KENANGA-ICBC CHINA FOCUS INCOME FUND fileKENANGA-ICBC CHINA FOCUS INCOME FUND QUARTERLY REPORT For the Financial Period from 01 October 2015 to 31 December 2015 …

KENANGA-ICBC CHINA FOCUS INCOME FUND

QUARTERLY REPORT

For the Financial Period from 01 October 2015 to 31 December 2015

Kenanga Investors Berhad (353563-P)

KENANGA-ICBC CHINA FOCUS INCOME FUND

Contents Page

Corporate Directory iiDirectory of Manager’s Offices iiiFund Information 1Manager’s Report 4-5Fund Performance 6-8Financial Statement 9-14Additional Information - Key Personnel of The Manager- The Management Team 15-16- The Investment Team 17

ii Kenanga-ICBC China Focus Income Fund Quarterly Report

CORPORATE DIRECTORY

Manager: Kenanga Investors Berhad (Company No. 353563-P)Registered officeKenanga Investors Berhad (KIB)8th Floor, Kenanga International, Jalan Sultan Ismail,50250 Kuala Lumpur, Malaysia.Tel: 03-2162 1490 Fax: 03-2161 4990

Business OfficeSuite 12.02, 12th Floor, Kenanga International, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.Tel: 03-2057 3688 Fax: 03-2161 8807E-mail: [email protected] Website: www.KenangaInvestors.com.my

Board Of DirectorsDatuk Syed Ahmad Alwee Alsree (Chairman)Syed Zafilen Syed Alwee (Independent

Director)Peter John Rayner (Independent Director)Imran Devindran bin Abdullah (Independent

Director)Dato’ Bruce Kho Yaw HuatIsmitz Matthew De Alwis

Investment Committee Dato’ Bruce Kho Yaw Huat (Chairman) Syed Zafilen Syed Alwee (Independent

Member)Peter John Rayner (Independent Member)Imran Devindran bin Abdullah (Independent

Member)Ismitz Matthew De Alwis

Company Secretary: Norliza Abd Samad (MAICSA 7011089)9th Floor, Kenanga International, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.Tel: 03-2162 1490 Fax:03-2161 4990

Trustee: CIMB Islamic Trustee Berhad (Company No. 167913 M)Registered Office Level 13, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: 03 - 2261 8888 Fax: 03 – 2261 0099 Website: www.cimb.com

Business Office Level 21, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel : 03 - 2261 8888 Fax: 03-2261 9889

Auditor: Ernst & Young (AF: 0039)Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur.Tel: 03-7495 8000 Fax: 03-2095 5332

Tax Adviser: Ernst & Young Tax Consultants Sdn Bhd (Company No. 179793-K)Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur.Tel: 03-7495 8000 Fax: 03-2095 5332

Membership: Federation Of Investment Managers Malaysia (FIMM)19-06-1, 6th Floor, Wisma Tune, 19, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia. Tel: 03-2093 2600 Fax: 03-2093 2700 Website: www.fimm.com.my

Kenanga-ICBC China Focus Income Fund Quarterly Report iii

DIRECTORY OF MANAGER’S OFFICES

REGIONAL BRANCH OFFICES:

Kuala LumpurSuite 12.02, 12th Floor, Kenanga International,Jalan Sultan Ismail,50250 Kuala Lumpur, Malaysia.Tel: 03-2057 3688Fax: 03-2161 8807

Johor BahruLot 11.03, 11th Floor, Menara MSC Cyberport,5 Jalan Bukit Meldrum,80300 Johor Bahru, Johor.Tel: 07-223 7505 / 4798 Fax: 07-223 4802

MelakaNo. 25-1, Jalan Kota Laksamana 2/17,Taman Kota Laksamana, Seksyen 2,75200 Melaka.Tel: 06-281 8913Fax: 06-281 4286

Kuching1st Floor, No 71,Lot 10900, Jalan Tun Jugah,93350 Kuching, Sarawak.Tel: 082-572 228 Fax: 082-572 229

KlangNo. 12, Jalan Batai Laut 3, Taman Intan,41300 Klang, Selangor Darul Ehsan.Tel:03-3341 8818, 3348 7889 Fax:03-3341 8816

