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KENANGA GLOBAL OPPORTUNITIES FUND

INTERIm REPORT

For the Financial Period from 1 March 2014 to 31 August 2014

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 Investors Berhad (353563-P)


Contents Page

Corporate Directory iiDirectory of Manager’s Offices iiiiFund Information 1Manager’s Report 2-4Fund Performance 5-8Trustee’s Report 9Statement by the Manager 10Financial Statement 11-31

ii Kenanga Global Opportunities Fund Interim Report

CORPORATE DIRECTORY

Manager: Kenanga Investors Berhad (Company No. 353563-P)Registered office

Kenanga 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)YM Raja Dato’ Seri Abdul Aziz bin Raja Salim (Independent Director)Vivek Sharma (Independent Director)Peter John Rayner (Independent Director)Bruce Kho Yaw HuatIsmitz Matthew De Alwis

Investment Committee Bruce Kho Yaw Huat (Chairman) Syed Zafilen Syed Alwee (Independent Member)Vivek Sharma (Independent Member)Peter John Rayner (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 Commerce Trustee Berhad (Company No. 313031-A)Registered Office

Level 13, Menara CIMBJalan Stesen Sentral 2Kuala Lumpur Sentral50490 Kuala Lumpur.Tel: 03-2261 8888Fax: 03-2261 0099Website: www.cimb.com

Business Office Level 21, Menara CIMBJalan Stesen Sentral 2Kuala Lumpur Sentral50490 Kuala Lumpur.Tel: 03-2261 8888Fax: 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, PNB Damansara, 19, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia. Tel: 03-2093 2600 Fax: 03-2093 2700 Website: www.fimm.com.my

Kenanga Global Opportunities Fund Interim Report iii

DIRECTORY OF MANAGER’S OFFICES

REGIONAL BRANCH OFFICES:

Kuala LumpurSuite 12.02, 12th Floor, Kenanga InternationalJalan Sultan Ismail,50250 Kuala Lumpur, MalaysiaTel: 03-2057 3688Fax: 03-2161 8807

Johor BahruLot 11.03, 11th Floor, Menara MSC Cyberport5 Jalan Bukit Meldrum80300 Johor Bahru, JohorTel: 07-223 7505/4798 Fax: 07-223 4802

MelakaNo. 25-1 Jalan Kota Laksamana 2/17Taman Kota Laksamana Seksyen 275200 MelakaTel: 06-281 8913, 282 0518 Fax: 06-281 4286

Kuching1st Floor, No 71, Lot 7Lot 10900, Jalan Tun Jugah93350 Kuching, SarawakTel: 082-572 228 Fax: 082-572 229

KlangNo. 12 Jalan Batai Laut 3, Taman Intan41300 Klang, Selangor Darul EhsanTel:03-3341 8818, 3348 7889 Fax:03-3341 8816

Kota KinabaluA-03-11, 3rd FloorBlock A Warisan SquareJalan Tun Fuad Stephens88000 Kota Kinabalu, SabahTel: 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 Fax : 04 210 6644

IpohSuite 1, 2nd Floor,63 Persiaran Greenhill,30450 Ipoh, Perak, MalaysiaTel: 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 2242

Kenanga Global Opportunities Fund Interim Report 1

1. FUND INFORMATION

1.1 Fund Name

Kenanga Global Opportunities Fund (KGOPF or the Fund)

1.2 Fund Category / Type

Feeder / Growth

1.3 Investment Objective

The Fund aims to achieve capital growth by investing, via a target fund, in a diversified portfolio of global equities that are likely to yield higher earnings growth than the global average.

1.4 Investment Strategy

The Fund will invest a minimum of 95% of its NAV in ING (L) Invest Global Opportunities (IIGO) denominated in Euro, domiciled in Luxembourg. The remaining will be invested in liquid assets including money market instruments and deposits with licensed financial institutions.

1.5 Duration

The Fund was launched on 21 June 2010 and it shall exist as long as it appears to the Manager and the Trustee that it is in the interests of the unit holders for it to continue.

1.6 Performance Benchmark

MSCI World AC Index

1.7 Distribution Policy

Income (if any) will be distributed annually on the best effort basis.

1.8 Breakdown of unit holdings of KGOPF as at 31 August 2014

Size of holdings No. of unitholders No. of units held5,000 and below 0 05,001 - 10,000 4 33,39910,001-50,000 10 202,98550,001-500,000 3 280,222500,001 and above 1 555,156Total 18 1,071,762

2 Kenanga Global Opportunities Fund Interim Report

2. MANAGER’S REPORT

2.1 Explanation on whether the Fund has achieved its investment objective.

For the period under review, the Fund fulfilled its investment objective, having invested in ING (L) Invest Global Opportunities (“Target Fund”) with a diversified portfolio of global equities that are likely to yield higher earnings growth than the global average.

2.2 Comparison between the Fund’s performance and performance of the benchmark

Performance Chart Since Launch (21/06/2010– 31/8/2014)Kenanga Global Opportunities Fund vs MSCI World AC Index

% Growth, Cum, TR, ExD, MYR, Launch to 31/8/2014

-10.00

-20.00

10.00

0.00

20.00

20.00

40.00

50.00

60.00

30/6

/201

0

30/9

/201

0

31/1

2/20

10

31/3

/201

1

30/6

/201

1

30/9

/201

1

31/1

2/20

11

31/3

/201

2

30/6

/201

2

30/9

/201

2

31/1

2/20

12

31/3

/201

3

30/6

/201

3

30/9

/201

3

31/3

/201

4

30/6

/201

4

31/8

/201

4

31/1

2/20

13

Kenanga Global Opportunities : 15.14 MSCI AC World CR USD : 48.02

Source: Lipper

2.3 Investment strategies and policies employed during the period under review

For the period under review, the Fund’s investment strategy and policy were to invest nearly all its assets into the Target Fund and the remaining in liquid assets. The strategy employed was in line with that disclosed in the prospectus.

