Hong Leong Consumer Products Sector Fund

Hong Leong Asset Management Bhd (318717-M)

Level 8, Menara HLA, No. 3, Jalan Kia Peng, 50450 Kuala Lumpur

Hong Leong Consumer Products Sector Fund

Interim Report31 March 2013 Unaudited

2012/2013

1H o n g L e o n g C o n s u m e r P r o d u C t s s e C t o r F u n d

Hong Leong Consumer Products Sector Fund

Unaudited Interim Report & Financial Statements for the Financial Period From 1 October 2012 to 31 March 2013.

Contents

Pages

Manager’s Review and Report 1-9

经理人回顾与报告 10-17

Condensed Statement Of Comprehensive Income 18

Condensed Statement Of Financial Position 19

Condensed Statement Of Changes In Equity 20

Condensed Statement Of Cash Flows 21

Notes to the Interim Condensed Financial Statements 22-42

Trustee’s Report 43

Statement by the Manager 44

Statutory Declaration 45

Performance Data 46-47

Corporate Information / 企业资讯 48

Corporate Directory / 地址手册 49


I. FUnd InFORMatIOn

Fund name Hong Leong Consumer Products Sector Fund

Fund Category Equity

Fund type growth

Investment Objective ToprovidetheMalaysianpublicwithanaffordableandflexible

access into an investment portfolio that focuses solely on equities

thatareclassifiedundertheBursaMalaysiaConsumerProduct

sector.

Performance Benchmark TheperformancebenchmarkoftheFundistheBursaMalaysia

ConsumerProductIndexwhichisreadilyavailablefromBursa

Malaysia’s website at www.bursamalaysia.com.

distribution Policy The Fund intends to provide unitholders with Long-Term^ capital

growth. As such, cash distribution will be incidental to the overall

capital growth objective and a substantial portion of the income

returns from investments will be reinvested. The Fund may

also declare distributions in the form of additional units to its

unitholders.

Note:

^ Long-Term refers to a period of above 5 years.

Manager’s Review and Report

2 H O N g L E O N g C O N S u M E R P R O D u C T S S E C T O R F u N D

Breakdown Of Unitholdings By SizeSize of Holdings no. of accounts no. Units Held5,000 and below 225 674,978.56

5,001 to 10,000 195 1,445,188.59

10,001 to 50,000 482 10,662,927.34

50,001 to 500,000 136 14,428,986.97

500,001 and above 10 33,480,965.05

II. FUnd PeRFORManCe

Chart 1 : Comparison between the Fund’s performance and the performance of the benchmark disclosed in the prospectus covering the last five financial periods

Investors are advised that past performance of the Fund is not an indication of its future performance. the value of your units may go down as well as up.

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

31/

3/2

00

8

31/

12/2

00

8

31/

12/2

00

9

31/

12/2

010

31/

12/2

011

31/

3/2

013

31/

12/2

012

Hong LeongConsumer ProductsSector Fund (HLCPSF)113.76

Kuala Lumpur SE/Consumer Products74.44

From 31/03/2008 To 31/03/2013

Source:Lipper,BasedonMalaysianRinggit,ex-distribution,NAVPerUnit-to-NAVPerUnitbasiswithincomedistributionsreinvested,ifany.


Performance Review

ThisInterimReportcoversthesix-monthfinancialperiodfrom1

October 2012 to 31 March 2013.

TheFundpostedagainof5.43%overthepastsixmonths,while

itsbenchmarktheKualaLumpurSE/ConsumerProductsIndex

gained 6.88% for the same period under review.

For the period 1 April 2008 to 31 March 2013, the Fund garnered

a total return of 113.76% while its benchmark returned 74.44%

for the same period under review.

Table 1 : Total Return of the Fund for the following periods as at 31 March 2013 (Source: Lipper)

Table 2: Performance of HLCPSF on NAV Per Unit-to-NAV Per Unit basis for the period 30 September 2012 to 31 March 2013 (Source: Lipper)

HLCPSF

(%)

Benchmark

(%)

29/08/00 -

31/03/13

Since Launch

294.91

230.24

31/03/10-

31/03/13

3 Years

64.72

37.91

31/03/12-

31/03/13

1 Year

10.98

7.89

30/09/12-

31/03/13

6 Months

5.43

6.88

31/12/12-

31/03/13

3 Months

3.84

3.68

31/03/03-

31/03/13

10 Years

253.83

227.79

31/03/08-

31/03/13

5 Years

113.76

74.44

31/03/11-

31/03/13

2 Years

30.09

19.75

NAVPerUnit

Benchmark

Vs Benchmark (%)

