AIA Investment Linked Funds Performance Report
AIAInvestmentLinkedFundsPerformance ReportAs at 30 November 2016aia.com.my
Investment Linked FundsInvestment Linked FundsCONTENTSCONTENTS (cont’d)Message From CEO And CIO01 - 03Local BondLocal Bond Market CommentaryAIA Fixed Income FundAIA Dana Bon04 - 0506 - 0708 - 09Local StockLocal Stock Market CommentaryAIA Balanced FundPB Income Plus FundPB Income Plus 2 FundAIA Dana ProgresifAIA Equity Plus FundAIA Equity Dividend FundAIA Medium Cap FundAIA Aggressive FundAIA Dana Dinamik10 - 1112 - 141516 - 1819 - 2122 - 2324 - 2526 - 2728 - 2930 - 31Global BondGlobal Bond Market CommentaryAIA Global Bond FundAIA Global Bond Fund 1AIA Global Bond Fund 2AIA Global Bond Fund 3AIA Global Bond Fund 4AIA Global Bond Fund 5AIA Global Bond Fund 6AIA Global Bond Fund 7AIA Global Bond Fund 832 - 33343536373839404142Foreign FundAIA Asia Opportunity FundAIA New Horizon FundAIA Asian Debt FundAIA International High Dividend FundAIA Asian Equity FundAIA Eleven Plus FundAIA Asia Platinum FundAIA International Small Cap Fund43 - 4647 - 5051 - 5556 - 5960 - 6364 - 6869 - 7273 - 76Mesej Dari CEO Dan CIO77 - 79Bon TempatanPandangan Pasaran Bon TempatanAIA Fixed Income FundAIA Dana Bon80 - 8182 - 8384 - 85Saham TempatanPandangan Pasaran Saham TempatanAIA Balanced FundPB Income Plus FundPB Income Plus 2 FundAIA Dana ProgresifAIA Equity Plus FundAIA Equity Dividend FundAIA Medium Cap FundAIA Aggressive FundAIA Dana Dinamik86 - 8889 - 919293 - 9596 - 9899 - 100101 - 102103 - 104105 - 106107 - 108Bon AntarabangsaUlasan Dana Bon GlobalAIA Global Bond FundAIA Global Bond Fund 1AIA Global Bond Fund 2AIA Global Bond Fund 3AIA Global Bond Fund 4AIA Global Bond Fund 5AIA Global Bond Fund 6AIA Global Bond Fund 7AIA Global Bond Fund 8109 - 110111112113114115116117118119Dana AsingAIA Asia Opportunity FundAIA New Horizon FundAIA Asian Debt FundAIA International High Dividend FundAIA Asian Equity FundAIA Eleven Plus FundAIA Asia Platinum FundAIA International Small Cap Fund120 - 123124 - 127128 - 132133 - 136137 - 140141 - 145146 - 149150 - 153Financial StatementsStatement from ManagementIndependent Auditors’ ReportStatement of Assets and LiabilitiesStatement of Income and ExpenditureStatement of Changes in Net Asset ValueNotes to The Financial Information - 30 November 2016Comparative Performance154155 - 156157 - 166167 - 186187 - 196197 - 300301 - 328
-01-Investment Linked FundsInvestment Linked FundsMESSAGE FROM CEO AND CIO-02-MESSAGE FROM CEO AND CIO (cont’d)Dear Policyholders,PerformanceMarket ReviewIn 2016, most of our open-ended funds outperformed their respectivebenchmarks. The performance of our main funds – AIA Fixed Income, AIABalanced Fund and AIA Equity PLUS Fund - was particularly commendable, havingposted gains of 4.07%, 1.45% and 0.50% respectively, despite the extremelychallenging market conditions, and outperformed the benchmark by 1.76%, 2.10%and 2.18%, respectively. Our five-year track record was also commendable with allour local investment strategies of equity, fixed income, balanced, and Shariahfunds outperforming benchmarks by 0.27% p.a. to 9.62% p.a. In terms of absolutereturns, the funds registered returns ranging from 3.68% p.a. to 14.16% p.a.The 2016 financial year was another difficult year for the Malaysian equity market,due to global economic and geopolitical factors as well as domestic issuesresulting in the benchmark FBM KLCI Index falling by 3.2 per cent.The market entered the 2016 New Year on a downbeat note with fears over China’sdecelerating economic growth and its plunging stock market, triggering a selldown across Asia. The Malaysian market then staged a rebound in March on theback of a recovery in crude oil prices and strong foreign inflows. However, theuptrend was short- lived due to the resurfacing of the 1Malaysia Development Bhdissue as well as disappointing