kenanga growth fund dec 14
DESCRIPTION
Factsheet of Kenanga Growth Fund Y14. It outperformed KLCI 11% despite the drop in December 2014 due to the slip Oil Market.Persistent Quality Stock Picking in 2015 in the strategy in a challenging year.TRANSCRIPT
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Kenanga Growth Fund
Cover page
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Snapshot of Kenanga Growth Fund Content Page –
option 2 • Winner of The Edge-Lipper Fund Awards 2014 – Best Equity
Malaysia Fund for 3 and 5 years category.
• Winner of Fundsupermart.com Awards 2014/2015 – Core Equity – Malaysia category.
Award Winning Fund
• Rated as a Lipper Leader Fund for 5 years category.
• 5 stars rating by Morningstar.
Lipper Leaders Fund and 5 stars rated by
Morningstar
• Kenanga Growth Fund is a Malaysian equity fund suitable for investors who are looking for long term equity investments.
Malaysia Equity Fund
• Kenanga Growth Fund has a historical track record of more than 10 years. It was launched in 2000. Historical Track Record
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Award Winning Fund – Kenanga Growth Fund
Content Page –
option 2
Kenanga Growth Fund won The Edge-Lipper
Fund Awards 2014 for the Best Equity
Malaysia Fund for the 3 years and 5 years
category.
Source: The Edge Malaysia, 24 February 2014
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Award Winning Fund – Kenanga Growth Fund
by
Kenanga Growth Fund won
Fundsupermart.com Awards
2014/2015 for the Core Equity –
Malaysia category.
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Lipper Leaders Fund – Kenanga Growth Fund
Ranked as a Lipper Leader Fund for 5 Years as at 31 Dec 2014
1. Consistent Return : Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.
2. Preservation : Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class.
3. Total Return : Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.
The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return & Preservation
metrics over three OR five-year periods. The highest 20% of funds in each peer group are named Lipper Leader or a score of 5, the next 20% receive a score of 4, the middle
20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1.
Kenanga Growth Fund is ranked as a Lipper Leader Fund for
5 years category for
(a) Total Return;
(b) Preservation; and
(c) Consistent Return.
Source : Lipper, as of 12 Jan 2015
Only 8 Funds out of 67 Lipper rated Funds are ranked as
Lipper Leader Funds for all the 3 categories above in the 5
years Equity Malaysia category.
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5 Stars Rating by Morningstar –
Kenanga Growth Fund
Morningstar Rating for Funds
• Morningstar rates mutual funds from one to five stars based on how well they've performed (after
adjusting for risk and accounting for all sales charges) in comparison to similar funds.
• Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four
stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star.
• Funds are rated for up to three time periods--three-, five-, and 10 years--and these ratings are
combined to produce an overall rating. Funds with less than three years of history are not rated.
Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a
useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell
recommendations.
As at 31 Dec 2014, Kenanga Growth Fund has a overall 5
stars rating under Malaysia Equity category rated by
Morningstar.
Source: https://my.morningstar.com/ap/quicktake/overview.aspx?PerformanceId=0P00008MEM
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FUND
PERFORMANCES
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Kenanga Growth Fund
Fund Performance as at 31 Dec 2014 Content Page –
option 2
Cumulative Return
1, 3, 6 Months & 1, 3, 5 Years & Since Launch
Strong Performance Track Record
Source : Lipper, as of 12 Jan 2015
Cumulative
Performance Return
Generally
Outperforms the KLCI
Past Performance of the Kenanga Growth Fund does not indicate future performance of the fund.
KGF KLCI Outperformance
1 Month -4.61% -3.28% -1.33%
3 Months -8.41% -4.61% -3.80%
6 Months -4.12% -6.45% 2.33%
1 Year 9.31% -5.66% 14.97%
3 Years 57.45% 15.06% 42.39%
5 Years 148.95% 38.38% 110.57%
Since Launch* 253.51% 84.73% 168.78%
PeriodFund Performance as at 31 Dec 2014
* Cumulative return from 17 January 2000 to 31 Dec 2014
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Kenanga Growth Fund
Fund Performance as at 31 Dec 2014
Strong Performance Track Record
Calendar Year Return
2010, 2011, 2012, 2013 & 2014
Source : Lipper, as of 12 Jan 2015
Calendar Year
Performance Return
Consistently
Outperforms the KLCI
Past Performance of the Kenanga Growth Fund does not indicate future performance of the fund.
