank Pusat Eropah dan bank-bank pusat di Kanada, England, Jepun dan Switzerland. Secara berasingan, China telah mengurangkan jumlah tunai yang perlu sediakan oleh bank sebagai rizab untuk kali pertama sejak 2008.

Harga kapas mengukuh di dalam tempoh masa dua minggu kerana permintaan untuk bekalan dari AS, pengeksport terkemuka di dunia, meningkat semula selepas harga merosot kepada paras rendah selama 14 bulan. Harga jus oren menunjukkan kemerosotan. Harga jagung dan kacang soya meningkat kerana cuaca kering mengancam tanaman di Amerika Selatan dan keyakinan yang lebih baik terhadap ekonomi AS telah menyokong prospek permintaan komoditi.

Harga minyak jatuh daripada paras tertinggi di dalam tempoh dua minggu di New York selepas Standard & Poor’s mengurangkan penarafan kredit kepada beberapa pemberi pinjaman terbesar di dunia semasa tanda-tanda kenaikan bekalan minyak mentah di AS.

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Indeks Dow Jones-UBS Commodity Excess Return jatuh 3.13% kepada 146.1596. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 2.96% kepada 285.8352. Indeks MLCX AmBank Commodity Alpha meningkat 0.16% kepada 174.9336 di dalam bulan November 2011.

Di dalam bulan Disember, tercetus kebimbangan bahawa permintaan daripada negara pengguna minyak mentah kedua terbesar di dunia mungkin menjadi perlahan. Harga minyak pemanas dan gasolin bertambah baik, menambah kepada keuntungan tahun ketiga berturut-turut mereka, di atas spekulasi import gasolin akan menurun dan permintaan untuk eksport diesel AS akan meningkat apabila tiga loji penapis minyak di Eropah ditutup di dalam bulan Januari. Harga emas meningkat paling ketara bulan ini, menghadkan kemajuan tahunan ke-11 berturut-turut, di atas spekulasi bahawa permintaan akan meningkat daripada pembuat barang kemas dan para pelabur. Harga tembaga menunjukkan peningkatan paling tinggi di dalam tempoh dua minggu, pengurangan penurunan tahunan pertama sejak 2008, atas andaian bahawa pertumbuhan ekonomi AS akan mengapungkan permintaan besi apabila ekonomi China menjadi perlahan.

Harga jagung meningkat, mencatatkan keuntungan tahunan ketiga berturut-turut, dan harga kacang soya menaik disebabkan kebimbangan bahawa cuaca buruk akan menyebabkan kerosakan tanaman yang tidak boleh dipulihkan di Argentina. Harga gula mentah jatuh disebabkan perkembangan pengeluaran di Asia dan Eropah telah melebihi daripada sekadar mengimbangi kejatuhan pengeluaran di Brazil, penanam tebu yang utama di dunia.

Indeks Dow Jones-UBS Commodity Excess Return jatuh 3.75% kepada 140.6802. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 3.56% kepada 275.6474. Indeks MLCX AmBank Commodity Alpha meningkat 0.18% kepada 175.2567 di dalam bulan Disember 2011.

Harga minyak naik disebabkan spekulasi para pelabur bahawa permintaan bahan api akan meningkat selepas pengeluaran industri di Jepun, pengguna minyak mentah ketiga terbesar, meningkat lebih daripada jangkaan. Harga emas melonjak ke harga paling tinggi di dalam tempoh hampir lapan minggu, melanjutkan prestasi Januari terbaik sejak 2008. Harga perak telah bersedia untuk permulaan tahun yang hebat sejak 1983 manakala harga platinum melonjak kepada paras tinggi bagi tempoh dua bulan setengah. Harga tembaga melonjak, melanjutkan keuntungan bulanan yang pertama sejak Oktober, selepas Perdana Menteri Greece berkata bahawa kemajuan besar telah dicapai di dalam perbincangan masalah hutang. Bulan ini merupakan bulan terbaik untuk Timah yang mengatasi komoditi lain sejak sekurang-kurangnya 1992.

Harga kacang soya menokok disebabkan kejatuhan Dolar telah meningkatkan daya penarik eksport AS dan pembelian spekulasi oleh China, pengimport terbesar, mungkin meningkat selepas berakhirnya cuti Tahun Baru Cina. Harga jagung dan gandum juga menunjukkan kemajuan. Harga kapas meningkat tertinggi di dalam masa seminggu apabila tanda-tanda kemajuan oleh kerajaan Eropah untuk meringankan krisis hutang mereka telah merangsang prospek pertumbuhan ekonomi global dan permintaan untuk beberapa komoditi. Harga jus oren juga menunjukkan kemajuan.

Indeks Dow Jones-UBS Commodity Excess Return meningkat 2.47% kepada 144.16. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 2.84% kepada 283.48. Indeks MLCX AmBank Commodity Alpha meningkat 0.37% kepada 175.91 di dalam bulan Januari 2012.

Komoditi, yang diketuai oleh minyak, menewaskan stok, bon dan Dolar untuk pertama kali sejak Julai apabila Kesatuan Eropah bersedia untuk menyekat minyak mentah Iran, ekonomi AS telah bertambah baik dan China telah mengambil langkah-langkah untuk menyokong pertumbuhan. Minyak diniagakan tinggi hampir selama dua hari di New York selepas keuntungan bulanan terbesar sejak Oktober apabila spekulasi bahawa pertumbuhan ekonomi global akan meningkatkan permintaan bahan api memadamkan kebimbangan bahawa bekalan yang semakin meningkat akan menghadkan keuntungan harga. Harga kacang soya meningkat 10 peratus kepada paras tertinggi di dalam tempoh lima bulan di Chicago Board of Trade di dalam bulan Februari, yang tertinggi sejak 2010, disebabkan jualan eksport AS menunjukkan peningkatan dan ramalan kerajaan bahawa inventori akan mengalami kemerosotan sebanyak 25 peratus sebelum musim menuai 2013. Harga gula menokok 5.8 peratus di ICE Futures US, yang tertinggi sejak Julai, selepas musim kemarau menyebabkan bekalan dari Mexico terputus. Nikel, kopi dan kapas adalah peraih kerugian terbesar pada GSCI, masing-masing mengalami penurunan 7.7 peratus, 5.5 peratus dan 3 peratus. Harga jagung meningkat kepada paras tertinggi di dalam tempoh tujuh minggu apabila pertumbuhan ekonomi berupaya meningkatkan permintaan untuk makanan dan bahan api. Harga emas merosot di dalam masa dua minggu atas jangkaan bahawa Rizab Persekutuan tidak akan mengambil sebarang tindakan baru untuk meningkatkan ekonomi. Harga tembaga juga menaik selepas sektor pembuatan di China meningkat bagi bulan ketiga berturut-turut, memberi isyarat bahawa permintaan bagi logam yang digunakan di dalam pembuatan paip dan wayar mungkin meningkat di negara pengguna terbesar di dunia itu.

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Indeks Dow Jones-UBS Commodity Excess Return meningkat 2.69% kepada 148.04. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 2.70% kepada 291.13. Indeks MLCX AmBank Commodity Alpha meningkat 0.01% kepada 175.92 di dalam bulan Februari 2012.

Tembaga, bersedia untuk meraih peningkatan suku tahun terbesar sejak 2010, telah mengalami peningkatan di London disebabkan ekuiti dan Euro meningkat di tengah-tengah spekulasi para pegawai Eropah akan meningkatkan dana untuk menyelamatkan negara-negara berhutang. Emas, bersedia untuk kemajuan sukuan, mungkin meningkat ke atas Dolar yang lemah dan spekulasi bahawa mogok oleh peniaga barangan kemas di India mungkin berakhir. Harga perak menjurus ke arah peningkatan tiga bulan pertama bagi tahun tersebut.

Harga minyak meningkat di New York, menuju keuntungan suku tahun kedua, apabila para pelabur membuat spekulasi bahawa sekatan ke atas Iran akan bertambah ketat dan penurunan semalam, yang terbesar tahun ini, telah diperbesar-besarkan. Harga kacang soya meningkat, menuju peningkatan suku terbesar di dalam tempoh lebih daripada satu tahun, di atas spekulasi bahawa permintaan untuk eksport AS akan meningkat disebabkan oleh kemerosotan pengeluaran di Amerika Selatan. Niaga hadapan gula mentah meningkat, menghentikan empat sesi penggelongsoran, berikutan kebimbangan baru bahawa bekalan mungkin menyempit disebabkan kelewatan hasil tanaman di Brazil, penanam terbesar di dunia. Harga kapas jatuh, manakala harga jus oren meningkat.

Oleh itu, prestasi indeks sejak pelancaran adalah:1. Indeks MLCX AmBank Commodity Alpha – 3.73%2. Indeks MLCX Enhanced Benchmark A01 Excess Return – 0.09%3. Indeks Dow Jones-UBS Commodity Excess Return – (3.56)%

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MoM Performance

Performance Since Inception Permulaan

30 Nov 10

28 Feb 11

31 May 11

31 Aug 11

30 Nov 11

29 Feb 12

31 Mar 12

169.9859

170.1251

172.8051

173.7244

174.5127

174.9336

175.9189

176.3321

275.6397

278.9337

320.7321

323.2295

320.6591

285.8352

291.1312

275.8993

145.1062

146.7299

166.1437

166.5416

164.4327

146.1596

148.0367

139.9437

Paras Indeks

Tarikh MLCXAMB MLCXA01E DJUBS

MoM Performance


30 Nov 10

28 Feb 11

31 May 11

31 Aug 11

30 Nov 11

29 Feb 12

31 Mar 12

-

0.08%

1.58%

0.53%

0.45%

0.24%

0.56%

0.23%

-

1.20%

14.99%

0.78%

-0.80%

-10.86%

1.85%

-5.23%

-

1.12%

13.23%

0.24%

-1.27%

-11.11%

1.28%

-5.47%

Prestasi Bulan ke Bulan


MoM Performance


30 Nov 10

28 Feb 11

31 May 11

31 Aug 11

30 Nov 11

29 Feb 12

31 Mar 12

-

0.08%

1.66%

2.20%

2.66%

2.91%

3.49%

3.73%

-

1.20%

16.36%

17.27%

16.33%

3.70%

5.62%

0.09%

-

1.12%

14.50%

14.77%

13.32%

0.73%

2.02%

-3.56%

Prestasi Sejak Pelancaran


ULASAN PASARAN

201


(Sumber: Bloomberg)

Prestasi MLCXAMB Sejak Pelancaran

Okt

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mac

-11

Ap

r-11

Mei

-11

Jun-

11

Jul-1

1

Og

o-11

Sep

-11

Okt

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

104.0%

103.0%

102.0%

101.0%

100.0%

99.0%

Pres

tasi

(%)

Bulan

ULASAN PASARAN


TINJAUAN PELABURAN

203


TINJAUAN PELABURAN

Tinjauan Pasaran Pelaburan Dana AmAssurance Equity, Balanced, Dana Teguh, Dividend

Kami memulakan tahun kewangan yang baru dengan tiga ketidaktentuan yang mengemukakan risiko utama: ketidaktentuan menjelang Pilihan Raya Umum ke-13, ketidakpastian mengenai pertumbuhan ekonomi global dan ya, ketidaktentuan di Eurozone.

Dengan pertumbuhan ekonomi global dilihat perlahan dan peningkatan pengelakkan pasaran menjelang pilihan raya umum, adalah berkemungkinan tinggi bahawa KLCI akan terus berada di dalam mod dagangan pelbagai sehingga pemangkin baru muncul. Ini bermaksud bahawa di dalam jangka masa terdekat, KLCI berkemungkinan menjadi sangat mudah terdedah kepada tekanan luaran yang tidak digemari yang boleh melenyapkan sebarang selera risiko baru di pasaran tempatan. Bahaya luaran mungkin datang di dalam bentuk keingkaran munasabah Greece dan penyingkiran dari Eurozone, kebimbangan terhadap ekonomi China dan India menghampiri kemelesetan ketara dan ancaman kegagalan Amerika Syarikat untuk menurunkan defisit dan paras hutangnya. Kita telah melihat sendiri bagaimana selera risiko para pelabur ke atas aset berisiko menurun dengan ketara sejak akhir-akhir ini. Sebagai contoh, indeks MSCI Emerging Markets telah jatuh lebih daripada 10% di dalam bulan Mei sahaja. Walaupun KLCI agak berdaya tahan, kita telah melihat aliran keluar dana asing yang konsisten – suatu manifestasi perumpamaan para pelabur yang digelar “sell in May, go away” (di mana tempoh bulan Mei hingga Oktober merupakan jangka masa agak lemah bagi pasaran secara purata dan saham akan dijual pada awal Mei sebelum kembali dibeli pada bulan November). Pelabur asing telah meningkatkan jualan mereka di bursa tempatan di dalam bulan Mei, selepas tujuh bulan pembelian bersih ekuiti secara terus-menerus di dalam bulan-bulan sebelumnya.

Seperti mana yang telah ditentukan, satu perkara kecil yang dipanggil Greece bukanlah satu-satunya masalah kami. Walaupun tumpuan perhatian pada masa ini masih mengenai krisis hutang Euro, para pelabur juga semakin bimbang tentang China dan India di mana data ekonomi mereka yang terkini menunjukkan pergerakan angka yang perlahan. Situasi ini bertambah buruk dengan kedudukan ekonomi AS yang terus berada di belakang, di mana semua pihak tertumpu kepada program penjimatan yang akan datang untuk menurunkan defisit fiskal AS dan paras hutang kerajaan. Keadaan ini mengundang bahaya yang besar sekiranya AS dan krisis hutang Euro membentuk satu simbiosis dan mengambil kesempatan ke atas satu sama lain; secara pastinya, kemelesetan ekonomi global bakal menjadi suatu risiko sebenar. Hasilnya, selain daripada kepentingan pilihan raya Greece pada 17 Jun yang padanya tergantung untung nasib Greece di dalam Eurozone, para pelabur juga akan cuba mendapatkan petunjuk pada mesyuarat

dasar ECB yang dijadual untuk diadakan pada awal Jun, serta di dalam data AS yang akan datang sebelum mesyuarat FOMC seterusnya dan di sekitar penghujung program rangsangan pembelian bon AS. Faktor-faktor tersebutlah terletaknya ketidaktentuan luaran tersebut.

Secara domestik, acara utama yang seumpama awan gelap yang menyelubungi kami adalah pilihan raya umum yang akan berlaku yang boleh menyebabkan kemeruapan tinggi di bursa tempatan memandangkan keputusan pilihan raya yang tidak menentu dan peningkatan pengelakan risiko di kalangan para pelabur.

Walau apa pun hujah-hujah di atas, kami percaya bahawa pengunduran pasaran dan penyatuan yang telah kita lihat setakat ini mungkin masih belum berakhir. Malah, kami berpendapat bahawa KLCI akan kekal di dalam mod penurunan sementara dan penyatuan untuk sekurang-kurangnya sehingga pilihan raya Greek yang dijadualkan pada 17 Jun kelak selesai. Ini adalah kerana pada masa ini, krisis hutang Eropah masih berkemungkinan untuk menjadi bertambah buruk, mencetuskan pengeluaran tunai di serata Eropah sehingga Bank Pusat Eropah terpaksa mengambil langkah tegas untuk menjana pendapatan daripada hutang Eropah. Sementara itu, kebimbangan kemelesetan di China juga akan menyebabkan para pelabur melakukan penghindaran risiko. Di dalam keadaan seperti ini, kami percaya para pelabur akan lebih berhati-hati ke atas aset berisiko tinggi dan hasilnya ekuiti masih terdedah kepada penurunan lanjut.

Mudah-mudahan, pada pertengahan separuh kedua 2012, kita akan mendapati bahawa semua keadaan yang tidak menentu di atas hanyalah sebuah mimpi yang buruk. Tetapi ini akan berlaku dengan syarat: (a) Bank Pusat Eropah membuat satu langkah yang tegas untuk menjana pendapatan daripada hutang Eropah; (b) para penggubal dasar China melonggarkan polisi secara ketara dan pertumbuhan ekonomi kembali pesat; (c) pemimpin Kongres AS menyanyikan lagu kebangsaan bersama-sama untuk mengingatkan mereka yang AS adalah sebuah negara yang perkasa dan membentuk beberapa tawaran untuk mengawal risiko kegagalan mengurangkan defisit dan hutangnya, dan (d) di dalam negara, pilihan raya umum menghasilkan keputusan yang lebih baik daripada jangkaan di mana parti gabungan pemerintah kekal di bawah kawalan kerajaan.

Di antara semua ketidaktentuan, dilihat dari perspektif yang lebih besar, kami percaya bahawa penentu bagi sentimen di dalam pasaran global - dan seterusnya di dalam pasaran tempatan kita - untuk kembali positif adalah dengan menamatkan krisis hutang Euro. Namun begitu, melihat dengan lebih jauh pengunduran jangka masa terdekat, kami menjangkakan sentimen pasaran untuk beransur-ansur pulih sebaik ketidaktentuan ekonomi global berkurangan. Sementara itu, pasaran kewangan global masih berkemungkinan disokong dengan kecairan disebabkan bank-bank pusat di negara-negara maju telah berikrar untuk mengekalkan

204


dasar kewangan yang longgar untuk menyokong pertumbuhan ekonomi, jika terdapat keperluan.

Ya, keadaan di pasaran ekuiti kelihatan sangat tidak boleh dipercayai kini. Walau bagaimanapun, kami positif bahawa ketidaktentuan di persekitaran tempatan dan luar akan bertambah baik secara beransur-ansur menuju separuh tahun kedua 2012. Oleh itu, kami mengekalkan sasaran KLCI kami untuk 2012 pada 1,620.


Tinjauan Pasaran Pelaburan Dana AmAssurance Bond

Faktor risiko paling kritikal yang akan membentuk pasaran kewangan global 2012 adalah risiko menular krisis hutang kerajaan Eurozone. Setahun yang lalu, risiko peningkatan risiko kredit kerajaan kelihatan terhad kepada kumpulan PIIGS (Portugal, Itali, Ireland, Greece dan Sepanyol). Bagaimanapun, semakin kita menghampiri penghujung tahun 2011, perkembangan terkini mencadangkan bahawa risiko menular telah merebak dari negara-negara bersempadanan ke negara-negara teras. Kenaikan kadar hasil bon juga dapat dilihat di negara-negara seperti Perancis, Austria dan Belanda. Perbalahan berterusan di kalangan para penggubal dasar tentang bagaimana untuk menangani masalah berterusan ini telah menambah buruk suasana huru-hara ini, menyebabkan penghindaran risiko melonjak ke tahap yang lebih tinggi. Pada ketika ini, para pelabur masih tidak menjangka untuk melihat sesuatu yang lebih buruk dari krisis 2008 tetapi sebarang peristiwa di luar jangkaan berkaitan hal-hal politik di dalam menangani isu ini akan meningkatkan kebarangkalian kemungkinan yang terburuk untuk berlaku.

Pada masa yang sama, sedang krisis hutang kerajaan terus menghantui Eropah, para penggubal dasar AS akan menghadapi cabaran untuk menyokong pemulihan yang masih lemah dan mengembalikan disiplin fiskal di dalam tahun pilihan raya presiden. Ekonomi baru dari Asia Timur menghadapi rintangan dari luar yang boleh menimbulkan risiko ke bawah kepada pertumbuhan ekonomi tetapi, tidak seperti ekonomi maju, mereka masih boleh melaksanakan langkah-langkah perlonggaran kewangan konvensional oleh kerana kadar dasar di rantau ini yang tinggi berikutan normalisasi yang berlaku di awal tahun 2011. Namun begitu, kami tidak mengenepikan kemungkinan berlakunya tekanan inflasi berpunca dari kenaikan harga bahan makanan disebabkan paras harga yang semakin meningkat di kalangan ekonomi baru kerana sebahagian besarnya cenderung didorong oleh harga bahan makanan.

Di pasaran tempatan, kami menjangka BNM untuk mengekalkan kadar pada 3.00% dengan stabil sehingga akhir tahun. Ketidaktentuan pertumbuhan

ekonomi global tidak menjamin sebarang kenaikan kadar selanjutnya, manakala bank-bank pusat serantau yang lain telah beralih ke arah mod neutral. Sebahagian daripada mereka sebenarnya sedang semakin bersedia dengan pemotongan kadar yang tidak dapat dijangkakan yang menunjukkan bahawa para penggubal dasar kini bersedia untuk menghadapi kemungkinan kejatuhan dari rintangan luar. Sebaliknya, harga aset yang semakin meningkat seperti yang dapat dilihat di dalam pasaran hartanah telah meningkatkan kebimbangan terhadap kemungkinan pengelembungan aset yang mungkin mencetuskan tekanan inflasi kepada ekonomi.


Tinjauan Pasaran Pelaburan Dana AmAssurance AmOasis Islamic Equity

(Dana Pengantara: Dana AmOasis Global Islamic Equity)

Berikutan prestasi yang agak lemah di dalam tahun 2011, pasaran ekuiti global telah memulakan tahun kewangan agak kukuh dengan data ekonomi positif dari AS dan suntikan kecairan berterusan oleh Bank Pusat Eropah (ECB) yang telah menyediakan rangsangan kepada penilaian ekuiti. Selera risiko meningkat secara material dengan pelabur semakin mengubah fokus ke arah nilai kualiti rendah di kalangan syarikat-syarikat berprestasi tinggi, dan ini telah menyumbang kepada prestasi cermerlang di dalam tempoh jangka masa pendek. Walaupun ekuiti global terus menawarkan nilai dari perspektif jangka masa panjang, kami merasakan kemeruapan mungkin berterusan kerana kebanyakan negara maju bertarung dengan penjimatan manakala pasaran membangun juga menyaksikan kelembapan yang sederhana oleh kerana pendedahan eksport mereka kepada dunia maju. Memandangkan latar belakang yang tidak menentu ini, kami tetap yakin dengan falsafah pelaburan kami iaitu untuk terus melabur di dalam syarikat-syarikat berkualiti tinggi yang merupakan pemimpin pasaran di dalam sektor yang mereka ceburi, mempunyai kunci kira-kira yang sihat dan mempunyai keupayaan untuk menjana tahap Pulangan Ke atas Ekuiti (ROE) yang lebih mampan melalui kitaran ekonomi.

Pada pendapat kami, perlonggaran kuantitatif berterusan di negara maju telah menyediakan talian hayat kepada syarikat-syarikat berkualiti rendah dengan memberikan mereka akses kepada pembiayaan yang mereka mungkin tidak dapat kecapi di dalam keadaan yang lebih normal. Kadar faedah yang lebih rendah juga telah tercetus di dalam momentum perolehan bagi syarikat-syarikat berkualiti rendah kerana ianya telah memaksa kos pembiayaan untuk turun dengan lebih rendah - satu keadaan yang kami rasa sukar untuk bertahan bagi suatu jangka masa panjang. Sebaik kecairan beransur normal, syarikat-syarikat berkualiti

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tinggi yang mempunyai kunci kira-kira yang kukuh dan aliran tunai yang teguh mempunyai kelebihan untuk mengatasi saingan mereka yang lebih kecil apabila mereka secara efektif membelanjakan simpanan untuk membuat pembelian peningkatan nilai atau penggandaan pendapatan melalui pembelian balik saham-saham. Sepanjang keadaan ekonomi semasa, kami merasakan bahawa mereka yang kuat akan terus menguasai saham pasaran dan meningkatkan kadar keuntungan mereka manakala pemain yang lebih kecil bergelut untuk terus hidup oleh kerana keadaan kecairan yang semakin normal. Falsafah pelaburan kami terbukti jelas di mana syarikat-syarikat di dalam portfolio kami telah membuktikan keupayaan mereka menghasilkan ROE yang lebih tinggi dan berdaya tahan melalui kitaran ekonomi walaupun mengendalikan perdagangan dengan diskaun yang ketara berlandaskan aliran tunai di pasaran.


Tinjauan Pasaran Pelaburan Dana AmAssurance Global Emerging Market

(Dana Pengantara: Dana AmGlobal Emerging Market Opportunities)

Kegembiraan yang dialami pada awal tahun ini, disebabkan S&P 500 dan indeks MSCI Emerging Markets yang mencatatkan pulangan tertinggi suku pertama mereka sejak 1998 dan 1992 secara respektif, kelihatan seperti telah lesap dan digantikan oleh kemunculan semula ketidaktentuan yang menyelubungi cabaran-cabaran yang mendasari pasaran maju. Kepulangan kepada mod kebimbangan di dalam pasaran global baru-baru telah menyebabkan pasaran GEMs kembali kepada penyatuan secara mutlak, walaupun kedudukan GEMs kelihatan sangat kukuh untuk terus mengatasi rakan-rakan membangun mereka.

Pasaran saham AS berprestasi kukuh pada permulaan tahun 2012 dengan data sektor pembuatan, hartanah dan pasaran buruh telah meningkatkan optimisme. Bagaimanapun, tahap dan kemampanan pemulihan terus dipersoalkan berikutan data pekerjaan terkini yang mengecewakan. Melihat kepada kerapuhan pemulihan semasa, Sistem Rizab Persekutuan (FED) sekali lagi memaklumkan hasratnya untuk mengekalkan dasar kewangan yang longgar hingga 2014. Bagaimanapun, terdapat beberapa sokongan ke atas pemulihan jangka masa panjang AS berikutan laporan-laporan bahawa terdapat potensi pengeluaran tenaga yang sangat besar dari minyak syal dan gas di AS. Kebimbangan mengenai perkara ini di kalangan negara-negara maju Eropah telah memuncak dan perbezaan di antara Eropah Utara dan Eropah Selatan kekal ketara; pertumbuhan Jerman adalah teguh, batasan hasil 10 tahun adalah hampir pada paras paling rendah sebanyak 1.6% di samping kehadiran tanda-tanda tekanan inflasi. Sebaliknya, kadar pengangguran di Sepanyol telah mencecah

paras tertinggi di dalam rekod, hasil 10 tahun adalah pada kadar 6% dan pihak berkuasa berada di bawah tekanan untuk melaksanakan pengetatan fiskal.

Kes asas yang positif masih utuh dan walaupun berlaku kenaikan mendadak pada awal tahun ini, penilaian dagangan menarik pada 10.2x PER, disokong oleh pertumbuhan pendapatan yang teguh sebanyak 13%. Unjuran pertumbuhan konsensus untuk GEMS ke atas 2012 adalah sebanyak 5.1%. Risiko kepada tinjauan pasaran ini kekal menjadi tidak relevan dan berpunca terutamanya dari negara-negara maju seperti yang dipaparkan di atas. Walaupun kadar penurunan pertumbuhan China terus tertakluk kepada perbahasan, perhatian baru-baru ini telah tertumpu kepada keperluan untuk reformasi di China di dalam usaha untuk mengelakkan apa yang dikenali sebagai ‘perangkap negara berpendapatan sederhana’. Politik akan memainkan peranan penting di dalam peralihan ke arah ekonomi yang diterajui oleh pengguna kerana reformasi akan menjejaskan kepentingan, khususnya di dalam kerajaan tempatan dan perusahaan yang dimiliki negara. Walau bagaimanapun, apa-apa pelaksanaan pembaharuan dijangka akan berlaku secara beransur-ansur dan terkawal yang mana akan menghadkan risiko politik.