corporate earnings as companies struggled to copewith rising costs and the softer economic environment.Investors had a scare in June 2016 following the UK’s surprise decision to leave theEuropean Union. Nevertheless, markets rebounded quickly on the expectation thatglobal central banks would continue their loose monetary policy. The Malaysianmarket was also boosted by the 0.25% interest rate cut by Bank Negara in July2016 as the central bank took pre-emptive measures to ensure that the economyremained on a steady growth path.The markets had another surprise in November 2016 with the victory of DonaldTrump in the US presidential election. Given the President’s plan to invest US 1trillion over 10 years to rebuild America’s infrastructure, the market expectedfaster US economic growth, a stronger equity market and a pickup in inflationgoing forward. Hence, investors sold bonds and emerging market assets and piledtheir money into US equities, which hit multiple all-time highs.The fixed income market was not spared by the financial market volatility followingthe victory of Donald Trump. Malaysian government bonds fell significantly asyields rose sharply, largely on the back of foreigners selling given their highownership, a weaker Ringgit and expectations of higher US interest rates goingforward. The government remains committed to fiscal consolidation, with thebudget deficit target as a percentage of GDP expected to improve from 3.1% in 2016to 3.0% in 2017. All three international rating agencies affirmed the Malaysiansovereign rating at A-/A3 with a stable outlook.OutlookWe expect the outlook for the equity market to be uncertain following the surprisevictory of Donald Trump in the US presidential election. The market’s key worry ishis pre-election anti-trade rhetoric and promises. If implemented, we could see atrade war between the US and its major trading partners, and this would havesignificant ramifications on the global economy. Given the uncertainties, we will bevigilant and adjust our strategy accordingly once there is better clarity on hiseconomic and trade policies.On the fixed income side, the pace of US Federal Reserve rate hike is expected tobe gradual and dependent on economic data, mitigating any significant downsiderisk to the Malaysian bond market. Bank Negara is also likely to keep the interestrate steady in the near future as the current monetary stance is viewed as bothaccommodative and supportive of economic activities. Nevertheless, policies of thenew US President and those of global central banks, and European politics couldaffect the Ringgit and market sentiment.
-03-Investment Linked FundsInvestment Linked FundsMESSAGE FROM CEO AND CIO (cont’d)We thank you once again for placing your trust in us. Our team of highly qualifiedinvestment professionals employs a robust and proven investment methodology,backed by a solid risk management framework, and thus we assure you that wewill continue to invest your money prudently to achieve the best possible returns.Kind regards and best wishes for 2017,LOCAL BOND MARKET COMMENTARYMarket ReviewDuring the period under review, Malaysian government bonds (MGS) fellsignificantly as yields rose sharply, largely on the back of expectations of multipleUS interest rate hikes, weaker Ringgit and the US presidential election outcome.Crude oil prices remained volatile during the period, as the financial market wasconcerned over OPEC’s effort to secure a deal on output cut. Negative news flowssurrounding 1MDB also exerted pressure on the Ringgit. That said, the domesticgovernment bond market was supported by both onshore liquidity and foreignparticipation amid yield hunting interest, a result of negative interest rate policiesin the developed markets.The government remains committed to fiscal consolidation, where the budgetdeficit target as a percentage of