2.4 The Fund’s asset allocation (% of NAV) as at 31 August 2014 and comparison with the previous financial period

Asset 31 Aug 2014 31 Aug 2013Collective investment scheme - foreign 95.7% 96.1%Short term deposits and cash 4.3% 3.9%

Reason for the differences in asset allocation

The difference in asset allocation is due to fluctuations in the value of the Target Fund.


2.5 Fund performance analysis based on NAV per unit (adjusted for income distribution; if any) since last review period

Period under reviewKenanga Global Opportunities Fund -1.62%MSCI World AC Index 1.22%

Source: Lipper

During the period under review, the Fund registered a negative return of 1.62% which underperformed its benchmark which registered positive returned of 1.22%. The underperformance was due to the underperformance of the Target Fund.

2.6 Review of the market

Market Review

Global equities made good gains during the 6-month period ending 31 August 2014. The MSCI AC World net total return index added 7.2% in local terms. US corporates reported strong earnings during the period with the majority of stocks in the S&P 500 beating expectations. The better than expected results helped US equities (+8.3%) to continue their impressive rise. US macroeconomic data were also supportive; especially labour data provided confidence as unemployment fell to 6.2% from 6.6%. GDP growth bounced back from a contraction in Q1 (-2.9%), which was largely due to adverse weather, to 4.2% in Q2. New Fed Chair Janet Yellen indicated that interest rates could rise in 2015 but also said that the US was not close to full employment and that there was considerable “slack” in the labour market.

Europe (+2.4%) was the weakest region in developed markets, with a noticeable negative performance for Germany (-2.9%) as investors worried about the country’s exposure to Eastern Europe in relation to the ongoing crisis between Ukraine and Russia. Macroeconomic momentum weakened during the period and ECB President Mario Draghi expressed his concerns regarding the strength of the euro and also deflation risk in the Eurozone. In July, the ECB announced a range of stimulus measures, including a negative deposit rate and a “targeted” long-term refinancing operation (LTRO).

There were doubts surrounding the feasibility of Shinzo Abe’s economic policies in Japan. The introduction of a sales tax increase, one of the key reforms, was a headwind for Japanese equities. However, despite this, Japanese equities managed to perform relatively well, recovering strongly to end the period up by 5.4%.

Emerging market equities looked past Fed tapering worries and the inevitably of future US rate hikes to record a very impressive outperformance over developed markets (12.5% vs 7.2%). Investors were in the mood to reward evidence of structural reform or political stability. Countries with a leadership change theme were all among the main beneficiaries. India and Indonesia elected new presidents, Thailand had a government change and opinion polls in Brazil pointed to a tight election race later this year.

Energy (+12.7%), IT (+10.4%) and Utilities (+9.0%) were the best performing sectors. Consumer Discretionary (+2.5%), Industrials (+3.6%) and Materials (+4.0%) were positive but lagged the rest of the market. In terms of style, “Value” outperformed “Growth” stocks during the period, while large cap stocks outperformed small caps.


2.6 Review of the market (Contd.)

Market Outlook

Monetary actions of the central banks are still an important driver for equities in the short term. The US is still easing, albeit to a lesser degree than in the past, Japan is involved in massive quantitative easing, and we expect that Europe will follow suit, especially after the speech Draghi gave recently at Jackson Hole. In our opinion, longer-term structural trends are the most important factors that determine the success of a company going forward. In that respect, it is positive to see that both in India and Indonesia the pro-business parties have won the elections and are able to push through structural reforms that will support economic growth. Politics so far has been a key barrier to economic restructuring in India and Indonesia.

In China, economic reform goes hand in hand with a severe clamp down on corruption. Although the latter is hurting economic activity in some sectors in the short term we think it will strengthen the Chinese economy in the longer term. China, India and Indonesia inhabit almost 50% of the total world population and are therefore key for a number of consumer related themes in our portfolio.

Source: ING Investment Management Europe

2.7 Income Distribution

For the financial period under review, the Fund did not declare any income distribution.

2.8 Details of any unit split exercise

The Fund did not carry out any unit split exercise during the financial period under review.

2.9 Significant changes in the state of affair of the Fund during the period

There were no significant changes in the state of affair of the Fund during the period and up until the date of the manager’s report, not otherwise disclosed in the financial statements.

2.10 Circumstances that materially affect any interests of the unitholders

During the period under review, there are no circumstances that materially affect any interests of the unitholders.

2.11 Rebates & Soft commissions

Any rebates received are channeled back to the Fund. On the other hand, soft commissions received from the stockbrokers for goods and services such as technical analysis software, fundamental database, financial wire services, stock quotation system and portfolio management software incidental to investment management of the Fund shall be retained by the Manager. For the period under review, the Manager did not receive any rebates or soft commissions from stockbrokers.


3. FUND PERFORMANCE

3.1 Details of portfolio composition of Kenanga Global Opportunities Fund (“the Fund”) for the financial period as at 31 August 2014 against last 3 financial years as at 28/29 February are as follows:

a. Distribution among category of investments:

As at FY FY FY31.8.2014 2014 2013 2012

% % % %

Collective investment scheme - foreign 95.7 96.5 96.8 95.9Short term deposits and cash 4.3 3.5 3.2 4.1

100.0 100.0 100.0 100.0

Note: The above mentioned percentages are based on total net asset value of the Fund.

b. Distribution among markets

As at 31 August 2014, the target fund ING (L) Invest Global Opportunities has invested in the following markets:

40.19%

16.28%

11.40%

8.25%

6.00%

4.41%

3.95%

3.92%

3.55%

2.06%

United States

Others

United Kingdom

Japan

Netherlands

Switzerland

France

Hong Kong

Canada

Brazil


c. Distribution among industry sectors

As at 31 August 2014, the target fund ING (L) Invest Global Opportunities has invested in the following industry sectors.