Kota KinabaluA-03-11, 3rd Floor,Block A Warisan Square,Jalan Tun Fuad Stephens,88000 Kota Kinabalu, Sabah.Tel: 088-447 089 / 448 106 Fax: 088-447 039

Penang16th Floor , Menara Boustead Penang,39, Jalan Sultan Ahmad Shah,10050 Penang. Tel : 04 227 3788 / 04 210 6644Fax : 04 226 5120

IpohSuite 1, 2nd Floor,63 Persiaran Greenhill,30450 Ipoh, Perak, Malaysia.Tel: 05-254 7573 / 7570 Fax: 05-254 7606

Seremban 2nd Floor , No. 1D-2 Jalan Tuanku Munawir,70000 Seremban, Negeri Sembilan. Tel : 06 761 5678 Fax : 06 761 2243

Miri2nd Floor, Lot 1264,Centre Point Commercial Centre,Jalan Melayu, 98000 Miri, Sarawak.Tel: 085-416 866Fax: 085-322 340

1 Kenanga-ICBC China Focus Income Fund Quarterly Report

1. FUND INFORMATION1.1 Fund Name

Kenanga-ICBC China Focus Income Fund (KICFIF or the Fund)

1.2 Fund Type / Category

Growth / Mixed Asset (feeder)

1.3 Investment Objective

The Fund seeks to provide long-term capital growth by investing in the Target Fund.

1.4 Investment Strategy

The Fund will invest at least 95% of the Fund’s NAV in Shares class A of the Target Fund, while the remaining of the Fund’s NAV will be invested in liquid assets.

1.5 Asset Allocation

Minimum 95% of the NAV to be invested in the Target Fund; and maximum 5% of the NAV to be invested in liquid assets comprising money market instruments and deposits with financial institutions.

1.6 Duration

The Fund was launched on 1 October 2015 and it shall exist as long as it appears to the Manager and the Trustee that it is in the interests of the unitholders for it to continue.

1.7 Performance Benchmark

3.8% growth in NAV per annum.

1.8 Distribution Policy

There will be no distribution of income.

Kenanga-ICBC China Focus Income Fund Quarterly Report 2

1.9 Risk Consideration

Market Risk Market risk arises because of factors that affect the entire marketplace. Factors such as economic growth, political stability and social environment are some examples of conditions that have an impact on businesses, whether positive or negative. The Fund will be exposed to market uncertainties due to the factors stated above and this in turn will affect the value of the investments either in a positive or negative way.

Fund Management Risk

Investors rely on the experience and expertise of the fund management team of the External Fund Manager to make investment decisions for the Fund. A failure on the part of the fund management team to display the requisite experience and expertise expected of them in making such decisions may jeopardize the Fund’s performance and returns.

Performance Risk The performance of the Fund depends on the investments of the Fund. If there is a default, there will be a negative impact on the performance of the Fund. The performance of the Fund may also be affected if the allocation of assets is not properly done. This is where the experience and expertise of the fund managers are important as highlighted in the fund management risk write-up above. In view of the aforesaid, there is never a guarantee that investing in the Fund will produce the desired investment returns or the distribution of income.

Inflation Risk Inflation rate risk is the risk of potential loss in the purchasing power of investment due to a general increase of consumer prices. Inflation erodes the nominal rate of return giving a lower real rate of return. Investors are advised to take note that the Fund is not designed with the objective of matching the inflation rate of Malaysia.

Risk of Non-Compliance

The Fund has been established in accordance with the provisions of the Deed and the Guidelines. There is a risk that the Manager may not observe the rules whether intentionally or inadvertently. Whilst non-compliance with the rules governing the Fund will not necessarily result in losses to the Fund, Investors cannot discount the risk that losses may be suffered by the Fund if the non-compliance with the rules is sufficiently serious and will affect the value of the Fund.

Operational Risk This risk refers to the possibility of a breakdown in the Manager’s internal controls and policies. The breakdown may be a result of human error (for instance the keying of wrong details), system failure (causing unnecessary downtime) or even fraud (where employees of the Manager colludes with one another). Whilst this risk may not necessarily cause monetary loss to the Fund, it will most certainly cause inconvenience to Investors. The Manager will regularly review its internal policies and system capability to minimize the occurrence of this risk. Additionally the Manager maintains a strict segregation of duties to minimize occurrence of fraudulent practices amongst employees of the Manager.