GDP is expected to improve from 3.1% in 2016 to3.0% in 2017. All three international rating agencies affirmed the Malaysiansovereign rating at A-/A3 with stable outlook.Anusha ThavarajahChief Executive Officer, AIA Bhd.Emilee M. L. YewChief Investment Officer, AIA Bhd.Sentiment in the bond market dampened towards the financial year end, trackingglobal bond markets, in reaction to the prospect of increased fiscal stimulusunder Donald Trump’s administration.Market OutlookBank Negara is likely to keep the Overnight Policy Rate (OPR) steady in the nearfuture as the current monetary stance is viewed as both accommodative andsupportive of economic activities while inflation is expected to remain stable.The pace of the US Fed’s tightening cycle is expected to be gradual and dependenton economic data, hence unlikely to pose any significant downside risk to theMalaysian bond market. However, volatile oil prices and the Ringgit is expected toweigh on the Malaysian bond market. Looking ahead, uncertainties surroundingTrump’s presidency, major central bank policies and European politics may affectthe Ringgit and market sentiment.-04-
-05-Investment Linked FundsInvestment Linked FundsLOCAL BOND MARKET COMMENTARY (cont’d)Opportunities Domestic government bond yields edged higher alongside global bond marketspost-US presidential election, resulting in attractive yield levels for pickup. WhileMalaysia’s fundamentals remain intact and supportive of a stronger Ringgit, it isnot spared from any potential adverse external developments that may exertpressure on the domestic financial markets. While the US Federal Reserve is embarking on a monetary tightening path,the pace is likely to be measured as interest rates remain low in the Eurozoneand Japan. The low interest rate environment in these developed economiesand Malaysia’s relatively high bond yield vis-à-vis other emerging markets inthe region will continue making Malaysian fixed income assets attractive.Concerns The relatively high foreign ownership in MGS has made the domestic bondmarket susceptible to foreign selling should investors start to shunemerging markets. Uncertainties surrounding US president-elect Donald Trump’s policies,particularly trade protectionism, may promote volatility on the Ringgit and thedomestic bond market. Concerns on potential tapering of the quantitative easing programme by theEuropean Central Bank which ends in March 2017, may exert pressure onemerging bond markets. The Federal Reserve may adopt a more aggressive tightening cycle thanexpected, resulting in a narrowing yield differential between US Treasury andMalaysian government bonds. This may reduce the attractiveness of domesticgovernment bonds to offshore investors.AIA FIXED INCOME FUNDAIA Fixed Income Fund2.402.202.001.801.601.401.201.000.80AIA Fixed Income FundBenchmarkFeb Apr May Jul Aug Sep Oct Dec Jan Mar Apr May Jul Aug Sep Nov-00 -01 -02 -03 -04 -05 -06 -07 -09 -10 -11 -12 -13 -14 -15 -16Performance as at 30 November 20161-Month 6 -MonthSince5-Year InceptionNov 15 – Nov 13 – Nov 11 – Feb 00 –Nov 16 Nov 16Nov 16Nov 161-Year3-YearOct 16 –Nov 16May 16 –Nov 16AIA FixedIncome .90%1.76%0.30%0.52%0.68%* MGS All Index (Source: RAM QuantShop @ www.quantshop.com)Notice: Past performance is not indicative of future performance and the performance of the fund is not guaranteed.Sector Allocation as at 30 November 2016Construction11.15%Agriculture,Cash and Forestry &CashFishingEquivalents1.56%6.03%Electricity,Gas & Water14.55%Transport,Storage &Communications10.94%Manufacturing1.11%Govt & OtherServices11.21%Finance, Insurance,Real Estate &Business Services43.45%-06-