17.40%

17.07%

16.01%

14.20%

10.28%

9.28%

8.56%

5.89%

0.67%

0.64%

IT

Financials

Health Care

Consumer Discretionary

Consumer Staples

Energy

Materials

Industrials

Telecoms

Utilities


3.2 Performance details of the Fund for the financial period ended 31 August 2014 against last 3 financial years ended 28/29 February are as follows:

Period from 1.3.2014 to

31.8.2014FY

2014FY

2013FY

2012

Net asset value (“NAV”) (RM Million) 0.62* 1.16 1.01 4.77Units in circulation (Million) 1.07 1.96 1.86 9.24NAV per unit (RM) 0.5757* 0.5852 0.5409 0.5164Highest NAV per unit (RM) 0.5908 0.6021 0.5566 0.5652Lowest NAV per unit (RM) 0.5617 0.5218 0.4735 0.4429Total return (%) -1.62 8.19 4.74 -8.76- Capital growth (%) -1.62 8.19 4.74 -8.76- Income distribution (%) - - - -Gross distribution per unit (sen) - - - -Net distribution per unit (sen) - - - -Management expense ratio (“MER”) (%)1 2.44 2.69 1.08 0.95Portfolio turnover ratio (“PTR”) (times)2 0.50 13.16 0.48 1.33

Note:TotalreturnistheactualreturnoftheFundfortherespectivefinancialperiod/years,computedbased on NAV per unit and net of all fees.

MERiscomputedbasedonthetotalfeesandexpensesincurredbytheFunddividedbytheaveragefundsizecalculatedonadailybasis.PTRiscomputedbasedontheaverageofthetotalacquisitionsandtotaldisposalsofinvestmentsecuritiesoftheFunddividedbytheaveragefundsizecalculatedonadailybasis.

Above NAV and NAV per unit are not shown as ex-distribution as there were no distribution declaredbytheFundinthecurrentperiodunderreview.

1MERisloweragainstpreviousfinancialyearsasthecomputationsareinrespectof6monthsonly.

2PTRislowerasthecomputationsareinrespectof6monthsonly.

* The NAV and NAV per unit are valued based on bid price fair valuation method.


3.3 Average total return of the Fund

1 Year31 Aug 13 - 31 Aug 14

3 Years31 Aug 11 - 31 Aug 14

Since Inception

21 Jun 10 - 31 Aug 14

Kenanga Global Opportunities Fund -1.56% 19.46% 22.36%MSCI World AC Index 13.77% 12.55% 12.25%

Source: Lipper

3.4 Annual total return of the Fund

Period under review

28 Feb 14 - 31 Aug 14

1 year28 Feb 13 - 28 Feb 14

1 Year29 Feb 12 - 28 Feb 13

1 Year28 Feb 11 - 29 Feb 12

Since Inception

21 Jun 10 - 28 Feb 11

Kenanga Global Opportunities Fund

-1.62% 8.19% 4.74% -8.76% 13.20%

MSCI World AC Index 1.22% 22.68% 10.17% -5.48% 14.47%

Source: Lipper

Investors are reminded that past performance is not necessarily indicative of future performance. Unit prices and investment returns may fluctuate.


4 TRUSTEE’S REPORT TO THE UNITHOLDERS OF KENANGA GLOBAL OPPORTUNITIES FUND

We, CIMB COMMERCE TRUSTEE BERHAD (“the Trustee”), being the Trustee of KENANGA GLOBAL OPPORTUNITIES FUND (“the Fund”) are of the opinion that KENANGA INVESTORS BERHAD (“the Manager”), acting in the capacity of Manager of the Fund, has fulfilled its duties in the following manner for the financial period ended 31 August 2014.

a) The Fund has been managed in accordance with the limitations imposed on the investment powers of the Manager and the Trustee under the Deeds, the Securities Commission Malaysia’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to time) and other applicable laws for the financial period ended 31 August 2014;

b) Valuation/pricing of units of the Fund has been carried out in accordance with the Deeds and relevant regulatory requirements; and

c) Creation and cancellation of units have been carried out in accordance with the Deeds and relevant regulatory requirements.

For and on behalf of CIMB COMMERCE TRUSTEE BERHAD (313031-A)

LEE KOOI YOKE Chief Operating Officer

Kuala Lumpur, Malaysia

27 October 2014


5. STATEMENT BY THE MANAGER

We, Ismitz Matthew De Alwis and Bruce Kho Yaw Huat, being the directors of Kenanga Investors Berhad, do hereby state that, in the opinion of the Manager, the accompanying statement of financial position as at 31 August 2014 and the related statement of comprehensive income, statement of changes in net asset value and statement of cash flows for the financial period from 1 March 2014 to 31 August 2014 together with notes thereto, are drawn up in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards so as to give a true and fair view of the financial position of Kenanga Global Opportunities Fund as at 31 August 2014 and of its financial performance and cash flows for the financial period from 1 March 2014 to 31 August 2014 and comply with the requirements of the Deed.

