| 3 Funds Stand Out in Malaysia Islamic Equity Space | August 22, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| We take a look at the Malaysia Islamic equity funds on our platform and sieve through the best among the lot. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Author : iFAST Content Team | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEYPOINTS:
We’ve written several articles in the past about the Shariah principles that govern Islamic funds. In fact, Fundsupermart.com (FSM) Research Team wrote an article “The ABCs of Islamic Funds” recently focusing on the Shariah-compliant securities screening process as well as comparisons between Islamic funds and conventional non-Islamic funds. With the basics covered, we’ve decided to take a look at some of the Islamic equity funds that investors can consider to invest.
In this article, we take a look at the Malaysia Islamic equity funds on our platform to examine what they have to offer from an investing perspective. The two areas which we explore include the funds’ performance and Sharpe ratio.
COMPARISON OF MALAYSIA ISLAMIC EQUITY FUNDS ON FUNDSUPERMART.COM
A quick search using the Fundsupermart.com Funds Selector provides us with fifteen Malaysia Islamic equity funds. All fifteen Malaysia Islamic equity funds have at least three years of performance history and fourteen of these funds use the FTSE Bursa Malaysia EMAS Shariah Index as their benchmark while AmIttikal is the only equity fund which uses a fixed income benchmark. Table 1 below shows the fifteen Malaysia Islamic equity funds and the FTSE Bursa Malaysia EMAS Shariah Index with their 3-year annualised returns and calendar year returns.
In terms of 3-year annualised returns, Kenanga Syariah Growth Fund emerged as the top fund, followed by Prudential Dana Al-ilham and InterPac Dana Safi with returns of 19.33%, 13.96% and 13.75% respectively, beating the FTSE Bursa Malaysia EMAS Shariah Index (benchmark index) of 12.60%.
If we put aside the performance for 1H 2011 and concentrate on calendar year returns, both Kenanga Syariah Growth Fund and InterPac Dana Safioutperformed the benchmark index in two out of four calendar years. Although Prudential Dana Al-ilham only beat the index in 2008, the fund was just a few percentage points short from beating the index in 2007 and 2009 which was not the case for Kenanga Syariah Growth Fund and InterPac Dana Safi.
We would like to point out that although ASM Dana Mutiara managed to stand out in 2008 and 2010, we choose to disregard this fund in our analysis as its 3-year annualised returns was just way off the benchmark index.
Another point we would like to highlight is although all fifteen Malaysia Islamic equity funds posted negative returns in 2008 global financial crisis, they (exceptASM Syariah Aggressive Fund and ASM Syariah Dividend Fund) showed their defensive side by outperforming the index’s return of -40.51%.
In 2009, none of these fifteen funds managed to beat the index due to the funds’ strategy of adopting a more defensive approach in view of the global financial crisis in 2008. However, this underperformance against the benchmark is not limited to Shariah-compliant funds as non-Islamic Malaysia equity funds also lagged behind the broad-based FTSE Bursa Malaysia KLCI, bringing in an average return of 35.88% versus the 49.95% return of the broad-based index (data from Bloomberg, calendar year total return for 2009).
Since Kenanga Syariah Growth Fund, Prudential Dana Al-ilham and InterPac Dana Safi outperformed the benchmark index in several periods, we take a closer look at the funds’ Sharpe ratio.
SHARPE RATIO
Sharpe ratio measures how much extra return an investor is expected to receive for every unit of risk that the investment undertakes. The extra return is calculated by subtracting the risk-free rate from the return of the investment. Meanwhile, risk which is represented by the volatility of the investment’s return is measured by its standard deviation. The formula for Sharpe ratio is as below:
Sharpe ratio = (return - risk-free rate) / σ (volatility)
A higher Sharpe ratio is preferred as it signifies that the investment provided a higher return per unit of risk as compared to its peers. Also, a lower volatility of an investment’s return is preferred as it shows that the investment's return tend to be more consistent.
For our calculation of the Sharpe ratio, we used the Maybank 12 Months Fixed Deposit Rate of 3.15% (as at 16 August 2011) as the risk-free rate.
Below are the 3-year Sharpe Ratios and volatility of the three Malaysia Islamic Equity Funds and benchmark index.
From Table 2, all three Malaysia Islamic equity funds have lower volatility and higher Sharpe ratio as compared to the index. However, Kenanga Syariah Growth Fund once again stole the spotlight by achieving the highest Sharpe ratio and lowest volatility. This goes to show that for the past 3 years (from 29 July 2011),Kenanga Syariah Growth Fund provided investors with higher returns at lower risks.
CONCLUSION
Investors who are looking to invest in Malaysia Islamic equity funds can consider all these three funds; with Kenanga Syariah Growth Fund and Prudential Dana Al-ilham being our recommended funds for 2011/12 while InterPac Dana Safi is one of eight equity funds on our platform that has no sales charge. (See “8 Equity Funds with No Sales Charge”)
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selasa, 25 Oktober 2011
Kenanga Syariah Growth Fund Sharpe Ratio
Apa Itu Skim Unit Amanah?