-07-Investment Linked FundsInvestment Linked FundsAIA FIXED INCOME FUND (cont’d)AIA DANA BONHow did the Fund perform during the period?AIA Dana BonFor the financial year 2016, on a net basis, the Fund returned 4.07% against thebenchmark’s return of 2.31%. Since inception in Feb 2000, the Fund has postedan annualised return of 5.30% versus the benchmark’s return of 4.62%.0.70AIA Dana BonBenchmark0.650.60What investments influenced the Fund’s performance over the year?0.55Positive0.50 The Fund’s overweight position in corporate bonds contributed to theperformance as credit spreads tightened.0.45Negative The Fund’s holdings in certain lower-rated credits which were downgradedand/or put under negative outlook have detracted from the performance.Jul-08Apr-09Jan-10With generally stable credit conditions and a modest supply pipeline forcorporate bonds in 2017, our Funds’ allocation will continue to favour corporatebonds over government bonds for yield pickup.Will there be any changes in the Fund’s investment objectives orrisk characteristic?We will continue to focus on a high level of income and return through thecareful selection of good quality bonds. We will also maintain a diversifiedportfolio of corporate and government bonds to better manage the v-16Performance as at 30 November 20161-Month 6-Month1-Year3-YearSince5-Year InceptionOct 16 –Nov 16May 16 –Nov 16AIA Dana .08%)(0.24%)(0.27%)0.22%0.52%What is your strategy going forward?Given the expectation of a volatile bond market, the Fund will position its durationstance based on our assessment of economic and market conditions. Against thebackdrop of uncertainties in global economic and policy environment, as well asgeopolitical developments, the Fund may maintain its current strategy ofinvesting in shorter-dated bonds to minimise interest rate risk. Improvements inthese areas will lead the Fund to invest more in longer-dated bonds.Oct-10Nov 15 – Nov 13 – Nov 11 –Nov 16 Nov 16Nov 16Jul 08 –Nov 16* 12-month Maybank General Investment Account (Islamic) Tier 1 Rate (Source: Maybank)Notice: Past performance is not indicative of future performance and the performance of the fund is not guaranteed.Sector Allocation as at 30 November 2016Cash andCash e &Communications13.47%Govt & OtherServices6.32%Electricity,Gas & Water19.10%Finance, Insurance,Real Estate &Business Services44.66%-08-
-09-Investment Linked FundsInvestment Linked FundsAIA DANA BON (cont’d)LOCAL STOCK MARKET COMMENTARYHow did the Fund perform during the period?Market ReviewFor the financial year 2016, on a net basis, the Fund returned 3.64% against thebenchmark’s return of 3.88%. Since inception in July 2008, the Fund has postedan annualised return of 3.80% versus the benchmark’s return of 3.28%.For the financial period ended 30 November 2016, the FBM 100 Index was down by 2.0%,marking the third consecutive year of decline. The market had a difficult periodthroughout the year, impacted by a number of local and global issues. It started on apositive note in December 2015 with weak Ringgit boosting the share price ofexport-oriented stocks, notably the technology and rubber glove sectors. Nevertheless,fears over China’s decelerating economic growth and its plunging stock markettriggered a selldown in Asia in January 2016. The Malaysian market then staged arebound from late January to March 2016 on the back of a recovery in crude oil pricesand an unexpected move by Bank Negara to lower the statutory reserve from 4.0% to3.5%. Despite the lower crude oil price assumption of USD30-35/barrel vsUSD48/barrel, Malaysia’s budget deficit remained at 3.1% of GDP in 2016 as thegovernment increased foreign workers’ levy, reduced operating expenditure, andintroduced a telecommunication spectrum levy to plug the shortfall.What investments influenced the Fund’s performance over the year?Positive The Fund’s holdings in corporate sukuk that carried high profit rates contributedto the performance.Negative The Fund’s holdings in certain lower-rated credits which were under negativeoutlook have detracted from the performance.What is your strategy