For and on behalf of the ManagerKenanga Investors Berhad

Ismitz Matthew De Alwis Bruce Kho Yaw Huat

Kuala Lumpur, Malaysia

27 October 2014


6. FINANCIAL STATEMENT

6.1 STATEMENT OF COMPREHENSIVE INCOMEFOR THE FINANCIAL PERIOD FROM 1 MARCH 2014 TO 31 AUGUST 2014 (unaudited)

Note1.3.2014 to

31.8.20141.3.2013 to

31.8.2013RM RM

INVESTMENT INCOMEInterest income 39 657Net gain/(loss) from investments:

- Financial assets at fair value through profit or loss (“FVTPL”) 7 4,146 (96,692)

4,185 (96,035)

EXPENSESManager’s fee 4 (1,218) (4,148)Trustee’s fee 5 (8,261) (9,026)Auditors’ remuneration (2,414) (2,357)Tax agent’s fee (1,400) (1,434)Administration expenses (3,176) (3,129)

(16,469) (20,094)

NET LOSS BEFORE TAX (12,284) (116,129)

Income tax 6 - -

NET LOSS AFTER TAX, REPRESENTING TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (12,284) (116,129)

Net loss after tax is made up as follows:Realised (loss)/gain (12,323) 107,995Unrealised gain/(loss) 39 (224,124)

(12,284) (116,129)

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


6.2 STATEMENT OF FINANCIAL POSITIONAS AT 31 AUGUST 2014 (unaudited)

Note 31.8.2014 31.8.2013RM RM

INVESTMENTSFinancial assets at FVTPL 7 590,669 7,649,594Short term deposits 8 - 5,920,008

590,669 13,569,602

OTHER ASSETSOther receivables 9 - 479Cash at bank 42,803 10,032

42,803 10,511

TOTAL ASSETS 633,472 13,580,113

LIABILITIESAmount due to Manager 175 2,756Amount due to Trustee 2,244 1,480Other payables 10 14,037 5,616,113TOTAL LIABILITIES 16,456 5,620,349

EQUITYUnitholder’s contribution 659,622 8,007,258Accummulated losses (42,606) (47,494)NET ASSET VALUE (“NAV”) ATTRIBUTABLE

TO UNITHOLDERS 11 617,016 7,959,764

TOTAL EQUITY AND LIABILITIES 633,472 13,580,113

NUMBER OF UNITS IN CIRCULATION 11(a) 1,071,761 13,611,918

NET ASSET VALUE PER UNIT (RM) 0.5757 0.5848



6.3 STATEMENT OF CHANGES IN NET ASSET VALUEFOR THE FINANCIAL PERIOD FROM 1 MARCH 2014 TO 31 AUGUST 2014 (unaudited)

NoteUnitholders’ contribution

Accummulated losses Total NAV

RM RM RM

1.3.2014 to 31.8.2014At beginning of the period 1,175,626 (30,322) 1,145,304Total comprehensive loss - (12,284) (12,284)Creation of units 11(a) 15,892 - 15,892Cancellation of units 11(a) (531,896) - (531,896)At end of the period 659,622 (42,606) 617,016

1.3.2013 to 31.8.2013At beginning of the period 938,966 68,635 1,007,601Total comprehensive loss - (116,129) (116,129)Creation of units 11(a) 12,962,414 - 12,962,414Cancellation of units 11(a) (5,994,644) - (5,994,644)Distribution equalisation 11(a) 100,522 - 100,522At end of the period 8,007,258 (47,494) 7,959,764



6.4 STATEMENT OF CASH FLOWSFOR THE FINANCIAL PERIOD FROM 1 MARCH 2014 TO 31 AUGUST 2014 (unaudited)

1.3.2014 to 31.8.2014

1.3.2013 to 31.8.2013

RM RM

CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIESProceeds from sale of financial assets at FVTPL 599,000 5,889,000Purchase of financial assets at FVTPL (80,000) (7,060,000)Interest received 39 179Manager’s fee paid (1,809) (1,864)Trustee’s fee paid (8,927) (8,927)Auditors’ remuneration paid (4,500) -Tax agent’s fee paid (2,900) (2,454)Payment for other fees and expenses (1,503) (2,553)Net cash generated from/(used in) operating and investing activities 499,401 (1,186,619)

CASH FLOWS FROM FINANCING ACTIVITIESCash received from units created 15,891 13,145,751Cash paid on units cancelled (531,896) (6,087,603)Net cash (used in)/generated from financing activities (516,005) 7,058,147

NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS (16,604) 5,871,528

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 59,407 58,512

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 42,803 5,930,040

Cash and cash equivalents comprise:Cash at bank 42,803 10,032Short term deposits - 5,920,008

42,803 5,930,040



6.5 NOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL PERIOD FROM 1 MARCH 2014 TO 31 AUGUST 2014 (unaudited)

1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES

Kenanga Global Opportunities Fund (the “Fund”) was constituted pursuant to the executed Deed dated 13 October 2009 (collectively, together with deeds supplemented thereto, referred to as “the Deed”) between Kenanga Funds Berhad and CIMB Commerce Trustee Berhad as the trustee. The Fund commenced operation on 21 June 2010 and will continue to be in operation until terminated as provided under Part 12 of the Deed.

Pursuant to the executed Seventh Supplemental Deed dated 15 May 2013 between Kenanga Investors Berhad and CIMB Commerce Trustee Berhad, Kenanga Investors Berhad was appointed as the Manager of the Fund with effect from 8 June 2013.

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, 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 is set up with the aim of achieving capital growth by investing, via a target fund, in a diversified portfolio of global equities that are likely to yield higher earning growth than global average. To achieve the objective of the Fund, it will invest a minimum 95% of the net asset value in ING (L) Invest Global Opportunities (“IIGO”), denominated in Euro (“EUR”), domiciled in Luxembourg. The remaining will be invested in liquid assets including money market instruments and deposits with licensed financial institution.

The financial statements were authorised for issue by the Interim Chief Executive Officer of the Manager on 27 October 2014.

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

To the extent the Fund invests in IIGO, which has investment in global equities, it is exposed to market risk (which includes interest risk, price risk and currency risk) and credit risk.

The fund manager monitors the portfolio of IIGO to ensure that the underlying fund is positioned to meet its investment objectives. The fund manager may seek alternative collective investment scheme or any permissible instruments that are consistent with the objective of the Fund.