Liquidity Risk Refers to the ability of the Fund to honour the requests for redemption in a timely manner and it is subject to the Fund’s holding of adequate liquid assets and/or the redemption restrictions imposed by the Target Fund.


1.9 Risk Consideration (Contd.)

Currency Risk Is a form of risk that arises from the change in price of one currency against another. Though the Base Currency of the Fund is identical to the relevant currency of the Target Fund, it is still subject to currency risk as the Target Fund will invest in RMB-denominated investments and hence exposed to RMB. Similarly, investments in USD-denominated investments will be exposed to the fluctuation of USD. Hence, a decline in the exchange rate of the currency would adversely affect the value of the investment, which in turns may unfavourably affect the value of the Fund and vice versa.

Concentration Risk The Fund is exposed to concentration risk as it is investing wholly in one single collective investment scheme i.e. the Target Fund. Hence, the value of the Fund and its performance is fully dependent on the performance of the Target Fund.

Target Fund Manager Risk

As a feeder fund, the Fund invests directly into the Target Fund which is managed by the Manager of the Target Fund. The Manager has no control over the investment techniques and strategies, operational controls and management of the Manager and Investment Manager of the Target Fund. In the event of any mismanagement of the Target Fund, the NAV of the Fund, which invests substantially all of its assets into the Target Fund, would be affected adversely so as the performance of the Fund.

1.11 Risk Management Strategies

This is a foreign currency feeder fund; risk management role of the Manager is mainly concerned with mitigating risks associated with managing a feeder fund. It includes monitoring the asset allocation, managing the liquid assets; employ hedging strategies at its discretion, and imposing stringent internal controls and compliance monitoring.


2. MANAGER’S REPORT2.1 Fund performance analysis based on NAV per unit (adjusted for income distribution) since

last review period

Period under reviewKenanga-ICBC China Focus Income Fund- RMB CLASS 0.12%- USD CLASS -

Source: Lipper

For the financial period from 1 October 2015 to 31 December 2015, the Fund registered a return of 0.12%

2.2 The Fund’s asset allocation as at 31 December 2015

Asset 31 Dec 2015Short term deposits and cash 100.0%

2.3 Market Review and Strategy

The current economy is still weak, macroeconomic data continued drifting lower through December, power generation and coal consumption are volatile, real estate demand continues to decline, although PMI recovered from the previous low. On the inflation side, the November CPI was up 1.5% YoY, slightly higher than market expectations, mainly driven by rising food prices. While for PPI, the November figure was lowered by 5.9% YoY, in line with overall expectations. With falling prices in commodities, PPI is expected to remain low.

On the financial data side, new yuan loan was RMB708.9B and total social financing was RMB1.02T as of end November, significantly grew from October. Among the new social financing, increase was mainly from credit expansion, meanwhile, enterprise bonds and equity financing also rose noticeable. Foreign currency loan and non-standard financing continued to lag behind. On monetary growth side, M2 recorded a 13.7% YoY increase, beyond market’s expectation, mainly driven by sharp rise in corporate deposits, also influenced to some degree by the issuance of local government bonds.

After the market digested a variety of bearish factors, as well as the support of loose monetary conditions, interest rate bond and credit bond yields both had a dramatic downward movement in December. Credit bond yields lowered in general, credit spread between different credit ratings widened, while term spreads and credit spreads lowered.


2.4 Market Outlook

On one hand, in light of the economic slowdown, corporate profits continue to decline, with increasing frequency in the happening of credit events, we should remain vigilant against credit bonds since credit risk pricing will become more apparent. On the other hand, in the medium to long run, inadequate aggregate domestic demand remains to be the core economic problem, with the background of an aging population, a long term downward trend of the equilibrium interest rate and a secular bullish bond market could be expected.

Source: ICBC (Asia) Investment Management Company Limited

2.5 Income Distribution

As disclosed in the Information Memorandum of the Fund, there will be no distribution of income.

2.6 Rebates & Soft commission

The Manager from time to time may receive rebates which are then paid to the Fund. During the financial period under review, the Manager did not receive rebates or soft commission from bankers, or any other source pursuant to transactions conducted by the Fund.