Tinjauan Pasaran Pelaburan Dana AmAssurance Global Agribusiness

(Dana Pengantara: Dana AmGlobal Agribusiness)

Prospek untuk Global Agribusiness kekal kukuh. Semasa pasaran jualan ke bawah di dalam bulan September dan November tahun lepas, beberapa syarikat perniagaan tani telah dijual ke bawah ke paras penilaian seperti yang telah kita lihat pada tahun 2008 dan awal tahun 2009. Walaupun terdapat pemulihan pasaran, nilai syarikat perniagaan tani kekal rendah berbanding saham-saham global, dan kami percaya bahawa mereka akan terus mempunyai potensi pertumbuhan perolehan yang lebih baik berbanding pasaran global yang lebih luas. Ekoran pemulihan ekonomi global secara beransur-ansur pada 2012, saham global mempunyai potensi untuk terus meningkat. Kami percaya jika rangsangan-rangsangan yang memandu Global Agribusiness dan desakan penilaian-penilaian relatif kepada saham global, saham perniagaan tani global boleh mengatasi prestasi pasaran global yang lebih luas di dalam jangka masa beberapa tahun akan datang.

Pendorong utama yang menyokong perniagaan tani global tetap utuh dan kebanyakannya sudah dikenali ramai sekarang, namun mereka wajar dilawati secara ringkas kerana sebab-sebab di sebalik kenaikan harga mendadak pada bulan

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dan tahun kebelakangan ini dijangka akan dipertingkatkan lagi apabila pertumbuhan ekonomi global pulih. Pertumbuhan penduduk tanpa henti dengan sebahagian besar pertumbuhan dijangka berlaku di China, India dan lain-lain negara membangun di dalam tempoh beberapa dekad akan datang merupakan faktor utama. Taraf hidup di negara-negara ini telah meningkat dengan pesat, memperkasa permintaan berkualiti lebih tinggi, makanan kaya-protein yang memerlukan jumlah bijiran, tanah dan air yang semakin meningkat untuk menghasilkannya. Pengeluaran makanan global tidak mencukupi untuk bekalan setiap individu. Cabaran ini dilihat begitu sukar untuk ditangani tambahan pula dengan penyusutan bekalan tanah sesuai untuk pertanian, peningkatan kebimbangan alam sekitar dan kekangan bekalan air. Tambahan lagi, permintaan ke atas biofuel, yang memerlukan bijirin untuk pengeluaran, dan keadaan cuaca yang semakin tidak menentu terus mengganggu proses pengeluaran makanan. Dengan pertumbuhan berterusan KDNK dunia dan jumlah penduduknya, peningkatan permintaan makanan hanya mempunyai kemungkinan untuk terus meningkat. Oleh kerana inventori bijirin global kini berada pada paras asas yang rendah, sebarang gangguan bekalan akan memerlukan penyelesaian segera yang kemungkinan besar akan disediakan oleh sektor swasta. Akibatnya, prospek pasaran kelihatan positif bagi kebanyakan syarikat di dalam sektor perniagaan tani global.


Tinjauan Pasaran Pelaburan Dana AmAssurance Precious Metals (Dana Pengantara: Dana AmPrecious Metals)

Kelemahan di dalam sektor logam berharga seharusnya berakhir sebaik berakhirnya suku kedua 2012. Kami terus yakin bahawa jurang penilaian di antara ekuiti dan emas akan berkurangan, walaupun persekitaran berita mikro yang mengecewakan yang telah menaikkan kos ketara di dalam tahun 2011. Keperluan kepada premis penting adalah keseluruhan kepercayaan yang dipegang oleh para pelabur bahawa rangsangan lanjutan dari bank pusat akan tiba juga akhirnya, kemungkinan besar melalui keadaan ekonomi lemah. Tambahan pula, syarikat-syarikat perlu berhenti berharap dan mula mencapai sasaran pengeluaran mereka dan melaksanakan rancangan-rancangan perbelanjaan modal yang munasabah (capex). Ini mungkin berupaya meningkatkan sentimen persekitaran stok dengan ketara.


TINJAUAN PELABURAN

Tinjauan Pasaran AmAssurance AmCurrency Income dan AmCurrency Income II CGF

Ketidaktentuan melampau yang meliputi pasaran pelaburan secara umum, dan pasaran mata wang khususnya, berkemungkinan akan berterusan.

Empat sebab utama yang boleh mendorong pasaran mata wang ke dalam keadaan kucar-kacir adalah:

Penilaian Penurunan Taraf Kredit - penurunan potensi bank negara-negara Euro mungkin tidak memberikan petanda baik bagi selera risiko terhadap mata wang yang dianggap berisiko.

Kebimbangan Hutang Eropah – Satu komitmen ECB untuk bertindak berdasarkan prospek pertumbuhan malap akan menjadi suatu tindakbalas yang dialu-alukan.

Kelembapan Global - Kebimbangan tentang kelembapan pemulihan global dan potensi kemelesetan berganda meningkat apabila bulan ini menyaksikan satu siri titik data anjal termasuk Philadelphia Fed Index, NFP dan angka KDNK Eurozone.

Campur Tangan oleh Bank Pusat – Campur tangan lanjut di dalam pasaran mata wang oleh bank-bank pusat hanya akan menambah lagi ketidaktentuan.


Tinjauan Pasaran Pelaburan AmAssurance AmCommodity Stable CGF

Tembaga, dengan kesediaan untuk mencapai keuntungan terbesar suku tahun sejak tahun 2010, telah meningkat di London sebagai ekuiti dan mata wang Euro juga menaik di tengah-tengah spekulasi bahawa para pegawai Eropah akan meningkatkan dana untuk menyelamatkan negara-negara berhutang. Emas, bersedia untuk kenaikan suku tahun, berkemungkinan meningkat ke atas Dolar yang lemah dan spekulasi bahawa ancaman mogok oleh peniaga emas di India mungkin berakhir. Perak mendahului keuntungan bagi tempoh tiga bulan pertama di dalam tahun berkenaan.

Minyak mencapai kemajuan di New York, mengetuai keuntungan kedua suku tahun, seperti di jangkakan oleh para pelabur bahawa sekatan ke atas Iran akan diketatkan lagi dan bahawa penurunan di dalam bulan Mac, yang terbesar tahun ini, telah digembar-gemburkan. Kacang soya meningkat, menerajui pencapaian suku tahun terbesar di dalam tempoh lebih

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dari satu tahun, ke atas spekulasi bahawa permintaan kepada eksport AS akan meningkat kerana kemerosotan pengeluaran di Amerika Selatan. Niaga hadapan gula mentah meningkat, mematahkan kejatuhan empat musim, berikutan kebimbangan baru bahawa bekalan mungkin mengetat disebabkan kelewatan tanaman di Brazil, penanam terbesar dunia. Harga kapas jatuh, manakala hanya jus oren maju ke hadapan.


TINJAUAN PELABURAN

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Strategi Pelaburan Dana AmAssurance Equity, Dana AmAssurance Balanced, Dana Teguh, Dana Dividend

Adalah jelas bahawa tidak semua faktor risiko luaran telah lenyap, dan pilihan raya umum yang akan berlaku boleh mewujudkan ketidaktentuan di pasaran tempatan. Walaupun kami kurang pesimis dengan tinjauan pasaran akan bergerak ke hadapan, kami tetap menjangkakan pengunduran dan penyatuan pasaran di dalam jangka masa pendek dan sederhana.

Walaupun tidak semua faktor risiko luaran telah menyurai, dan pilihanraya umum yang bakal berlaku boleh mewujudkan ketidakpastian terhadap pasaran tempatan, risiko kemelesetan ekonomi global telah menyusut. Akibatnya, kami tidak begitu negatif seperti dahulu di dalam membuat tinjauan pasaran untuk jangka masa sederhana, namun kami terus menjangka kemunduran pasaran dan penyatuan dalam jangka masa pendek. Kami melihat penurunan sementara yang ketara atau kemeruapan pasaran sebagai peluang untuk pengumpulan kaunter dengan asas kukuh di atas kelemahan prestasi jangka masa panjang.

Kami percaya Malaysia akan terus menjadi pasaran yang defensif memandangkan ia mempunyai fiskal yang memberangsangkan dan kedudukan makro. Kami juga percaya bahawa penurunan perolehan sejak awal 2011 akan berakhir. Kami berpendapat bahawa selepas pilihanraya umum, keadaan berikut akan menyediakan landasan untuk prestasi pasaran saham yang mapan: (1) situasi politik yang lebih stabil, (2) pacuan pelaburan swasta sebagai enjin pertumbuhan melalui ETP, (3) perbelanjaan besar minyak dan gas oleh Petronas, (4) peningkatan perbelanjaan infrastuktur, (5) M&A dan pemulihan lanjut bagi GLC dan (6) peningkatan kecairan pasaran dengan penjualan ke bawah GLIC. Namun, risiko utama kepada andaian kami di atas termasuk: (1) BN kehilangan majoriti mudah di dalam pilihan raya umum yang akan berlaku, dan (2) penurunan ekonomi global lebih cepat dari jangkaan.

Dari segi strategi, kami percaya bahawa adalah lebih bersesuaian untuk kami membentuk portfolio dengan kombinasi saham dividen, kaunter pertumbuhan dan lain-lain yang sedia untuk pemulihan pada tahun ini. Kami bermungkinan lebih cenderung ke arah sektor minyak dan gas, perladangan, pembinaan, telekomunikasi serta lain-lain sektor penghasil tinggi. Selagi andaian yang dinyatakan dapat bertahan, pendedahan portfolio berkemungkinan boleh dikekalkan di antara 75% - 80% untuk portfolio ekuiti penuh. Untuk portfolio seimbang, kami melihat untuk mengekalkan pendedahan ekuiti di antara 55% - 60%.


Strategi Pelaburan Dana AmAssurance Bond

Kami mengunjur target defisit sebanyak RM43 billion dan RM45.6 billion sebagai unjuran MGS yang bakal matang pada 2012. Kami menganggarkan terbitan MGS pada 2012 adalah pada RM88-90 billion untuk pembiayaan semula sekuriti yang akan matang dan untuk pembiayaan defisit. Anggaran kami untuk terbitan korporat bon kasar pada tahun 2012 ialah RM45-55 billion. Perancangan bon tersebut dijangka akan dapat dikekalkan oleh perbelanjaan modal korporat dan pembiayaan projek perkongsian awam swasta. Kami mengandaikan bahawa kunci kira-kira korporat akan kekal sihat dan ekonomi akan terus meningkat. Agihan MGS kepada OPR dan pengagihan kredit kepada bon domestik korporat telah tidak diperluaskan baru-baru ini, menghasilkan pengetatan di bawah purata jangka masa panjang. Tidak seperti pasaran membangun yang telah menyaksikan pelebaran pengagihan, pengagihan korporat domestik dijangka kekal stabil pada waktu ini. Namun, kelihatannya seperti terdapat lebih ruang pengagihan kredit untuk meningkat dari menurun daripada aras sekarang jika pertumbuhan ekonomi menyusut dengan mendadak dan tanda-tanda kelemahan korporat meningkat.

Seperti pengagihan kredit, kami melihat tempoh pengagihan mengetat di bawah purata jangka masa panjang. Ini disebabkan oleh kecairan lebihan domestik telah menyerap aset menyebabkan keluk perolehan merosot. Pada waktu ini, kami melihat sangat sedikit kenaikan untuk tempoh pengagihan untuk terus menyempit.

Berdasarkan faktor di atas, risiko ganjaran membayangkan kenaikan yang sangat sedikit untuk melabur di dalam gred kredit tinggi atau tempoh lebih panjang pada 2012. Kami mensasar untuk melabur aset perolehan pada purata 4.50% di antara 4 ke 6 tahun melalui pelaburan-pelaburan baru. Strategi tersebut akan membantu meminimumkan kemeruapan harga di dalam portfolio, dan pada masa yang sama, mengembalikan kadar pulangan yang lebih baik dari simpanan tetap.


Strategi Pelaburan Dana AmOasis Islamic Equity AmAssurance

(Dana Pengantara: Dana AmOasis Global Islamic Equity)

Semasa tempoh bergelora ini, kami percaya ianya sama penting untuk menumpukan kepada syarikat yang menawarkan perolehan dividen kukuh pada kadar tinggi. Syarikat dengan kunci kira-kira yang

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bagus dan aliran tunai yang kukuh bukan sahaja mampu mengekalkan bayaran tunai kepada pemegang saham, tetapi juga menambahkan kemungkinan dividen tinggi pada masa hadapan melalui peningkatan nisbah bayaran dividen. Kami juga merasa penjanaan aliran tunai yang kukuh dan perolehan dividen oleh syarikat-syarikat dalam portfolio kami memberikan asas yang kuat kepada falsafah pelaburan kami untuk penghasilan kekayaan nyata di samping memastikan risiko kelemahan minimum semasa pergerakan kemeruapan pasaran.

Strategi ini telah berjaya membantu kami secara berterusan dalam jangka masa panjang di mana portfolio kami secara purata menerima hanya 75% - 80% kelemahan pasaran.

Anomali penilaian semasa di mana syarikat-syarikat berkualiti tinggi diniagakan pada diskaun ketara di pasaran, walaupun telah membuktikan kebolehan mereka untuk mengekalkan penjanaan kadar ROE yang tinggi telah memberikan kami peluang unik untuk meningkatkan pendedahan kepada syarikat-syarikat berkualiti tinggi tersebut. Kami tetap yakin bahawa portfolio kami diletakkan di posisi yang baik bagi memberikan penjanaan kekayaan nyata dalam jangka masa panjang. Pada waktu yang sama, posisi defensif kami melalui pendedahan yang lebih tinggi kepada sektor seperti komunikasi dan penjagaan kesihatan akan memastikan perlindungan dari potensi kerugian sekiranya terdapat kejutan negatif yang ketara pada ekonomi makro.


Strategi Pelaburan Dana AmAssurance Global Emerging Market

(Dana Pengantara: Dana AmGlobal Emerging Market Opportunities)

Pasaran teras kami di permulaan bulan April 2012 adalah China, Korea, Rusia, Thailand dan Mesir. Ekuiti-ekuiti China menawarkan penilaian yang menarik secara relatif terhadap purata pasaran baru global dan walaupun pertumbuhan GDP semakin perlahan, kami tidak menjangka kemelesetan ekonomi yang ketara. Inflasi juga telah menyusut daripada paras tertinggi seperti yang telah dilihat pada tahun lepas, menghapuskan potensi kekangan ke atas kelegaan polisi berlanjutan. Ekuiti Korea Selatan dinilai berpotensi dan perolehannya kukuh walaupun pertumbuhan ekonomi semakin perlahan. Rusia menawarkan penilaian menarik dan pasaran berkemungkinan akan meneruskan kenaikan sekiranya risiko makro di negara-negara maju kembali lega. Pasaran kekal sensitif kepada harga minyak mentah yang berkemungkinan disokong pada jangka masa pendek oleh ketegangan geopolitik di Timur Tengah. Di Thailand, penilaian adalah sederhana dan ekonomi semakin pulih daripada impak banjir yang berlaku pada tahun lepas. Mesir dinilaikan dengan

rendah berbanding pasaran-pasaran baru yang meluas dan pertumbuhan EPS adalah kukuh walaupun ia tertakluk kepada polisi tempatan dan risiko matawang serta suasana politik yang tidak menentu.

Wajaran tunai dana Pengantara pada awal April 2012 adalah pada 20%. Kami akan mencari peluang-peluang yang sesuai untuk melabur tunai sebaik sahaja terdapat peluang.


Strategi Pelaburan Dana AmAssurance Global Agribusiness

(Dana Pengantara: Dana AmGlobal Agribusiness)

Dana AmAssurance Global Agribusiness menumpukan kepada beberapa bidang utama termasuk aktikiti-aktiviti huluan seperti Produk Pertanian, Baja & Kimia Pertanian dan Makanan & Daging Berbungkus, dan aktiviti-aktiviti hiliran seperti Peruncitan Makanan. Dana Pengantara juga mencari syarikat-syarikat yang menumpukan kepada penyelidikan dan pembangunan yang berkemungkinan menjadi inkubator bagi produk yang diperlukan segera: penghasilan benih baru, produk makanan lebih sihat, pemprosesan lebih efisien, penjanaan biofuel baru dan penyelidikan perubatan tertumpu khusus kepada pengambilan makanan atau kebajikan haiwan.

Dana Pengantara telah meningkatkan wajaran ke atas sektor baja dan kimia berikutan penurunan jualan yang berlaku pada tahun lepas yang menyaksikan syarikat-syarikat baja dilanda dengan teruk. Pada akhir bulan Mac, wajaran adalah pada 40.3% iaitu peratusan ketara yang lebih tinggi daripada wajaran sebanyak 28% setahun yang lepas. Wajaran Produk Pertanian (25.2%) dan Peruncitan Makanan (6.4%) telah menyusut beberapa peratus manakala wajaran Makanan dan Daging Berbungkus telah meningkat sedikit kepada 12.7%.

Bagi para pelabur, pendedahan kepada sektor pertanian menawarkan faedah-faedah tersendiri melebihi jangkaan kenaikan harga kerana kompleks pertanian mempunyai korelasi rendah dengan ekuiti tradisional dan pasaran pendapatan tetap. Mereka yang mempunyai prospek jangka masa panjang harus ingat bahawa sektor pertanian telah didorong terutamanya oleh faktor bahagian bekalan – dan bukannya oleh permintaan iaitu dorongan utama bagi pendapatan di pasaran komoditi lain seperti tenaga dan logam. Bekalan komoditi pertanian akan kekal sebagai cabaran kritikal bagi masa hadapan dan permintaan ternyata akan semakin meningkat. Keadaan ini patut mewujudkan peluang pelaburan merentasi seluruh rantaian bekalan bagi syarikat-syarikat yang ingin mengatasi ketidakcekapan global dalam pembekalan makanan kepada seluruh dunia.


STRATEGI PELABURAN

211


Strategi Pelaburan Dana AmAssurance Precious Metals (Dana Pengantara: Dana AmPrecious Metals)

Strategi kami masih memberi tumpuan kepada nama-nama berkualiti tinggi yang mempunyai masalah warisan industri yang paling sedikit, contohnya kawalan kos lebih baik dan sasaran pengeluaran yang boleh dicapai. Nama-nama tersebut mempunyai potensi lebih baik di pasaran yang lebih mencabar, dan oleh kerana profil kosnya adalah lebih rendah, mereka akan mempunyai lebih berpeluang untuk membebaskan aliran wang tunai dan meningkatkan pulangan pemegang saham dari masa ke semasa. Sepanjang beberapa bulan yang lalu, kami telah mencapai paras tunai yang tinggi untuk mengurangkan kelemahan pasaran. Kami akui bahawa penilaian terhadap kebanyakkan nama pilihan kami telah menjadi amat menarik dan kami telah mula menggunakan kedudukan tunai dengan mencari peluang untuk meningkatkan pegangan kami di dalam syarikat-syarikat utama. Kami akan meneruskan pendekatan ini sepanjang suku tahun mendatang.


Strategi Pelaburan AmAssurance AmAsia Recovery CGF

Instrumen Kadar Terapung Deposit Boleh Niaga (FRNID) yang dikeluarkan oleh AmBank (M) Berhad bertujuan untuk melindungi prinsipal pelaburan pendeposit pada tarikh matang di samping menawarkan peluang untuk mendapat pulangan yang berpotensi, bergantung kepada prestasi pelaburan dasar. Strategi Coppock Basket mempunyai dua pelaburan dasar iaitu Bond Performance (Indeks JP Morgan Global Govt Bond Global) dan Equity Performance Options (MSCI Daily Net TR Emerging Market).

FRNID akan bertambah ke arah nilai matang pada 2 Julai 2012.

(Oleh JP Morgan)

Strategi Pelaburan AmAssurance AmCurrency Income dan AmCurrency Income II CGF

Dana menggunakan strategi yang dinamik. Jumlah penyertaan diselaraskan pada setiap bulan bergantung kepada prestasi strategi. Apabila prestasi adalah negatif, penyertaan diselaraskan ke bawah pada bulan seterusnya. Pelarasan di dalam bentuk kadar penyertaan ini adalah untuk membolehkan strategi mengurangkan kesan pergerakan paras rendah sambil memaksimumkan manfaat kepada prestasi menaik.

Disebabkan oleh aktiviti perlupusan melibatkan kedua-dua dana yang telah berlaku baru-baru ini, ia tidak lagi mengambil bahagian di dalam pelaburan dasar. FRNID akan terus terkumpul ke arah nilai matang di masa hadapan.


Strategi Pelaburan AmAssurance AmCommodity Stable CGF

AmCommodity Stable FRNID adalah Instrumen Kadar Terapung Deposit Boleh Niaga (FRNID) dengan tempoh matang lima (5) tahun dari tarikh penerbitan. AmCommodity Stable FRNID menawarkan perlindungan modal penuh, jika dimiliki sehingga tempoh matang. FRNID ini memberikan jaminan kadar kupon, masing-masing pada 2.00% setahun dan 3.00% setahun, pada akhir tahun pertama dan ke-2.

Tiada bayaran kupon dikenakan untuk tahun ke-3 dan ke-4. AmCommodity Stable FRNID menyediakan kadar kupon berpotensi pada tempoh matang (akhir tahun 5) diperoleh dari pelaburan modal yang berkait dengan MLCX AmBank Commodity Alpha Index.


STRATEGI PELABURAN

PRESTASI DANA

213


Dana AmAssurance Equity

(i) Prestasi Semenjak Permulaan

(ii) Prestasi Tahun Lengkap

PRESTASI DANA

Dana AmAssurance Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012

Pres

tasi

(%)

Bulan

-12.00-10.00

-8.00-6.00-4.00-2.000.002.004.006.00

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012


Dana AmAssurance Equity Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2012

Pres

tasi

(%)

Bulan

Mac

-04

Sep

-04

Mac

-05

Sep

-05

Mac

-06

Sep

-06

Mac

-07

Sep

-07

Mac

-08

Sep

-08

Mac

-09

Sep

-09

Mac

-10

Sep

-10

Mac

-12

Sep

-11

Mac

-11

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00


214


Dana AmAssurance Bond


Dana AmAssurance Bond Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012

-2.00

0.00

2.00

4.00

6.00

8.00


Pres

tasi

(%)

Bulan

PRESTASI DANA

Dana AmAssurance Bond Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2012

Mac

-04

Sep

-04

Mac

-05

Sep

-05

Mac

-06

Sep

-06

Mac

-07

Sep

-07

Mac

-08

Sep

-08

Mac

-09

Sep

-09

Mac

-10

Sep

-10

Mac

-12

Sep

-11

Mac

-11


-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Pres

tasi

(%)

Bulan


215


Dana AmAssurance Balanced


Dana AmAssurance Balanced Berbanding Tanda ArasPrestasi sejak 1 Apr 2010 - 31 Mac 2012

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012

-10.000

-8.000

-6.000

-4.000

-2.000

0.000

2.000

4.000

6.000

AmAssurance - Balanced 50% FBM100 & 50% MSG Med

Pres

tasi

(%)

Bulan

Dana AmAssurance Balanced Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2012

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

AmAssurance - Balanced 50% FBM100 & 50% MGS Med

Mac

-04

Sep

-04

Mac

-05

Sep

-05

Mac

-06

Sep

-06

Mac

-07

Sep

-07

Mac

-08

Sep

-08

Mac

-09

Sep

-09

Mac

-10

Sep

-10

Mac

-12

Sep

-11

Mac

-11

Pres

tasi

(%)

Bulan

PRESTASI DANA


216


Dana AmAssurance Dana Teguh


Dana AmAssurance Dana Teguh Berbanding Tanda ArasPrestasi sejak 1 Apr 2010 - 31 Mac 2012

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012

-8.000

-6.000

-4.000

-2.000

0.000

2.000

4.000

6.000

8.000


Pres

tasi

(%)

Bulan

Dana AmAssurance Dana Teguh Berbanding Tanda ArasPrestasi sejak Pelancaran 27 Feb 2004 - 31 Mac 2012

Mac

-04

Sep

-04

Mac

-05

Sep

-05

Mac

-06

Sep

-06

Mac

-07

Sep

-07

Mac

-08

Sep

-08

Mac

-09

Sep

-09

Mac

-10

Sep

-10

Mac

-12

Sep

-11

Mac

-11


-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

100.00

Pres

tasi

(%)

Bulan

PRESTASI DANA


217


Dana AmAssurance AmOasis Islamic Equity


Dana AmAssurance AmOasis Islamic Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

AmAssurance - AmOasis Islamic Equity Dow Jones Islamic Market Index

Pres

tasi

(%)

Bulan

Dana AmAssurance AmOasis Islamic Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2007 - 31 Mac 2012

Ap

r-07

Jul-0

7

Okt

-07

Jan-

08

Ap

r-08

Jul-0

8

Okt

-08

Jan-

10

Ap

r-10

Jul-1

0

Okt

-10

Jan-

11

Ap

r-11

Jul-1

1

Okt

-11

Jan-

12

Ap

r-09

Jan-

09

Jul-0

9

Okt

-09

AmAssurance - Oasis Islamic Equity Dow Jones Islamic Market Index

-60.00-50.00-40.00-30.00-20.00-10.00

0.0010.0020.0030.00

Pres

tasi

(%)

Bulan

PRESTASI DANA


218


Dana AmAssurance Precious Metals


Dana AmAssurance Precious Metals Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012


-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

Pres

tasi

(%)

Bulan

Dana AmAssurance Precious Metals Berbanding Tanda ArasPrestasi sejak 1 Sep 2008 - 31 Mac 2012


-60.00

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Sep

-08

Dec

-08

Mac

-09

Jun-

09

Sep

-09

Dec

-09

Mac

-10

Jun-

10

Sep

-10

Dec

-10

Mac

-11

Jun-

11

Sep

-11

Dec

-11

Mac

-12

Pres

tasi

(%)

Bulan

PRESTASI DANA


219


Dana AmAssurance Global Agribusiness


Dana AmAssurance Global Agribusiness Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012


-20.00

-15.00

-10.00

-5.00

0.00

5.00

Pres

tasi

(%)

Bulan

Dana AmAssurance Global Agribusiness Berbanding Tanda ArasPrestasi sejak 1 Sep 2008 - 31 Mac 2012


-60.00

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Sep

-08

Dec

-08

Mac

-09

Jun-

09

Sep

-09

Dec

-09

Mac

-10

Jun-

10

Sep

-10

Dec

-10

Mac

-11

Jun-

11

Sep

-11

Dec

-11

Mac

-12

Pres

tasi

(%)