going forward?Given the expectation of a volatile bond market, the Fund will position itsduration stance based on our assessment of economic and market conditions.Against the backdrop of uncertainties in global economic and policyenvironment, as well as geopolitical developments, the Fund may maintain itscurrent strategy of investing in shorter-dated sukuk to minimise interest raterisk. Improvements in these areas will lead the Fund to invest more inlonger-dated sukuk.With generally stable credit conditions and a modest supply pipeline forcorporate sukuk in 2017, our Funds’ allocation will continue to favour corporatesukuks over government issues for yield pickup.Will there be any changes in the Fund’s investment objectives orrisk characteristic?AIA Dana Bon will continue to focus on maximising total returns from both incomeand capital growth by investing in investment grade Islamic bonds and Islamicmoney market instruments in Malaysia while minimising reinvestment risk.The Bank of Japan and the European Central Bank eased monetary policy furtherwhile US Fed slashed back on the number of rate hike increases for the year.However, the uptrend was short-lived due to 1MDB’s debt issue resurfacing andMSCI announcing the reduction of Malaysia’s weighting in the MSCI indices. Thesituation was further aggravated by disappointing corporate earnings ascompanies struggled to cope with rising costs and global economic uncertainties.The global markets had a scare in June 2016 following the UK’s decision to leave theEuropean Union but rebounded quickly on the expectation that global central bankswould continue to loosen monetary policy further. The Malaysian market was alsoboosted by the 0.25% interest rate cut by Bank Negara in July 2016 as the centralbank took pre-emptive measures to ensure that the economy remains on a steadygrowth path. The relief was short-lived following reports that the US Departmentof Justice was seizing assets worth more than USD1.0 billion allegedly traced to1MDB. In August 2016, further evidence of a slowdown in GDP was seen in Malaysiaand Europe, where Malaysia’s 2Q16 GDP growth eased to 4.0% from 4.2% in 1Q16,while the Eurozone’s 2Q16 GDP halved to 0.30% from 0.5% in 1Q16.November 2016 was a volatile month for the markets following the surprise victoryof Donald Trump in the US Presidential Election. Given the President-elect’s plan toinvest USD1 trillion over 10 years to rebuild America’s infrastructure, the market isexpecting faster US economic growth, a pickup in inflation and higher interest ratesgoing forward. This should lead to a stronger equity market and USD.Consequently, global investors sold bonds and emerging market assets and piledtheir money into US equities, which hit multiple all-time highs.Market OutlookThe outlook for the market is expected to be uncertain following the surprise victory ofDonald Trump as the next US President. Post sell-off in emerging markets followinghis victory, we expect sideway trading to continue until there is better clarity on the USeconomic, monetary, fiscal and trade policies. President Trump’s campaign promises,-10-
-11-Investment Linked FundsInvestment Linked FundsLOCAL STOCK MARKET COMMENTARY (cont’d)in particular those with anti trade and protectionist bias, if implemented could result ina trade war which could have serious ramifications on the global economy. Marketconsensus does not expect a full implementation of extreme trade protectionist policysuch as the implementation of 45% tariff on China’s imports. However, given theuncertainties, we will be very vigilant and will adjust our equity strategy accordinglyonce more clarity is obtained.AIA BALANCED FUNDAIA Balanced Fund3.50AIA Balanced FundBenchmark3.002.502.00Opportunities1.50 Implementation of government mega infrastructure projects and resilientconsumer spending as a result of wage