3. FUND PERFORMANCE3.1 Details of portfolio composition of Kenanga-ICBC China Focus Income Fund (“the Fund”)

as at 31 December 2015 are as follows:

a. Distribution among industry sectors and category of investments:

As at31.12.2015

%

Short term deposits and cash 100.0100.0

Note: The above mentioned percentages are total investment market value plus cash.

b. Distribution among markets

The Fund invested in short term deposits and cash only.


3.2 Performance details of the Fund for the financial period ended 31 December 2015 are as follows:

1.10.2015 (date of

commencement)to 31.12.2015

Net asset value (“NAV”) (RMB Million)- RMB CLASS 0.84- USD CLASS -

Units in circulation (Million)- RMB CLASS 0.84- USD CLASS -

NAV per unit in RMB- RMB CLASS 1.0012- USD CLASS 0.1522

NAV per unit in respective currencies- RMB CLASS (RMB) 1.0012- USD CLASS (USD) 1.0000

Highest NAV per unit in respective currencies- RMB CLASS (RMB) 1.0012- USD CLASS (USD) 1.0000

Lowest NAV per unit in respective currencies- RMB CLASS (RMB) 1.0000- USD CLASS (USD) 1.0000

Total return (%)- RMB CLASS 0.12- USD CLASS -

- Capital growth (%)- RMB CLASS 0.12- USD CLASS -

- Income growth (%)- RMB CLASS -- USD CLASS -

Gross distribution per unit (sen)- RMB CLASS (RMB) -- USD CLASS (USD) -

Net distribution per unit (sen)- RMB CLASS (RMB) -- USD CLASS (USD) -

Management expense ratio (“MER”) (%)- RMB CLASS 0.14- USD CLASS -

Portfolio turnover ratio (“PTR”) (times)- RMB CLASS -- USD CLASS -


3.2 Performance details of the Fund for the financial period ended 31 December 2015 are as follows: (Contd)

Note: TotalreturnistheactualreturnoftheFundforthefinancialperiod,computedbasedonNAVper unit and net of all fees.

MER s computed based on the total fees and expenses incurred by the Fund divided by the average fund size calculated on a daily basis. PTR is computed based on the average of the total acquisitions and total disposals of investment securities of the Fund divided by the average fund size calculated on a daily basis.

Above NAV and NAV per unit are not shown as ex-distribution as there will be no distribution of income by the Fund in accordance to the distribution policy of the Fund as disclosed in the Information Memorandum.


4. FINANCIAL STATEMENT4.1 STATEMENT OF COMPREHENSIVE INCOME FOR THE FIRST FINANCIAL PERIOD FROM 1 OCTOBER 2015 (DATE OF COMMENCEMENT)

TO 31 DECEMBER 2015 (unaudited)

Note 1.10.2015(date of


RMB

INVESTMENT INCOME

Interest income 2,187

EXPENSESManager’s fee 2 1,073Trustee’s fee 3 36Manager’s fee 66

1,175

NET INCOME BEFORE TAX 1,012

Income tax -

NET INCOME AFTER TAX, REPRESENTING TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,012

Net income after tax is made up as follows:Realised gain 1,012

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


4.2 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015 (unaudited)

Note 31.12.2015RMB

INVESTMENTS

Short term deposits 4 841,925

OTHER ASSETSOther receivables 262Cash at bank 2,086

2,348

TOTAL ASSETS 844,273

LIABILITIES

Amount due to Manager 807Amount due to Trustee 36Other payables 66TOTAL LIABILITIES 909

EQUITYUnitholders’ contribution 842,352Retained earnings 1,012TOTAL EQUITY 843,364

TOTAL EQUITY & LIABILITIES 844,273

NET ASSET VALUE (“NAV”) ATTRIBUTABLE TO UNITHOLDERS- RMB CLASS (RMB) 843,364- USD CLASS (USD) -

NUMBER OF UNITS IN CIRCULATION- RMB CLASS (RMB) 842,352- USD CLASS (USD) -

NAV PER UNIT IN RMB- RMB CLASS (RMB) 1.0012- USD CLASS (RMB) 0.1522

NAV PER UNIT IN RESPECTIVE CURRENCIES- RMB CLASS (RMB) 1.0012- USD CLASS (USD) 1.0000



4.3 STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE FIRST FINANCIAL PERIOD FROM 1 OCTOBER 2015 (DATE OF COMMENCEMENT)