Bulan

PRESTASI DANA


220


Dana AmAssurance Global Emerging Market


Dana AmAssurance Global Emerging Market Berbanding Tanda ArasPrestasi sejak 1 Jun 2008 - 31 Mac 2012

AmAssurance - Global Emergimg Market MSCI Emerging Markets Index

Jun-

08

Sep

-08

Dec

-08

Mac

-09

Jun-

09

Sep

-09

Dec

-09

Mac

-10

Jun-

10

Sep

-10

Dec

-10

Mac

-11

Jun-

11

Sep

-11

Dec

-11

Mac

-12

-60.00-50.00-40.00-30.00-20.00-10.00

0.0010.0020.00

Pres

tasi

(%)

Bulan

Dana AmAssurance Global Emerging Market Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012

Apr2011

Mei2011

Jun2011

Jul2011

Ogo2011

Sep2011

Okt2011

Nov2011

Dec2011

Jan2012

Feb2012

Mac2012

AmAssurance - Global Emerging Market MSCI Emerging Markets Index

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

Pres

tasi

(%)

Bulan

PRESTASI DANA


221


Dana AmAssurance Dividend


Dana AmAssurance Dividend Berbanding Tanda ArasPrestasi sejak 27 Okt 2011 - 31 Mac 2012

AmAssurance - Dividend FBMKLCI

Okt

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mac

-12

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Pres

tasi

(%)

Bulan

Dana AmAssurance Amasia Star Capital Guaranteed


Dana AmAssurance AmAsia Star Capital GuaranteedPrestasi sejak 7 Jul 2008 – 4 Jul 2011

AmAssurance - AsiaStar

Jul-0

8

Sep

-08

Nov

-08

Jan-

09

Mac

-09

Mei

-09

Jul-0

9

Sep

-09

Nov

-09

Jan-

10

Mac

-10

Mei

-10

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mac

-11

Mei

-11

Jul-1

1

-10.00-8.00-6.00-4.00-2.000.002.004.006.00

Pres

tasi

(%)

Bulan

PRESTASI DANA

222


Dana AmAssurance AmAsia Recovery Capital Guaranteed


Dana AmAssurance AmAsia Recovery Capital GuaranteedPrestasi sejak 7 Jul 2009 – 31 Mac 2012

AmAssurance - AsiaRecovery

-2.00

2.00

-1.00

0.00

1.00

3.00

-3.00

Jul-0

9

Sep

-09

Nov

-09

Jan-

10

Mac

-10

Mei

-10

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mac

-11

Mei

-11

Jul-1

1

Sep

-11

Nov

-11

Jan-

12

Mac

-12

Pres

tasi

(%)

Bulan

Dana AmAssurance AmCurrency Income Capital Guaranteed


Dana AmAssurance AmCurrency Income Capital GuaranteedPrestasi sejak 16 Ogos 2010 – 31 Mac 2012

AmAssurance - AmCurrency Income

-2.50

-0.50

-2.00

-1.50

-1.00

0.00

-3.00

Og

o-10

Sep

-10

Okt

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mac

-11

Ap

r-11

Mei

-11

Jun-

11

Jul-1

1

Og

o-11

Sep

-11

Okt

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mac

-12

Pres

tasi

(%)

Bulan

PRESTASI DANA

223


Dana AmAssurance AmCommodity Stable Capital Guaranteed


Dana AmAssurance AmCommodity Stable Capital GuaranteedPrestasi sejak 11 Okt 2010 – 31 Mac 2012

AmAssurance - AmCommodity Stable

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

Okt

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mac

-11

Ap

r-11

Mei

-11

Jun-

11

Jul-1

1

Og

o-11

Sep

-11

Okt

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mac

-12

-6.00

Pres

tasi

(%)

Bulan

Dana AmAssurance AmCurrency Income II Capital Guaranteed


Dana AmAssurance AmCurrency Income II Capital GuaranteedPrestasi sejak 21 Mac 2011 – 31 Mac 2012

AmAssurance - AmCurrency Income II

-3.00

-2.50

-0.50

-2.00

-1.50

-1.00

0.00

-3.50

Mac

-11

Ap

r-11

Mei

-11

Jun-

11

Jul-1

1

Og

o-11

Sep

-11

Okt

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mac

-12

Pres

tasi

(%)

Bulan

PRESTASI DANA

PECAHAN SEKTOR& KATEGORI

225



Butiran komposisi portfolio Dana AmAssurance Equity setakat 31 Mac 2012 adalah seperti berikut:


Butiran komposisi portfolio Dana AmAssurance Bond setakat 31 Mac 2012 adalah seperti berikut:

PembinaanProduk PenggunaKewanganProduk IndustriInfrastrukturSaham AsingHartanahPasaran ACE WaranPerdagangan/PerkhidmatanREITSPerladanganPerjanjian Beli-Semula/Tunai

Simpanan Tetap/Repos/ NCDs/BAs/TunaiUnit Amanah Malaysia Bon KerajaanSekuriti Kerajaan Malaysia

TK 2012%

TK 2012%

TK 2011%

TK 2011%

TK 2010%

TK 2010%

TK 2009%

TK 2009%

TK 2008%

TK 2008%

8.25-

7.584.57

-----

43.716.845.72

23.33100.00

11.549.40

79.06

-100.00

11.23-

7.324.01

--

4.54--

12.78-

3.8356.29

100.00

39.128.078.86

43.95100.00

2.903.80

17.806.601.50

-8.50

--

24.10-

10.0024.80

100.00

45.9054.10

-

-100.00

1.704.208.201.702.50

-0.80

--

14.70-

3.7062.50

100.00

11.1088.90

-

-100.00

6.204.10

15.805.202.900.101.80

-0.10

28.70-

13.8021.30

100.00

2.1097.90

-

-100.00

PECAHAN SEKTOR& KATEGORI

226



Butiran komposisi portfolio Dana AmAssurance Balanced setakat 31 Mac 2012 adalah seperti berikut:


Butiran komposisi portfolio Dana AmAssurance Dana Teguh setakat 31 Mac 2012 adalah seperti berikut:

PECAHAN SEKTOR & KATEGORI

TK 2012%

TK 2011%

TK 2010%

TK 2009%

TK 2008%

PembinaanProduk PenggunaKewanganProduk IndustriInfrastrukturWaranPerladanganHartanahPasaran ACE Saham AsingREITSPerdagangan/PerkhidmatanBon KorporatUnit Amanah Malaysia Perjanjian Beli-Semula/Tunai

7.61-

7.273.91

--

5.38---

6.1635.9127.08

-6.68

100.00

7.81-

6.832.34

--

3.413.74

---

10.3411.725.94

47.87100.00

2.582.68

13.075.431.13

-8.301.69

---

16.36-

13.2335.54

100.00

2.101.806.301.502.10

-2.900.50

---

12.3013.8024.7032.00

100.00

3.701.20

12.203.302.100.10

11.801.50

-0.10

-21.8013.0020.608.60

100.00

TK 2012%

TK 2011%

TK 2010%

TK 2009%

TK 2008%

PembinaanProduk PenggunaProduk IndustriInfrastrukturWaranPerladanganHartanahPerdagangan/PerkhidmatanBon KorporatUnit Amanah MalaysiaPerjanjian Beli-Semula/Tunai

11.45-

4.20--

4.85-

37.0418.312.27

21.88100.00

11.30-

6.51---

3.9710.76

-6.75

60.71100.00

7.202.109.10

--

8.507.70

20.70-

7.3037.40

100.00

4.503.200.302.60

-6.303.00

11.70-

17.4051.00

100.00

8.904.103.902.400.10

11.601.90

22.50-

16.3028.30

100.00

227



Butiran komposisi portfolio Dana AmAssurance AmOasis Islamic Equity setakat 31 Mac 2012 adalah seperti berikut:

Dana AmOasis Global Islamic Equity (“Dana Pengantara”) Peruntukan Sektor*

Nota: Sumber peruntukan sektor ‘Dana Pengantara’ dari AmMutual * Sebagai peratusan dari NAV. Sila ambil perhatian bahawa pendedahan aset untuk dana adalah tertakluk kepada perubahan

yang kerap setiap hari.

TK 2012%

TK 2011%

TK 2010%

TK 2009%

TK 2008%

PembinaanProduk PenggunaProduk IndustriInfrastrukturWaranPerladanganHartanahPerdagangan/PerkhidmatanUnit Amanah MalaysiaPerjanjian Beli-Semula/Tunai

8.55 -

2.88 6.38

-3.84

-24.42 26.64 27.29

100.00

10.21 -----

2.93 9.97

32.61 44.28

100.00

--------

54.47 45.53

100.00

--------

70.60 29.40

100.00

--------

88.31 11.69

100.00

TK 2012%

TK 2011%

TK 2010%

TK 2009%

FY 2008%

Bahan AsasKomunikasiKitaran PelangganBukan-Kitaran PelangganTenagaKewanganPenjagaan KesihatanIndustriHartanahTeknologiUtiliti

9.0019.008.006.00

12.00-

19.006.001.00

18.002.00

14.0017.008.005.00

10.003.00

15.008.00

-17.003.00

12.0017.0010.005.007.00

-13.0012.004.00

16.004.00

11.0016.009.005.007.00

-15.0011.004.00

17.005.00

12.0015.0014.004.006.00

-13.0011.004.00

16.005.00


228



Butiran komposisi portfolio Dana AmAssurance Precious Metals setakat 31 Mac 2012 adalah seperti berikut:

Dana AmPrecious Metals (“Dana Pengantara”) Peruntukan Sektor*

TK 2012%

TK 2011%

TK 2010%

TK 2009%

Unit Amanah MalaysiaPerjanjian Beli-Semula/Tunai

85.93 14.07

100.00

47.92 52.08

100.00

59.83 40.17

100.00

59.83 40.17

100.00

TK 2012%

TK 2011%

TK 2010%

TK 2009%

BerlianEmasPlatinumLogam Berharga & MineralPerakTunai dan Aset-aset Lain

-71.75

-12.92

-15.31

-74.05

-21.08

-4.84

-72.359.90

-8.509.25

0.0779.434.86

-8.157.49


Nota: Sumber peruntukan sektor ‘Dana Pengantara’ dari AmMutual * Sebagai peratusan dari NAV. Sila ambil perhatian bahawa pendedahan aset untuk dana adalah tertakluk

kepada perubahan yang kerap setiap hari.

229



Butiran komposisi portfolio Dana AmAssurance Global Agribusiness setakat 31 Mac 2012 adalah seperti berikut:

Dana AmGlobal Agribusiness (“Dana Pengantara”) Peruntukan Sektor*

TK 2012%

TK 2011%

TK 2010%

TK 2009%


84.08 15.92

100.00

70.39 29.61

100.00

76.29 23.71

100.00

-100.00 100.00

TK 2012%

TK 2011%

TK 2010%

TK 2009%

Produk PertanianPembinaan/Mesin PerladanganBudi Bicara PenggunaBahan Asasi PenggunaPenyulingan & Pembuatan WainPengedarPerbankan PelbagaiTenagaBaja & Kimia PertanianPeruncitan MakananUtiliti GasPasaraya & Pusat Membeli-belah BesarAlatan Sains Kehidupan & PerkhidmatanMarinPelabuhan Marin & PerkhidmatanSektor-sektor LainMakanan & Daging BerbungkusProduk KertasFarmaseutikel Landasan KeretapiRestoranKimia KhususTunai & Sektor-sektor LainTiada Pengkelasan

25.20

2.40--

--

2.00-

40.306.40

-

1.50

2.80-

1.80-

12.70--

0.80--

4.10-

29.70

2.30--

3.50-

2.70-

19.809.20

-

-

--

-7.10

14.40---

2.80-

2.506.00

25.90

---

--

2.90-

13.706.701.40

-

--

2.50-

23.701.601.60

-3.501.804.00

10.70

22.40

4.70--

-4.102.60

-33.30

--

-

-1.90

2.40-

16.40---

2.502.805.101.70




230



Butiran komposisi portfolio Dana AmAssurance Global Emerging Market setakat 31 Mac 2012 adalah seperti berikut:


Butiran komposisi portfolio AmAssurance AmAsia Recovery CGF setakat 31 Mac 2012 adalah seperti berikut:

Dana AmGlobal Emerging Market Opportunities (“Dana Pengantara”) Peruntukan Sektor*

TK 2012%

TK 2012%

TK 2011%

TK 2011%

TK 2010%

TK 2010%

TK 2009%


Instrumen BerstrukturPerjanjian Beli-Semula/Tunai

68.52 31.48

100.00

99.03 0.97

100.00

69.66 30.34

100.00

99.05 0.95

100.00

78.21 21.79

100.00

99.05 0.95

100.00

-100.00 100.00

TK 2012%

TK 2011%

TK 2010%

TK 2009%

Budi Bicara PenggunaBahan Asasi PenggunaDerivatifTenagaKewanganPenjagaan KesihatanIndustriTeknologi MaklumatBahan-bahanTiada PengkelasanPerkhidmatan TelekomunikasiUtilitiAset Bersih LainTunai

19.491.08

-0.0111.5727.82

-5.06

12.876.51

--

2.2513.36

-

12.77--

13.1836.22

-6.902.798.91

-3.812.06

-13.35

11.733.83

-10.0232.651.949.761.843.17

-7.141.95

15.97-

9.674.09

-12.0027.27

-7.132.064.769.89

15.673.653.81

-




231



Butiran komposisi portfolio AmAssurance AmCurrency Income CGF setakat 31 Mac 2012 adalah seperti berikut:


Butiran komposisi portfolio AmAssurance AmCommodity Stable CGF setakat 31 Mac 2012 adalah seperti berikut:


Butiran komposisi portfolio AmAssurance AmCurrency Income II CGF setakat 31 Mac 2012 adalah seperti berikut:


Butiran komposisi portfolio Dana AmAssurance Dividend setakat 31 Mac 2012 adalah seperti berikut:

TK 2012%

TK 2012%

TK 2012%

TK 2012%

TK 2011%

TK 2011%

TK 2011%


Unit Amanah MalaysiaInstrumen BerstrukturPerjanjian Beli-Semula/Tunai


PembinaanProduk PenggunaKewanganProduk IndustriInfrastrukturSaham AsingHartanahPasaran ACE WaranPerdagangan/PerkhidmatanREITSPerladanganPerjanjian Beli-Semula/Tunai

99.42 0.58

100.00

1.6798.240.09

100.00

98.591.41

100.00

--

13.296.115.92

----

24.5916.565.46

28.07100.00

98.96 1.04

100.00

1.6498.270.09

100.00

98.241.76

100.00


JADUAL PERBANDINGAN: PRESTASI DANA

233


Prestasi Dana Setakat 31 Mac 2012

Sejak Penerbitan5 Tahun3 Tahun1 Tahun

Purata KompaunPulangan Tahunan (%)

Pulangan Tahunan (%)

JADUAL PERBANDINGAN: PRESTASI DANA







Dana AmAssurance Agribusiness


AmAssurance AmAsia RECOVERY CGF




Dana AmAssuranc Dividend

(3.23)

5.91

(2.25)

(0.67)

(3.41)

(8.89)

(5.30)

(19.14)

1.85

1.33

0.23

(2.26)

-

16.21

5.00

12.77

13.69

10.14

(0.46)

3.63

(5.11)

-

-

-

-

-

5.95

4.34

5.89

6.54

-

-

-

-

-

-

-

-

-

5.62

4.74

6.21

5.69

(2.42)

(0.32)

3.18

(4.17)

0.81

(0.64)

(2.60)

(2.19)

9.07

JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT

235


Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012

DANA AMASSURANCE EQUITY

Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:


DANA AMASSURANCE BOND



Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun

Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)

Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan

TK2012

TK2011

TK2010

TK2009

TK2008

0.8317 0.7070

14.5937 18.6334 0.7832

(3.23)(3.23)

-

0.8280 0.6329

11.4753 14.1793 0.8093

20.65 20.65

-

0.6730 0.5010

4.6029 6.8745 0.6708

34.43 34.43

-

0.6663 0.4816

2.4408 4.8912 0.4990

(22.40)(22.40)

-

0.7363 0.5865

2.4655 3.8346 0.6430

9.63 9.63

-



Jumlah Pulangan Bagi Tahun (%)Pulangan Tahunan¹Pertumbuhan ModalPertumbuhan Pendapatan

TK2012

TK2011

TK2010

TK2009

TK2008

0.7323 0.6903

11.9079 16.2856 0.7311

5.91 5.91

-

0.6915 0.6640

11.3630 16.4615 0.6903

3.96 3.96

-

0.6640 0.6310

5.8876 8.8720 0.6640

5.15 5.15

-

0.6374 0.5944

3.5000 5.5422 0.6315

3.45 3.45

-

0.6104 0.5433

3.1694 5.1926 0.6104

3.23 3.23

-

* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.

Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.


Nota: 1. Pulangan tahunan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.

236



DANA AMASSURANCE BALANCED



DANA AMASSURANCE DANA TEGUH





TK2012

TK2011

TK2010

TK2009

TK2008

0.8626 0.7568

21.5113 26.2568 0.8193

(2.25)(2.25)

-

0.8588 0.7085

17.5410 20.9280 0.8382

14.04 14.04

-

0.7360 0.5730

5.8011 7.9035 0.7350

28.65 28.65

-

0.6972 0.5508

2.8729 5.0283 0.5713

(16.44)(16.44)

-

0.7577 0.6154

3.3232 4.8601 0.6837

11.10 11.10

-




TK2012

TK2011

TK2010

TK2009

TK2008

0.8169 0.7318

13.1293 16.6728 0.7875

(0.67)(0.67)

-

0.8118 0.6501

7.0499 8.8919 0.7928

15.27 15.27

-

0.6880 0.5380

2.7808 4.0512 0.6878

28.34 28.34

-

0.6400 0.5162

1.6482 3.0755 0.5359

(13.54)(13.54)

-

0.7068 0.5283

1.6951 2.7350 0.6198

8.02 8.02

-






237



DANA AMASSURANCE AMOASIS ISLAMIC EQUITY



DANA AMASSURANCE PRECIOUS METALS





TK2012

TK2011

TK2010

TK2009

TK2008

0.4642 0.4110

4.3479 9.8279 0.4424

(3.41)(3.41)

-

0.4688 0.3915

4.3056 9.4007 0.4580

10.95 10.95

-

0.4300 0.3180

3.3350 8.0792 0.4128

24.68 24.68

-

0.4660 0.2590

2.7186 8.2108 0.3311

(24.75)(24.75)

-

0.5210 0.4260

3.5068 7.9691 0.4400

(8.68)(8.68)

-




TK2012

TK2011

TK2010

TK2009

0.5597 0.4293

5.1605 12.0202 0.4293

(19.14)(19.14)

-

0.5665 0.4892

4.5400 8.5518 0.5309

7.71 7.71

-

0.5630 0.4810

1.9337 3.9231 0.4929

(1.91)(1.91)

-

0.5030 0.5000

0.5973 1.1887 0.5025

---






238



DANA AMASSURANCE GLOBAL AGRIBUSINESS



DANA AMASSURANCE GLOBAL EMERGING MARKET





TK2012

TK2011

TK2010

TK2009

0.6046 0.4794

1.4590 2.6083 0.5594

(5.30)(5.30)

-

0.5976 0.4943

1.3087 2.2156 0.5907

4.42 4.42

-

0.6140 0.5020

0.6895 1.2188 0.5657

12.53 12.53

-

0.5030 0.5000

0.5310 1.0564 0.5027

---


Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Total NAV (RM juta)UIC (juta)NAV setiap unit (RM)


TK2012

TK2011

TK2010

TK2009

0.5557 0.4590

0.7216 1.4608 0.4940

(8.89)(8.89)

-

0.5726 0.4853

0.7228 1.3331 0.5422

0.63 0.63

-

0.5580 0.4950

0.6226 1.1554 0.5388

7.57 7.57

-

0.5010 0.4980

0.5413 1.0807 0.5009

---






239



AMASSURANCE AMASIA RECOVERY CGF



AMASSURANCE AMCURRENCY INCOME CGF





TK2012

TK2011

TK2010

0.5112 0.4995

84.3793 165.0711

0.5112

1.85 1.85

-

0.5034 0.4894

84.3390 168.0419

0.5019

1.52 1.52

-

0.5000 0.4900

84.5429 170.9963

0.4944

---




TK2012

TK2011

0.5015 0.4877

42.0634 85.0083 0.4948

1.33 1.33

-

0.5000 0.4855

42.5831 87.2069 0.4883

---






240



AMASSURANCE AMCOMMODITY STABLE CGF



AMASSURANCE AMCURRENCY INCOME II CGF





TK2012

TK2011

0.4891 0.4749

4.5326 9.4236 0.4810

0.23 0.23

-

0.5000 0.4799

4.5676 9.5188 0.4799

---




TK2012

TK2011

0.5038 0.4833

17.2383 35.2736 0.4887

(2.26)(2.26)

-

0.5000 0.5000

18.2888 36.5777 0.5000

---






241



DANA AMASSURANCE DIVIDEND





Tempoh Kewangan

2012

0.5273 0.4973

5.4439 10.4925 0.5189

---




NOTA-NOTA KEPADA PENYATA KEWANGAN

Pernyataan Pengurus

Laporan juruaudit bebas

Penyata kedudukan kewangan

Penyata pendapatan komprehensif

Penyata perubahan di dalam ekuiti

Penyata aliran tunai

Nota kepada penyata kewangan

243

244

245

249

253

258

272

mukasurat

243


Pada pendapat Pengurus, AmLife Insurance Berhad, penyata-penyata kewangan pada mukasurat-mukasurat 245 hingga 362 telah disediakan menurut Piawaian Laporan Kewangan di Malaysia dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia untuk memberikan gambaran yang benar dan tepat mengenai kedudukan kewangan Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, AmAssurance AmAsia Star CGF, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, AmAssurance AmAsia Recovery CGF, AmAssurance AmCommodity Stable CGF, AmAssurance AmCurrency Income CGF, AmAssurance AmCurrency Income II CGF dan Dana AmAssurance Dividend (secara bersama dirujuk sebagai “Dana-dana”) AmLife Insurance Berhad pada 31 Mac 2012 dan keputusan-keputusannya, perubahan-perubahan di dalam ekuiti dan aliran-aliran tunai bagi tahun yang telah berakhir.

Bagi pihak AmLife Insurance Berhad

Adrian John Nurse

Kuala Lumpur, Malaysia 31 Mei 2012


PERNYATAAN PENGURUS

244



LAPORAN MENGENAI PENYATA KEWANGAN

Kami telah mengaudit penyata-penyata kewangan dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) (terdiri daripada Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, AmAssurance AmAsia Star CGF, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, AmAssurance AmAsia Recovery CGF, AmAssurance AmCommodity Stable CGF, AmAssurance AmCurrency Income CGF, AmAssurance AmCurrency Income II CGF dan Dana AmAssurance Dividend) (secara bersama dirujuk sebagai “Dana-dana”), yang terdiri daripada penyata-penyata kedudukan kewangan pada 31 Mac 2012, dan penyata-penyata pendapatan komprehensif, penyata-penyata perubahan di dalam ekuiti dan penyata-penyata aliran-aliran tunai Dana-dana bagi tahun yang telah berakhir, dan ringkasan polisi-polisi perakaunan yang penting dan lain-lain nota-nota penerangan, seperti pada mukasurat-mukasurat 245 hingga 362.

Tanggungjawab para Pengarah kepada penyata kewanganPara pengarah Pengurus bertanggungjawab terdadap penyediaan penyata-penyata kewangan yang memberikan gambaran yang benar dan tepat menurut Piawaian Laporan Kewangan di Malaysia dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia, dan terhadap pengawasan dalaman sebagaimana dianggap perlu oleh para pengarah untuk membolehkan penyediaan penyata-penyata kewangan yang bebas daripada salah nyata yang besar, sama ada disebabkan oleh penipuan atau ralat.

Tanggungjawab juruauditTanggungjawab kami adalah untuk menyatakan pendapat mengenai penyata-penyata kewangan ini berdasarkan audit kami. Kami telah menjalankan audit kami menurut piawaian pengauditan yang telah diluluskan di Malaysia. Piawaian-piawaian tersebut memerlukan kami mematuhi syarat-syarat etika dan merancang serta menjalankan audit tersebut untuk mendapatkan keyakinan yang wajar mengenai sama ada penyata-penyata kewangan tersebut bebas daripada salah nyata yang penting.

Audit melibatkan prosedur-prosedur yang dijalankan untuk mendapatkan bukti audit mengenai amaun-amaun dan pendedahan-pendedahan di dalam penyata-penyata kewangan. Prosedur-prosedur yang dipilih bergantung kepada pilihan kami, termasuk penilaian risiko-risiko salah nyata yang penting pada penyata-penyata kewangan, sama ada disebabkan oleh penipuan atau ralat. Dalam membuat penilaian-penilaian risiko itu, kami menganggap pengawasan dalaman yang relevan kepada penyediaan penyata-penyata kewangan Dana-dana yang memberikan gambaran yang benar dan tepat untuk membentuk prosedur-prosedur audit yang wajar mengikut keadaannya, tetapi bukan untuk tujuan menyatakan pendapat mengenai keberkesanan pengawasan dalaman Dana-dana. Audit juga melibatkan penilaian kewajaran polisi-polisi perakaunan yang digunakan dan kewajaran anggaran-anggaran perakaunan yang dibuat oleh para pengarah, serta menilai keseluruhan pembentangan penyata-penyata kewangan.

Kami percaya bahawa bukti audit yang kami dapati adalah mencukupi dan wajar untuk memberikan asas untuk pendapat audit kami.

PendapatPada pendapat kami, penyata-penyata kewangan ini telah disediakan dengan baik menurut Piawaian Laporan Kewangan di Malaysia dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia untuk memberikan gambaran yang benar dan tepat mengenai kedudukan kewangan Dana-dana pada 31 Mac 2012 dan mengenai prestasi kewangan serta aliran-aliran tunai mereka bagi tahun yang telah berakhir.

Lain-lain halLaporan ini dibuat hanya kepada para pemegang unit Dana-dana, sebagai sebuah badan, menurut Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab ke atas sesiapa yang lain bagi isi kandungan laporan ini.

Ernst & Young AF: 0039 Akauntan Bertauliah Kuala Lumpur, Malaysia 30 Mei 2012

Brandon Bruce Sta Maria No. 2937/09/13(J) Akauntan Bertauliah

LAPORAN JURUAUDIT BEBASkepada para pemegang unit Dana Berkaitan Pelaburan AmLife Insurance Berhad (Diperbadankan di Malaysia)

245


Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.