increase in civil servants, BR1M handoutand the cut in Employees Provident Fund contribution is expected to sustaineconomic growth at more than 4.0%. Crude oil and crude palm oil prices are on the uptrend and is expected toimprove GDP, current account surplus and market sentiment. Consensus expects corporate earnings to grow between 5%-10% for 2017. Ringgit’s fundamental fair value is estimated at RM4.10/USD. Improvingcurrent account surplus as a result of firmer commodity prices and BankNegara’s measure could strengthen the Ringgit moving forward. Expectations of an early General Election in 2017 could keep the stock market buoyant. Malaysia is underowned by foreign investors as foreign ownership is at afour-year low. The markets will react positively if US President-elect Donald Trumpimplements policies which are less protectionist than what was promisedduring his election campaign.1.00Concerns Crude oil price falls to below USD40 per barrel for a prolonged period. Foreign ownership of Malaysian Government bonds stands at 48.4% as of30 Nov 2016. Further outflow could weaken the Ringgit. Corporate earnings may dissapoint given weak Ringgit and rising cost ofdoing business. Further negative newsflows in local politics while anti-establishmentsentiment in Eurozone grows and jeopardises the existence of European Union. If US President-elect Donald Trump initiates aggressive trade protectionist policies. China goes into a hard landing and the Renminbi depreciates significantly. US interest rates increase faster and steeper than expected.0.50Mar Mar Jul Oct Dec Feb May Jul Sep Nov Feb Apr Jun Aug Nov-00 -01 -02 -03 -04 -06 -07 -08 -09 -10 -12 -13 -14 -15 -16Performance as at 30 November 20161-Month 6-MonthAIABalanced FundWeightedIndex*Out/(Under)-performedSince5-Year InceptionNov 15 – Nov 13 – Nov 11 – Mar 00 –Nov 16 Nov 16Nov 16Nov 161-Year3-YearOct 16 –Nov 16May 16 –Nov -1.34%2.66%4.24%1.12%2.07%2.10%3.16%3.96%3.13%* 70% FBM 100 (Source: Bursa Malaysia) 30% MGS All Index (Source: RAM QuantShop @ www.quantshop.com)Notice: Past performance is not indicative of future performance and the performance of the fund is not guaranteed.Sector Allocation as at 30 November 2016Cash 35%Fixed roject Company2.08%Trading/Services31.51%Consumer Products2.08%Industrial Products2.88%Construction7.14%-12-
-13-Investment Linked FundsAIA BALANCED FUND (cont’d)How did the Fund perform during the period?For the financial year 2016, on a net basis, the Fund posted a return of 1.45%against the benchmark’s loss of 0.65%. Since its inception in March 2000, theFund has posted an annualised return of 7.37% versus the benchmark’s returnof 4.24%.What investments influenced the Fund’s performance over the year?Positive The Fund was overweight on cyclical sectors such as construction, transportand plantation. The Fund was underweight on the telecommunication and infrastructure sectors. The Fund’s stock selection in Air Asia, Air Asia X, Tanah Makmur, POS Malaysiaand Ekovest. The Fund’s overweight position on corporate bonds contributed to the positiveperformance as credit spreads tightened.Negative The Fund was overweight on the oil and gas and motor sectors. The Fund was underweight on banking and REITs sectors. The Fund’s overweight position on Prestariang, MCT and Globetronics.What is your strategy going forward?For fixed income, the Fund will position its duration stance based on our assessmentof economic and market conditions given the expectation of a volatile bond market.Against the backdrop of an uncertain global economic and policy environment, aswell as geopolitical developments, the Fund may maintain its current strategy ofinvesting in shorter-dated bonds to minimize interest rate risk. Improvements inthese areas will lead the Fund to invest more in longer-dated bonds.With generally stable credit conditions and a modest supply