NoteUnitholders’ contribution

Retained earnings Total NAV

RMB RMB RMB

1.10.2015 (date of commencement) to 31.12.2015

Total comprehensive income - 1,012 1,012Creation of units

- RMB CLASS 5(a) 842,352 - 842,352- USD CLASS 5(b) - - -

At end of the period 842,352 1,012 843,364



4.4 STATEMENT OF CASH FLOWS FOR THE FIRST FINANCIAL PERIOD FROM 1 OCTOBER 2015 (DATE OF

COMMENCEMENT) TO 31 DECEMBER 2015 (unaudited)

1.10.2015(date of


RMB

CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIESInterest from deposits received 1,925Net cash generated from operating and investing activities 1,925

CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from units created 842,086Net cash generated from financing activities 842,086

NET INCREASE IN CASH AND CASH EQUIVALENTS 844,011CASH AND CASH EQUIVALENTS AT DATE OF COMMENCEMENT -CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 844,011

Cash and cash equivalents comprise:Cash at bank 2,086Short term deposits 841,925

844,011



4.5 NOTES TO THE FINANCIAL STATEMENTS FOR THE FIRST FINANCIAL PERIOD FROM 1 OCTOBER 2015 (DATE OF COMMENCEMENT)


1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES

Kenanga-ICBC China Focus Income Fund (the “Fund”) was constituted pursuant to the executed Deed dated 24 June 2015 between the Manager, Kenanga Funds Berhad, and CIMB Commerce Trustee Berhad (“the Trustee”). The Fund commenced operations on 1 October 2015 and will continue to be in operation until terminated as provided under Part 11 of the Deed.

Kenanga Investors Berhad is a wholly-owned subsidiary of Kenanga Investment Bank Berhad, which in turn is a wholly-owned subsidiary of K & N Kenanga Holdings Berhad that is listed on the Main Board of Bursa Malaysia Securities Berhad. All of these companies are incorporated in Malaysia.

The principal place of business of the Manager is Suite 12.02, 12th Floor, Kenanga International, Jalan Sultan Ismail, 50250 Kuala Lumpur.

The Fund seeks to provide unitholders with long term capital growth by investing in a target fund. To achieve the objective of the Fund, it will invest a minimum 95% of the Fund’s NAV in Share class A of the ICBC China Focus Stable Return Fund (“Target Fund”), a fund which is managed by RBS (Luxembourg) S.A. and domiciled in Luxembourg. The remaining of the Fund’s NAV will be invested in liquid assets comprising money market instruments and deposits with licensed financial institutions.

2. MANAGER’S FEE

The Manager’s fee is computed on a daily basis at a rate not exceeding 2.0% per annum of the NAV of the Fund as provided under Division 12.1 of the Deed.

The Manager is currently charging Manager’s fee of 1.50% per annum of the NAV of the Fund.

3. TRUSTEE’S FEE

Trustee’s fee is calculated on a daily basis at a rate not exceeding 0.05% per annum of the NAV of the Fund as provided under Division 12.2 of the Deed.

The Trustee’s fee is currently computed at 0.05% per annum of the NAV of the Fund.

4. SHORT TERM DEPOSITS

Short term deposits are held with licensed financial institutions in Malaysia at the prevailing interest rate.


5. NET ASSET VALUE ATTRIBUTABLE TO UNITHOLDERS

Net asset value attributed to unitholders is represented by:

Note 31.12.2015RMB

Unitholders’ contribution- RMB Class (a) 842,352

Retained earnings:Realised reserves 1,012

843,364

a) Unitholders’ contribution - RMB CLASS

1.10.2015(date of


No of units RMB

Add: Creation of units 842,352 842,352At end of the period 842,352 842,352

b) Unitholders’ contribution - USD CLASS

1.10.2015(date of


No of units RMB

At launch/end of the period - -

The number of units legally or beneficially held by the Manager, Kenanga Investors Berhad, and parties related to the Manager as at 31 December 2015 were nil.