PENYATA KEDUDUKAN KEWANGANPADA 31 MAC 2012

Nota

11,462,575 -

161,525 4,395

11,628,495

69,615 19,415 64,195

153,225

11,475,270

9,283,968 2,191,302 11,475,270

14,179,271

0.8093

11,718,566 -

301,125 138

12,019,829

66,876 30,533 14,479

111,888

11,907,941

10,045,448 1,862,493

11,907,941

16,285,582

0.7312

11,366,085 -

110,799 1,310

11,478,194

29,938 5,524

79,757 115,219

11,362,975

10,154,465 1,208,510 11,362,975

16,461,544

0.6903

ASET PelaburanAset cukai tertangguhLain-lain belum terima Tunai dan baki di bankJumlah aset

LIABILITIPeruntukan untuk cukaiLiabiliti cukai tertangguhLain-lain belum bayarJumlah liabiliti

NILAI ASET BERSIH DANA (“NAB”)

EKUITI Modal pemegang unit Pendapatan tidak teragihAkaun pemegang unit

UNIT DALAM PENGAGIHAN

NAB SEUNIT (RM)

14,621,733 8,138

14,341 2,686

14,646,898

25,736 -

27,445 53,181

14,593,717

12,961,910 1,631,807

14,593,717

18,633,446

0.7832

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

Dana AmAssurance Equity Dana AmAssurance Bond

Nota

17,187,332 -

491,786 3,147

17,682,265

47,242 26,284 67,728

141,254

17,541,011

15,142,220 2,398,791 17,541,011 20,927,960

0.8382

12,921,964 -

279,038 150

13,201,152

48,006 1,204

22,618 71,828

13,129,324

11,900,548 1,228,776

13,129,324

16,672,811

0.7875

6,931,850 -

227,778 917

7,160,545

35,198 16,688 58,787

110,673

7,049,872

5,829,325 1,220,547 7,049,872

8,891,870

0.7928

ASET PelaburanAset cukai tertangguhRampai belum terimaTunai dan baki di bankJumlah aset

LIABILITIPeruntukan untuk cukaiLiabiliti cukai tertangguhLain-lain belum bayarJumlah liabiliti


EKUITI Modal pemegang unit Pendapatan tidak teragihAkaun pemegang unit


NAB SEUNIT (RM)

21,362,548 3,139

192,275 2,420

21,560,382

15,671 -

33,441 49,112

21,511,270

19,595,250 1,916,020

21,511,270

26,256,835

0.8193

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

Dana AmAssurance Balanced Dana AmAssurance Dana Teguh

246




PENYATA KEDUDUKAN KEWANGAN PADA 31 MAC 2012 (bersambung)

Nota

4,304,658 17,317 3,061

92,320 1,437

4,418,793

3,435 109,731 113,166

4,305,627

4,594,689 (289,062)

4,305,627

9,400,744

0.4580

ASET Pelaburan Aset cukai tertangguh Cukai boleh pulih Rampai belum terima Tunai dan baki di bank Jumlah aset

LIABILITIPeruntukan untuk cukai Lain-lain belum bayar Jumlah liabiliti


EKUITI Modal pemegang unit Kerugian terkumpul Akaun pemegang unit


NAB SEUNIT (RM)

4,348,778 30,678

- 17,946

891 4,398,293

62 50,376 50,438

4,347,855

4,801,446 (453,591)

4,347,855

9,827,922

0.4424

2012RM

2011RM

34

5

5

5


Nota

751,869 -

67 586

4,105 756,627

4,110 2,112

27,638 33,860

722,767

675,103

47,664 722,767

1,333,091

0.5422

- - - - - -

- - - -

-

-

- -

-

-

102,925,282 - -

25,332 2,043

102,952,657

468,384 7,693

6,215,627 6,691,704

96,260,953

93,574,671

2,686,282 96,260,953

187,089,354

0.5145

ASET PelaburanAset cukai tertangguhCukai boleh pulihRampai belum terimaTunai dan baki di bankJumlah aset

LIABILITILiabiliti cukai tertangguhPeruntukan untuk cukaiLain-lain belum bayarJumlah liabiliti


EKUITI Modal pemegang unitPendapatan tidak teragih/ (Kerugian terkumpul)Akaun pemegang unit


NAB SEUNIT (RM)

725,332 2,103

- 528

9,286 737,249

- 3,411

12,258 15,669

721,580

739,930

(18,350) 721,580

1,460,756

0.4940

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

Dana AmAssuranceGlobal Emerging Market

AmAssuranceAmAsia Star CGF

247





Nota

88,247,427 -

444 536

88,248,407

152,476 2,731

3,754,161 3,909,368

84,339,039

84,039,603

299,436 84,339,039

168,041,905

0.5019

4,654,869 11,059

228 4,239

4,670,395

- 8,073

129,678 137,751

4,532,644

4,715,132

(182,488) 4,532,644

9,423,571

0.4810

4,601,279 15,165

227 4,020

4,620,691

- 53,122 53,122

4,567,569

4,760,783

(193,214) 4,567,569

9,518,847

0.4798






NAB SEUNIT (RM)

90,843,497 -

144 528

90,844,169

358,269 4,679

6,101,961 6,464,909

84,379,260

82,539,771

1,839,489 84,379,260

165,071,089

0.5112

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

AmAssuranceAmAsia Recovery CGF

AmAssuranceAmCommodity Stable CGF

Nota

4,497,607 3,879

93,587 418

4,595,491

- 3,220

52,267 55,487

4,540,004

4,440,848

99,156 4,540,004

8,551,816

0.5309

1,459,599 -

16,623 5,491

1,481,713

6,637 1,853

14,253 22,743

1,458,970

1,397,977

60,993 1,458,970

2,608,312

0.5594

1,349,633 -

4,396 236

1,354,265

12,568 1,364

31,673 45,605

1,308,660

1,173,738

134,922 1,308,660

2,215,601

0.5907






NAB SEUNIT (RM)

5,057,175 89,864 43,810

947 5,191,796

- 2,404

28,850 31,254

5,160,542

6,082,750

(922,208) 5,160,542

12,020,242

0.4293

2012RM

2012RM

2011RM

2011RM

34

4

5

5

5

Dana AmAssurancePrecious Metals

Dana AmAssuranceGlobal Agribusiness

248




Nota

ASET PelaburanRampai belum terimaTunai dan baki di bankJumlah aset



EKUITI Modal pemegang unitPendapatan tidak teragihAkaun pemegang unit


NAB SEUNIT (RM)

5,463,444 7,013 1,345

5,471,802

11,543 1,029

15,326 27,898

5,443,904

5,253,589 190,315

5,443,904

10,492,470

0.5188

2012RM

3

4

5

5

5


Nota

43,660,185 77,505 1,778

931 43,740,399

566 1,158,506 1,159,072

42,581,327

43,610,422 (1,029,095)

42,581,327

87,206,942

0.4883

17,878,906 34,184

105 181

17,913,376

756 674,278 675,034

17,238,342

17,730,297 (491,955)

17,238,342

35,273,557

0.4887

18,210,776 13,062

171 471

18,224,480

14 11,260 11,274

18,213,206

18,374,025 (160,819)

18,213,206

36,577,657

0.4979


LIABILITIPeruntukan untuk cukaiLain-lain belum bayarJumlah liabiliti


EKUITI Modal pemegang unitKerugian terkumpulAkaun pemegang unit


NAB SEUNIT (RM)

44,211,429 17,421 1,581

659 44,231,090

8,904 2,158,805 2,167,709

42,063,381

42,526,927 (463,546)

42,063,381

85,008,326

0.4948

2012RM

2012RM

2011RM

2011RM

34

5

5

5

AmAssuranceAmCurrency Income CGF



249




PENYATA PENDAPATAN KOMPREHENSIF BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012

Nota

35,718 133,124 168,842

2,143,708 -

2,312,550

(22,102) (453,009) (477,219) (952,330)

1,360,220

(103,279)

1,256,941

512,100 31,983

544,083

47,265 242,548 833,896

(117,966) - -

(117,966)

715,930

(61,947)

653,983

84,244 73,605

157,849

265,757 -

423,606

(18,888) (11,116)

(119,154) (149,158)

274,448

(17,231)

257,217

Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen

Perolehan atas pelupusan pelaburanPerolehan modal tidak terealisasi bersihJumlah pendapatan

Perbelanjaan pengurusanKerugian atas pelupusan pelaburanKerugian modal tidak terealisasi bersihJumlah perbelanjaan

(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai

Cukai

(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun

120,078 286,961 407,039

- -

407,039

(214,898)(452,444) (344,417)

(1,011,759)

(604,720)

45,225

(559,495)

2012RM

2012RM

2011RM

2011RM

67

8


Nota

54,600 167,618 222,218

1,820,189 2,042,407

(26,235) (430,986) (418,764) (875,985)

1,166,422

(86,775)

1,079,647

213,875 118,516 332,391

44,616 377,007

(134,217) -

(229,008) (363,225)

13,782

(5,553)

8,229

33,775 56,230 90,005

984,802 1,074,807

(15,648) (210,942) (207,885) (434,475)

640,332

(48,585)

591,747


Perolehan atas pelupusan pelaburanJumlah pendapatan



Cukai


444,087 374,831 818,918

- 818,918

(272,935) (582,531) (477,643)

(1,333,109)

(514,191)

31,420

(482,771)

2012RM

2012RM

2011RM

2011RM

67

8


250




PENYATA PENDAPATAN KOMPREHENSIF BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)

Nota

12,234 28,369 40,603

362,353 493,526 896,482

(27,017) (487,020)

- (514,037)

382,445

(39,223)

343,222





Cukai


52,683 28,972 81,655

- -

81,655

(50,114) (40,890)

(167,007) (258,011)

(176,356)

11,827

(164,529)

2012RM

2011RM

67

8

Dana AmAssuranceAmOasis Islamic Equity

Nota

745 -

745

12,874 -

13,619

(8,438) (1,014) (9,452)

4,167

(1,008)

3,159

5,878 -

5,878

6,003,863 -

6,009,741

(177,369) (5,854,800) (6,032,169)

(22,428)

467,943

445,515

15,555 -

15,555

- 3,310,308 3,325,863

(1,016,012) -

(1,016,012)

2,309,851

(266,069)

2,043,782



Perbelanjaan pengurusanKerugian modal tidak terealisasi bersihJumlah perbelanjaan


Cukai


6,278 1,281 7,559

10,793 -

18,352

(11,555) (77,658) (89,213)

(70,861)

4,847

(66,014)

2012RM

2012RM

2011RM

2011RM

67

8



251




Nota

19,515 -

19,515

2,279,188 2,298,703

(850,240) -

(850,240)

1,448,463

(183,896)

1,264,567

100,918 2,037

102,955

51,322 154,277

(31,174) -

(31,174)

123,103

(12,179)

110,924

- - -

- -

(18,819) (189,560) (208,379)

(208,379)

15,165

(193,214)


Perolehan modal tidak terealisasi bersihJumlah pendapatan


Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai

Cukai

Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan/(kerugian) komprehensif bagi tahun

24,355 -

24,355

2,572,417 2,596,772

(848,978) -

(848,978)

1,747,794

(207,741)

1,540,053

2012RM

01.04.2011 hingga 31.03.2012

RM2011RM

11.10.2010 hingga 31.03.2011

RM

67

8



Nota

24,649 146,566 171,215

21,372

192,587

(22,919) - -

(22,919)

169,668

(3,682)

165,986

6,112 -

6,112

- 6,112

(11,344) (74,139)

- (85,483)

(79,371)

5,442

(73,929)

5,693 -

5,693

74,896 80,589

(11,101) - -

(11,101)

69,488

(6,447)

63,041



Perbelanjaan pengurusanKerugian modal tidak terealisasi bersihKerugian atas pelupusan pelaburanJumlah perbelanjaan


Cukai


27,890 -

27,890 -

27,890

(23,144) (1,074,815)

(38,097) (1,136,056)

(1,108,166)

86,802

(1,021,364)

2012RM

2012RM

2011RM

2011RM

67

8




252




Nota



Perbelanjaan pengurusanJumlah perbelanjaan

Lebihan pendapatan daripada perbelanjaan sebelum cukai

Cukai

Lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun

30,028 51,762 81,790

19,129 144,295 245,214

(37,907) (37,907)

207,307

(16,992)

190,315

67

8


27.10.2011 hingga 31.03.2012

RM

Nota

7,080 7,080

- 7,080

(144,305) (968,809)

(1,113,114)

(1,106,034)

76,939

(1,029,095)

9,278 9,278

- 9,278

(96,772) (264,021) (360,793)

(351,515)

20,379

(331,136)

171 171

- 171

(10,760) (163,278) (174,038)

(173,867)

13,048

(160,819)

Pendapatan pelaburan bersih: Pendapatan faedah




Cukai

Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun

104,225 104,225

751,055 855,280

(221,309) -

(221,309)

633,971

(68,422)

565,549

6

8


AmAssuranceAmCurrency Income II CGF

01.04.2011 hingga 31.03.2012

RM

01.04.2011 hingga 31.03.2012

RM

16.08.2010 hingga 31.03.2011

RM

21.03.2011 hingga 31.03.2011

RM


253




PENYATA PERUBAHAN DI DALAM EKUITIBAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012

934,361 1,256,941

- -

2,191,302

2,191,302 (559,495)

- -

1,631,807

4,611,267 1,256,941

11,771,264 (6,164,202) 11,475,270

11,475,270 (559,495)

11,974,079 (8,296,137) 14,593,717

Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011

Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012

3,676,906

- 11,771,264 (6,164,202) 9,283,968

9,283,968 -

11,974,079 (8,296,137) 12,961,910

Modalpemegang unit

RM

Pendapatan tidak teragih

RM


Jumlah ekuiti

RM

951,293 257,217

- -

1,208,510

1,208,510 653,983

- -

1,862,493

5,890,599 257,217

8,424,315 (3,209,156)

11,362,975

11,362,975 653,983

10,351,906 (10,460,923) 11,907,941


Pada 1 April 2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012

4,939,306

- 8,424,315 (3,209,156)

10,154,465

10,154,465 -

10,351,906 (10,460,923) 10,045,448

Modalpemegang unit

RM


RM


Jumlah ekuiti

RM

1,319,144 1,079,647

- -

2,398,791

2,398,791 (482,771)

- -

1,916,020

5,808,689 1,079,647

12,357,949 (1,705,274) 17,541,011

17,541,011 (482,771)

14,106,619 (9,653,589) 21,511,270



4,489,545

- 12,357,949 (1,705,274) 15,142,220

15,142,220 -

14,106,619 (9,653,589) 19,595,250

Modalpemegang unit

RM


RM

Jumlah ekuiti

RM


254




628,800 591,747

- -

1,220,547

1,220,547 8,229

- -

1,228,776

2,786,451 591,747

4,809,957 (1,138,283) 7,049,872

7,049,872 8,229

11,268,525 (5,197,302) 13,129,324



2,157,651

- 4,809,957 (1,138,283) 5,829,325

5,829,325 -

11,268,525 (5,197,302) 11,900,548

Modalpemegang unit

RM


RM


Jumlah ekuiti

RM

(632,284) 343,222

- -

(289,062)

(289,062) (164,529)

- -

(453,591)

3,335,014 343,222

1,973,070 (1,345,679) 4,305,627

4,305,627 (164,529)

3,021,175 (2,814,418) 4,347,855



3,967,298

- 1,973,070 (1,345,679) 4,594,689

4,594,689 -

3,021,175 (2,814,418) 4,801,446

Modalpemegang unit

RM

Kerugianterkumpul

RM


Jumlah ekuiti

RM

44,505 3,159

- -

47,664

47,664 (66,014)

- -

(18,350)

622,580 3,159

151,020 (53,992)

722,767

722,767 (66,014)

168,625 (103,798) 721,580



578,075

- 151,020 (53,992)

675,103

675,103 -

168,625 (103,798) 739,930

Modalpemegang unit

RM

Pendapatan tidak teragih/(Kerugian terkumpul)

RM


Jumlah ekuiti

RM

PENYATA PERUBAHAN DI DALAM EKUITI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)

255




642,500 2,043,782

- -

2,686,282

2,686,282 445,515

- -

(3,131,797) -

96,396,014 2,043,782

- (2,178,843)

96,260,953

96,260,953 445,515

- (96,706,468)

- -


Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPenyamaanPada 31 Mac 2012

95,753,514

- -

(2,178,843) 93,574,671

93,574,671 - -

(96,706,468) 3,131,797

-

Modalpemegang unit

RM


RM

AmAssurance AmAsia Star CGF

Jumlah ekuiti

RM

(66,830) 165,986

- -

99,156

99,156 (1,021,364)

- -

(922,208)

1,933,742 165,986

3,225,127 (784,851)

4,540,004

4,540,004 (1,021,364) 4,575,155 (2,933,253) 5,160,542



2,000,572

- 3,225,127

(784,851) 4,440,848

4,440,848 -

4,575,155 (2,933,253) 6,082,750

Modalpemegang unit

RM


RM


Jumlah ekuiti

RM

71,881 63,041

- -

134,922

134,922 (73,929)

- -

60,993

689,488 63,041

740,470 (184,339)

1,308,660

1,308,660 (73,929)

737,273 (513,034)

1,458,970



617,607

- 740,470 (184,339)

1,173,738

1,173,738 -

737,273 (513,034)

1,397,977

Modalpemegang unit

RM


RM


Jumlah ekuiti

RM


256




(965,131) 1,264,567

- -

299,436

299,436 1,540,053

- -

1,839,489

84,542,903 1,264,567

8,762 (1,477,193) 84,339,039

84,339,039 1,540,053

- (1,499,832) 84,379,260



85,508,034

- 8,762

(1,477,193) 84,039,603

84,039,603 - -

(1,499,832) 82,539,771

Modalpemegang unit

RM


RM


Jumlah ekuiti

RM

- (193,214)

- -

(193,214)

(193,214) 110,924 (100,198)

- (182,488)

- (193,214)

4,794,586 (33,803)

4,567,569

4,567,569 110,924 (100,198) (45,651)

4,532,644

Pada tarikh pelancaran dana pada 11.10.2010 Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011


- -

4,794,586 (33,803)

4,760,783

4,760,783 -

(45,651) 4,715,132

Modalpemegang unit

RM

Kerugianterkumpul

RM


Jumlah ekuiti

RM

- (1,029,095)

- -

(1,029,095)

(1,029,095) 565,549

- -

(463,546)

- (1,029,095) 43,716,690

(106,268) 42,581,327

42,581,327 565,549

- (1,083,495) 42,063,381



- -

43,716,690 (106,268)

43,610,422

43,610,422 - -

(1,083,495) 42,526,927

Modalpemegang unit

RM

Kerugianterkumpul

RM


Jumlah ekuiti

RM


257




- (160,819)

- -

(160,819)

(160,819) (331,136)

- -

(491,955)

- (160,819)

18,374,025 -

18,213,206

18,213,206 (331,136)

- (643,728)

17,238,342



- -

18,374,025 -

18,374,025

18,374,025 - -

(643,728) 17,730,297

Modalpemegang unit

RM

Kerugianterkumpul

RM


Jumlah ekuiti

RM

- 190,315

- -

190,315

- 190,315

5,283,559 (29,970)

5,443,904

Pada tarikh pelancaran dana pada 27.10.2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012

- -

5,283,559 (29,970)

5,253,589

Modalpemegang unit

RM


RM


Jumlah ekuiti

RM


258




PENYATA ALIRAN TUNAIBAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012

(604,720)

(407,039) 452,444 344,417 (214,898)

(44,664,845) 37,667,950

380,833 147,184

(36,750) (6,720,526)

11,974,079 (8,296,137) 3,677,942

(3,042,584) 6,454,270 3,411,686

3,409,000 2,686

3,411,686

1,360,220

(168,842) (1,690,699)

477,219 (22,102)

(31,855,703) 31,406,287

153,160 40,060 19,894

(258,404)

11,771,264 (6,164,202) 5,607,062

5,348,658 1,105,612 6,454,270

6,449,875 4,395

6,454,270

2012RM

2011RM


ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan

(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun

TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank

259




715,930

(544,083) (47,265)

(242,548) (117,966)

(13,531,222) 10,375,470

543,783 (190,326)

(65,278) (2,985,539)

10,351,906 (10,460,923)

(109,017)

(3,094,556) 4,446,927 1,352,371

1,352,233 138

1,352,371

274,448

(157,849) (254,641) 119,154 (18,888)

(7,945,975) 4,390,202

157,849 (110,035)

22,329 (3,504,518)

8,424,315 (3,209,156) 5,215,159

1,710,641 2,736,286 4,446,927

4,445,617 1,310

4,446,927

2012RM

2011RM


ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) bersih atas pelupusan pelaburan (Perolehan)/kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih (digunakan dalam)/terhasil daripada aktiviti pembiayaan



PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)

260




(514,191)

(818,918) 582,531 477,643 (272,935)

(60,694,415) 48,616,252

831,579 299,511

(34,287) (11,254,295)

14,106,619 (9,653,589) 4,453,030

(6,801,265) 8,229,068 1,427,803

1,425,383 2,420

1,427,803

1,166,422

(222,218) (1,389,203)

418,764 (26,235)

(34,307,817) 30,011,430

231,429 (407,202)

23,478 (4,474,917)

12,357,949 (1,705,274)

10,652,675

6,177,758 2,051,310 8,229,068

8,225,921 3,147

8,229,068

2012RM

2011RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi






261




13,782

(332,391) (44,616)

229,008 (134,217)

(23,287,007) 15,729,049

327,529 (51,260) (36,169)

(7,452,075)

11,268,525 (5,197,302) 6,071,223

(1,380,852) 4,208,764 2,827,912

2,827,762 150

2,827,912

640,332

(90,005) (773,860) 207,885 (15,648)

(13,299,691) 12,911,768

85,780 (215,520)

14,534 (518,777)

4,809,957 (1,138,283) 3,671,674

3,152,897 1,055,867 4,208,764

4,207,847 917

4,208,764

2012RM

2011RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi






262




(176,356)

(81,655) 40,890

167,007 (50,114)

(5,843,284) 4,871,905

79,808 74,374

(59,355) (926,666)

3,021,175 (2,814,418)

206,757

(719,909) 1,906,800 1,186,891

1,186,000 891

1,186,891

382,445

(40,603) 124,667 (493,526) (27,017)

(6,238,327) 5,998,038

28,935 (11,503) 40,781

(209,093)

1,973,070 (1,345,679)

627,391

418,298 1,488,502 1,906,800

1,905,363 1,437

1,906,800

2012RM

2011RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian bersih atas pelupusan pelaburan Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi






263




(70,861)

(7,559) (10,793) 77,658 (11,555)

(154,402) 110,809

7,559 58

(15,380) (62,911)

168,625 (103,798)

64,827

1,916 229,345 231,261

221,975 9,286

231,261

4,167

(745) (12,874)

1,014 (8,438)

(208,637) 196,257

745 1,801

10,602 (7,670)

151,020 (53,992) 97,028

89,358 139,987 229,345

225,240 4,105

229,345

2012RM

2011RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi


Peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun




264




(22,428)

(5,878) (6,003,863) 5,854,800

(177,369) 102,393,863

(2,256) 25,332

(6,215,627) 96,023,943

(96,706,468) (96,706,468)

(682,525) 682,525

-

- - -

2,309,851

(15,555) -

(3,310,308) (1,016,012)

- 15,555

(129) 3,152,435 2,151,849

(2,178,843) (2,178,843)

(26,994) 709,519 682,525

680,482 2,043

682,525

01.04.2011 hingga 13.07.2011

RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan

(Pengurangan) bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun




01.04.2010 hingga 31.03.2011

RM

265




(1,108,166)

(27,890) 38,097

1,074,815 (23,144)

(4,320,998) 1,016,950

27,893 49,777

(23,417) (3,272,939)

4,575,155 (2,933,253) 1,641,902

(1,631,037) 2,342,696

711,659

710,712 947

711,659

169,668

(171,215)-

(21,372) (22,919)

(1,003,825) -

171,215 (28,699) 27,723

(856,505)

3,225,127 (784,851)

2,440,276

1,583,771 758,925

2,342,696

2,342,278 418

2,342,696

2012RM

2011RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian bersih atas pelupusan pelaburan Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi






266




(79,371)

(6,112) 74,139 (11,344)

(355,846) 6,113

(12,227) (17,420)

(390,724)

737,273 (513,034) 224,239

(166,485) 399,738 233,253

227,762 5,491

233,253

69,488

(5,693) (74,896) (11,101)

(343,037) 5,693

11,866 14,788

(321,791)

740,470 (184,339) 556,131

234,340 165,398 399,738

399,502 236

399,738

2012RM

2011RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterima(Peningkatan)/pengurangan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi






267




1,747,794

(24,355) (2,572,417)

(848,978) 24,356

300 2,347,800

1,523,478

- (1,499,832) (1,499,832)

23,646 855,674 879,320

878,792 528

879,320

1,448,463

(19,515) (2,279,188)

(850,240) 19,515

(210) 2,319,131 1,488,196

8,762 (1,477,193) (1,468,431)

19,765 835,909 855,674

855,138 536

855,674

2012RM

2011RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPengurangan/(peningkatan) dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi






268




123,103

(102,955) (51,322) (31,174) (2,269)

102,956 (1)

76,556 146,068

- (45,651)

(100,198) (145,849)

219 4,020 4,239

4,239 4,239

(208,379)

- 189,560 (18,819)

(4,790,839) -

(227) 53,122

(4,756,763)

4,794,586 (33,803)

- 4,760,783

4,020 -

4,020

4,020 4,020

01.04.2011 hingga 31.03.2012

RM

11.10.2010 hingga 31.03.2011

RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih (Perolehan)/kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih terhasil daripada/(digunakan dalam) aktiviti operasi

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitPembayaran kupon kepada pemegang unitTunai bersih (digunakan dalam)/terhasil daripada aktiviti pembiayaan


TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Tunai dan baki di bank



269




633,971

(104,225) (751,055) (221,309)

- 104,225

197 1,000,299

883,412

- (1,083,495) (1,083,495)

(200,083) 455,906 255,823

255,164 659

255,823

(1,106,034)

(7,080) 968,809 (144,305)

(44,174,019) 7,080 (1,778)

1,158,506 (43,154,516)

43,716,690 (106,268)

43,610,422

455,906 -

455,906

454,975 931

455,906

01.04.2011 hingga 31.03.2012

RM

16.08.2010 hingga 31.03.2011

RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih (Perolehan)/kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih terhasil daripada/(digunakan dalam) aktiviti operasi






270




(351,515)

(9,278) 264,021 (96,772)

- 9,276

66 663,018 575,588

- (643,728) (643,728)

(68,140) 320,471 252,331

252,150 181

252,331

(173,867)

(171) 163,278 (10,760)

(18,054,054) 171 (171)

11,260 (18,053,554)

18,374,025 -

18,374,025

320,471 -

320,471

320,000 471

320,471

01.04.2011 hingga 31.03.2012

RM

21.03.2011 hingga 31.03.2011

RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASIDefisit pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih terhasil daripada/(digunakan dalam) aktiviti operasi






271




207,307

(81,790)(19,129)

(144,295) (37,907)

(4,387,917) 620,337 77,370 (7,013)

15,326(3,719,804)

5,283,559 (29,970)

5,253,589

1,533,785 -

1,533,785

1,532,440

1,345 1,533,785

27.10.2011 hingga 31.03.2012

RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Perolehan modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi






272



1. PENGURUS DAN AKTIVITI UTAMANYA

Dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) terdiri daripada Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, AmAssurance AmAsia Star CGF, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, AmAssurance AmAsia Recovery CGF, AmAssurance AmCommodity Stable CGF, AmAssurance AmCurrency Income CGF, AmAssurance AmCurrency Income II CGF dan Dana AmAssurance Dividend (secara bersama dirujuk sebagai “Dana-dana”).