2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.)

a. Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes currency risk, interest rate risk, price risk and currency risk.

Market risk arises when the value of the financial instruments fluctuate in response to the activities of individual companies, general market or economic conditions. It stems from the fact that there are other economy-wide perils, which threaten all businesses. Hence, investors are exposed to market uncertainties. Fluctuation in the prices of financial instruments caused by uncertainties in the economy, political and social environment will affect the fair value of the Fund.

i. Interest rate risk

The Fund has minimal exposure to interest rate risk as placements with financial institutions are short term bases. In additional, the Fund has indirect exposure to interest rate risk through IIGO.

ii. Price risk

Price risk is the risk of unfavourable changes in the fair values of foreign collective investment scheme. The Funds invests in a foreign collective investment scheme which is exposed to price fluctuations. This may then affect the NAV per unit of the Fund.

Price Risk Sensitivity

Manager’s best estimate of the effect on the profit for the period due to a reasonably possible change in investments in foreign collective investment scheme, with all other variables held constant is indicated in the table below:



a. Market Risk (Contd.)

ii. Price risk (Contd.)

Price Risk Sensitivity (Contd.)

Changes in price Increase/

(Decrease)

Effects on profit for the period

Increase/ (Decrease)

Basis points RM

31.8.2014Collective investment scheme - foreign 5/( 5) 295/( 295)

31.8.2013Collective investment scheme - foreign 5/( 5) 3,825/( 3,825)

In practice, the actual trading results may differ from the sensitivity analysis below and the difference could be material.

Price risk concentration

The following table set out the Fund’s exposure and concentration to price risk based on its portfolio of financial instruments as at the reporting date.

Fair value Percentage of NAV31.8.2014 31.8.2013 31.8.2014 31.8.2013

RM RM % %

Collective investment scheme - foreign 590,669 7,649,594 95.7 96.1

iii. Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

When the foreign currencies fluctuate in an unfavorable movement against Ringgit, the investment face currency loss in addition to capital gain/(loss). This will lead to lower NAV of the Fund.

The Fund invests a minimum 95% in IIGO, denominated in EUR, domiciled in Luxembourg. The Manager may consider managing the currency risk using currency hedging. However, this would be subject to the current market outlook on the currency exposure risk as well.



a. Market Risk (Contd.)

iii. Currency risk (Contd.)

Currency risk sensitivity

The Fund did not have any financial liabilities denominated in foreign currencies as at the reporting date. The following table indicates the currencies to which the Fund had significant exposure at the reporting date on its financial assets. The analysis calculates the effect of a reasonably possible movement of the currency rate against Ringgit Malaysia on profit with all other variables held constant.

Change in currency rate

Increase/(Decrease)

Effect on profit for the period

Increase/(Decrease)Basis points RM

31.8.2014EUR/RM 5/( 5) 295/( 295)

31.8.2013EUR/RM 5/( 5) 3,825/( 3,825)

In practice, the actual trading results may differ from the sensitivity analysis above and the difference could be material.

Currency risk concentration

The following table set out the Fund’s exposure to foreign currency exchange rates on its financial assets as at the reporting date.

Fair value Percentage of NAV31.8.2014 31.8.2013 31.8.2014 31.8.2013

RM RM % %

EUR 590,669 7,649,594 95.7 96.1

b. Credit Risk

Prior to investing in IIGO, the fund manager has performed an evaluation of the performance and track record of IIGO, as well as the fund management team of IIGO.



b. Credit Risk (Contd.)

i. Credit risk exposure

At the reporting date, the Fund’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the statement of financial position.

ii. Financial assets that are either past due or impaired

As at the reporting date, there are no financial assets that are either past due or impaired.

c. Liquidity Risk

Liquidity risk is defined as the risk that the Fund will encounter difficulty in meeting obligations associated with financial liabilities that are to be settled by delivering cash or another financial asset. Exposure to liquidity risk arises because of the possibility that the Fund could be required to pay its liabilities or cancel its units earlier than expected. The Fund is exposed to cash cancellation of its units on a regular basis. Units sold to unitholders by the Manager are cancellable at the unitholder’s option based on the Fund’s NAV per unit at the time of cancellation calculated in accordance with the Deed.

Unit trust funds with principal investment strategies that involve foreign securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risks. IIGO’s investment manager manages the risk by adopting ING’s diversification policy that stipulates single and group issuer limits to confine over-exposure to a single company or group of companies.

The following table analyses the maturity profile of the Fund’s financial assets and financial liabilities in order to provide a complete view of the Fund’s contractual commitments and liquidity.

Up to 1 yearRM

31.8.2014AssetsFinancial assets at FVTPL 590,669Other assets 42,803

(i) 633,472

LiabilitiesOther liabilities (ii) 16,456

Equity (iii) 617,016

Liquidity gap -



c. Liquidity Risk (Contd.)

Up to 1 yearRM

31.8.2013AssetsFinancial assets at FVTPL 7,649,594Short term deposits 5,920,008Other assets 10,511

(i) 13,580,113

LiabilitiesOther liabilities (ii) 5,620,349

Equity (iii) 7,959,764

Liquidity gap -

(i) Financial assets

Analysis of financial assets into maturity groupings is based on the expected date on which these assets will be realised. The Fund’s investments have been included in the “up to 1 year” category on the assumption that these are highly liquid investments which can be realised should all of the Fund’s unitholders’ equity be required to be redeemed. For other assets, the analysis into maturity groupings is based on the remaining period from the end of the reporting period to the contractual maturity date or if earlier, the expected date on which the assets will be realised.

(ii) Financial liabilities

The maturity grouping is based on the remaining period from the end of the reporting period to the contractual maturity date. When counterparty has a choice of when the amount is paid, the liability is allocated to the earliest year in which the Fund can be required to pay.