KGF KLCI Outperformance
2014 9.31% -2.47% 11.78%
2013 26.35% 10.54% 15.81%
2012 14.06% 10.34% 3.72%
2011 19.07% 0.78% 18.29%
Annualized
Return* 17.02% 3.77% 13.25%
PeriodFund Performance as at 31 Dec 2014
* Annualized return from 31 Dec 2010 to 31 Dec 2014
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Kenanga Growth Fund
Lipper Rankings as at 31 Dec 2014
KGF Lipper Ranking
1 Month -4.61% 55
3 Months -8.41% 50
6 Months -4.12% 22
1 Year 9.31% 2
3 Years 57.54% 2
5 Years 148.95% 1
10 Years 324.83% 1
Period
Fund Performance as at 31
Dec 2014 Kenanga Growth Fund is classified under
“Equity Malaysia” in Lipper Fund
category.
As at 31 Dec 2014, there are 76 conventional equity funds in the “Equity
Malaysia” category.
Kenanga Growth Fund is consistently
ranked in Top 3 for 1 Year to 10
Years periods.
Source : Lipper, as of 12 Dec 2014
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Kenanga Growth Fund
Fund Chart Since Launch as at 31 Dec 2014
Fund Performance Since Inception (assuming invested RM100,000)
Source : Lipper, as of
12 Jan 2015
Assuming that you have invested RM100,000 since launch of the Fund, your total investment will become
RM 353,507 as at 31 Dec 2014.
(This represents RM100,000 of your initial investment and RM253,507 of returns from the investment )
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OTHER
STATISTICS
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Strong Performance Track Record with Less Volatility
Source : Lipper, as of 12 Jan 2015
Cumulative Annualized Standard Deviation Calendar Year Annualized Standard Deviation
Kenanga Growth Fund
Annualized Standard Deviation as at 31 Dec 2014
Period KGF KLCI Difference
1 Month 20.44 15.4 5.04
3 Months 17.87 12.11 5.76
6 Months 13.19 9.31 3.88
1 Year 9.52 5.72 3.80
2 Years 10.82 6.93 3.89
3 Years 9.40 7.22 2.18
5 Years 9.39 9.04 0.35
Since Launch* 14.5 15.08 -0.58
Period KGF KLCI Difference
2014 9.52 5.72 3.80
2013 12.00 7.50 4.50
2012 6.01 7.86 -1.85
2011 11.22 13.19 -1.97
2010 7.34 9.12 -1.78
Annualized standard
deviation**9.77 8.93 0.84
* Cumulative annualized standard deviation from 17 January 2000 to 31 Dec 2014 ** Annualized standard deviation from 31 Dec 2010 to 31 Dec 2014
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Volatility
• Often an investor assumes 2 equity funds with similar investment objectives carry the same level of
risks. This assumption is not true because investment styles and strategies adopted by the 2 fund
managers are not the same. As such, for the same type of funds, some fund could be more volatile
as compared to its peers.
• As such, standard deviation of the Fund is one way of measuring the volatility of the Fund.
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0
5
10
15
20
25
4 5 6 7 8 9 10 11 12 13
% Growth
Std Deviation
AMB Dividend Trust
Affin Hwang Select Dividend
CIMB-Principal Equity Growth & Income
Eastspring Investments Equity Income
Eastspring Investments MY Focus
Affin Hwang Select Opportunity
Public Optimal Growth
AmTotal Return
Kenanga Growth
Eastspring Investments Growth
KLCI
Kenanga Growth Fund
Annualized 3 Years Return/Risk as at 31 Dec 2014
Top 10 Lipper Equity Malaysia by Return/Risk
Source : Lipper, as of 12 Jan 2015
3 Years Annualized
Return/
Risk Std
Deviation %
Growth
AMB Dividend Trust 2.23 5.77 13.46
Affin Hwang Select Dividend
2.15 6.62 14.95
CIMB-Principal Equity Growth & Income
1.84 6.15 11.69
Eastspring Investments Equity Income
1.83 7.18 13.65
Eastspring Investments MY Focus
1.79 12.30 23.43
Affin Hwang Select Opportunity
1.72 8.31 14.82
Public Optimal Growth 1.68 5.58 9.59
AmTotal Return 1.67 6.49 11.14
Kenanga Growth 1.67 9.40 16.34
Eastspring Investments Growth
1.42 8.42 12.24
KLCI 0.68 7.22 4.78
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0
5
10
15
20
25
6 7 8 9 10 11
% Growth
Std Deviation
Kenanga Growth
AMB Dividend Trust
Eastspring Investments Equity
Income
Manulife Investment Dividend
KAF Core Income
AmTotal Return
Affin Hwang Select Opportunity
CIMB-Principal Equity
CIMB-Principal Equity 2
Public Dividend Select
KLCI
Kenanga Growth Fund
Annualized 5 Years Return/Risk as at 31 Dec 2014
Top 10 Lipper Equity Malaysia by Return/Risk
Source : Lipper, as of 12 Jan 2015
5 Years Annualized
Return/ Risk
Std Deviation
% Growth
Kenanga Growth 2.00 9.39 20.00
AMB Dividend Trust 1.88 6.82 13.33
Eastspring Investments Equity Income
1.79 7.71 14.36
Manulife Investment Dividend
1.55 8.34 13.37
KAF Core Income 1.48 7.52 11.44
AmTotal Return 1.47 8.16 12.31
Affin Hwang Select Opportunity
1.39 9.94 14.15
CIMB-Principal Equity 1.28 9.46 12.36
CIMB-Principal Equity 2
1.25 9.85 12.45
Public Dividend Select
1.23 7.60 9.44
KLCI 0.76 9.04 6.71
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How WELL we managed your downside risk?