Pengurus merupakan syarikat liabiliti awam terhad yang diperbadankan dan bermastautin di Malaysia dan

berlesen di bawah Akta Insurans, 1996. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan pelaburan.

Tiada perubahan penting di dalam sifat aktiviti-aktiviti utama Pengurus di sepanjang tahun ini. Penyata-penyata kewangan ini telah diluluskan untuk penerbitan oleh Lembaga Pengarah Pengurus menurut

satu resolusi bertarikh 30 Mei 2012.

2. POLISI PERAKAUNAN YANG PENTING

2.1 Asas Perakaunan

Penyata-penyata kewangan ini telah disediakan di bawah konvensyen kos sejarah, kecuali dinyatakan sebaliknya di dalam polisi-polisi perakaunan di bawah, dan mematuhi Piawaian Laporan Kewangan (“FRS”) di Malaysia, Akta Insurans, 1996 dan Garis Panduan/Pekeliling yang dikeluarkan oleh Bank Negara Malaysia.

Dana-dana ini telah mengambil guna semua FRS, Tafsiran Jawatankuasa Penerbitan (“IC”) dan perubahan-perubahan kepada FRS di Malaysia kecuali bagi yang telah diterbitkan tetapi belum berkuatkuasa seperti yang diterangkan di dalam Nota 2.3.

Penyata-penyata 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 harian Dana-dana, pada kadar-kadar berikut:

(i) Dana AmAssurance Equity 1.50% setahun (ii) Dana AmAssurance Bond 1.00% setahun (iii) Dana AmAssurance Balanced 1.50% setahun (iv) Dana AmAssurance Dana Teguh 1.50% setahun (v) Dana AmAssurance AmOasis Islamic Equity 1.50% setahun (vi) Dana AmAssurance Global Emerging Market 1.50% setahun (vii) AmAssurance AmAsia Star CGF 1.00% setahun (viii) Dana AmAssurance Precious Metals 1.50% setahun (ix) Dana AmAssurance Global Agribusiness 1.50% setahun (x) AmAssurance AmAsia Recovery CGF 1.00% setahun (xi) AmAssurance AmCommodity Stable CGF 0.50% setahun (xii) AmAssurance AmCurrency Income CGF 0.50% setahun (xiii) AmAssurance AmCurrency Income II CGF 0.50% setahun (xiv) Dana AmAssurance Dividend 1.50% setahun

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012

273



(b) Instrumen kewangan- pengiktirafan permulaan dan ukuran seterusnya

(i) Tarikh pengiktirafan

Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu, tarikh apabila Dana-dana tersebut menjadi pihak kepada peruntukan berkontrak instrumen. Ini termasuk “dagangan cara biasa”: pembelian atau jualan aset-aset kewangan yang memerlukan penyerahan aset-aset dalam tempoh yang secara amnya ditetapkan oleh peraturan atau konvensyen di dalam pasaran.

(ii) Ukuran permulaan instrumen kewangan

Aset-aset kewangan di dalam skop FRS 139 diklasifikasikan sebagai aset-aset kewangan

pada nilai saksama melalui keuntungan atau kerugian, aset-aset kewangan yang ada-untuk-dijual, aset-aset kewangan yang dipegang-hingga-matang atau pinjaman-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 ini menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangan pada pengiktirafan permulaan.

Klasifikasi instrumen-instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat pengurus yang mana instrumen-instrumen kewangan tersebut diambil serta sifat-sifatnya. Semua instrumen kewangan diukur pada mulanya pada nilai saksamanya campur kos-kos transaksi, kecuali dalam hal aset-aset kewangan dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau kerugian, yang diukur pada nilai saksama.

Dana-dana ini mengklasifikasikan pelaburan ke dalam aset-aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL”) atau pinjaman-pinjaman dan belum terima (“LAR”).

(iii) Ukuran seterusnya

Ukuran seterusnya instrumen-instrumen kewangan bergantung kepada klasifikasinya seperti yang diterangkan di bawah:

(1) Aset kewangan pada nilai saksama melalui keuntungan atau kerugian

Aset-aset kewangan atau liabiliti-liabiliti kewangan direkodkan di dalam penyata kedudukan kewangan pada nilai saksama. Perubahan-perubahan di dalam nilai saksama diiktiraf di dalam “Pendapatan pelaburan dan dagangan”. Pendapatan atau perbelanjaan faedah dan dividen direkodkan di dalam “Pendapatan pelaburan dan dagangan”, “Pendapatan faedah” atau “Perbelanjaan faedah”, sewajarnya dan menurut terma-terma kontrak, atau apabila hak pembayaran telah ditetapkan.

Termasuk di dalam klasifikasi ini adalah sekuriti-sekuriti pendapatan tetap, skim-skim pelaburan bersama dan ekuiti-ekuiti.

(2) Pinjaman dan belum terima

Pinjaman-pinjaman dan belum terima adalah termasuk aset-aset kewangan bukan derivatif dengan pembayaran-pembayaran tetap atau boleh ditetapkan yang tidak tersiar harga di dalam pasaran aktif.

Selepas ukuran permulaan, amaun-amaun seterusnya diukur pada kos terlunas

menggunakan kadar faedah efektif (“EIR”), tolak peruntukan untuk kerosakan. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium di atas pengambilan dan yuran-yuran serta kos-kos yang merupakan sebahagian penting EIR.

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)2. POLISI PERAKAUNAN YANG PENTING (bersambung)

274



(iv) Liabiliti kewangan pada kos terlunas

Liabiliti-liabiliti kewangan dikeluarkan oleh Dana-dana, yang tidak bertanda pada nilai saksama melalui keuntungan atau kerugian, diklasifikasikan sebagai liabiliti-liabiliti kewangan pada kos terlunas, yang mana asas pengaturan berkontrak menyebabkan Dana-dana mempunyai obligasi sama ada untuk menyerahkan tunai atau aset kewangan yang lain kepada pemegang, atau untuk memenuhi obligasi selain daripada melalui pertukaran amaun tunai yang tetap atau aset kewangan yang lain untuk sejumlah tetap saham ekuiti sendiri.

Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira dengan mangambil kira sebarang diskaun atau premium di atas penerbitan dan kos-kos yang merupakan sebahagian penting EIR.

(c) Nyahiktiraf aset kewangan dan liabiliti kewangan

(i) Aset kewangan

Suatu aset kewangan (atau, di mana berkenaan sebahagian aset kewangan atau sebahagian kumpulan aset-aset kewangan yang serupa) dinyahiktiraf apabila:

- Hak-hak untuk menerima aliran-aliran tunai daripada aset telah luput. - Dana-dana telah dipindahkan haknya untuk menerima aliran-aliran tunai daripada aset atau

telah memikul satu obligasi untuk membayar aliran-aliran tunai yang diterima sepenuhnya tanpa kelewatan yang lama kepada pihak ketiga di bawah pengaturan “serah-semua”; dan sama ada:

- Dana-dana telah memindahkan secara besar semua risiko dan ganjaran aset tersebut, atau - Dana-dana tidak memindahkan mahupun mengekalkan secara besar semua risiko dan

ganjaran aset tersebut, tetapi telah memindahkan pengawasan aset.

Apabila Dana-dana telah memindahkan hak-haknya untuk menerima aliran-aliran tunai daripada suatu aset atau telah memasuki pengaturan serah-semua, dan tidak memindahkan mahupun mengekalkan secara besar semua risiko dan ganjaran aset atau pun tidak memindahkan kawalan aset, aset tersebut diiktiraf sehingga tahap penglibatan berterusan dana di dalam aset tersebut. Dalam hal ini, Dana-dana juga mengiktiraf satu liabiliti yang bersekutu. Aset yang dipindahkan dan liabiliti bersekutu diukur menggunakan asas yang menunjukkan hak-hak dan obligasi-obligasi yang Dana-dana tersebut telah kekalkan.

(ii) Liabiliti kewangan

Satu liabiliti kewangan dinyahiktiraf apabila obligasi di bawah liabiliti tersebut dilepaskan, dibatalkan atau luput. Di mana satu liabiliti kewangan sedia ada digantikan oleh yang lain daripada peminjam yang sama pada terma-terma yang berbeza secara besar, atau terma-terma liabiliti sedia ada diubahsuai secara besar, pertukaran atau pengubahsuaian sedemikian diolah sebagai nyahiktiraf liabiliti asal dan pengiktirafan liabiliti yang baru. Perbezaan di antara nilai dibawa liabiliti kewangan yang asal dan pertimbangan yang dibayar diiktiraf di dalam keuntungan atau kerugian.

(d) Penentuan nilai saksama

Nilai saksama instrumen-instrumen kewangan yang didagangkan di dalam pasaran-pasaran aktif pada tarikh laporan adalah berdasarkan kepada harga pasaran tersiar harganya atau sebut harga peniaga (harga bidaan untuk kedudukan jangka panjang dan harga permintaan untuk kedudukan jangka pendek), tanpa sebarang pemotongan untuk kos-kos transaksi.

Untuk instrumen-instrumen kewangan yang tidak didagangkan di dalam pasaran aktif, nilai saksama ditentukan dengan menggunakan teknik-teknik penilaian yang wajar. Teknik-teknik penilaian


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adalah termasuk kaedah aliran tunai berdiskaun, perbandingan dengan instrumen-instrumen serupa yang mana harga-harga pasaran yang boleh dilihat wujud, model-model harga opsyen, model-model kredit dan lain-lain model penilaian yang relevan.

(e) Kerosakan aset kewangan

Dana-dana menilainpada setiap tarikh laporan sama ada terdapat bukti objektif bahawa aset kewangan atau sekumpulan aset kewangan telah rosak. Satu aset kewangan atau sekumpulan aset kewangan dianggap rosak sekiranya, dan hanya sekiranya, terdapat bukti objektif kerosakan akibat satu atau lebih kejadian yang telah berlaku selepas pengiktirafan permulaan aset (“kejadian kerugian” telah berlaku) dan kejadian kerugian itu (atau kejadian-kejadian) mempunyai impak ke atas anggaran aliran-aliran tunai masa hadapan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan dengan tepat.

Aset kewangan dibawa pada kos terlunas

Bukti kerosakan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam mengalami kesukaran kewangan yang besar, kemungkinan mereka akan muflis atau lain-lain penstrukturan semula kewangan, mungkir atau delinkuensi dalam pembayaran-pembayaran faedah atau pokok dan di mana data yang boleh dilihat menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran-aliran tunai masa hadapan, seperti perubahan-perubahan di dalam tunggakan-tunggakan atau keadaan ekonomi yang berkaitan dengan kemungkiran.

Untuk aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara

individu sama ada bukti objektif kerosakan wujud bagi aset-aset kewangan yang besar secara individu, atau secara bersama bagi aset-aset kewangan yang tidak besar secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti objektif kerosakan wujud bagi aset kewangan yang dinilai secara individu, ia termasuk aset di dalam sekumpulan aset kewangan dengan sifat risiko kredit yang serupa dan menilainya secara bersama untuk kerosakan. Aset-aset yang dinilai secara individu untuk kerosakan dan yang mana kerugian kerosakan diiktiraf, atau terus diiktiraf, tidak termasuk di dalam penilaian bersama kerosakan.

Jika terdapat bukti objektif bahawa kerugian kerosakan telah berlaku, amaun kerugian diukur sebagai perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran-aliran tunai masa hadapan (tidak termasuk jangkaan kerugian-kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam penyata pendapatan. Pendapatan faedah terus terakru di atas amaun dibawa yang berkurangan dan diakru menggunakan kadar faedah yang digunakan untuk mendiskaun aliran-aliran tunai masa hadapan untuk tujuan mengukur kerugian kerosakan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. Pinjaman-pinjaman bersama dengan peruntukan bersekutu dihapuskira apabila tiada prospek realistik pemulihan masa hadapan dan semua pajakan telah terealisasi atau telah dipindahkan kepada Dana-dana. Sekiranya, dalam tahun seterusnya, amaun anggaran kerugian kerosakan meningkat atau berkurangan kerana satu kejadian yang berlaku selepas kerosakan diiktiraf, kerugian kerosakan yang telah diiktiraf terdahulu ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapuskira masa hadapan pulih kemudiannya, pemulihan tersebut dikreditkan kepada “Kerugian kerosakan di atas pinjaman, pendahuluan dan pembiayaan” sehingga tahap amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan.

Nilai semasa anggaran aliran-aliran tunai masa hadapan didiskaun pada EIR asal aset kewangan tersebut. Sekiranya pinjaman mempunyai kadar faedah yang pelbagai, kadar diskaun untuk mengukur sebarang kerugian kerosakan adalah EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset-aset dagangan kepada pinjaman-pinjaman, pendahuluan-pendahuluan dan pembiayaan, kadar diskaun untuk mengukur sebarang kerugian kerosakan adalah EIR yang baru yang ditentukan pada tarikh pengklasifikasian semula. Pengiraan nilai semasa anggaran aliran-aliran tunai masa hadapan aset kewangan bercagar menggambarkan aliran-aliran tunai yang mungkin terhasil daripada penebusan tolak kos untuk mendapatkan dan menjual cagaran tersebut, sama ada penebusan berkemungkinan atau tidak.


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(f) Mengimbangi instrumen kewangan

Aset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersihnya dilaporkan di dalam penyata kedudukan kewangan sekiranya, dan hanya sekiranya, pada masa ini terdapat hak perundangan yang boleh berkuatkuasa untuk mengimbangi amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan pada asas bersih, atau untuk merealisasikan aset dan menyelesaikan liabiliti secara serentak. Ini secara amnya bukan halnya dengan perjanjian-perjanjian jaringan induk, oleh itu, aset-aset dan liabiliti-liabiliti berkaitan dibentangkan kasar di dalam penyata kedudukan kewangan.

(g) Kerosakan aset bukan-kewangan

Dana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa aset mungkin rosak. Sekiranya sebarang tanda wujud, atau apabila ujian kerosakan tahunan untuk aset diperlukan, Dana-dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih aset adalah nilai saksama aset atau unit penghasil-tunai (“CGU”) tolak kos-kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Di mana amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap rosak dan dikira turun kepada amaun boleh pulihnya. Dalam menilai nilai gunaan, anggaran aliran-aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan kadar diskaun pra-cukai yang menggambarkan penilaian pasaran semasa nilai masa wang dan risiko-risiko yang spesifik kepada aset. Dalam menentukan nilai saksama tolak kos-kos untuk menjual, satu model penilaian yang wajar digunakan. Pengiraan-pengiraan ini disokong oleh gandaan-gandaan penilaian, harga-harga saham tersiar harga untuk entiti-entiti dagangan awam atau lain-lain penanda-penanda nilai saksama yang ada.

Untuk aset-aset tidak termasuk ihsan, satu penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang tanda bahawa kerugian-kerugian kerosakan yang diiktiraf terdahulu berkemungkinan tidak lagi wujud atau mungkin telah berkurangan. Sekiranya tanda sedemikian wujud, Dana-dana menganggarkan amaun boleh pulih aset atau CGU. Kerugian kerosakan yang telah diiktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan dalam anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian kerosakan yang terakhir diiktiraf. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang mungkin telah ditentukan, bersih daripada susutnilai, sekiranya tiada kerugian kerosakan diiktiraf untuk aset tersebut dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam penyata pendapatan.

(h) Penciptaan dan pembatalan bersih

Penciptaan bersih unit-unit yang mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran untuk kontrak baru atau pembayaran-pembayaran seterusnya untuk meningkatkan amaun kontrak itu ditunjukkan di dalam penyata-penyata pendapatan komprehensif Dana-dana. Penciptaan bersih unit-unit diiktiraf pada asas penerimaan.

Pembatalan bersih unit-unit mewakili pembatalan unit-unit yang timbul daripada serahan-serahan dan pengeluaran-pengeluaran. Pembatalan diiktiraf apabila serahan kontrak insurans berkaitan dibuat.

(i) Pengiktirafan Lain-lain Hasil Hasil diiktiraf sehingga tahap ia berkemungkinan bahawa manfaat-manfaat ekonomi akan mengalir

kepada Dana-dana dan hasil boleh diukur secara tepat. Kriteria pengiktirafan spesifik berikut mesti dipenuhi sebelum hasil diiktiraf.

(i) Pendapatan faedah

Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian menggunakan kaedah faedah efektif. Apabila aset kewangan atau sekumpulan aset kewangan yang serupa telah dikira turun akibat kerugian kerosakan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran-aliran tunai masa hadapan untuk tujuan mengukur kerugian kerosakan.


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(ii) Perolehan dan kerugian terealisasi atas pelaburan

Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa pelaburan dikreditkan atau dicaj kepada penyata pendapatan komprehensif.

(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.

(j) Cukai pendapatan

Cukai pendapatan di atas penyata-penyata pendapatan komprehensif bagi tahun terdiri daripada cukai semasa dan tertangguh. Cukai semasa adalah amaun jangkaan cukai-cukai pendapatan belum bayar berkenaan dengan pendapatan boleh cukai bagi tahun dan diukur menggunakan kadar-kadar cukai berkanun pada tarikh penyata kedudukan kewangan.

Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti. Mengikut prinsip, liabiliti-liabiliti cukai tertangguh diiktiraf untuk semua perbezaan sementara boleh cukai dan aset-aset cukai tertangguh diiktiraf untuk semua perbezaan sementara boleh potong, kerugian-kerugian cukai tidak terguna dan kredit-kredit cukai tidak terguna yang boleh digunakan.

Cukai tertangguh diukur pada kadar-kadar cukai yang dijangka digunapakai dalam tempoh apabila aset tersebut direalisasi atau liabiliti diselesaikan, berdasarkan kepada kadar-kadar cukai berkanun atau berkanun secara substantif pada tarikh penyata-penyata kedudukan kewangan. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan dan termasuk di dalam penyata-penyata pendapatan komprehensif untuk tahun/tempoh.

(k) Peruntukan

Peruntukan-peruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian masa lalu dan berkemungkinan bahawa aliran keluar sumber-sumber lengkap dengan manfaat-manfaat ekonomi akan diperlukan untuk menyelesaikan obligasi tersebut, dan anggaran tepat amaun tersebut boleh dibuat. Peruntukan-peruntukan dinilai pada setiap tarikh penyata-penyata kedudukan kewangan dan diselaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah penting, peruntukan-peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menggambarkan, di mana wajar, risiko-risiko spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan dalam peruntukan disebabkan oleh laluan masa diiktiraf sebagai kos biaya.

(l) Transaksi matawang asing

Penyata-penyata kewangan dibentangkan dalam Ringgit Malaysia yang juga matawang fungsi Dana-dana.

Transaksi-transaksi dalam matawang-matawang asing pada mulanya direkodkan dalam kadar

matawang fungsi semasa pada tarikh transaksi-transaksi. Aset-aset dan liabiliti-liabiliti monetari berdenominasi matawang asing ditukarkan semula pada kadar pertukaran matawang fungsi semasa pada tarikh laporan. Semua perbezaan dibawa kepada keuntungan atau kerugian. Butiran bukan-monetari berdenominasi matawang-matawang asing yang diukur pada kos sejarah ditukar menggunakan kadar-kadar pertukaran pada tarikh-tarikh transaksi-transaksi permulaan.

Butiran-butiran bukan-monetari diukur pada nilai saksama dalam matawang asing ditukarkan menggunakan kadar-kadar pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa kepada keuntungan atau kerugian, kecuali bagi perbezaan berkaitan dengan butiran-butiran yang mana perolehan-perolehan atau kerugian-kerugian diiktiraf secara langsung dalam ekuiti, yang mana dalam hal ini, perolehan atau kerugian tersebut diiktiraf bersih daripada komponen pertukaran dalam ekuiti.


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(m) Tunai dan tunai setara

Untuk tujuan penyata-penyata aliran-aliran tunai, tunai dan tunai setara mewakili tunai di bank dan deposit-deposit dengan bank-bank berlesen, yang mempunyai risiko kecil perubahan dalam nilai.

Penyata-penyata aliran tunai telah disediakan menggunakan kaedah tidak langsung.

2.3 Perubahan dalam polisi perakaunan Polisi-polisi perakaunan yang diambilguna adalah konsisten dengan tahun kewangan terdahulu kecuali

seperti berikut: Pada 1 April 2011, Dana-dana mengambilguna FRS dan Tafsiran IC yang baru dan bersemak berikut yang

mandatori untuk tempoh-tempoh kewangan tahunan bermula pada atau selepas 1 April 2011:

Berkuatkuasa untuk tempoh tahunan bermula pada Deskripsi atau selepas

FRS 1: Pengambilgunaan Kali Pertama Piawaian Laporan Kewangan 1 Julai 2010

Perubahan kepada FRS 2: Pembayaran Berasaskan Saham 1 Julai 2010

FRS 3 Kombinasi Perniagaan 1 Julai 2010

Perubahan kepada FRS 5: Aset Bukan Semasa Dipegang untuk Jualan dan Operasi Terhenti 1 Julai 2010

Perubahan kepada FRS 127: Penyata Kewangan Gabungan dan Berasingan 1 Julai 2010

Perubahan kepada FRS 138: Aset Tak Ketara 1 Julai 2010

Perubahan kepada Tafsiran IC 9: Penilaian Semula Derivatif Tertanam 1 Julai 2010

Tafsiran IC 12: Pengaturan Konsesi Perkhidmatan 1 Julai 2010

Tafsiran IC 16: Lindung Nilai Pelaburan Bersih dalam Operasi Asing 1 Julai 2010

Tafsiran IC 17: Pengagihan Aset Bukan Tunai kepada Pemilik 1 Julai 2010

Perubahan kepada FRS 132: Klasifikasi Penerbitan Hak 1 Mac 2010

Tafsiran IC 18: Pindahan Aset daripada Pelanggan 1 Januari 2011

Perubahan kepada FRS 7: Memperbaiki Pendedahan mengenai Instrumen Kewangan 1 Januari 2011

Perubahan kepada FRS 1: Pengecualian Terhad untuk Pengambilguna Kali Pertama 1 Januari 2011

Perubahan kepada FRS 1: Pengecualian Tambahan untuk Pengambilguna Kali Pertama 1 Januari 2011

Tafsiran IC 4: Menentukan Sama Ada Pengaturan mengandungi Pajakan 1 Januari 2011

Pembaikan kepada FRS yang dikeluarkan dalam tahun 2010 1 Januari 2011

Pengambilgunaan piawaian-piawaian dan tafsiran-tafsiran di atas tidak mempunyai sebarang kesan yang besar ke atas prestasi dan kedudukan kewangan Dana-dana kecuali untuk syarat-syarat pendedahan tambahan di bawah Perubahan kepada FRS 7.

Perubahan kepada FRS 7: Memperbaiki Pendedahan mengenai Instrumen Kewangan

Piawaian yang diubah memerlukan pendedahan lebih baik mengenai ukuran nilai saksama dan risiko

kecairan. Ukuran-ukuran nilai saksama berkaitan dengan butiran-butiran yang direkodkan pada nilai saksama didedahkan oleh sumber input menggunakan tatatingkat nilai saksama tiga tahap (Tahap 1, Tahap 2 dan Tahap 3), mengikut kelas, untuk semua instrumen-instrumen kewangan yang diiktiraf pada nilai saksama. Satu penyesuaian di antara baki awal dan akhir untuk ukuran-ukuran nilai saksama Tahap 3 diperlukan. Sebarang pindahan besar di antara tahap-tahap tatatingkat nilai saksama dan sebab-sebab untuk pindahan-pindahan itu hendaklah didedahkan. Perubahan-perubahan juga menerangkan syarat-syarat untuk pendedahan-pendedahan risiko kecairan berkenaan dengan transaksi-transaksi derivatif dan


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aset-aset yang digunakan untuk pengurusan kecairan. Pendedahan-pendedahan ukuran nilai saksama dibentangkan di dalam Nota 11. Pendedahan-pendedahan risiko kecairan tidak dipengaruhi secara besar oleh perubahan-perubahan dan dibentangkan di dalam Nota 12.

2.4 Peralihan kepada Rangka Kerja Piawaian Laporan Kewangan Malaysia Pada 19 November 2011, Lembaga Piawaian Perakaunan Malaysia (MASB) mengeluarkan rangka kerja

perakaunan baru yang telah diluluskan oleh MASB, Rangka Kerja Piawaian Laporan Kewangan Malaysia (“Rangka Kerja MFRS”).

Dana-dana perlu menyediakan penyata-penyata kewangan menggunakan Rangka Kerja MFRS tersebut

di dalam penyata-penyata kewangan MFRS-nya untuk tahun berakhir 31 Disember 2012.

Para Pengarah Pengurus berpendapat bahawa prestasi kewangan dan kedudukan kewangan seperti yang didedahkan di dalam penyata-penyata kewangan ini untuk tempoh berakhir 31 Mac 2011 akan berbeza secara besar sekiranya disediakan di bawah Rangka Kerja MFRS tersebut.