Skim unit amanah atau “unit trust scheme – UTS”:
merupakan suatu bentuk pelaburan kolektif yang membolehkan pelabur-pelabur yang mempunyai ojektif pelaburan yang sama mengumpulkan wang mereka, dan kemudian dilaburkan ke dalam portfolio sekuriti atau aset lain yang diuruskan oleh profesional pelaburan.
merupakan suatu bentuk pelaburan kolektif yang membolehkan pelabur-pelabur yang mempunyai ojektif pelaburan yang sama mengumpulkan wang mereka, dan kemudian dilaburkan ke dalam portfolio sekuriti atau aset lain yang diuruskan oleh profesional pelaburan.
Secara mudahnya, kita ramai-ramai masukkan duit kita kat satu dana yang diuruskan oleh suatu syarikat pengurusan dana yang dipanggil “Syarikat Pengurusan Unit Amanah” atau ringkasnya UTMC (Unit Trust Management Company). UTMC ini pula akan laburkan duit kita dalam pelbagai portfolio yang diluluskan seperti sekuriti, bond ataupun aset2 lain dalam syarikat2 yang tersenarai di Bursa Malaysia atau pasaran ekuiti di luar negara. UTMC ini mestilah yang diluluskan oleh Suruhanjaya Sekuriti (Securities Commission – SC) dan terikat dengan beberapa akta perundangan. Selain daripada SC, beberapa pihak2 lain juga terlibat dalam mengawal-selia industri skim unit trust ini demi menjaga kepentingan pelabur2, antaranya ialah Pemegang Amanah (Trustees), Juruaudit (Auditors), FMUTM dan Kementerian Kewangan. Yang penting kat sini, syarikat2 tu “diluluskan”. Kalau yang tak lulus tu… kita panggil skim cepat kaya, Pak Man Telo.. swiss cash.. ponzi..mcm2 lagi.. :) ..yang ni jangan cuba2 nak masuk le…
Dalam skim unit trust, pelabur2 tak membeli sekuriti/stocks secara direct dalam portfolio. Pemilikan dana (portfolio) akan dibahagikan kepada unit dan pelabur2 dikenali sebagai ‘pemegang unit’ (unit-holders).Pelabur2 bukannya pemegang saham dlm sesuatu syarikat yang dilaburkan, sebaliknya merupakan benefisiari di bawah amanah yang duwujudkan oleh UTMC. Mengikut perlembagaan atau ‘surat ikatan’ (the deed) skim unit trust, mesti terdapat pemegang amanah (trustee) untuk menjaga kepentingan pelabur. Trustee adalah pemilik sah ke atas semua aset dalam skim unit trust bagi pihak pemegang unit.
Nilai atau harga satu unit dalam skim unit trust dikenali sebagai “Nilai Aset Bersih” atau “Net Asset Value – NAV” per share. Satu unit dalam skim unit trust merupakan ‘bahagian’ berkadar daripada jumlah perlaburan yang terkumpul. Jadi, apabila nilai pelaburan dalam portfolio skim unit trust meningkat atau menurun, maka NAV juga akan turut meningkat atau menurun. Dalam beberapa skim yang ditaja oleh kerajaan (contohnya ASB) dimana portfolio tak tertakluk kepada perubahan nilai, NAV ditetapkan pada RM1.00. Tak seperti dalam stocks, dimana harga boleh berubah-ubah pada setiap kali urus-niaga, NAV bagi sesuatu unit trust fund hanya dikira pada setiap penutup hari urus-niaga. Jadi NAV sesuatu fund akan disebut-harga/disiarkan di suratkhabar2 utama atau halaman web UTMC berkenaan pada keesokan hari urus-niaga.
Pulangan atau ‘returns’ pelaburan adalah gabungan pembayaran pendapatan tetap dipanggil ‘agihan’ (cash distribution) dan tambahan nilai modal (capital gains) melalui pecahan unit (unit split). Pernah dengar perkataan ‘dividen’?… dividen tu ‘Agihan’ lah..
Skim unit trust memberi peluang pelaburan untuk pelabur2 kecil mengakses dengan mudah pelbagai jenis pelaburan yang pada kebiasaannya sukar diakses. Bayangkan kalau kita nak invest secara langsung atau membeli stock dalam sesuatu syarikat ‘blue-chip’ yang besar seperti TNB, Telekom, Maxis etc…berapa puluh ribu ringgit kita kena ada untuk membeli satu lot stock… itu belum kira kos broker saham dan lain2 lagi. Tapi dengan skim unit trust, kita berpeluang melabur dalam stock2 ni, bukan setakat satu syarikat malah dalam pelbagai syarikat. Inilah yg dipanggil kepelbagaian atau “diversification’ yang mana dapat mengurangkan risiko kalau melabur dalam satu portfolio sahaja.
Dengan risiko yang agak berpatutan, kebanyakan pulangan pelaburan untuk jangka masa sederhana dan panjang (lebih dari 5 tahun) dalam skim unit trust adalah lebih tinggi daripada pulangan daripada akaun biasa dan deposit tetap (fixed deposit – FD).
Langgan:
Catatan (Atom)