pipeline for corporatebonds in 2017, our Funds’ allocation will continue to favour corporate bonds overgovernment bonds for yield pickup.Investment Linked FundsAIA BALANCED FUND (cont’d)For equities, the market should remain volatile until there are clearer signs ofthe US President-elect’s policies when he comes into office. We expect thefollowing themes to outperform in 2017, namely exporters and companies withUSD revenue as they benefit from weak Ringgit (except glove manufacturerswhich are suffering from rising raw material cost, intensifying competition andpricing pressure), plantations due to a recovery in production and firmer CPOprices, the construction sector given its visible and growing order book andselective property companies in the affordable housing segment trading atsteep RNAV discount, as well as companies with foreign partnerships.Companies that have major corporate exercise that could unlock hidden assetsare expected to outperform.Will there be any changes in the Fund’s investment objectives orrisk characteristic?We continue to focus on a high level of income and return through the carefulselection of good quality bonds, while maintaining a diversified portfolio ofcorporate and government bonds to help manage the risks. As for the equityportion, we continue to seek long-term growth of capital and income througha diversified equity portfolio.-14-
-15-Investment Linked FundsInvestment Linked FundsPB INCOME PLUS FUNDPB INCOME PLUS 2 FUNDPB Income Plus 2 FundPB Income Plus Fund1.05PB Income Plus Fund1.10BenchmarkPB Income Plus 2 16-0.85Jul Aug Oct Nov Jan Feb Apr Jun Jul Sep Oct Dec Jan Mar May Jun Aug Sep Nov-14 -14 -14 -14 -15 -15 -15 -15 -15 -15 -15 -15 -16 -16 -16 -16 -16 -16 -16PB Income Plus FundIndex*Out/(Under)-performedOct Nov Jan Feb Apr May Jul Aug Oct Nov Jan Feb Apr May Jul Aug Oct Nov-14 -14 -15 -15 -15 -15 -15 -15 -15 -15 -16 -16 -16 -16 -16 -16 -16 -16Performance as at 30 November 2016Performance as at 30 November 20161-Month 6-MonthOct 16 – May 16 –Nov 16Nov 161.88%-2.39%-3.56% -0.18%2.06%1.17%0.80Since1-Year3-Year5-Year InceptionNov 15 – Nov 13 – Nov 11 – Jul 14 –Nov 16 Nov 16Nov 16Nov 83%PB Income Plus 2 FundIndex*Out/(Under)-performed1-Month 6-MonthOct 16 – May 16 –Nov 16Nov 161.83%-2.52%-3.56% -0.18%2.01%1.04%Since1-Year3-Year5-Year InceptionNov 15 – Nov 13 – Nov 11 – Oct 14 –Nov 16 Nov 16Nov 16Nov 6%* 70% FBM 100 (Source: Bursa Malaysia) 30% MGS All Index (Source: RAM QuantShop @ www.quantshop.com)Note: The total fund returns are inclusive of the dividend payout.Notice: Past performance is not indicative of future performance and the performance of the fund is not guaranteed.* 70% FBM 100 (Source: Bursa Malaysia) 30% MGS All Index (Source: RAM Quantshop @ www.quantshop.com)Note: The total fund returns are inclusive of the dividend payout.Notice: Past performance is not indicative of future performance and the performance of the fund is not guaranteed.Sector Allocation as at 30 November 2016Sector Allocation as at 30 November 2016Cash andPlantation Cash Equivalents5.45%4.83%Properties4.25%Fixed Income Securities27.96%Trading/Services30.00%Cash andCashEquivalents2.44%Fixed Income uctureProject Company1.97%Plantation5.00%Properties4.59%Consumer Products2.39%Industrial t Company2.12%Consumer Products2.26%Industrial 1%How did the Fund perform during the period?How did the Fund perform during the period?For the financial year 2016, on a net basis, the Fund posted a return of 1.18%against the benchmark’s loss of 0.65%.Since its inception in July 2014, theFund has posted an annualised return of -1.34% versus the benchmark’sreturn of -2.83%.For the financial year 2016, on a net basis, the Fund posted a return of 1.21%against the benchmark’s loss of 0.65%. Since its inception in October 2014, theFund has posted an annualised return of 0.08% versus the benchmark’sreturn of -2.08%.