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NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)

3. PELABURAN

(i) Dana AmAssurance Equity

Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen

FVPTL: Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan institusi kewangan berlesen Jumlah pelaburan

5,012,700 -

6,449,875 11,462,575

4,770,038 242,662

5,012,700

- - -

5,012,700

6,449,875 11,462,575

10,212,233 1,000,500 3,409,000

14,621,733

10,340,620 (128,387)

10,212,233

973,868 26,632

1,000,500 11,212,733

3,409,000

14,621,733

2012RM

2011RM

Komposisi, kos-kos dan nilai-nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:

FVPTL: Sekuriti ekuiti tersiar harga: Pembinaan GAMUDA Bhd Malaysian Resources Corporation Bhd Kewangan Malayan Banking Bhd Produk Perindustrian KKB Engineering Bhd Perladangan Kulim Bhd

Perdagangan & Perkhidmatan Alam Maritim Resources Bhd Axiata Group Bhd Berjaya Sports Toto Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Pharmaniaga Bhd SapuraCrest Petroleum Bhd Sime Darby Bhd

644,225 598,212

1,037,668

701,969

848,040

805,264 986,653 748,917 827,734 531,784 883,572 56,190

943,078 727,314 10,340,620

4.36%3.91%

7.60%

4.58%

5.73%

5.00%7.13%5.24%5.20%3.37%5.78%0.39%6.69%5.01%

69.98%

175,000 300,000

125,000

400,000

200,000

1,000,000 200,000 175,000 350,000 300,000 300,000 11,190

200,000 75,000

637,000 570,000

1,108,750

668,000

836,000

730,000 1,040,000

764,750 759,500

492,000 843,000

56,733 976,000 730,500

10,212,233

Jumlah

unit Nilai saksama

RMKosRM

Nilai saksamasebagai %

daripada NAB

2012

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FVPTL: Unit tersiar harga dan dana amanah hartanah:Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust

Jumlah pelaburan pada FVTPL

476,447 497,421 973,868

11,314,488

3.31%3.55%6.86%

76.83%

350,000 450,000

483,000 517,500

1,000,500 11,212,733

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:

Deposit dengan bank berlesen 2.65 2.73

2012%

Purata wajarankadar faedah

efektif setahun

2011%

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (i) Dana AmAssurance Equity (bersambung)

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(ii) Dana AmAssurance Bond

Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:

Bon korporat tidak tersiar hargaSekuriti kerajaan MalaysiaUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen

FVPTL:Bon korporat tidak tersiar harga: Kos Perolehan/(kerugian) tidak terealisasi bersih Nilai saksama

Sekuriti kerajaan Malaysia: Kos Kerugian tidak terealisasi bersih Nilai saksama

Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksamaJumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen

Jumlah pelaburan

1,007,449 4,995,500

917,519 4,445,617 11,366,085

1,009,450 (2,001)

1,007,449

5,008,750 (13,250)

4,995,500

833,641 83,878

917,519 6,920,468

4,445,617 11,366,085

9,265,363 -

1,100,970 1,352,233

11,718,566

9,066,520 198,843

9,265,363

- - -

980,625 120,345

1,100,970 10,366,333

1,352,233

11,718,566

2012RM

2011RM

FVPTL: Bon korporat tidak tersiar harga: ADCB Finance (Cayman) Limited harus dibayar pada 02/09/2015 Syarikat Prasarana Negara Berhad harus dibayar pada 04/08/2016 Gulf Investment Corporation G.S.C harus dibayar pada 01/03/2016 Special Power Vehicle Berhad harus dibayar pada 19/05/2016 Prominic Berhad harus dibayar pada 05/05/2016 Sarawak Energy Berhad harus dibayar pada 23/06/2026 Projek Lebuhraya Usahasama Berhad harus dibayar pada 10/01/2031 Tanjung Bin Energy Issuer Berhad harus dibayar pada 16/03/2027

1,020,300

2,500,000

500,000

1,004,250

1,006,200

1,010,090

1,008,500

1,017,180 9,066,520

8.81%

21.28%

4.32%

8.24%

8.63%

9.16%

8.77%

8.58%77.81%

1,000,000

2,500,000

500,000

625,000

1,000,000

1,000,000

1,000,000

1,000,000

1,049,500

2,534,500

514,250

981,313

1,027,900

1,091,200

1,044,500

1,022,200 9,265,363

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)

283



FVPTL: Unit tersiar harga dan dana amanah hartanah: AmBond AmDynamic Bond Jumlah pelaburan pada FVTPL

857,800 122,825 980,625

10,047,145

8.18%1.07%9.25%

87.05%

821,050 205,268

973,929 127,041

1,100,970 10,366,333

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012


Bon korporat tidak tersiar harga - terjaminBon korporat tidak tersiar harga - tidak terjaminSekuriti keraajaan MalaysiaDeposit dengan bank berlesen

0.40 0.44 2.81 2.70

1.77 3.28

- 2.75

2012%


efektif setahun

2011%

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (ii) Dana AmAssurance Bond (bersambung)

284



(iii) Dana AmAssurance Balanced


Sekuriti ekuiti tersiar hargaBon korporat tidak tersiar hargaUnit tersiar harga dan dana amanah hartanahUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen

FVPTL:Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama Bon korporat tidak tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama

Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen

Jumlah pelaburan

5,925,800 2,014,900

- 1,020,711 8,225,921 17,187,332

5,658,581 267,219

5,925,800

2,018,900 (4,000)

2,014,900

- - -

955,742 64,969

1,020,711 8,961,411

8,225,921

17,187,332

12,833,984 5,786,431 1,316,750

- 1,425,383

21,362,548

13,040,417 (206,433)

12,833,984

5,753,295 33,136

5,786,431

1,284,842 31,908

1,316,750

- - -

19,937,165

1,425,383

21,362,548

2012RM

2011RM


FVPTL: Sekuriti ekuiti tersiar harga: Pembinaan GAMUDA Bhd Malaysian Resources Corporation Bhd Kewangan Malayan Banking Bhd Produk Perindustrian KKB Engineering Bhd Perladangan Kulim Bhd

828,683850,281

1,464,632

867,196

1,165,857

3.81%3.75%

7.22%

3.88%

5.34%

225,000 425,000

175,000

500,000

275,000

819,000 807,500

1,552,250

835,000

1,149,500

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

285



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (iii) Dana AmAssurance Balanced (bersambung)

FVPTL: Sekuriti ekuiti tersiar harga (bersambung): Hartanah Alam Maritim Resources Bhd Axiata Group Bhd

Perdagangan & Perkhidmatan Dialog Group Bhd Faber Group Bhd MMC Corporation BHD Pharmaniaga BHD Sapuracrest Petroleum Bhd Sime Darby Bhd

Bon korporat tidak tersiar harga: ADCB Finance (Cayman) Limited harus dibayar pada 02/09/2015 Syarikat Prasarana Negara Berhad harus dibayar pada 04/08/2026 Gulf Investment Corporation G.S.C harus dibayar pada 01/03/2016 Special Power Vehicle Berhad harus dibayar pada 19/05/2016Tanjung Bin Energy Issuer Bhd harus dibayar pada 16/03/2026

Unit tersiar harga dan dana amanah hartanah: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Jumlah pelaburan pada FVTPL

1,008,959 1,228,640

1,190,108 526,047

1,316,126 56,191

1,568,012 969,685

13,040,417

1,020,300

500,000

1,000,000

1,707,225

1,525,770 5,753,295

649,304 635,538

1,284,842 20,078,554

4.24%6.04%

5.04%2.29%5.88%0.26%7.37%4.53%

59.66%

4.88%

2.36%

4.78%

7.76%

7.13%26.90%

3.05%3.07%6.12%

92.68%

1,250,000250,000

500,000300,000450,00011,190

325,000 100,000

1,000,000

500,000

1,000,000

1,062,500

1,500,000

475,000 575,000

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

912,5001,300,000

1,085,000 492,000

1,264,500 56,734

1,586,000 974,000

12,833,984

1,049,500

506,900

1,028,500

1,668,231

1,533,300 5,786,431

655,500 661,250

1,316,750 19,937,165


Bon korporat tidak tersiar harga - terjaminBon korporat tidak tersiar harga - tidak terjaminDeposit dengan bank berlesen

2.39 2.60 2.65

1.28 4.14 2.73

2012%


efektif setahun

2011%

286



(iv) Dana AmAssurance Dana Teguh

Sekuriti ekuiti tersiar hargaBon korporat tidak tersiar hargaUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen

FVTPL:Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama Bon korporat tidak tersiar harga: Kos Perolehan tidak terealisasi bersih Nilai saksama Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan

2,255,950 -

468,053 4,207,847 6,931,850

2,079,965 175,985

2,255,950

- - -

435,434 32,619

468,053 2,724,003

4,207,847

6,931,850

7,434,120 2,366,427

293,655 2,827,762

12,921,964

7,537,387 (103,267)

7,434,120

2,309,613 56,814

2,366,427

267,602 26,053

293,655 10,094,202

2,827,762

12,921,964

2012RM

2011RM



FVTPL: Sekuriti ekuiti tersiar harga: Pembinaan Gamuda Bhd Malaysian Resources Corporation Bhd WCT Bhd Produk Perindustrian KKB Engineering Bhd Perladangan Kulim Bhd Perdagangan & Perkhidmatan Alam Maritim Resources Bhd Axiata Group Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Petronas DaganganBhd Sapuracrest Petroleum Bhd Sime Darby Bhd

460,218 498,543 545,417

562,873

638,214

527,765 615,984 611,891 350,764 664,057 644,395 835,375 581,891

7,537,387

3.47%3.62%4.18%

4.13%

4.78%

3.61%4.95%4.13%2.50%4.82%5.48%6.50%4.45%

56.62%

125,000 250,000 225,000

325,000

150,000

650,000 125,000 250,000 200,000 225,000 38,000

175,000 60,000

455,000 475,000 549,000

542,750

627,000

474,500 650,000 542,500 328,000 632,250 719,720 854,000 584,400

7,434,120

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

287



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (iv) Dana AmAssurance Dana Teguh (bersambung)

FVTPL: Bon korporat tidak tersiar harga: Syarikat Prasarana Negara Berhad harus dibayar pada 04/08/2026 Special Power Vehicle Berhad harus dibayar pada 19/05/2016 Sarawak Energy Berhad

Unit tersiar harga dan dana amanah hartanah: AmBon Islam Jumlah pelaburan pada FVTPL

1,000,000

602,550 707,063

2,309,613

267,602 267,602

10,114,602

7.72%

4.48%5.82%

18.02%

2.24%2.24%

76.88%

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012


Bon korporat tidak tersiar harga - terjaminBon korporat tidak tersiar harga - tidak terjaminDeposit dengan bank berlesen

- -

2.60

1.91 3.23 2.80

2012%


efektif setahun

2011%

1,000,000

375,000 700,000

240,425

1,013,800

588,787 763,840

2,366,427

293,655 293,655

10,094,202

288



(v) Dana AmAssurance AmOasis Islamic Equity

Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen

FVTPL:Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama

Unit tidak tersiar harga dan dana amanah hartanah: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen

Jumlah pelaburan

995,300 1,403,995 1,905,363 4,304,658

865,888 129,412 995,300

1,749,866 (345,871)

1,403,995 2,399,295

1,905,363

4,304,658

2,004,200 1,158,578 1,186,000 4,348,778

2,055,660 (51,460)

2,004,200

1,490,584 (332,006)

1,158,578 3,162,778

1,186,000

4,348,778

2012RM

2011RM



FVTPL: Sekuriti ekuiti tersiar harga: Pembinaan Gamuda Bhd Malaysian Resources Corporation Bhd Perindustrian KKB Engineering Bhd IPC YTL Power International Bhd Perladangan Kulim Bhd

Perdagangan & Perkhidmatan Alam Maritim Resources Bhd Faber Group Bhd MMC Corporation Bhd Sapuracrest Petroleum Bhd Sime Darby Bhd

184,292 200,219

131,152

272,814

168,029

163,539 263,123 188,405 289,996 194,091

2,055,660

4.19%4.37%

2.88%

6.38%

3.85%

3.36%5.66%4.20%6.73%4.48%

46.10%

50,000 100,000

75,000

150,000

40,000

200,000 150,000 65,000 60,000 20,000

182,000 190,000

125,250

277,500

167,200

146,000 246,000 182,650 292,800 194,800

2,004,200

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

289



FVTPL: Unit tersiar harga dan dana amanah hartanah:Ekuiti Islamik Global AmOasis Jumlah pelaburan pada FVTPL

1,490,584 1,490,584 3,546,244

26.65%26.65%72.74%

1,403,997

1,158,578 1,158,578 3,162,778

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (v) Dana AmAssurance AmOasis Islamic Equity (bersambung)


Deposit dengan bank berlesen 2.602.80

2012%


efektif setahun

2011%

290



(vi) Dana AmAssurance Global Emerging Market

Unit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen

FVTPL:Unit tidak tersiar harga dan dana amanah hartanah: Kos Kerugian tidak terealisasi bersih Nilai saksamaJumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan

526,629 225,240 751,869

475,254 51,375

526,629 526,629

225,240

751,869

503,357 221,975 725,332

529,640 (26,283)

503,357 503,357

221,975

725,332

2012RM

2011RM



FVTPL: Unit tidak tersiar harga dan dana amanah hartanah: AmCash Management AmGlobal Emerging Market Opportunities Jumlah pelaburan pada FVTPL

83,306 446,334 529,640 529,640

11.54%58.21%69.76%69.76%

83,306 446,341

83,306 420,051 503,357 503,357

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012



2012%


efektif setahun

2011%

291



(vii) AmAssurance AmAsia Star CGF

Produk berstrukturDeposit dengan institusi kewangan berlesen

FVTPL:Produk berstruktur: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen

Jumlah pelaburan

102,244,800 680,482

102,925,282

96,390,000 5,854,800

102,244,800 102,244,800

680,482

102,925,282

- - -

- - - -

-

-

2012RM

2011RM



Deposit dengan bank berlesen 1.70-

2012%


efektif setahun

2011%

292



(viii) Dana AmAssurance Precious Metals

Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesen

FVTPL:Unit tidak tersiar harga dan dana amanah hartanah: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen Jumlah pelaburan

2,155,329 2,342,278 4,497,607

2,203,824 (48,495)

2,155,329 2,155,329

2,342,278

4,497,607

4,346,463 710,712

5,057,175

5,469,773 (1,123,310) 4,346,463 4,346,463

710,712

5,057,175

2012RM

2011RM


FVTPL: Unit tidak tersiar harga dan dana amanah hartanah: Am Precious Metals Jumlah pelaburan pada FVTPL

5,469,773 5,469,7735,469,773

84.22%84.22%84.22%

5,883,139

4,346,463 4,346,4634,346,463

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012




2012%


efektif setahun

2011%

293



(ix) Dana AmAssurance Global Agribusiness

Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesen

FVTPL: Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan

950,131 399,502

1,349,633

793,037 157,094 950,131 950,131

399,502

1,349,633

1,231,837 227,762

1,459,599

1,148,88282,955

1,231,837 1,231,837

227,762

1,459,599

2012RM

2011RM


FVTPL: Unit tidak tersiar harga dan dana amanah hartanah:Am Global Agribusiness Jumlah pelaburan pada FVTPL

1,148,882 1,148,882 1,148,882

84.43%84.43%84.43%

1,370,383 1,231,837 1,231,837 1,231,837

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012




2012%


efektif setahun

2011%

294



(x) AmAssurance AmAsia Recovery CGF


FVTPL: Produk berstruktur: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan

87,392,289 855,138

88,247,427

85,486,343 1,905,946

87,392,289 87,392,289

855,138

88,247,427

89,964,705 878,792

90,843,497

85,486,343 4,478,362

89,964,705 89,964,705

878,792

90,843,497

2012RM

2011RM


FVTPL: Produk berstruktur: Instrumen Deposit Boleh Niaga Kadar Terapung Harus dibayar pada 02/07/2012 Jumlah pelaburan pada FVTPL

85,486,343 85,486,343 85,486,343

106.62%106.62%106.62%

89,700,000 89,964,705 89,964,705 89,964,705

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012



Deposit dengan bank berlesenInstrumen deposit boleh niaga kadar terapung

2.70 4.93

2.75 4.93

2012%


efektif setahun

2011%

295



Produk berstruktur Unit tidak tersiar harga dan dana amanah hartanah

FVTPL: Produk berstruktur: Kos Kerugian tidak terealisasi bersih Nilai saksama Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL

4,525,534 75,745

4,601,279

4,715,094 (189,560)

4,525,534

75,745 -

75,745 4,601,279

4,576,856 78,013

4,654,869

4,715,094 (138,238)

4,576,856

78,013 -

78,013 4,654,869

(xi) AmAssurance AmCommodity Stable CGF



FVTPL: Produk berstruktur: Instrumen Deposit Boleh Niaga Kadar Terapung Harus dibayar pada 12/10/2015 Unit tidak tersiar harga dan dana amanah hartanah: AmCash Management Fund AmIncome Fund

4,715,094 4,715,094

25,856 52,157 78,013

4,793,107

100.98%100.98%

0.57%1.15%1.72%

102.70%

5,045,920

25,856 52,157

4,576,856 4,576,856

25,856 52,157 78,013

4,654,869

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012


Instrumen deposit boleh niaga kadar terapung 2.00 3.00

2012%


efektif setahun

2011%

2012RM

2011RM

296



(xii) AmAssurance AmCurrency Income CGF



FVTPL: Produk berstruktur: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan

43,205,210 454,975

43,660,185

44,174,019 (968,809)

43,205,210 43,205,210

454,975 43,660,185

43,956,265 255,164

44,211,429

44,174,019 (217,754) 43,956,265

43,956,265

255,164

44,211,429



44,174,019 44,174,019 44,174,019

104.50%104.50%104.50%

46,193,169 43,956,265 43,956,265 43,956,265

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012



2.70 4.57

2.98 4.57

2012%


efektif setahun

2011%

2012RM

2011RM

297




(xiii) AmAssurance AmCurrency Income II CGF


FVTPL: Produk berstruktur: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan

17,890,776 320,000

18,210,776

18,054,054 (163,278)

17,890,776 17,890,776

320,000 18,210,776

17,626,756 252,150

17,878,906

18,054,055 (427,299)

17,626,756 17,626,756

252,150

17,878,906



18,054,055 18,054,055 18,054,055

102.25%102.25%102.25%

18,933,000 17,626,756 17,626,756 17,626,756

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012



2.78 4.85

2.98 4.85

2012%


efektif setahun

2011%

2012RM

2011RM

298



Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen FVPTL: Sekuriti ekuiti tersiar harga: Kos Perolehan tidak terealisasi bersih Nilai saksama Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan

3,026,254 904,750

1,532,440 5,463,444

2,901,003 125,251

3,026,254

885,706 19,044

904,750 3,931,004

1,532,440

5,463,444

2012RM


FVPTL: Sekuriti ekuiti tersiar harga: Kewangan Malayan Banking Bhd Malaysia Building Society Bhd Perindustrian KKB Engineering Bhd IPC YTL Power International Bhd Perladangan Boustead Holdings Bhd Perdagangan/Perkhidmatan Berjaya Sports Toto Bhd Faber Group Bhd Padiberas Nasional Bhd Petronas Dagangan Bhd Pharmaniaga Bhd

378,837 269,420

345,423

314,962

273,722

324,848 263,123 390,274 329,464 10,930

2,901,003

7.33%6.01%

6.14%

5.95%

5.49%

6.02%4.52%6.98%6.96%0.20%

55.59%

45,000 150,000

200,000

175,000

55,000

75,000 150,000 125,000 20,000

2,200

399,150 327,000

334,000

323,750

298,650

327,750 246,000 380,000 378,800

11,154 3,026,254

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012

(xiv) Dana AmAssurance Dividend


299



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (xiv) Dana AmAssurance Dividend (bersambung)

FVPTL: Unit tersiar harga dan dana amanah hartanah: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Sunway Real Estate Invt Trust

Jumlah pelaburan pada FVTPL

276,458 306,501 302,747 885,706

3,786,709

5.07%5.81%5.74%

16.62%72.21%

200,000 275,000 250,000

276,000 316,250 312,500 904,750

3,931,004

Jumlah

unit Nilai saksama

RMKosRM


daripada NAB

2012


Deposit dengan bank berlesen 2.73

2012%


efektif setahun

300




4. CUKAI TERTANGGUH

(Aset)/liabiliti cukai tertangguh adalah berkaitan dengan (kerugian)/perolehan modal tidak terealisasi di atas pelaburan-pelaburan Dana masing-masing.


Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun

59,193

(39,778) 19,415

19,415

(27,553) (8,138)

2012RM

2011RM


15,307

(9,783) 5,524

5,524

25,009 30,533

2012RM

2011RM


60,320

(34,036) 26,284

26,284

(29,423) (3,139)

2012RM

2011RM


33,945

(17,257) 16,688

16,688

(15,484) 1,204

2012RM

2011RM


(56,540)

39,223 (17,317)

(17,317)

(13,361) (30,678)

2012RM

2011RM





301



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)4. CUKAI TERTANGGUH (bersambung)


4,191

(81) 4,110

4,110

(6,213) (2,103)

2012RM

2011RM


203,559

264,825 468,384

468,384

(468,384) -

2012RM

2011RM


(5,589)

1,710 (3,879)

(3,879)

(85,985) (89,864)

2012RM

2011RM


6,576

5,992 12,568

12,568

(5,931) 6,637

2012RM

2011RM


(29,859)

182,335 152,476

152,476

205,793 358,269

2012RM

2011RM






302



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)4. CUKAI TERTANGGUH (bersambung)

Pada awal tahun/tarikh pelancaran danaDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun/tempoh

-

(15,165) (15,165)

(15,165)

4,106 (11,059)

2012RM

2011RM


-

(77,505) (77,505)

(77,505)

60,084 (17,421)

2012RM

2011RM


-

(13,062) (13,062)

(13,062)

(21,122) (34,184)

2012RM

2011RM

Pada tarikh pelancaran danaDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tempoh

-

11,543 11,543

2012RM





303




5. AKAUN PEMEGANG UNIT




Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun

Akaun pemegang unit dibawa ke hadapan(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun

Nilai aset bersih seunit pada 31 Mac


Akaun pemegang unit dibawa ke hadapanLebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun





11,974,079

(8,296,137) 3,677,942

11,475,270

(559,495)14,593,717

0.7832

10,351,906

(10,460,923) (109,017)

11,362,975

653,983 11,907,941

0.7312

14,106,619

(9,653,589) 4,453,030

17,541,011

(482,771) 21,511,270

0.8193

11,771,264

(6,164,202) 5,607,062

4,611,267

1,256,941 11,475,270

0.8093

8,424,315

(3,209,156) 5,215,159

5,890,599

257,217 11,362,975

0.6903

12,357,949

(1,705,274)10,652,675

5,808,689

1,079,647 17,541,011

0.8382

15,853,631

(11,399,456)4,454,175

14,179,271

- 18,633,446

14,657,826

(14,833,788) (175,962)

16,461,544

- 16,285,582

19,186,782

(13,857,906) 5,328,876

20,927,960

- 26,256,835

14,613,800

(7,309,058) 7,304,742

6,874,529

- 14,179,271

12,427,370

(4,837,820) 7,589,550

8,871,994

- 16,461,544

14,967,223

(1,942,756) 13,024,467

7,903,493

- 20,927,960

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

RM

RM

RM

RM

RM

RM

2012

2012

2012

2011

2011

2011

304















11,268,525

(5,197,302) 6,071,223

7,049,872

8,229 13,129,324

0.7875

3,021,175

(2,814,418) 206,757

4,305,627

(164,529) 4,347,855

0.4424

168,625

(103,798) 64,827

722,767

(66,014) 721,580

0.4940

4,809,957

(1,138,283) 3,671,674

2,786,451

591,747 7,049,872

0.7928

1,973,070

(1,345,679) 627,391

3,335,014

343,222 4,305,627

0.4580

151,020

(53,992) 97,028

622,580

3,159 722,767

0.5422

14,834,806

(7,053,865)7,780,941

8,891,870

- 16,672,811

7,042,611

(6,615,434) 427,178

9,400,744

- 9,827,922

339,337

(211,672) 127,665

1,333,091

- 1,460,756

5,267,721

(427,060) 4,840,661

4,051,209

- 8,891,870

4,240,856

(2,919,335) 1,321,521

8,079,223

- 9,400,744

278,749

(101,099) 177,650

1,155,441

- 1,333,091

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

RM

RM

RM

RM

RM

RM

2012

2012

2012

2011

2011

2011

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)5. AKAUN PEMEGANG UNIT (bersambung)

305














-

(96,706,468) (96,706,468)

96,260,953

445,515 -

-

4,575,155

(2,933,253) 1,641,902

4,540,004

(1,021,364) 5,160,542

0.4293

737,273

(513,034) 224,239

1,308,660

(73,929) 1,458,970

0.5594

-

(2,178,843)(2,178,843)

96,396,014

2,043,782 96,260,953

0.5145

3,225,127

(784,851) 2,440,276

1,933,742

165,986 4,540,004

0.5309

740,470

(184,339) 556,131

689,488

63,041 1,308,660

0.5907

-

(187,089,354)(187,089,354)

187,089,354

- -

9,632,794

(6,164,368) 3,468,426

8,551,816

- 12,020,242

1,363,450

(970,739) 392,711

2,215,601

- 2,608,312

-

(4,273,555) (4,273,555)

191,362,909

- 187,089,354

4,945,963

(317,231) 4,628,732

3,923,084

- 8,551,816

1,276,510

(279,663) 996,847

1,218,754

- 2,215,601

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

Jumlah unit

RM

RM

RM

RM

RM

RM

2012

2012

2012

2011

2011

2011



306






-

(1,499,832) (1,499,832)

84,339,039

1,540,053 84,379,260

0.5112

8,762

(1,477,193)(1,468,431)

84,542,903

1,264,567 84,339,039

0.5019

-

(2,970,816) (2,970,816)

168,041,905

- 165,071,089

-

(2,954,378) (2,954,378)

170,996,283

- 168,041,905

Jumlah unit Jumlah unitRM RM

2012 2011

Amaun diterima untuk penciptaan semasa tahun/tempohAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun/tempoh

Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaran(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahunPembayaran kupon


-

(45,651) (45,651)

4,567,569

110,924 (100,198)

4,532,644

0.4810

4,794,586

(33,803) 4,760,783

-

(193,214)-

4,567,569

0.4798

-

(95,276) (95,276)

9,518,847

- -

9,423,571

9,587,247

(68,400) 9,518,847

-

- -

9,518,847


01.04.2011 hingga 31.03.2012 11.10.2010 hingga 31.03.2011






Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaranLebihan/(Defisit) pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan/(kerugian) komprehensif bagi tahun


-

(1,083,495)(1,083,495)

42,581,327

565,549 42,063,381

0.4948

43,716,690

(106,268) 43,610,422

-

(1,029,095)42,581,327

0.4883

-

(2,198,616) (2,198,616)

87,206,942

- 85,008,326

87,419,462

(212,520) 87,206,942

-

- 87,206,942


01.04.2011 hingga 31.03.2012 16.08.2010 hingga 31.03.2011

307







Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaranDefisit pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah kerugian komprehensif bagi tahun


-

(643,728) (643,728)

18,213,206

(331,136) 17,238,342

0.4887

18,374,025

- 18,374,025

-

(160,819) 18,213,206

0.4979

-

(1,304,100) (1,304,100)

36,577,657

- 35,273,557

36,577,657

- 36,577,657

-

- 36,577,657


01.04.2011 hingga 31.03.2012 21.03.2011 hingga 31.03.2011

Amaun diterima untuk penciptaan semasa tempohAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tempoh

Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaranLebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun


5,283,559

(29,970) 5,253,589

-

190,315 5,443,904

0.5188

10,570,844

(78,374) 10,492,470

-

- 10,492,470

Jumlah unit RM

27.10.2011 hingga 31.03.2012

308



6. PENDAPATAN FAEDAH


35,718 - -

35,718

78,042 8,538

425,520 512,100

63,766 16,369 4,109

84,244

120,078 - -

120,078

2012RM

2012RM

2011RM

2011RM


Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen Sekuriti kerajaan Malaysia Bon korporat

46,381 8,219

54,600

85,910 127,965 213,875

33,775 -

33,775

100,931 343,156 444,087

2012RM

2012RM

2011RM

2011RM


Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen Bon korporat

12,234 52,683

2012RM

2011RM


Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen

15,555 5,878

2012RM

2011RM


745

6,278

2012RM

2011RM



5,693

6,112

2012RM

2011RM


24,649

27,890

2012RM

2011RM



309



30,028

27.10.2011 hingga 31.03.2012

RM

Dana AmAssuranceDividend


- 100,918

01.04.2011 hingga 31.03.2012

RM

11.10.2010 hingga 31.03.2011

RM


19,515 24,355

2012RM

2011RM



171 9,278

01.04.2011 hingga 31.03.2012

RM

21.03.2011 hingga 31.03.2011

RM


7,080

104,225

01.04.2011 hingga 31.03.2012

RM

16.08.2010 hingga 31.03.2011

RM



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)6. PENDAPATAN FAEDAH (bersambung)

310



7. PENDAPATAN DIVIDEN


133,124

- 133,124

31,983

- 31,983

73,605

- 73,605

275,331

11,630 286,961

2012RM

2012RM

2011RM

2011RM


Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia Unit tersiar harga dan dana amanah hartanah di Malaysia

167,618

- 167,618

118,516

118,516

56,230

- 56,230

306,852

67,979374,831

2012RM

2012RM

2011RM

2011RM



27.10.2011 hingga 31.03.2012

RM



42,177

9,585 51,762

2012RM

2011RM


2012RM

2011RM



28,369

- 28,369

1,281

- 1,281

-

- -

28,972

- 28,972

01.04.2011 hingga 31.03.2012

RM

11.10.2010 hingga 31.03.2011

RM


2012RM

2011RM



-

146,566 146,566

2,037

- 2,037

-

- -

-

- -

311



8. CUKAI


-

39,223

39,223

1,534

(13,361)

(11,827)

Cukai pendapatan Malaysia: Peruntukan tahun semasa

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)

Perbelanjaan cukai bagi tahun

2012RM

2011RM


2012RM

2012RM

2011RM

2011RM


143,057

(39,778)

103,279

36,938

25,009

61,947

27,014

(9,783)

17,231

(17,672)

(27,553)

(45,225)




2012RM

2012RM

2011RM

2011RM


120,811

(34,036)

86,775

21,037

(15,484)

5,553

65,842

(17,257)

48,585

(1,997)

(29,423)

(31,420)




1,089

(81)

1,008

441

(468,384)

(467,943)

1,244

264,825

266,069

1,366

(6,213)

(4,847)




2012RM

2011RM


2012RM

2011RM


312



1,561

182,335

183,896

8,073

4,106

12,179

-

(15,165)

(15,165)

1,948

205,793

207,741




01.04.2011 to 31.03.2012

RM

11.10.2010 to 31.03.2011

RM


2012RM

2011RM


566

(77,505)

(76,939)

743

(21,122)

(20,379)

14

(13,062)

(13,048)

8,338

60,084

68,422




01.04.2011 to 31.03.2012

RM

21.03.2011 to 31.03.2011

RM


01.04.2011 to 31.03.2012

RM

16.08.2010 to 31.03.2011

RM


NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)8. CUKAI (bersambung)

1,972

1,710

3,682

489

(5,931)

(5,442)

455

5,992

6,447

(817)

(85,985)

(86,802)




2012RM

2011RM


2012RM

2011RM


313







27.10.2011 hingga 31.03.2012

RM


5,449

11,543

16,992

Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan diperolehi di atas pelupusan pelaburan-pelaburan semasa tahun/tempoh, pada kadar cukai utama sebanyak 8% (2011: 8%) menurut kaedah yang ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.