ADDITIONAL INFORMATION– KEY PERSONNEL OF THE MANAGERThe Management Team

Ismitz Matthew De Alwis Executive Director/ Chief Executive Officer

Ismitz Matthew De Alwis is the Chief Executive Officer for Kenanga Investors Berhad (KIB). He is responsible for the overall asset and investment management business of KIB and its subsidiaries. He started his career as an Investment Analyst with a regional research & advisory firm, where he obtained vast regional exposure in Hong Kong, Philippines, Dubai and Singapore. He brings with him 23 years of experience, multiple expertise and several leadership roles in the fields of financial and investment management both regionally and locally. He joined Kenanga Investors Group in June 2014 upon the acquisition by Kenanga Investors Group of ING Investment management business in Malaysia, ING Funds Berhad, where he was the Executive Director and country head.

He has attended the Advanced Business Management Program (ABMP) by International Institute for Management Development (IMD), Lausanne, Switzerland and holds a MBA where he graduated with distinction. In addition, he has a Bachelor Degree (H) in Business Administration and holds two other professional qualifications from the Chartered Institute of Marketing UK (CIM UK), and is a Certified Financial Planner (CFP). Matthew also holds a Capital Markets Services Representative’s Licence (CMSRL) from the Securities Commission Malaysia for fund management and investment advice. Mr De Alwis is currently on the board of the Federation of Investment Managers Malaysia (FIMM) and the Board of Governors of Financial Planning Association of Malaysia (FPAM).

Andrew Chan Yee KokChief Financial Officer

Andrew Chan joined KIB in June 2013 to head the Finance & Investment Operations team. Prior to this, Andrew was with ING Funds Berhad (“ING Funds”), where he joined since 2004. He has been with ING Funds since the company’s inception and is one of the pioneers during the company’s green field set-up. Andrew has more than twenty (20) years of experience in the business management, finance and accounting field. He started his accounting career in Australia. Upon his return, he joined a public-listed company as a senior accountant. His last stint prior to joining ING Funds was with an established unit trust management company where he was responsible for all financial and management reporting. Andrew is a Certified Practising Accountant (“CPA”), Australia and holds a Bachelor of Economics from La Trobe University, Melbourne, Australia.


The Management Team (Contd.)

Lee Sook YeeChief Investment Officer

Lee Sook Yee joined KIB as the Chief Investment Officer (“CIO”) in March 2013, bringing with her more than thirteen (13) years of experience in local and regional equities investment. Prior to this, Sook Yee was Head of Equities at Meridian Asset Management (“Meridian”), where she led an experienced team of fund managers/analysts in managing equities portfolios of more than RM1 billion in assets under management. At Meridian, she managed various local and regional funds. Before joining Meridian, Sook Yee was Vice President/Senior Portfolio Manager at Credit-Suisse Asset Management in Singapore where she co-managed mutual funds focusing on emerging Asian markets. She was also Associate Director/ Portfolio Manager with UOBOSK Asset Management where she managed various local unit trust funds.

Sook Yee graduated with a Bachelor of Science (First Class Honours) in Economics from the London School of Economics, United Kingdom (UK), and later obtained her Master of Philosophy (MPhil) in Economics from the University of Cambridge, UK.

Mariam Veronica Abu Bakkar SeddekHead, Institutional Business

Mariam Veronica joined KIB in July 2012 and assumed the role of the Senior Vice President, Institutional Business in March 2014 overseeing the institutional and corporate businesses of KIB. Mariam brings with her over 15 years of extensive experience in the capital market industry specialising in the areas of asset management, unit trust and audit. She was previously the Head of Compliance in one of the leading asset management companies in Malaysia. She had also gained numerous capital market experience and knowledge through her 8.5 years stint with the Securities Commission Malaysia. Prior to starting her career in Malaysia, Mariam had a one year working experience in the education sector in the United Kingdom. Prior to that she did part-time marketing for a shipping company in the United Kingdom. She was also selected to be the Cardiff University representative to Malaysia to promote Cardiff University as an education destination.

Mariam is currently a holder of the capital market services representative’s license. She graduated with a Bachelor of Science in Accounting from University of Wales Cardiff, United Kingdom in 1998.

