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  • KENANGA GLOBAL OPPORTUNITIES FUND

    INTERIm REPORT

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

    Investor Services Center Toll Free Line: 1 800 88 3737 Fax: +603 2057 3722 Email: investorservices@kenanga.com.my

    Head Office, Kuala Lumpur Suite 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)

  • KENANGA GLOBAL OPPORTUNITIES FUND

    Contents Page

    Corporate Directory ii Directory of Manager’s Offices iiii Fund Information 1 Manager’s Report 2-4 Fund Performance 5-8 Trustee’s Report 9 Statement by the Manager 10 Financial 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 Office Suite 12.02, 12th Floor, Kenanga International, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. Tel: 03-2057 3688 Fax: 03-2161 8807 E-mail: InvestorServices@kenanga.com.my Website: www.KenangaInvestors.com.my

    Board Of Directors Datuk 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 Huat Ismitz 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 CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50490 Kuala Lumpur. Tel: 03-2261 8888 Fax: 03-2261 0099 Website: www.cimb.com

    Business Office Level 21, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50490 Kuala Lumpur. Tel: 03-2261 8888 Fax: 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 Lumpur Suite 12.02, 12th Floor, Kenanga International Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia Tel: 03-2057 3688 Fax: 03-2161 8807

    Johor Bahru Lot 11.03, 11th Floor, Menara MSC Cyberport 5 Jalan Bukit Meldrum 80300 Johor Bahru, Johor Tel: 07-223 7505/4798 Fax: 07-223 4802

    Melaka No. 25-1 Jalan Kota Laksamana 2/17 Taman Kota Laksamana Seksyen 2 75200 Melaka Tel: 06-281 8913, 282 0518 Fax: 06-281 4286

    Kuching 1st Floor, No 71, Lot 7 Lot 10900, Jalan Tun Jugah 93350 Kuching, Sarawak Tel: 082-572 228 Fax: 082-572 229

    Klang No. 12 Jalan Batai Laut 3, Taman Intan 41300 Klang, Selangor Darul Ehsan Tel:03-3341 8818, 3348 7889 Fax:03-3341 8816

    Kota Kinabalu A-03-11, 3rd Floor Block A Warisan Square Jalan Tun Fuad Stephens 88000 Kota Kinabalu, Sabah Tel: 088-447 089/448 106 Fax: 088-447 039

    Penang 16th Floor , Menara Boustead Penang 39 , Jalan Sultan Ahmad Shah 10050 Penang. Tel : 04 227 3788 Fax : 04 210 6644

    Ipoh Suite 1, 2nd Floor, 63 Persiaran Greenhill, 30450 Ipoh, Perak, Malaysia Tel: 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 held 5,000 and below 0 0 5,001 - 10,000 4 33,399 10,001-50,000 10 202,985 50,001-500,000 3 280,222 500,001 and above 1 555,156 Total 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

    /2 01

    0

    30 /9

    /2 01

    0

    31 /1

    2/ 20

    10

    31 /3

    /2 01

    1

    30 /6

    /2 01

    1

    30 /9

    /2 01

    1

    31 /1

    2/ 20

    11

    31 /3

    /2 01

    2

    30 /6

    /2 01

    2

    30 /9

    /2 01

    2

    31 /1

    2/ 20

    12

    31 /3

    /2 01

    3

    30 /6

    /2 01

    3

    30 /9

    /2 01

    3

    31 /3

    /2 01

    4

    30 /6

    /2 01

    4

    31 /8

    /2 01

    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 2013 Collective 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.

  • Kenanga Global Opportunities Fund Interim Report 3

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

    Period under review Kenanga 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