Satu penyesuaian perbelanjaan cukai pendapatan yang digunapakai kepada lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai pada kadar cukai yang digunapakai kepada dana-dana berkaitan pelaburan, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:

2012RM

2012RM

2011RM

2011RM


1,360,220

108,818 (7,473)

1,934 103,279

715,930

57,275 (4,765)

9,437 61,947

274,448

21,956 (6,429)

1,704 17,231

(604,720)

(48,378) (14,039)

17,192 (45,225)


Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai

2012RM

2012RM

2011RM

2011RM


1,166,422

93,314 (42,332)

35,793 86,775

13,782

1,104 (6,288)

10,737 5,553

640,332

51,227 (20,644)

18,003 48,585

(514,191)

(41,135) (12,117)

21,832 (31,420)



314




382,445

30,596 (3,248)

11,875 39,223

(176,356)

(14,108) (1,728)

4,009 (11,827)



2012RM

2011RM


4,167

333 -

675 1,008

(22,428)

(1,795) (475,538)

9,390 (467,943)

2,309,851

184,788 -

81,281 266,069

(70,861)

(5,668) (103)

924 (4,847)



2012RM

2011RM


2012RM

2011RM


169,668

13,573 (11,726)

1,835 3,682

(79,371)

(6,350)-

908 (5,442)

69,488

5,559 -

888 6,447

(1,108,166)

(88,653)-

1,851 (86,802)



2012RM

2011RM


2012RM

2011RM


315




1,448,463

115,877 -

68,019 183,896

123,103

9,848 (163)

2,494 12,179

(208,379)

(16,670) -

1,505 (15,165)

1,747,794

139,824 -

67,917 207,741



01.04.2011 hingga 31.03.2012

RM

11.10.2010 hingga 31.03.2011

RM


2012RM

2011RM


(1,106,034)

(88,483) -

11,544 (76,939)

(351,515)

(28,121)-

7,742 (20,379)

(173,867)

(13,909) -

861 (13,048)

633,971

50,717 -

17,705 68,422



01.04.2011 hingga 31.03.2012

RM

21.03.2011 hingga 31.03.2011

RM


01.04.2011 hingga 31.03.2012

RM

16.08.2010 hingga 31.03.2011

RM


Lebihan pendapatan daripada perbelanjaan sebelum cukai


27.10.2011 hingga 31.03.2012

RM


207,307

16,585 (2,626)

3,03316,992

9. LIABILITI DAN KOMITMEN LUAR JANGKA

Pada 31 Mac 2012, Dana-dana tidak mempunyai sebarang liabiliti atau komitmen luar jangka yang besar yang tidak dimasukkan di dalam penyata-penyata kewangan.

316




10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING

(a) Pihak berkaitan

Pihak-pihak yang berkaitan dan hubungannya dengan Pengurus adalah seperti berikut:

Nama Hubungan

AmInvestment Bank Berhad Syarikat berkaitan lain

AmBank (M) Berhad Syarikat berkaitan lain

AmIslamic Bank (M) Berhad Syarikat berkaitan lain

AmSec Nominees (Tempatan) Sendirian Berhad Syarikat berkaitan lain

AmTrustee Berhad Syarikat berkaitan lain

Dalam urus niaga biasa, Pengurus menjalankan pelbagai transaksi dengan subsidiari-subsidiari dan syarikat-syarikat yang berkaitan dengan syarikat pemegang utamanya, AMMB Holdings Berhad dan lain-lain syarikat yang dianggap sebagai pihak berkaitan memandangkan pemegangan saham pengarah yang sama dan kepentingan sebuah pemegang saham korporat di dalam syarikat pemegang utamanya.

(b) Kakitangan pengurusan utama

Seiring dengan klasifikasi kumpulan, kakitangan pengurusan utama Pengurus adalah termasuk para pengarah dan Ketua Pegawai Eksekutif. Tiada transaksi besar telah dijalankan dengan kakitangan pengurusan utama semasa tahun ini.

(c) Baki pihak berkaitan

Pada akhir tahun/tempoh kewangan, baki-baki besar pihak yang berkaitan dengan Dana-dana dengan pihak-pihak yang berkaitan dengan Pengurus, adalah seperti berikut:

2012RM

2011RM


5,012,700

6,449,875 4,395

-

3,409,000 2,686

AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan

AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank

317



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (c) Baki pihak berkaitan (bersambung)

2012RM

2011RM


6,002,949

4,445,617 1,310

-

1,352,233 138

AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank

2012RM

2011RM


2012RM

2011RM


2,255,950

4,207,847 917

-

2,827,762 150


AmIslamic Bank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank

2012RM

2011RM


995,300

1,905,363 1,437

-

1,186,000 891

AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank

5,925,800

2,014,900

8,225,921 3,147

-

-

1,425,383 2,420


AmTrustee Berhad Pelaburan AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank

318



2012RM

2011RM


4,105 9,286 AmBank (M) Berhad Tunai dan baki di bank

2012RM

2011RM


680,482 2,043

- -


2012RM

2011RM


2,342,278 418

710,712 947

AmIslamic Bank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank

2012RM

2011RM


236 5,491 AmBank (M) Berhad Tunai dan baki di bank

2012RM

2011RM


855,138 536

878,792 528



319



2012RM

2011RM


4,020 4,239 AmBank (M) Berhad Tunai dan baki di bank

2012RM

2011RM


931 659 AmBank (M) Berhad Tunai dan baki di bank

2012RM

2011RM


471 181 AmBank (M) Berhad Tunai dan baki di bank


1,532,440 1,345


2012RM


320



(d) Baki pihak berkaitan

Semasa tahun kewangan, transaksi-transaksi pihak berkaitan Dana-dana dengan pihak-pihak berkaitan Pengurus, adalah seperti berikut:

2012RM

2012RM

2012RM

2012RM

2011RM

2011RM

2011RM

2011RM





35,718

2,655

63,766

2,711

46,380

3,259

33,775

1,611

120,078

6,297

78,042

4,976

100,931

8,863

85,910

4,323

AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah



AmIslamic Bank (M) Berhad Pendapatan pelaburan: Pendapatan faedah AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (bersambung)

321



12,234

10

420

52,683

-

629

AmIslamic Bank (M) Berhad Pendapatan pelaburan: Pendapatan faedah

Perbelanjaan pengurusan: Caj bank AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah

10-

AmBank (M) Berhad Perbelanjaan pengurusan: Caj bank

15,555

35

5,878

-

AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah Perbelanjaan pengurusan: Caj bank

13,607

10

27,890

10

AmIslamic Bank (M) Berhad Pendapatan pelaburan: Pendapatan faedah Perbelanjaan pengurusan: Caj bank

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (d) Baki pihak berkaitan (bersambung)

2012RM

2011RM


2012RM

2011RM


2012RM

2011RM


2012RM

2011RM


322



10-


10-


7,080

20

11,665

10

AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah

Perbelanjaan pengurusan: Caj bank

19,515

40

24,355

20



2012RM

2011RM


01.04.2011 hingga 31.03.2012

RM

11.10.2010 hingga 31.03.2011

RM


01.04.2011 hingga 31.03.2012

RM

16.08.2010 hingga 31.03.2011

RM


2012RM

2011RM



323



171

-

-

10



01.04.2011 hingga 31.03.2012

RM

21.03.2011 hingga 31.03.2011

RM



27.10.2011 hingga 31.03.2012

RM



AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah

30,028

12

888


324




11. NILAI SAKSAMA INSTRUMEN KEWANGAN

(a) Tatatingkat nilai saksama

Dana-dana menggunakan tatatingkat berikut untuk menentukan dan mendedahkan nilai saksama instrumen-instrumen kewangan melalui teknik penilaian: Tahap 1: Harga-harga tersiar harga (tidak diselaraskan) di dalam pasaran-pasaran aktif untuk aset-aset

atau liabiliti-liabiliti yang sama.

Tahap 2: Lain-lain teknik yang mana semua input yang mempengaruhi secara besar nilai saksama yang telah direkodkan boleh dilihat, sama ada secara langsung atau tidak langsung.

Tahap 3: Teknik yang menggunakan input-input yang mempengaruhi secara besar nilai saksama yang

telah direkodkan yang tidak berdasarkan kepada data pasaran yang boleh dilihat.

Jadual-jadual berikut menunjukkan analisa instrumen-instrumen kewangan yang telah direkodkan pada nilai saksama mengikut tahap tatatingkat nilai saksama:

FVTPL: 2012 Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanah

2011 Sekuriti ekuiti tersiar harga

FVTPL: 2012 Bon korporat tidak tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah

2011 Bon korporat tidak tersiar hargaSekuriti kerajaan MalaysiaUnit tidak tersiar harga dan dana amanah hartanah

- - -

- -

9,265,363 1,100,970 10,366,333

1,007,449 4,995,500

917,519 6,920,468

10,212,233 1,000,500 11,212,733

5,012,700 5,012,700

9,265,363 1,100,970 10,366,333

1,007,449 4,995,500

917,519 6,920,468

10,212,233 1,000,500

11,212,733

5,012,700 5,012,700

- - -

- - - -

- - -

- -

- - -

- - - -

Tahap 1RM’000

Tahap 1RM’000

Tahap 3 RM’000

Tahap 3 RM’000

Tahap 2RM’000

Tahap 2RM’000

Jumlah RM’000

Jumlah RM’000



325




NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)11. NILAI SAKSAMA INSTRUMEN KEWANGAN (a) Tatatingkat nilai saksama (bersambung)

Tahap 1RM’000

Tahap 1RM’000

Tahap 1RM’000

Tahap 3 RM’000

Tahap 3 RM’000

Tahap 3 RM’000

Tahap 2RM’000

Tahap 2RM’000

Tahap 2RM’000

Jumlah RM’000

Jumlah RM’000

Jumlah RM’000


FVTPL: 2012 Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah

2011Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah

FVTPL: 2012 Sekuriti ekuiti tersiar hargaBon korporat tidak tersiar hargaUnit tersiar harga dan dana amanah hartanah

2011Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah

FVTPL: 2012 Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah

2011Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah

- 5,786,431

- 5,786,431

- 2,014,900 1,020,711 3,035,611

- 2,366,427

293,655 2,660,082

- 468,053 468,053

- 1,158,578 1,158,578

- 1,403,995 1,403,995

12,833,984 5,786,431 1,316,750 19,937,165

5,925,800 2,014,900 1,020,711 8,961,411

7,434,120 2,366,427

293,655 10,094,202

2,255,950 468,053

2,724,003

2,004,200 1,158,578 3,162,778

995,300 1,403,995 2,399,295

12,833,984

- 1,316,750

14,150,734

5,925,800 - -

5,925,800

7,434,120

- -

7,434,120

2,255,950 -

2,255,950

2,004,200

- 2,004,200

995,300 -

995,300

- - - -

- - - -

- - - -

- - -

- - -

- - -


326





Tahap 1RM’000

Tahap 1RM’000

Tahap 1RM’000

Level 1 RM’000

Tahap 3 RM’000

Tahap 3 RM’000

Tahap 3 RM’000

Level 3 RM’000

Tahap 2RM’000

Tahap 2RM’000

Tahap 2RM’000

Level 2 RM’000

Jumlah RM’000

Jumlah RM’000

Jumlah RM’000

Total RM’000

FVTPL: 2012 Unit tidak tersiar harga dan dana amanah hartanah

2011Unit tidak tersiar harga dan dana amanah hartanah

FVTPL: 2012 Produk berstruktur

2011Produk berstruktur





503,357 503,357

526,629 526,629

- -

102,244,800 102,244,800

- -

102,244,800 102,244,800

4,346,463 4,346,463

2,155,329 2,155,329

1,231,837 1,231,837

950,131 950,131

503,357 503,357

526,629 526,629

4,346,463 4,346,463

2,155,329 2,155,329

1,231,837 1,231,837

950,131 950,131

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -




327



Tahap 1RM’000

Tahap 3 RM’000

Tahap 2RM’000

Jumlah RM’000

FVTPL: 2012 Produk berstrukturUnit tidak tersiar harga dan dana amanah hartanah

2011Produk berstrukturUnit tidak tersiar harga dan dana amanah hartanah

4,576,856 78,013

4,654,869

4,525,534 75,745

4,601,279

4,576,856 78,013

4,654,869

4,525,534 75,745

4,601,279

- - -

- - -

- - -

- - -


Tahap 1RM’000

Tahap 1RM’000

Tahap 3 RM’000

Tahap 3 RM’000

Tahap 2RM’000

Tahap 2RM’000

Jumlah RM’000

Jumlah RM’000





89,964,705 89,964,705

87,392,289 87,392,289

43,956,265 43,956,265

43,205,210 43,205,210

89,964,705 89,964,705

87,392,289 87,392,289

43,956,265 43,956,265

43,205,210 43,205,210

- -

- -

- -

- -

- -

- -

- -

- -




328




Tahap 1RM’000

Tahap 1RM’000

Tahap 3 RM’000

Tahap 3 RM’000

Tahap 2RM’000

Tahap 2RM’000

Jumlah RM’000

Jumlah RM’000



FVTPL: 2012 Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanah

17,626,756 17,626,756

17,890,776 17,890,776

- --

3,026,254 904,750

3,931,004

- -

- -

3,026,254 904,750

3,931,004

- -

- -

- --


17,626,756 17,626,756

17,890,776 17,890,776


329




2012RM

2012RM

2011RM

2011RM


- -

6,449,875 161,525

4,395 6,615,795

9,265,363 -

1,352,233 301,125

138 10,918,859

1,007,449 4,995,500

4,445,617 110,799

1,310 10,560,675

- -

3,409,000 14,341 2,686

3,426,027

Pelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2012RM

2012RM

2011RM

2011RM


2,014,900

8,225,921 491,786

3,147 10,735,754

2,366,427

2,827,762 279,038

150 5,473,377

-

4,207,847 227,778

917 4,436,542

5,786,431

1,425,383 192,275

2,420 7,406,509

Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

12. RISIKO KEWANGAN

(1) Risiko kredit

Risiko kredit adalah risiko yang mana pihak bertentangan dengan instrumen kewangan akan menyebabkan kerugian kewangan kepada Dana-dana dengan kegagalan menjalankan satu obligasi. Dana-dana terdedah kepada risiko kerugian-kerugian berkaitan kredit yang boleh berlaku akibat daripada satu pihak bertentangan atau penerbit gagal atau enggan memenuhi obligasi-obligasi berkontraknya untuk membuat pembayaran balik faedah, pokok dan hasil kutipan daripada realisasi pelaburan-pelaburan tepat pada masanya.

Pengurus menguruskan risiko kredit Dana-dana dengan menjalankan semakan kredit dan pengawasan terperinci terhadap sebarang perubahan kepada profil kredit penerbit/pihak bertentangan untuk meminimumkan risiko sedemikian. Adalah merupakan polisi Dana-dana untuk menyertai instrumen-instrumen kewangan dengan pihak-pihak bertentangan yang bereputasi baik. Pengurus juga mengawasi secara terperinci keupayaan kredit pihak-pihak bertentangan Dana-dana (contohnya broker-broker, penjaga, bank-bank dan lain-lain) dengan menyemak penarafan-penarafan kredit dan profil kredit mereka secara berkala.

Pendedahan kredit

Jadual di bawah menunjukkan pendedahan maksimum kepada risiko kredit untuk komponen-komponen

penyata kedudukan kewangan dan butiran-butiran seperti komitmen-komitmen masa hadapan. Pendedahan maksimum ditunjukkan kasar, sebelum kesan pengurangan melalui penggunaan jaringan utama atau perjanjian-perjanjian bercagar dan penggunaan derivatif-derivatif kredit.

330



2,342,278

93,587 418

2,436,283

227,762 16,623 5,491

249,876

399,502 4,396

236 404,134

710,712 43,810

947 755,469

Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2012RM

2011RM


2012RM

2011RM


225,240

586 4,105

229,931

- - - -

102,244,800

680,482 25,332 2,043

102,952,657

221,975 528

9,286 231,789

Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2012RM

2011RM


2012RM

2011RM


-

1,905,363 92,320 1,437

1,999,120

-

1,186,000 17,946

891 1,204,837

Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2012RM

2011RM


87,392,289

855,138 444 536

88,248,407

4,576,856

- 228

4,239 4,581,323

4,525,534

- 227

4,020 4,529,781

89,964,705

878,792

144 528

90,844,169


2011RM

2011RM


2012RM

2011RM


NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit (bersambung)

331



Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2012RM


1,532,440 7,013

1,345 1,540,798

43,205,210

454,975 1,778

931 43,662,894

17,626,756

252,150 105 181

17,879,192

17,890,776

320,000 171 471

18,211,418

43,956,265

255,164 1,581

659 44,213,669


2012RM

2012RM


2012RM

2012RM


- - - -

- - - -

3,409,000 510

2,686 3,412,196

6,449,875 937

4,395 6,455,207

- - - -

- - - -

- - - -

- - - -

- 13,831

- 13,831

- 160,588

- 160,588

- - - -

- - - -

3,409,000 14,341 2,686

3,426,027

6,449,875 161,525

4,395 6,615,795

Tidak rosak mahupun tertunggak

Pendedahan kredit mengikut penarafan kredit

Jadual di bawah menyediakan maklumat berkenaan pendedahan-pendedahan risiko kredit Dana-dana dengan mengklasifikasikan aset-aset menurut penarafan-penarafan kredit Dana-dana pihak-pihak bertentangan.


AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

2012 Pelaburan: Deposit dengan institusi kewangan berlesen lain-lain belum terima Tunai dan baki di bank

2011Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit (bersambung)

332





NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)


AAA RM

AAA RM

AARM

AA RM

A RM

A RM

Jaminan Kerajaan

(GG)RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

Jumlah RM

2,608,250

- - -

2,608,250

1,007,449 -

- - -

1,007,449

2,078,000

- - -

2,078,000

2,014,900

- - -

2,014,900

3,141,300

1,352,233 204 138

4,493,875

- -

4,445,617 2,301 1,310

4,449,228

1,533,300

1,425,383 213

2,420 2,961,316

-

8,225,921 1,194 3,147

8,230,262

981,313

- - -

981,313

- -

- - - -

1,668,231

- - -

1,668,231

-

- - - -

2,534,500

- - -

2,534,500

-4,995,500

- - -

4,995,500

506,900

- - -

506,900

-

- - - -

-

- 300,921

- 300,921

- -

- 108,498

- 108,498

-

- 192,062

- 192,062

-

- 490,592

- 490,592

-

- - - -

- -

- - - -

-

- - - -

-

- - - -

9,265,363

1,352,233 301,125

138 10,918,859

1,007,449 4,995,500

4,445,617 110,799

1,310 10,560,675

5,786,431

1,425,383 192,275

2,420 7,406,509

2,014,900

8,225,921 491,786

3,147 10,735,754

2012 Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2011Pelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2012 Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank

2011Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank


333





AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

- - - -

- - - -

1,186,000 182 891

1,187,073

1,905,363 271

1,437 1,907,071

- - - -

- - - -

- - - -

- - - -

-

17,764 -

17,764

- 92,049

- 92,049

- - - -

- - - -

1,186,000

17,946 891

1,204,837

1,905,363 92,320 1,437

1,999,120





AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

-

- - - -

-

- - - -

763,840

2,827,762 434 150

3,592,186

-

4,207,847 600 917

4,209,364

588,788

- - -

588,788

-

- - - -

1,013,799

- - -

1,013,799

-

- - - -

-

- 278,604

- 278,604

-

- 227,178

- 227,178

-

- - - -

-

- - - -

2,366,427

2,827,762 279,038

150 5,473,377

-

4,207,847 227,778

917 4,436,542




334




AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

- - - --

102,244,800

680,482 352

2,043 102,927,677

- - - --

- - - --

-

- 24,980

- 24,980

- - - --

102,244,800

680,482 25,332 2,043

102,952,657

2011Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank


AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

221,975 36

- 222,011

225,240 120

- 225,360

- -

9,286 9,286

- -

4,105 4,105

- - - -

- - - -

- - - -

- - - -

- 492

- 492

- 466

- 466

- - - -

- - - -

221,975

528 9,286

231,789

225,240 586

4,105 229,931






335







AAA RM

AAA RM

AA RM

AA RM

A RM

A RM

Jaminan Kerajaan

(GG)RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

Jumlah RM

- - - -

- - - -

227,762 37

- 227,799

399,502 213

- 399,715

710,712 109 947

711,768

2,342,278 1,168

418 2,343,864

- -

5,491 5,491

- -

236 236

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- 43,701

- 43,701

- 92,419

- 92,419

- 16,586

- 16,586

- 4,183

- 4,183

- - - -

- - - -

- - - -

- - - -

710,712

43,810 947

755,469

2,342,278 93,587

418 2,436,283

227,762

16,623 5,491

249,876

399,502 4,396

236 404,134

2012 Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank





336





AAA RM

AAA RM

AA RM

AA RM

A RM

A RM

Jaminan Kerajaan

(GG)RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

Jumlah RM


- - - - -

-

- - - -

- - - -

- - - -

89,964,705

878,792 132 528

90,844,157

87,392,289

855,138 442 536

88,248,405

4,576,856 -

4,239 4,581,095

4,525,534 -

4,020 4,529,554

-

- - - -

- - - - -

- - - -

- - - -

-

- - - -

- - - - -

- - - -

- - - -

-

- 12

- 12

-

- 2 - 2

- 228

- 228

- 227

- 227

-

- - - -

- - - - -

- - - -

- - - -

89,964,705

878,792 144 528

90,844,169

87,392,289

855,138 444 536

88,248,407

4,576,856

228 4,239

4,581,323

4,525,534 227

4,020 4,529,781

2012 Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank


2012 Pelaburan: Deposit instrumen boleh niaga kadar terapung Lain-lain belum terima Tunai dan baki di bank

2011Pelaburan: Deposit instrumen boleh niaga kadar terapung Lain-lain belum terima Tunai dan baki di bank



337





AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

-

255,164 42

- 255,206

-

454,975 236

- 455,211

43,956,265

- -

659 43,956,924

43,205,210

- -

931 43,206,141

-

- - - -

-

- - - -

-

- - - -

-

- - - -

- -

1,539 -

1,539

-

- 1,542

- 1,542

-

- - - -

-

- - - -

43,956,265

255,164 1,581

659 44,213,669

43,205,210

454,975 1,778

931 43,662,894





AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

-

252,150 41

- 252,191

-

320,000 171

- 320,171

17,626,756

- -

181 17,626,937

17,890,776

- -

471 17,891,247

-

- - - -

-

- - - -

-

- - - -

-

- - - -

-

- 64

- 64

-

- - - -

-

- - - -

-

- - - -

17,626,756

252,150 105 181

17,879,192

17,890,776

320,000 171 471

18,211,418




338





AAA RM

AA RM

A RM

Jaminan Kerajaan

(GG)RM

Tidak ditarafkan

RM

Tertunggak tetapi

tidak rosakRM

Jumlah RM

- - - -

1,532,440 229

1,345 1,534,014

- - - -

- - - -

- 6,784

- 6,784

- - - -

1,532,440

7,013 1,345

1,540,798



339



Semasa* RM

Bukan semasaRM

Jumlah

RM


(2) Risiko kecairan

Risiko kecairan adalah risiko yang mana sebuah entiti, walaupun dapat membayar balik hutang, sama ada tidak mempunyai sumber-sumber kewangan yang mencukupi untuknya memenuhi obligasinya apabila tiba waktunya, atau boleh menjaminnya hanya pada kos yang berlebihan.