(iii) Equity

As unitholders can request for redemption of their units, they have been categorised as having a maturity of “up to 1 year”.


3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Basis of Accounting

The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) as issued by Malaysian Accounting Standards Board (“MASB”) and International Financial Reporting Standards (“IFRS”) issued by International Accounting Standards Board (“IASB”).

The accounting policies adopted are consistent with those of the previous financial year except for the adoption of the new and amended MFRS and IC interpretations which became effective for the Fund on 1 March 2014. The adoption of the new and amended MFRS and IC interpretations did not have any significant impact on the financial position or performance of the Fund.

The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.

b. Standard and Interpretations Issued But Not Yet Effecitve

As at the date of authorisation of these financial statements, the following Standards and Amendments have been issued by MASB but are not yet effective and have not been adopted by the Fund:

Description

Effective for financial year beginning

on or after

Amendments to MFRS 132: Offsetting Financial Assets and Financial Liabilities 1 January 2014

Amendments to MFRS 10, MFRS 12, and MFRS 127: Investment Entities 1 January 2014

Amendments to MFRS 136: Recoverable Amount Disclosure for Non-Financial Assets 1 January 2014

IC Interpretation 21 Levies 1 January 2014Amendments to MFRSs contained in the documents entitled

Annual Improvements 2010 - 2012 cycle 1 July 2014Amendments to MFRSs contained in the documents entitled

Annual Improvements 2011 - 2014 cycle 1 July 2014MFRS 14: Regulatory Deferral Accounts 1 January 2016Amendments to MFRS 116 and MFRS 138: Property, Plant

and Equipment and Intangible Assets 1 January 2016Amendments to MFRS 11: Joint Arrangements 1 January 2016MFRS 9: Financial Instruments (IFRS 9 Issued by IASB in

November 2009) To be announcedMFRS 9: Financial Instruments (IFRS 9 Issued by IASB in

October 2010) To be announcedMFRS 9: Financial Insrumentss: Hedge Accounting and

amendments to MFRS 9, MFRS 7 and MFRS 139 To be announced


3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

b. Standard and Interpretations Issued But Not Yet Effecitve (Contd.)

The Fund will adopt the above pronouncements when they become effective in the respective financial period. These pronouncements are not expected to have any significant impact to the financial statements of the Fund upon their initial application, other than MFRS 9.

MFRS 9 reflects the first phase of work on the replacement of MFRS 139 and applies to classification and measurement of financial assets and financial liabilities as defined in MFRS 139. The standard was initially effective for annual periods beginning on or after 1 January 2013, but Amendments to MFRS 9: Mandatory Effective Date of MFRS 9 and Transition Disclosures, issued in March 2012, moved the mandatory effective date to 1 January 2015. Subsequently, on 14 February 2014, it was announced that the new effective date will be decided when the project is closer to completion. The adoption of the first phase of MFRS 9 will have an effect on the classification and measurement of the Fund’s financial assets, but will not have an impact on classification and measurements of the Fund’s financial liabilities. The Fund will quantify the effect in conjunction with the other phases, when the final standard including all phases is issued by MASB. The final standard of IFRS 9 has been issued by IASB on 24 July 2014.

c. Financial Assets

Financial assets are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at FVTPL, directly attributable transaction costs.

The Fund determines the classification of its financial assets at initial recognition, which are receivables.

i. Financial assets at FVTPL

Financial assets are classified as financial assets at FVTPL if they are held for trading or are designated as such upon initial recognition.

Financial assets held for trading include foreign collective investment scheme acquired principally for the purpose of selling in the near term.

Subsequent to initial recognition, financial assets at FVTPL are measured at fair value. Changes in the fair value of those financial instruments are recorded in profit or loss.

Interest earned elements of such instruments are recorded in “interest income”.

Exchange differences on financial assets at FVTPL are not recognised separately in profit or loss but are included in net gain or net loss on changes in fair value of financial assets at FVTPL.



c. Financial Assets (Contd.)

ii. Receivables

Financial assets with fixed or determinable payment that are not quoted in an active market are classified as receivables.

Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method. Gain or loss is recognised in profit or loss when the loans and receivable are derecognised or impaired, and through the amortisation process.

A financial asset is derecognised when the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received is recognised in profit or loss.

d. Impairment of Financial Assets

The Fund assesses at each reporting date whether there is any objective evidence that a financial assets is impaired.

To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Fund considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

If any such evidence exists, the amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets, with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable becomes uncollectible, it is written off against the allowance account.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the assets does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss.

e. Income

Income is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the income can be reliably measured. Income is measured at the fair value of consideration received or receivable.

Interest income is recognised using effective interest method on an accrual basis.



e. Income (Contd.)

The realised gain or loss on sale of investments is measured as the difference between the net disposal proceeds and the carrying amount of the investment, calculated on the daily basis.

The unrealised gain or loss on change in value of investments is measured as the difference between the fair value and the carrying amount of the investment, calculated on a daily basis.

f. Cash and Cash Equivalents

For the purposes of the statement of cash flows, cash and cash equivalents include cash at bank and short term deposits with financial institutions.

g. Income Tax Expense

Income tax on the profit or loss for the period comprises current tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the period.

h. Unrealised Reserves

Unrealised reserves represent the net gain or loss arising from carrying investments at their fair values and unrealised gain or loss from translating foreign currency monetary items at exchange rates prevailing at reporting date. This reserve is not distributable.

i. Financial Liabilities

Financial liabilities are classified according to the substance of the collateral arrangements entered into and the definitions of a financial liability.

Financial liabilities are recognised in the statement of financial position when and only when, the Fund become a party to the contractual provisions of the financial instrument. The Fund’s liabilities are classified as other financial liabilities. The Fund’s financial liabilities are recognised initially at fair value plus directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method.