3 Years from Dec 2011 to Dec 2014
Top 10 Lipper Equity Malaysia by % Growth
Max
Drawdown
Equity Malaysia Percentage Growth (%)
Positive Periods (%)
Negative Periods (%)
Max 1 mth Gain
Max 1 mth Loss
Max Drawdown
Max Drawdown Period
Eastspring Investments MY Focus 88.14 66.67 30.56 14.53 -4.98 -10.45 3.00
Kenanga Growth 57.54 75.00 25.00 10.72 -4.61 -8.41 3.00
Affin Hwang Select Dividend 51.96 75.00 25.00 5.10 -2.89 -4.83 3.00
Affin Hwang Select Opportunity 51.45 77.78 22.22 9.49 -3.94 -5.15 5.00
KSC Incrementum 50.42 75.00 25.00 7.71 -5.94 -13.47 3.00
Areca equityTrust 49.01 72.22 27.78 15.44 -5.60 -11.00 3.00
AMB Ethical Trust 48.87 69.44 30.56 12.50 -3.82 -10.45 5.00
Eastspring Investments Equity Income 46.84 69.44 30.56 5.99 -3.01 -6.04 3.00
AMB Dividend Trust 46.10 77.78 22.22 4.11 -1.94 -2.24 3.00
CIMB-Principal Wholesale Equity 41.43 58.33 41.67 11.08 -5.99 -11.18 5.00
Source : Lipper, as of 12 Jan 2015
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How WELL we managed your downside risk?
5 years from Dec 2009 to Dec 2014
Top 10 Lipper Equity Malaysia by % Growth
Max
Drawdown
Equity Malaysia Percentage Growth (%)
Positive Periods (%)
Negative Periods (%)
Max 1 mth Gain
Max 1 mth Loss
Max Drawdown
Max Drawdown Period
Kenanga Growth 148.95 78.33 21.67 10.72 -5.05 -8.54 2.00
KSC Incrementum 98.35 75.00 25.00 8.92 -11.72 -20.94 2.00
Eastspring Investments Equity Income
95.64 71.67 28.33 5.99 -4.30 -7.06 2.00
Affin Hwang Select Opportunity 93.85 76.67 23.33 9.49 -6.82 -12.52 4.00
Manulife Investment Dividend 87.32 70.00 30.00 8.35 -5.07 -10.10 3.00
CIMB-Principal Wholesale Equity 87.32 63.33 36.67 11.08 -7.31 -12.34 3.00
AMB Dividend Trust 86.99 76.67 21.67 5.61 -4.18 -7.82 2.00
Areca equityTrust 86.57 70.00 30.00 15.44 -6.55 -13.91 5.00
AMB Ethical Trust 82.21 66.67 33.33 12.50 -6.96 -13.79 3.00
CIMB-Principal Equity 2 79.88 66.67 33.33 6.13 -6.66 -11.10 3.00
Source : Lipper, as of 12 Jan 2015
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OTHER DETAILS
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0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Liquidity
Trading/Services
Industrial Products
Consumers Products
Finance
Construction
Properties
Plantation
Technology
24.80%
23.70%
13.90%
5.20%
4.50%
6.40%
9.80%
1.80%
6.90%
% NAV
Sector
Source : Kenanga Investors Bhd, as of 12 Jan 2015
Top Holdings (% NAV) Sector Allocation (% NAV)
Kenanga Growth Fund
Top Holdings & Sector Allocation as at 31 Dec 2014
Holding % against NAV
GAMUDA BHD 3.24%
IJM LAND BHD 3.09%
AXIATA GROUP BERHAD 2.96%
PUBLIC BANK BHD 2.95%
TENAGA NASIONAL BHD 2.58%
SUNWAY BERHAD 2.37%
GLOBETRONICS TECHNOLOGY BHD 2.27%
MAXIS BERHAD 2.20%
GENTING MALAYSIA BHD 2.10%
DAYANG ENTERPRISE HLDGS BHD 1.97%
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Kenanga Growth Fund
Fund Details Content Page –
option 1 Fund Objective
To provide unit holders with long-term capital growth.