Jangkaan penggunaan atau penyelesaian aset

Jadual di bawah meringkaskan jangkaan penggunaan atau penyelesaian aset-aset:

- - - - - - -

- - - - - -

10,212,233 1,000,500 3,409,000

8,138 14,341 2,686

14,646,898

5,012,700 -

6,449,875 161,525

4,395 11,628,495

10,212,233 1,000,500 3,409,000

8,138 14,341 2,686

14,646,898

5,012,700 -

6,449,875 161,525

4,395 11,628,495

2012

ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset

* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (bersambung)

340



Semasa* RM

Semasa* RM

Bukan semasaRM

Bukan semasaRM

Jumlah

RM

Jumlah

RM



- - - - - - -

- - - - - - -

- - - - - - - -

- - - - - - - -

9,265,363 1,100,970 1,352,233

301,125 138

12,019,829

1,007,449 4,995,500

917,519 4,445,617

110,799 1,310

11,478,194

12,833,984 5,786,431 1,316,750 1,425,383

3,139 192,275

2,420 21,560,382

5,925,800 2,014,900

- 1,020,711 8,225,921

491,786 3,147

17,682,265

9,265,363 1,100,970 1,352,233 301,125

138 12,019,829

1,007,449 4,995,500

917,519 4,445,617

110,799 1,310

11,478,194

12,833,984 5,786,431 1,316,750 1,425,383

3,139 192,275

2,420 21,560,382

5,925,800 2,014,900

- 1,020,711 8,225,921

491,786 3,147

17,682,265

2012

ASET Pelaburan: Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)

2012

ASETPelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset

341



Semasa* RM

Semasa* RM

Bukan semasaRM

Bukan semasaRM

Jumlah

RM

Jumlah

RM



- - - - - - -

- - - - - -

- - - - - - -

- - - - - - - -

7,434,120 2,366,427

293,655 2,827,762

279,038 150

13,201,152

2,255,950 468,053

4,207,847 227,778

917 7,160,545

2,004,200 1,158,578 1,186,000

30,678 17,946

891 4,398,293

995,300 1,403,995 1,905,363

17,317 3,061

92,320 1,437

4,418,793

7,434,120 2,366,427

293,655 2,827,762

279,038 150

13,201,152

2,255,950 468,053

4,207,847 227,778

917 7,160,545

2,004,200 1,158,578 1,186,000

30,678 17,946

891 4,398,293

995,300 1,403,995 1,905,363

17,317 3,061

92,320 1,437

4,418,793

2012

ASETPelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset



2012

ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhCukai boleh pulihLain-lain belum terimaTunai dan baki di bankJumlah aset


342



Semasa* RM

Semasa* RM

Bukan semasaRM

Bukan semasaRM

Jumlah

RM

Jumlah

RM



- - - - - -

- - - - - -

- - - - -

503,357 221,975

2,103 528

9,286 737,249

526,629 225,240

67 586

4,105 756,627

102,244,800 680,482 25,332 2,043

102,952,657

503,357 221,975

2,103 528

9,286 737,249

526,629 225,240

67 586

4,105 756,627

102,244,800 680,482 25,332 2,043

102,952,657

2012

ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenCukai boleh pulihLain-lain belum terimaTunai dan baki di bankJumlah aset



2011

ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset


343



Semasa* RM

Semasa* RM

Bukan semasaRM

Bukan semasaRM

Jumlah

RM

Jumlah

RM



- - - - - -

- - - - - -

- - - - -

- - - - -

4,346,463 710,712 89,864 43,810

947 5,191,796

2,155,329 2,342,278

3,879 93,587

418 4,595,491

1,231,837 227,762 16,623 5,491

1,481,713

950,131 399,502

4,396 236

1,354,265

4,346,463 710,712 89,864 43,810

947 5,191,796

2,155,329 2,342,278

3,879 93,587

418 4,595,491

1,231,837 227,762 16,623 5,491

1,481,713

950,131 399,502

4,396 236

1,354,265

2012


2011




2012

ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset


344



Semasa* RM

Semasa* RM

Bukan semasaRM

Bukan semasaRM

Jumlah

RM

Jumlah

RM



-- - - -

- - - - -

89,964,705 878,792

144 528

90,844,169

87,392,289 855,138

444 536

88,248,407

89,964,705 878,792

144 528

90,844,169

87,392,289 855,138

444 536

88,248,407

2012


2011




- - - - - - -

- - - - - - -

4,576,856 78,013

- 11,059

228 4,239

4,670,395

4,525,534 75,745

- 15,165

227 4,020

4,620,691

4,576,856 78,013

- 11,059

228 4,239

4,670,395

4,525,534 75,745

- 15,165

227 4,020

4,620,691

2012

ASETPelaburan: Produk berstruktur Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset

2011

ASETPelaburan: Produk berstruktur Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset


345



Semasa* RM

Bukan semasaRM

Jumlah

RM




- - - - - -

- - - - - -

17,626,756 252,150 34,184

105 181

17,913,376

17,890,776 320,000 13,062

171 471

18,224,480

17,626,756 252,150 34,184

105 181

17,913,376

17,890,776 320,000 13,062

171 471

18,224,480

2012

ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset

2011


Semasa* RM

Bukan semasaRM

Jumlah

RM


- - - - - -

- - - - - -

43,956,265 255,164 17,421 1,581

659 44,231,090

43,205,210 454,975 77,505 1,778

931 43,740,399

43,956,265 255,164 17,421 1,581

659 44,231,090

43,205,210 454,975 77,505 1,778

931 43,740,399

2012


2011



346



Semasa* RM

Bukan semasaRM

Jumlah

RM


- - - - - -

3,026,254 904,750

1,532,440 7,013 1,345

5,471,802

3,026,254 904,750

1,532,440 7,013 1,345

5,471,802

2012

ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset



347



Profil kematangan

Jadual di bawah meringkaskan profil kematangan aset-aset kewangan dan liabiliti kewangan Dana-dana berdasarkan kepada obligasi-obligasi berkontrak tidak berdiskaun selebihnya:


Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

10,212,233

1,000,500

3,409,000 14,341 2,686

14,638,760

27,445 27,445

5,012,700

6,449,875 161,525

4,395 11,628,495

64,195 64,195

-

-

3,409,000 14,341 2,686

3,426,027

27,445 27,445

-

6,449,875 161,525

4,395 6,615,795

64,195 64,195

-

-

- - - -

- -

-

- - - -

- -

-

-

- - - -

- -

-

- - - -

- -

-

-

- - - -

- -

-

- - - -

- -

-

-

- - - -

- -

-

- - - -

- -

10,212,233

1,000,500

- - -

11,212,733

- -

5,012,700

- - -

5,012,700

- -

10,212,233

1,000,500

3,409,000 14,341 2,686

14,638,760

27,445 27,445

5,012,700

6,449,875 161,525

4,395 11,628,495

64,195 64,195

2012 Pelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan

Lain-lain belum bayar Jumlah liabiliti kewangan

2011

Pelaburan: Sekuriti ekuiti tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan (bersambung)

348



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)


Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

9,265,363

1,100,970

1,352,233 301,125

138 12,019,829

14,479 14,479

1,007,449

4,995,500

917,519

4,445,617 110,799

1,310 11,478,194

79,757 79,757

-

-

1,352,233 301,125

138 1,653,496

14,479 14,479

-

-

-

4,445,617 110,799

1,310 4,557,726

79,757 79,757

-

-

- - - -

- -

-

-

-

- - - -

- -

9,265,363

-

- - -

9,265,363

- -

1,007,449

4,995,500

-

- - -

6,002,949

- -

-

-

- - - -

- -

-

-

-

- - - -

- -

-

-

- - - -

- -

-

-

-

- - - -

- -

-

1,100,970

- - -

1,100,970

- -

-

-

917,519

- - -

917,519

- -

9,265,363

1,100,970

1,352,233 301,125

138 12,019,829

14,479 14,479

1,007,449

4,995,500

917,519

4,445,617 110,799

1,310 11,478,194

79,757 79,757

2012 Pelaburan: Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan

Lain-lain belum bayar Jumlah liabiliti kewangan 2011

Pelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesen Lain-lain belum terima

Tunai dan baki di bank Jumlah aset kewangan


349



Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

12,833,984 5,786,431

1,316,750

1,425,383 192,275

2,420 21,557,243

33,441 33,441

5,925,800 2,014,900

-

8,225,921 491,786

3,147 16,661,554

67,728 67,728

- -

-

1,425,383 192,275

2,420 1,620,078

33,441 33,441

- -

-

8,225,921 491,786

3,147 8,720,854

67,728 67,728

- -

-

- - - -

- -

- -

-

- - - -

- -

- 5,786,431

-

- - -

5,786,431

- -

- 2,014,900

-

- - -

2,014,900

- -

- -

-

- - - -

- -

- -

-

- - - -

- -

- -

-

- - - -

- -

- -

-

- - - -

- -

12,833,984 -

1,316,750

- - -

14,150,734

- -

5,925,800 -

-

- - -

5,925,800

- -

12,833,984 5,786,431

1,316,750

1,425,383 192,275

2,420 21,557,243

33,441 33,441

5,925,800 2,014,900

-

8,225,921 491,786

3,147 16,661,554

67,728 67,728

2012 Pelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


Pelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan




350




Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

7,434,120 2,366,427

293,655

2,827,762 279,038

150 13,201,152

22,618 22,618

2,255,950

468,053

4,207,847 227,778

917 7,160,545

58,787 58,787

- -

-

2,827,762 279,038

150 3,106,950

22,618 22,618

-

-

4,207,847 227,778

917 4,436,542

58,787 58,787

- -

-

- - - -

- -

-

-

- - - -

- -

- 2,366,427

-

- - -

2,366,427

- -

-

-

- - - -

- -

- -

-

- - - -

- -

-

-

- - - -

- -

- -

-

- - - -

- -

-

-

- - - -

- -

7,434,120 -

293,655

- - -

7,727,775

- -

2,255,950

468,053

- - -

2,724,003

- -

7,434,120 2,366,427

293,655

2,827,762 279,038

150 13,201,152

22,618 22,618

2,255,950

468,053

4,207,847 227,778

917 7,160,545

58,787 58,787

2012 Pelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


Pelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan



351



Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

2,004,200

1,158,578

1,186,000 17,946

891 4,367,615

50,376 50,376

995,300

1,403,995

1,905,363 92,320 1,437

4,398,415

109,731 109,731

-

-

1,186,000 17,946

891 1,204,837

50,376 50,376

-

-

1,905,363 92,320 1,437

1,999,120

109,731 109,731

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

2,004,200

1,158,578

- - -

3,162,778

- -

995,300

1,403,995

- - -

2,399,295

- -

2,004,200

1,158,578

1,186,000 17,946

891 4,367,615

50,376 50,376

995,300

1,403,995

1,905,363 92,320 1,437

4,398,415

109,731 109,731

2012 Pelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


Pelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan




352





Nilai Dibawa

RM

Nilai Dibawa

RM

Sehingga setahun

RM

Sehingga setahun

RM

1 - 3

tahun RM

1 - 3

tahun RM

3 - 5 tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

5 - 15 tahunRM

Melebihi15 tahun

RM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Tiada tarikh

matang RM

Jumlah RM

Jumlah RM

503,357

221,975

528 9,286

735,146

12,258 12,258

526,629

225,240 586

4,105 756,560

27,638 27,638

102,244,800

680,482 25,332

2,043 102,952,657

6,215,627 6,215,627

-

221,975 528

9,286 231,789

12,258 12,258

-

225,240 586

4,105 229,931

27,638 27,638

-

680,482 25,332

2,043 707,857

6,215,627 6,215,627

-

- - - -

- -

-

- - - -

- -

102,244,800

- - -

102,244,800

- -

-

- - - -

- -

-

- - - -

- -

- - - - -

- -

-

- - - -

- -

-

- - - -

- -

- - - - -

- -

-

- - - -

- -

-

- - - -

- -

- - - - -

- -

503,357

- - -

503,357

- -

526,629

- - -

526,629 - -

- - - - -

- -

503,357

221,975 528

9,286 735,146

12,258 12,258

526,629

225,240 586

4,105 756,560

27,638 27,638

102,244,800

680,482 25,332

2,043 102,952,657

6,215,627 6,215,627

2012 Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


2011 Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan Lain-lain belum bayar Jumlah liabiliti kewangan


353




Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

4,346,463

710,712 43,810

947 5,101,932

28,850 28,850

2,155,329

2,342,278 93,587

418 4,591,612

52,267 52,267

-

710,712 43,810

947 755,469

28,850 28,850

-

2,342,278 93,587

418 2,436,283

52,267 52,267

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

4,346,463

- - -

4,346,463

- -

2,155,329

- - -

2,155,329

- -

4,346,463

710,712 43,810

947 5,101,932

28,850 28,850

2,155,329

2,342,278 93,587

418 4,591,612

52,267 52,267



2011


Lain-lain belum bayarJumlah liabiliti kewangan

Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

1,231,837

227,762 16,623 5,491

1,481,713

14,253 14,253

950,131

399,502 4,396

236 1,354,265

31,673 31,673

-

227,762 16,623 5,491

249,876

14,253 14,253

-

399,502 4,396

236 404,134

31,673 31,673

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

1,231,837

- - -

1,231,837

- -

950,131

- - -

950,131

- -

1,231,837

227,762 16,623 5,491

1,481,713

14,253 14,253

950,131

399,502 4,396

236 1,354,265

31,673 31,673







354



Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

89,964,705

878,792 144 528

90,844,169

6,101,961 6,101,961

87,392,289

855,138

444 536

88,248,407

3,754,161 3,754,161

-

878,792 144 528

879,464

6,101,961 6,101,961

-

855,138 444 536

856,118

3,754,161 3,754,161

89,964,705

- - -

89,964,705

- -

87,392,289

- - -

87,392,289

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

89,964,705

878,792 144 528

90,844,169

6,101,961 6,101,961

87,392,289

855,138 444 536

88,248,407

3,754,161 3,754,161

2012 Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan



Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

4,576,856

78,013 228

4,239 4,659,336

129,678 129,678

4,525,534

75,745 227

4,020 4,605,526

53,122 53,122

-

- 228

4,239 4,467

129,678 129,678

-

- 227

4,020 4,247

53,122 53,122

4,576,856

- - -

4,576,856

- -

-

- - - -

- -

-

- - - -

- -

4,525,534

- - -

4,525,534

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

78,013 - -

78,013

- -

-

75,745 - -

75,745

- -

4,576,856

78,013 228

4,239 4,659,336

129,678 129,678

4,525,534

75,745 227

4,020 4,605,526

53,122 53,122

2012 Pelaburan: Produk berstruktur Unit tersiar harga dan dana amanah hartanahLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


Pelaburan: Produk berstruktur Unit tersiar harga dan dana amanah hartanahLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan




355




Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

43,956,265

255,164 1,581

659 44,213,669

2,158,805 2,158,805

43,205,210

454,975 1,778

931 43,662,894

1,158,506 1,158,506

-

255,164 1,581

659 257,404

2,158,805 2,158,805

-

454,975 1,778

931 457,684

1,158,506 1,158,506

43,956,265

- - -

43,956,265

- -

43,205,210

- - -

43,205,210

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

43,956,265

255,164 1,581

659 44,213,669

2,158,805 2,158,805

43,205,210

454,975 1,778

931 43,662,894

1,158,506 1,158,506






Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

17,626,756

252,150 105 181

17,879,192

674,278 674,278

17,890,776

320,000 171 471

18,211,418

11,260 11,260

-

252,150 105 181

252,436

674,278 674,278

-

320,000 171 471

320,642

11,260 11,260

17,626,756

- - -

17,626,756

- -

17,890,776

- - -

17,890,776

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

-

- - - -

- -

17,626,756

252,150 105 181

17,879,192

674,278 674,278

17,890,776

320,000 171 471

18,211,418

11,260 11,260






356




Nilai Dibawa

RM

Sehingga setahun

RM

1 - 3

tahun RM

3 - 5 tahun RM

5 - 15 tahunRM

Melebihi15 tahun

RM

Tiada tarikh

matang RM

Jumlah RM

3,026,254

904,750

1,532,440 7,013 1,345

5,471,802

15,326 15,326

-

-

1,532,440 7,013 1,345

1,540,798

15,326 15,326

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

-

-

- - - -

- -

3,026,254

904,750

- - -

3,931,004

- -

3,026,254

904,750

1,532,440 7,013 1,345

5,471,802

15,326 15,326

2012 Pelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan


(3) Risiko pasaran

Risiko pasaran adalah risiko yang mana nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan akan naik turun kerana perubahan-perubahan dalam nilai, atau pendapatan daripada, aset atau dalam kadar-kadar faedah atau pertukaran. Risiko pasaran adalah termasuk empat elemen berikut:

Risiko harga – risiko naik turun nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam harga-harga ekuiti atau pendapatan

Risiko pertukaran asing – risiko naik turun dalam nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam kadar-kadar faedah

Risiko kadar faedah – risiko naik turun dalam nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam kadar-kadar faedah

Risiko hartanah – risiko naik turun dalam nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam nilai hartanah atau pendapatan.

(a) Risiko pertukaran asing (bersambung)

Pada 31 Mac 2012, Dana-dana tidak terdedah kepada risiko pertukaran asing melalui operasi pelaburannya dan pendapatan yuran yang didapati daripada instrumen-instrumen kerana semua transaksi didenominasi dalam matawang tempatan (Ringgit Malaysia).

(b) Risiko kadar faedah

Dana-dana terdedah kepada risiko kadar faedah nilai saksama yang mana perubahan kepada kadar-kadar faedah menyebabkan perubahan-perubahan kepada nilai-nilai saksama yang timbul daripada naik turun kadar-kadar faedah daripada aliran-aliran tunai, sebagai contoh bon-bon korporat faedah tetap dan deposit instrumen boleh niaga kadar terapung. Sebaliknya, aset-aset kewangan kadar terapung mendedahkan Dana-dana kepada risiko kadar faedah aliran tunai.

Penanda aras prestasi berkaitan bon di dalam mandat-mandat dana ditetapkan agar profil-profil aset bersesuaian dengan profil-profil liabiliti sedekat mungkin. Ini mengurangkan risiko kadar faedah.

Keputusan-keputusan pelaburan harian berkaitan dengan pengurusan risiko kadar faedah dan impaknya ke atas nilai pelaburan-pelaburan Dana-dana sebahagian besarnya dijalankan bagi pihak Dana-dana oleh AmInvestment Bank Berhad, di dalam lingkungan yang ditetapkan oleh mandat dana. Dalam membuat keputusan ke atas pelaburan-pelaburan pendapatan tetap, AmInvestment


357



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (b) Risiko kadar faedah (bersambung)

akan menilai sejauh mana risiko kadar faedah yang dibenarkan oleh dana seperti yang ditetapkan di dalam objektif-objektif dana berkaitan dengan penanda aras prestasi yang telah ditetapkan. Kaedah yang diikuti oleh Dana-dana untuk menguruskan risiko kadar faedah di dalam setiap dana spesifik merupakan sebahagian penting kaedah pengurusan aset yang diambilguna. Polisi pelaburan mengambil kira antara lain Nilai Mata-Asas (“BPV”) untuk mengukur kerugian maksimum portfolio pendapatan tetap pergerakan selari 0.01 di dalam lengkungan hasil.

Jadual berikut menunjukkan sensitiviti kepada perubahan sewajarnya di dalam kadar-kadar faedah ke atas nilai saksama atau aliran-aliran tunai masa hadapan sekuriti-sekuriti hutang dan Instrumen Deposit Boleh Niaga:


(319,850) 359,050

(195,251) 203,678

+100 bps-100 bps

+100 bps-100 bps

(319,850) 359,050

(195,251) 203,678

2012 Kadar faedahKadar faedah


Perubahandalam

mata asas

Kesan ke atas pendapatan atau kerugian bersih

bagi tahun (negatif)/positif

RM

Impak keatas NAB (negatif)/ positif

RM


(100,100) 110,200

(80,651) 84,635

+100 bps-100 bps

+100 bps-100 bps

(100,100) 110,200

(80,651) 84,635



Perubahandalam

mata asas



RM


RM


(190,555) 215,058

- -

+100 bps-100 bps

+100 bps-100 bps

(190,555) 215,058

- -



Perubahandalam

mata asas



RM


RM

358




- -

1,022,448 (1,022,448)

+100 bps-100 bps

+100 bps-100 bps

- -

1,022,448 (1,022,448)



Perubahandalam

mata asas



RM


RM


899,647 (899,647)

873,923 (873,923)

+100 bps-100 bps

+100 bps-100 bps

899,647 (899,647)

873,923 (873,923)



Perubahandalam

mata asas



RM


RM


45,769 (45,769)

45,255 (45,255)

+100 bps-100 bps

+100 bps-100 bps

45,769 (45,769)

45,255 (45,255)



Perubahandalam

mata asas



RM


RM


359




439,563 (439,563)

432,052 (432,052)

+100 bps-100 bps

+100 bps-100 bps

439,563 (439,563)

432,052 (432,052)



Perubahandalam

mata asas



RM


RM


176,268 (176,268)

178,908 (178,908)

+100 bps-100 bps

+100 bps-100 bps

176,268 (176,268)

178,908 (178,908)



Perubahandalam

mata asas



RM


RM

(c) Risiko ekuiti

Risiko ekuiti diterima menurut selera risiko yang telah dipersetujui untuk mencapai tahap pulangan yang dikehendaki daripada aset-aset pemegang polisi.

Pengurusan pelaburan-pelaburan ekuiti dijalankan oleh Dana-dana. Dalam membuat keputusan mengenai pelaburan-pelaburan ekuiti, Dana-dana akan menilai sejauh mana risiko ekuiti diperlukan atau dibenarkan oleh Dana-dana seperti yang ditetapkan di dalam objektif-objektif Dana-dana dan berkaitan dengan tanda aras prestasi yang telah ditetapkan. Kaedah yang diikuti oleh Dana-dana untuk menguruskan risiko ekuiti di dalam setiap dana merupakan sebahagian penting kaedah pengurusan aset yang diambilguna. Polisi pelaburan mengambil kira antara lain Nilai pada Risiko (“VaR”) untuk mengukur kerugian maksimum dalam nilai pasaran portfolio ekuiti di dalam masa yang ditetapkan dan pada tahap keyakinan yang diberikan.

(d) Risiko harga

Analisa di bawah dijalankan untuk pergerakan-pergerakan yang mungkin wajar di dalam pembolehubah-pembolehubah utama dengan semua pembolehubah lain dipegang malar, menunjukkan impak ke atas keuntungan sebelum cukai. Hubung kait pembolehubah-pembolehubah akan mempunyai kesan yang besar dalam menentukan impak terakhir ke atas risiko harga, tetapi untuk menunjukkan impak disebabkan oleh perubahan-perubahan di dalam pembolehubah-pembolehubah, pembolehubah-pembolehubah harus diubah secara individu. Harus dicatat bahawa pergerakan-pergerakan di dalam pembolehubah-pembolehubah ini adalah bukan-linear.


360



NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (d) Risiko harga (bersambung)




Perubahandalam

FBMKLCI

Perubahandalam

FBMKLCI

Perubahandalam

FBMKLCI


bagi tahun positif/(negatif)

RM



RM



RM

Impak keatas NAB

positif/(negatif)

RM

Impak keatas NAB

positif/(negatif)

RM

Impak keatas NAB

positif/(negatif)

RM

1,681,910

(1,681,910)

751,905 (751,905)

2,122,610 (2,122,610)

888,870 (888,870)

1,115,118 (1,115,118)

338,393 (338,393)

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

+ 15%- 15%

1,681,910

(1,681,910)

751,905 (751,905)

2,122,610 (2,122,610)

888,870 (888,870)

1,115,118 (1,115,118)

338,393 (338,393)

2012 Indeks pasaran: FBMKLCI FBMKLCI 2011 Indeks pasaran: FBMKLCI FBMKLCI



361




Perubahandalam

FBMKLCI



RM

Impak keatas NAB

positif/(negatif)

RM

300,630 (300,630)

149,295 (149,295)

+ 15%- 15%

+ 15%- 15%

300,630 (300,630)

149,295 (149,295)



Perubahandalam

FBMKLCI



RM

Impak keatas NAB

positif/(negatif)

RM

589,651 (589,651)

+ 15%- 15%

589,651 (589,651)

2012 Indeks pasaran: FBMKLCI FBMKLCI

(e) Risiko operasi

Penyebab risiko operasi adalah kakitangan, proses-proses, tadbir urus, sistem IT dan kejadian-kejadian luaran. BRMC bertujuan untuk mengekalkan persekitaran terkawal yang wajar untuk memastikan pendedahan kepada risiko-risiko operasi seiring dengan selera risiko yang telah dipersetujui, menyedari bahawa risiko-risiko operasi mungkin timbul di dalam urus niaga biasa perniagaan walupun apabila dijalankan seiring dengan polisi-polisi Dana-dana dan peraturan BNM.

13. PENGURUSAN MODAL

Objektif-objektif Dana-dana untuk menguruskan modal adalah:

a) Untuk melabur di dalam pelaburan yang memenuhi objektif dana;

b) Untuk mencapai pulangan-pulangan yang konsisten dan dalam waktu yang sama menjaga modal

dengan menggunakan pelbagai strategi pelaburan; c) Untuk mengekalkan kecairan yang mencukupi untuk mencapai perbelanjaan Dana, dan untuk

mencapai permintaan-permintaan penebusan apabila ia timbul; dan d) Untuk mengekalkan saiz dana yang mencukupi untuk memastikan kecekapan-kos operasi Dana.

Tiada perubahan dibuat kepada objektif-objektif, polisi-polisi atau proses-proses pengurusan modal semasa tahun kewangan semasa.

NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (d) Risiko harga (bersambung)

362




14. PERBANDINGAN

Tiada perbandingan disediakan untuk Dana Dividend kerana ini merupakan set pertama penyata kewangan beraudit yang disediakan untuk tempoh dari tarikh pelancarannya pada 27 Oktober 2011 hingga 31 Mac 2012.

Perbandingan-perbandingan untuk AmCommodity Stable CGF, AmCurrency Income CGF dan

AmCurrency Income II CGF telah disediakan untuk tempoh dari tarikh-tarikh pelancarannya masing-masing hingga 31 Mac 2011. Begitu juga, penyata-penyata pendapatan komprehensif, penyata-penyata perubahan di dalam ekuiti dan penyata-penyata aliran tunai Dana-dana tidak disediakan berkenaan dengan tempoh-tempoh perbandingan.


AmLife Investment-Linked Funds Annual Report 2012€¦ · COMPANY PROFILE. INVESTMENT-LINKED FUNDS OBJECTIVE. 6 AmL I B ImL F A R A 31 2012 AmAssurance Equity Fund The Fund aims to

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