To
achieve high capital growth over the medium to long-term
through investments in high growth and investment
stocks with income distribution considered incidental.
Investment Policy and
Asset Allocation Strategies
To
invest in a diversified portfolio which includes
equities and fixed income securities. The equity
portfolio may rise up to 95% depending on the market
situation. Under a normal market condition, the
Fund’s equity exposure will range between
60% to 95%. However, the equity exposure could be
lower than the range if the Fund Manager expects
that the market condition may worsen due to changes
in the economic and political conditions. The Fund
will invest the balance in money market and any
other instruments that can be converted into cash
within 7 days as may be approved by the Trustee.
The focus will be on securities which meet the Fund’s
criteria in terms of operation soundness, financial
strength, future earning and growth potential. The
Fund Manager will adopt an active fund management
approach in meeting the Fund’s investment
objective.
Risk of the Fund
As
the Fund is mostly invested in growth stocks, it
may be exposed to higher market risk which is subject
to the vagaries of market volatility. During market
downturn, the Fund’s investment value is likely
to depreciate faster relative to growth and income
funds.
Risk Management
Generally,
there are two type of risks namely market risk and
stock specific risk. The fund’s market risk
is prudently managed through both strategic and
tactical asset allocation approaches which in turn
depend on fundamental and technical analyses. The
asset allocation exposure may differ from time to
time depending on capital market conditions. Asset
and sector allocation are based on thorough macroeconomic
analysis. The fund’s equity exposure may increase
to a maximum of 95% on the expectation that the
stock market has a potential to appreciate in the
future.
On a temporary defensive move, the fund’s
equity exposure will reduce to below 60% if the
market is expected to decline. To manage the fund’s
stock specific risk, in depth company analyses
are adopted. Stock selection is based on stringent
investment criteria which include amongst others
include the company’s financial strength,
business operations and management. Valuations
of the companies are thoroughly analyzed to ensure
the fund invests in companies that are viable
and may produce reasonable returns in the long
term. The fund also takes into account diversification
and trading liquidity to manage the stock specific
risk.
The
most appropriate benchmark for the fund is the KLSI.
Specific and Peculiar
Risks to Investors
The
major risk is when a sudden downturn in the market
will adversely affect the value of investment. The
depreciation in value of investment directly affects
the funds net asset value per unit, distribution
and/or total return.
Changes in interest rate may affect the value of fixed income securities and
income generated from money market instruments.
High interest rate may adversely affect the value
of fixed income securities.
ASPTN
- for the Year Ended 30 August
Average
Total Returns
One
Year
Three
Years
Since
Acception
15/02/03
- 15/02/04
15/02/01
- 15/02/04
28/12/72
- 15/02/04
37.3%
15.8%
34.0%
Distribution Highlight For
The Past Three Financial Years
Financial
Year End
2004
2003
2002
Distribution
Equalisation
(RM)
-
-
-
Gross
Dividend
(RM)
140,022
98,242
-
Sales
of Shares
(RM)
69,112
109,451
-
Realised
Reserves b/f
(RM)
-
-
-
Interest
(RM)
29,179
34,369
-
Less:
Expenses
(RM)
(82,050)
(86,319)
-
Tax
(RM)
(14,388)
(20,148)
-
Net
Distribution - Cash
(RM)
141,875
135,595
-
Gross Distribution Per
Unit - Cash
(sen)
6.0
5.7
NIL
Net Distribution Per Unit - Cash
(sen)
5.0
5.0
-
Portfolio
Turnover Ratio
(X)
1.05
0.58
0.45
Portfolio Turnover Ratio
For the year ended 15 February 2004, the ratio was
higher due to higher trading activities in the Fund.
Top
Five Investments Highlight
Year
Investment
%
NAV
2004
Malaysian
Bulk Carriers Bhd
YTL Power International Bhd
Malakoff Bhd
Duopharma Biotech Bhd
Maxis Communications Bhd
9.2
6.5
5.2
4.9
4.5
2003
Telekom
Malaysia Bhd
APM Automotive Holdings Bhd
RHB Capital Bhd
Malaysian Pacific Industries Bhd
MBM Resources Bhd
7.0
6.6
5.7
4.1
3.9
2002
Perusahaan
Otomobil Nasional Bhd
APM Automotive Holdings Bhd
Malaysian Pacific Industries Bhd
DRB-Hicom Bhd
MNI Holdings Bhd
6.2
5.1
4.9
4.3
3.6
Investment
Porfolio/Asset Allocation
As At 15 February 2004
Past performance of the
fund is not an indication of future performance