Asset Allocation 75% - 95% in Equities 5% - 25% in Liquid Assets
Performance Benchmark FTSE-Bursa Malaysia Kuala Lumpur Composite Index
Investor Profile
The Fund is suitable for Investors who:- Have long-term investment time horizon Have a moderate risk profile with tolerance
for short-term periods of volatility
Principal Risk Market Risk Particular Stock Risk
Investment Strategy
Managed to reduce volatility level below the market while seeking to achieve a return comparable to the market over the full market/business cycle.
Invest in well diversified companies with sustainable business model that is trading at a discount to its intrinsic value.
The fund does not actively practice asset allocation and during extreme market volatility, the Fund will judiciously scale back its equity exposure below 75%.
The Manager Kenanga Investors Berhad
Trustee CIMB Commerce Trustee Berhad
Category of Fund Equity
Type of Fund Growth
Investment Style Intrinsic Value
Launch Date 17 January 2000
NAV per Unit (IOP) RM1.00
Sales Charge Up to 5.50%
Repurchase Charge Nil
Switching Fee Nil
Transfer Fee Nil
Annual Management Fee 1.50% per annum
Annual Trustee Fee 0.05% per annum
Min Investment Amount RM1,000 or such lower amount as the Manager in its sole discretion allow.
Min Subsequent Amount RM100 or such lower amount as the Manager in its sole discretion allow
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Kenanga Growth Fund
Unique Selling Point
We buy Quality businesses below their TRUE VALUE
We seek to give you downside
protection
We think like a
business owner
Risk management is the central of our investment process.
Our risk management mechanism consist of :-
a. Overlay 1 – to ensure portfolio is sufficiently diversified and not overly concentrated or exposed to excessive common risk factors, a series of limits check consist of :- i. 5% max exposure into single company ii. 20% max exposure into companies within same group iii. 30% max exposure into single sector
b. Overlay 2 – to ensure the portfolio is less volatile than the underlying market benchmark. c. Sell Discipline – activate if any of the following occurs :-
i. The stock fails the stock selection criteria test ii. Assumption made in valuation process are not met, adversely affecting the fair value range iii. The market price had moved above the stock fair value range iv. Exposure limit is exceeded v. The stock underperforms the benchmark by more than 10% over a rolling 3-months period vi. The stock fall more than 20% from its recent high price
a. We use multiple valuation methodology to arrive at the stock fair/true value range.
b. We use Discounted Cash Flow as our main valuation metric. Nevertheless, we also use relative valuation such as Price Earning (PE) and Price to Book (PB) to see how the stock compared against their peers company.
We look at the long term prospect of the business.
In this regard, we look at the following :-
a. Sustainable business model - Supplier Chain (supply), Distribution (demand), Competitors, Barrier of Entry & Regulation Framework (social politic).
b. Management Integrity and Quality – Board of Director especially Independent Directors, Experience and Track Record of Management team, Transparent set of Accounting, Related party transaction and Stock Ownership.
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INVESTMENT
PROCESS
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Investment Process
Idea Generation
• ROE Ranking
• Price/Book Ranking
• Price/Earning Ranking
• Industry
• Broker
• Momentum
• Thematic
Stock Selection Criteria
• Business Model & Value Proposition
• Quality of Management
• Quality of Earnings
• Healthy Balance Sheet
Industry Verification
• Verify our Investment Thesis with the ’’expert’’
• Clarity on Key Assumption to identity superior Risk Return possibilities
Valuation
• Discounted Cash Flow
• Relative Valuation
Portfolio Construction & Management
• Construct a Portfolio (30-50 stocks) with reasonable Concentration & Accumulation Risk
• Risk Management
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How do we PICK the STOCK?