A financial liability is derecognised when the obligation under the liability is extinguished. Gain and loss is recognised in profit or loss when the liabilities are derecognised, and through amortisation process.

j. Foreign Currency

i. Functional and presentation currency

The financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (“the functional currency”). The financial statements are presented in Ringgit Malaysia (RM), which is also the Fund’s functional currency.



j. Foreign Currency (Contd.)

ii. Foreign currency transactions

In preparing the financial statements of the Fund, transactions in currencies other than the Fund’s functional currency (foreign currencies) are recorded in the functional currency using exchange rates prevailing at the dates of the transactions. At each reporting date, monetary items denominated in foreign currencies are translated at the rates prevailing on the reporting date. All exchange gain or loss is recognised in profit of loss.

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are included in statement of comprehensive income for the period.

The principal exchange rate for each respective units of foreign currency ruling at statement of financial position date is as follows:

31.8.2014 31.8.2013RM RM

1 EUR 4.1566 4.3299

k. Unitholders’ Capital – NAV Attributable to Unitholders

The unitholders’ contributions to the Fund is classified as equity instruments.

Distribution equalisation represents the average amount of undistributed net income included in the creation and cancellation prices of units. This amount is either refunded to unitholders by way of distribution and/or adjusted accordingly when units are released back to the Trustee.

l. Significant Accounting Judgments and Estimates

The preparation of financial statements requires the use of certain accounting estimates and exercise of judgement. Estimates and judgements are continually evaluated and are based on past experience, reasonable expectations of future events and other factors.

i. Critical judgements made in applying accounting policies

There are no major judgements made by the Manager in applying the Fund’s accounting policies.

ii. Key sources of estimation uncertainty

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date.


4. MANAGER’S FEE

The Manager’s fee is computed based on 1.80% per annum of the NAV of the Fund, calculated on a daily basis, as provided under Division 13.1 of the Deed.

As the Fund invests in units of IIGO, 1.50% of the Manager’s fee is charged by the IIGO’s manager, ING Investment Management Luxembourg S.A., and the remaining of 0.3% is charged by the Manager, Kenanga Investors Berhad. Accordingly, there is no double charging of manager’s fee.

5. TRUSTEE’S FEE

Pursuant to the second supplemental deed dated 25 July 2014, the Trustee’s fee is computed not exceeding 0.08% per annum of the NAV of the Fund and subject to a minimum fee of RM9,000 effective from 1 August 2014. Prior to 1 August 2014, the Trustee’s fee was computed not exceeding 0.08% per annum and subject to a minimum fee of RM18,000.

The Trustee’s fee is currently computed at 0.08% per annum of the NAV of the Fund.

6. INCOME TAX EXPENSE

Income tax is calculated at the Malaysian statutory tax rate of 25% of the estimated assessable income for the financial period. The statutory tax rate will be reduced to 24% effective from year of assessment 2016.

Income tax is calculated on investment income less partial deduction for permitted expenses as provided for under Section 63B of the Income Tax Act, 1967.

A reconciliation of income tax expense applicable to net loss before tax at the statutory income tax rate to income tax expense at the effective income tax rate of the Fund is as follows:

1.3.2014 to 31.8.2014

1.3.2013 to 31.8.2013

RM RM

Net loss before tax (12,284) (116,129)

Tax at Malaysian statutory tax rate of 25% (financial period from 1 March 2014 to 31 August 2013: 25%) (3,071) (29,032)

Tax effect of:Income not subject to tax (1,046) (32,022)Loss not subject to tax - 56,031Expenses not deductible for tax purposes 2,709 2,884Restriction on tax deductible expenses for unit trust fund 1,408 2,139

Tax expense for the period - -


7. FINANCIAL ASSETS AT FVTPL

31.8.2014 31.8.2013RM RM

Financial assets held for trading, at FVTPL: Collective investment scheme - foreign 590,669 7,649,594

1.3.2014 to 31.8.2014

1.3.2013 to 31.8.2013

RM RM

Net gain/(loss) on financial assets at FVTPL comprised:Realised gain on disposals 4,107 127,432Unrealised changes in fair values 39 (224,124)

4,446 (96,692)

Details of collective investment scheme - foreign as at 31 August 2014:

Quantity Cost RM

Fair value RM

Percentage of NAV

%

ING (L) Invest Global Opportunities Fund 404 567,813 590,669 95.7

Total financial assets at FVTPL 567,813 590,669 95.7

Unrealised gain on financial assets at FVTPL 22,856

8. SHORT TERM DEPOSITS

Short term deposits were held with licenced commercial bank in Malaysia on a daily renewal basis at the prevailing interest rate.

9. OTHER RECEIVABLES

31.8.2014 31.8.2013RM RM

Interest income from short term deposits - 479


10. OTHER PAYABLES

31.8.2014 31.8.2013RM RM

Amount due to Target Fund Manager - 5,600,000Accruals for auditors’ remuneration 3,164 6,957Provision for tax agent’s fees 4,500 4,580Provision for printing 6,373 4,576

14,037 5,616,113

11. NET ASSET VALUE ATTRIBUTABLE TO UNITHOLDERS

NAV attributed to unitholders is represented by:

Note 31.8.2014 31.8.2013RM RM

Unitholders’ contribution (a) 659,622 8,007,258Accumulated losses:

Realised reserves (65,462) 107,995Unrealised reserves 22,856 (155,489)

(42,606) (47,494)

617,016 7,959,764

(a) Unitholders’ contribution

1.3.2014 to 31.8.2014 1.3.2013 to 31.8.2013No. of units RM No. of units RM

At beginning of the period 1,957,192 1,175,626 1,862,721 938,966Distribution equalisation - - - 100,522Add: Creation of units 28,002 15,892 22,044,553 12,962,414Less: Cancellation of units (913,433) (531,896) (10,295,356) (5,994,644)

At end of the period 1,071,761 659,622 13,611,918 8,007,258

The number of units legally or beneficially held by the Manager, Kenanga Investors Berhad, and parties related to the Manager as of 31 August 2014 were nil (31 August 2013: nil).