Dr. Sahar Effendi bin Hj DaudHead, Compliance

Dr. Sahar joined KIB on 3 November 2014 as the Head of Compliance. He started his career in 1997 with an international affiliated accounting firm before joining the Securities Commission in 2001. Whilst with the SC, he was attached to the Trust and Investment Management Department for about 2 years prior to joining the Investigation Department until his departure from the SC in October 2014. During his tenure with the Investigation Department, he was exposed to numerous high profile cases in various areas involving insider trading, market manipulation, illegal investment schemes, corporate fraud and forensic accounting as well as money laundering related offences.

Dr. Sahar, a Chartered Accountant (Malaysia), holds a Bachelor of Accountancy (Hons) from Universiti Putra Malaysia, MBA (Management and Finance) and Doctor of Business Administration (Accounting: Financial Disclosure, Corporate Governance and Performance Measurement); both from Universiti Utara Malaysia. Dr. Sahar is also a member of the Malaysian Institute of Accountants (MIA), Chartered Tax Institute of Malaysia (CTIM), Association of Certified Fraud Examiner (ACFE) as well as the Certified Financial Investigator Alumni (CFIA).


The Investment Team

Lee Sook YeeChief Investment Officer

Lee Sook Yee joined KIB as the Chief Investment Officer (“CIO”) in March 2013, bringing with her more than thirteen (13) years of experience in local and regional equities investment. Prior to this, Sook Yee was Head of Equities at Meridian Asset Management (“Meridian”), where she led an experienced team of fund managers/analysts in managing equities portfolios of more than RM1 billion in assets under management. At Meridian, she managed various local and regional funds. Before joining Meridian, Sook Yee was Vice President/Senior Portfolio Manager at Credit-Suisse Asset Management in Singapore where she co-managed mutual funds focusing on emerging Asian markets. She was also Associate Director/ Portfolio Manager with UOBOSK Asset Management where she managed various local unit trust funds.

Sook Yee graduated with a Bachelor of Science (First Class Honours) in Economics from the London School of Economics, United Kingdom (UK), and later obtained her Master of Philosophy (MPhil) in Economics from the University of Cambridge, UK.

Yap Eng LiSenior Vice President, Investment

Yap Eng Li joined Kenanga Investors Berhad in October 2014, bringing with her more than seven years of experience in regional equities investment. Prior to this, she was with CIMB-Principal Asset Management Berhad managing regional portfolio. Before joining CIMB-Principal Asset Management Berhad, she was working in London for seven years, of which experience including being a senior analyst for a long short equity fund in London, focusing on pan-European markets. Eng Li graduated with a BSc. First Class Honours in Economics from the London School of Economics, United Kingdom. She is a qualified Chartered Accountant (ICAEW) and a Chartered Financial Analyst (CFA) charter holder.

Christopher Kok Keng FaiVice President, Investment

Christopher Kok Keng Fai joined the Manager in January 2014 and his role includes portfolio management and research. Prior to this, he was with Meridian Asset Management, where he was involved in management and research for both local and Asia-Pacific portfolios. He began his career with AmInvestment Bank in the Equity Capital Markets department, where he worked on numerous deals including initial public offerings, follow-on equity offerings, secondary placements and underwriting risk assessments. He graduated from Monash University, Australia with a Bachelor of Commerce (Accounting & Finance), is a Chartered Financial Analyst (CFA) charter holder and also a holder of a Capital Markets Services Representative’s Licence.

Sean Yap Shon LeongVice President, Investment

Sean Yap has 8 years of experience and exposure in both Malaysia and regional capital markets as a portfolio manager as well as a sell-side analyst. Prior to joining KIB, Sean was a portfolio manager in ECM Libra managing unit trusts and private mandates. His past working experience includes stints with Maybank Investment, AmInvestment, UOB-Kay Hian (M) and Meridian Asset Management. Sean’s key responsibilities are mainly in portfolio management as well as security analyses. He has a BSc in Economics from University of London and is a Capital Markets Services Representative’s Licence holder.

Investor Services CenterToll Free Line: 1 800 88 3737Fax: +603 2057 3722Email: [email protected]

Head Office, Kuala LumpurSuite 12.02, 12th Floor, Kenanga International, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.Tel: 03-2057 3688 Fax: 03-2161 8807

KENANGA-ICBC CHINA FOCUS INCOME FUND fileKENANGA-ICBC CHINA FOCUS INCOME FUND QUARTERLY REPORT For the Financial Period from 01 October 2015 to 31 December 2015 …

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