Our main factors :-
1. We buy companies with sustainable business model run by proven management team.
2. We ‘refuse’ to overpay for companies; strict adherence to valuation.
3. We continue to hold stocks in our portfolio as long as their business fundamentals
remain favorable but may increase or decrease the weighting depending on the valuation gap between market price and the stock’s intrinsic value/fair value. More than half the stocks in our portfolio have been held since July 2007 (the year the current investment team took over the portfolio).
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How do we PICK the STOCK?
Synopsis on (DLM) For the Period Ending
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 CAGR (% pa)
Market Cap (mil) 768.0 812.8 576.0 743.7 1,122.6 1,497.6
Revenue 513.7 609.2 711.6 691.8 696.6 810.6 9.6%
Operating Income 59.7 59.3 50.2 76.6 94.3 140.5 18.7%
Operating Margin 11.6% 9.7% 7.0% 11.1% 13.5% 17.3% 11.7%
Net Income 43.1 47.3 42.6 60.4 63.9 108.1 20.2%
EPS 0.67 0.74 0.67 0.94 1.00 1.69 20.3%
Free Cash Flow 0.75 0.49 0.34 0.95 1.41 2.39 26.2%
Dividend * 0.83 0.80 0.13 0.87 1.00 0.80 -0.7%
Book Value 1.89 1.99 2.52 2.81 3.09 4.05 16.5%
1. We like the consumer sector in Malaysia as in any developing economy, consumption will increase as society gets more affluent.
2. Further, with the external economies facing many challenges, sectors / companies that are more domestic centric will remain more resilient.
3. DLM is a leader in the quality branded dairy business in Malaysia. It manufactures and sells a wide range of quality dairy products and fruit juices.
4. Over the last 5 years, its revenue has grown by 9.6% p.a while its net income has grown by 20.2% p.a. Operating profit margin has remain stable in the teen.
5. On a per share basis, DLM’s EPS has grown 20.3% p.a while generating healthy free cash flow which is growing 26.2% p.a. This will allow DLM to continue paying out generous dividends into the future.
6. Supported by its healthy fundamentals, DLM share price has appreciated 35.3% p.a compared to the KLCI which appreciated 8.2% p.a.
1
2
3
Source : Bloomberg, as of 24th August 2012
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APPENDIX
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Source : Kenanga Investors Berhad, as of 4 June 2014
Income Distribution History
Kenanga Growth Fund
Income Distribution History
Distribution Date Income Distribution Unit Split Income Distribution Rate
(%)
31-May-12 - 1:2
-
31-Dec-12 4.7300
- 5.84%
28-May-14 6.0000
- 5.72%
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KENANGA GROWTH FUND –
ARTICLE FROM THE EDGE MALAYSIA
The Edge Malaysia, 24 February 2014
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Disclaimer This document is a marketing presentation prepared by Kenanga Investors Berhad (KIB) and is strictly for discussion and information purposes for sales staff only. It should not be circulated to any third party without prior approval of KIB. Information provided herein including any expression of opinion or forecast has been obtained from or is based on sources believed by us to be reliable, but there is no representation or warranty, express or implied, is given with respect to the accuracy, completeness, sufficiency or usefulness of the information, or that any future transaction will conform to the terms hereof. Any decision to proceed with a transaction to which this information relates should be made solely in reliance upon final documentation agreed between us. It is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Neither KIB, nor any of its affiliates, directors, employees, agents or advisers or any other person accepts any liability to any person in relation to the distribution, possession or delivery of this document in, to or from any jurisdiction. Any projections or other estimates in this information, including estimates of returns or performance, are forward-looking statements based upon certain assumptions and are preliminary in nature. Actual results are difficult to predict and may depend upon factors within or beyond the issuer’s or KIB’s control. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the analysis. There can be no assurance that estimated returns or projections can be realized or that actual returns or performance results will not be materially lower than those estimated herein. Such estimated results, returns and projections should be viewed as hypothetical and do not represent the actual results/returns that may be achieved. Price and product availability are deemed to be indicative only and are subject to changes at any time without notice. You should also consider fees and charges involved before investing. The Master Prospectus dated 30 June, 2014 has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the Master Prospectus and the relevant product highlights sheet (PHS) is obtainable at our offices. Application for Units can only be made on receipt of application form referred to in and accompanying the relevant Master Prospectus. Investors are advised to read and understand the prospectus and consider the fees and charges involved before investing. Unit prices and distributions may go down as well as up. A Fund’s track record does not guarantee its future performance. Investors are advised to read and understand the contents of the unit trust loan financing risk disclosure statement before deciding to borrow to purchase units.