12. INCOME DISTRIBUTION

No income distribution was declared by the Fund for the financial period from 1 March 2014 to 31 August 2014 (financial period from 1 March 2013 to 31 August 2013: nil).


13. PORTFOLIO TURNOVER RATIO

The portfolio turnover ratio (“PTR”) for the current financial period from 1 March 2014 to 31 August 2014 is 0.50 times (financial period from 1 March 2013 to 31 August 2013: 7.00 times).

PTR is the ratio of the average of the acquisitions and disposals of investments of the Fund for the period to the average NAV of the Fund, calculated on a daily basis.

14. MANAGEMENT EXPENSE RATIO

The management expense ratio (“MER”) for the financial period from 1 March 2014 to 31 August 2014 is 2.44% (financial period from 1 March 2013 to 31 August 2013: 1.51%).

MER is the ratio of total fees and recovered expenses of the Fund expressed as a percentage of the Fund’s average NAV, calculated on a daily basis.

15. TRANSACTIONS WITH TARGET FUND MANAGER

Transaction value

Percentage of total

RM %

ING Investment Management Luxembourg S.A.* 679,000 100.0

The above transaction values are in respect of investments in foreign collective investment schemes. Transactions in these securities do not involve any commission or brokerage fees.

* As the Fund is in its nature a feeder fund to a global fund, IIGO, hence most of the transactions were made with the global fund manager, ING Investment Management Luxembourg S.A.

16. SEGMENTAL REPORTING

As stated in Note 1 to the financial statements, the Fund is a feeder fund whereby minimum 95% of the Funds’ NAV will be invested in IIGO while maintaining up to a maximum of 2% of the Fund’s NAV in liquid assets. IIGO is an open unit trust fund in Luxembourg and is managed by ING Investment Management Luxembourg S.A.

As the Fund is by nature a feeder fund to an underlying fund, it is not required to disclose its investments by business or geographical segments at the fund level.

17. FINANCIAL INSTRUMENTS

a. Classification of financial instruments

The Fund’s financial assets and financial liabilities are measured on an ongoing basis at either fair value or at amortised cost based on their respective classification. The significant accounting policies in Note 3 describe how the classes of financial instruments are measured, and how income and expenses, including fair value gain and loss, are recognised.


17. FINANCIAL INSTRUMENTS (CONTD.)

a. Classification of financial instruments (Contd.)

The following table analyses the financial assets and liabilities of the Fund in the statement of financial position by the class of financial instrument to which they are assigned and therefore by the measurement basis.

Financial assets at

FVTPL ReceivablesFinancial liabilities Total

RM RM RM RM31.8.2014AssetsCollective investment schemes

- foreign 590,669 - - 590,669Cash at bank - 42,803 - 42,803

590,669 42,803 - 633,472

LiabilitiesAmount due to Manager - - 175 175Amount due to Trustee - - 2,244 2,244Other payables - - 14,037 14,037

- - 16,456 16,456

31.8.2013AssetsCollective investment schemes

- foreign 7,649,594 - - 7,649,594Short term deposits - 5,920,008 - 5,920,008Other receivables - 478 - 478Cash at bank - 10,032 - 10,032

7,649,594 5,930,518 - 13,580,113

LiabilitiesAmount due to Manager - - 2,756 2,756Amount due to Trustee - - 1,480 1,480Other payables - - 5,616,113 5,616,113

- - 5,620,349 5,620,349

b. Financial instruments that are carried at fair value

The Fund’s financial assets at FVTPL are carried at fair value. The fair values of these financial assets were determined using prices in active markets.

The following tables show the fair value measurements by level of fair value measurement hierarchy:


17. FINANCIAL INSTRUMENTS (CONTD.)

b. Financial instruments that are carried at fair value (Contd.)

Level 1 Level 2 Level 3 TotalRM RM RM RM

31.8.2014- Collective investment scheme

- foreign - 590,669 - 590,669

31.8.2013- Collective investment scheme

- foreign - 7,649,594 - 7,649,594

Level 1: Quoted prices in active marketLevel 2: Model with all significant inputs which are observable market dataLevel 3: Model with inputs not based on observable market data.

The fair value of foreign collective investment scheme is stated based on the NAV of the collective investment scheme at the reporting date.

c. Financial instruments not carried at fair value and whose carrying amounts are reasonable approximations of fair value

The carrying amounts of the Fund’s other financial assets and liabilities that are not carried at fair value approximate fair values due to the relatively short term maturity of these financial instruments.

18. CAPITAL MANAGEMENT

The capital of the Fund can vary depending on the demand for creation and cancellation to the Fund.

The Fund’s objectives for managing capital are:

a. To invest in investments meeting the description, risk exposure and expected return indicated in its prospectus;

b. To achieve consistent returns while safeguarding capital by using various investment strategies;

c. To maintain sufficient liquidity to meet the expenses of the Fund, and to meet cancellation requests as they arise; and

d. To maintain sufficient fund size to make the operation of the Fund cost-efficient.

No changes were made to the capital management objectives, policies or processes during the current and previous financial period.

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INTERIm REPORT

For the Financial Period from 1 March 2014 to 31 August 2014

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 Investors Berhad (353563-P)

Download - KENANGA GLOBAL OPPORTUNITIES FUND...KENANGA GLOBAL OPPORTUNITIES FUND Contents Page Corporate Directory ii Directory of Manager’s Offices iiii Fund Information 1 Manager’s Report

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