-17-Investment Linked FundsPB INCOME PLUS 2 FUND (cont’d)Investment Linked Funds-18-PB INCOME PLUS 2 FUND (cont’d)What investments influenced the performance of AIA-PB Income Plusand AIA-PB Income Plus 2 over the year?Will there be any changes in AIA-PB Income Plus and AIA-PBIncome Plus 2’s investment objectives or risk characteristics?PositiveWe will continue to focus on a high level of income and return through thecareful selection of good quality bonds. We will also maintain a diversifiedportfolio of corporate and government bonds to better manage the risks. Asfor the equity portion, we will continue to seek long-term growth of capital andincome through a diversified equity portfolio. The Fund was overweight on cyclical sectors such as construction, transportand plantation. The Fund was underweight on the telecommunication and infrastructure sectors. The Fund’s stock selection in Air Asia, Air Asia X, Tanah Makmur, POS Malaysiaand Ekovest. The Fund’s overweight position on corporate bonds contributed to theperformance as credit spreads tightened.Negative The Fund was overweight on the oil and gas and motor sectors. The Fund was underweight on banking and REITs sectors. The Fund’s overweight position on Prestariang, MCT and Globetronic.What is your strategy going forward?For fixed income, the Fund will position its duration stance based on ourassessment of economic and market conditions given the expectation of avolatile bond market. Against the backdrop of an uncertain global economicand policy environment, as well as geopolitical developments, the Fund maymaintain its current strategy of investing in shorter-dated bonds to minimizeinterest rate risk. Improvements in these areas will lead the Fund to investmore in longer-dated bonds.With generally stable credit conditions and a modest supply pipeline forcorporate bonds in 2017, our Funds’ allocation will continue to favour corporatebonds over government bonds for yield pickup.For equities, the market should remain volatile until there are clearer signs ofthe US President-elect’s policies w
AIA Global Bond Fund 8 Dana Asing AIA Asia Opportunity Fund AIA New Horizon Fund AIA Asian Debt Fund AIA International High Dividend Fund . The performance of our main funds - AIA Fixed Income, AIA Balanced Fund and AIA Equity PLUS Fund - was particularly commendable, having
Graphic Design · Vadim Gershman Diagrams · Vadim Gershman & Andrea J. Johnson Copy Editor Linda Lee AIA Equity and the Future of Architecture (EQFA) Steering Group Emily Grandstaff-Rice, FAIA Annelise Pitts, AIA Karen Williams, AIA AIA EQFA Committee 2018 Keshika De Saram, Assoc. AIA Kimberly Dowdell, AIA, NOMA Emily Grandstaff-Rice, FAIA, Chair
George Metzger AIA, Chair . Dan Peruzzi AIA Deborah Fennick AIA . BSA/AIA Audit Committee Dan Peruzzi AIA John Cinkala . Dave Sullivan MaryBeth Celorior . BSA FOUNDATION BUSINESS COMMITTEES Foundation Finance Committee Eric Krauss – Chair Ted Touloukian AIA Kenneth Willis Laura Wernick FAIA Bud Ris Greg Bialecki
Young Architects Forum ‘20-’21 Community Director. Sarah Page, AIA. AIA Chattanooga. AIA Tennessee Emerging Professional Committee & AIA Tennessee Board of . Photo credit: Spillman Farmer Architects. AIA PA EPiC Firm Go to menti.com. AIA Tennessee
Education Systems (AIA/CES). Credit(s) earned on completion of this program will be reported to AIA/CES for AIA members. Certi!cates of Completion for both AIA members and non-AIA members are available upon request. This program is registered with AIA/CES for continuing professional educat
Jasper stone Company Janet sonnichsen neWly registereD Jeff Chadwick, AIA Jeff Dolezal, AIA eric Maxwell, AIA in memory Lynn Vermeer, AIA In conjunction with Grassroots, AIA Omaha received an AIA National Component excellence Award in the area of Component outreach Communication: overall Program for Natural Capitalism: Fueling the Next Industrial
an assignment. (See USPTO forms PTO/AIA/05, PTO/AIA/06, PTO/AIA/07, PTO/AIA/10and PTO/AIA/11,all of which are explained below.) Unlike in non ‐ reissue nonprovisional patent applications, submission of the inventor’s oath or ReissueFiling Guide for ApplicationsFiled on/after 9/16/2012 Page 3
Efficiency Vermont is a Registered Provider with The American Institute of Architects Continuing Education Systems (AIA/CES). Credit(s) earned on completion of this program will be reported to AIA/CES for AIA members. Certificates of Completion for both AIA members and non
être imposées à l'alimentation dans le cas d'un additif, pesticide, ou d'autres contenus qui sont interdites au Japon, alors que leurs niveaux dépassent les limites approuvées, ou lorsque la présence de mycotoxines, etc. est au-dessus des niveaux admissibles. Par conséquent, les aliments santé et des compléments alimentaires doit être vérifiée sur le site de production avant l .