31-Mar-13

RM0.5594^

552.29

-

Returns

(%)

5.43

6.88

-1.45

30-Sep-12

RM0.5306^

516.76

-

^ InaccordancewithMFRS139,quotedfinancialassetshavebeenvaluedatthebidpricesatthecloseofbusiness.Nonetheless,quotedfinancialassetshave been valued at the closing market prices for the purpose of calculating netassetvalue(“NAV”)perunitattributabletoUnitholdersforissuanceandredemptionofunits.Hence,theNAVperunitdisclosedaboveisdifferentfromtheNAVperunitdisclosedinthefinancialstatements.


Table 3: Financial HighlightsTheNetAssetValueattributabletoUnitholdersisrepresentedby:

Table 4: The Highest and Lowest NAV Per Unit, Total Return of the Fund, and the breakdown into Capital Growth and Income Distribution for the financial period/years

Unitholders’ Fund

unitholders’ CapitalDistribution EqualisationRetained Earnings - unrealised gain/(Loss) - undistributed Income

net asset Value

Units in Circulation

Change(%)

-18.34-19.00

114.3961.04

106.83-12.51

-17.09

30-Sep-2012(RM)

11,475,04625,371,983

(525,225)2,419,2541,894,029

38,741,058

73,207,691

31-Mar-2013(RM)

9,370,95020,551,379

75,5833,895,8673,917,450

33,893,779

60,693,047

HighestNAVPerUnit(RM)

LowestNAVPerUnit(RM)

Capital growth (%)

Income Distribution (%)

total Return (%)

Financial

Year From

30/09/10-

30/09/11

1.3909

1.2002

7.11

-

7.11

Financial

Year From

30/09/09-

30/09/10

1.2038

0.8947

33.36

-

33.36

Financial

Year From

30/09/11-

30/09/12

1.6084

0.5279

24.38

-

24.38

Financial

Period From

30/09/12-

31/03/13

0.5620

0.5247

5.43

-

5.43



Table 5: Average Total Return of the Fund

Table 6: Annual Total Return of the Fund

III. InVeStMent PORtFOLIO

Chart 2: Asset Allocation from October 2012 to March 2013



Average Total Return (%)

Financial

Year

Annual Total

Return (%)

31/03/08-31/03/13

5 Years22.75

30/09/07-

30/09/08

-6.05

31/03/12- 31/03/13

1 Year10.98

30/09/09-

30/09/10

33.36

30/09/10-

30/09/11

7.11

30/09/11-

30/09/12

24.38

31/03/10- 31/03/13

3 Years21.57

30/09/08-

30/09/09

19.55

Dec-12

Jan-13

Feb-13

Mar-13

Nov-12

Oct-12

Equities


Chart 3: Sector Allocation as at 31 March 2013

Theconsumersectorbenchmarkexperiencedanextraordinarily

high period of volatility over the last 6 months. We attribute this to election uncertainties leading to large movements in foreign shareholding of the benchmark’s heavyweights. Over the fourth quarterof2012,theFundkeptitsequityexposureatasteadylevelof80%,withtheviewofaddingexposureatmoreattractiveentry levels.

TheFundincreaseditsequityweightingto92.82%inthefirstquarter of 2013 in view of strong performance of large-cap defensive consumer stocks as election draws near. In particular, we added heavy positions in the automotive sector in view of favourable currency changes in the Japanese Yen and as a key beneficiaryfromareboundinautosales.

GiventheKualaLumpurConsumerProductindexistestingpeaklevels,ourstrategy isto lock inprofits insomecounterswithstretched valuations and a lack of near term catalysts to drive prices up further. The increased cash holdings will allow us to take advantage of attractive entry levels in anticipation of any selldownpriortotheGE.Thoughasalowbetasector,weexpectthe consumer sector to remain relatively resilient against the FTSE KLCI.

Asof30September2012,theFund’stopthreeholdingsarePPBGroupBerhad(7.14%),PadiniHoldingsBerhad(6.43%)andUMWHoldingsBerhad(6.30%).

Deposits, Receivablesand others

7.18%

ConsumerProducts92.80%

Warrants0.02%


Forthefinancialperiod,therewerenosignificantchangestothe state of affairs of the Fund or circumstances that would materially affect the interest of the unitholders up to the date of this manager’s report.

IV. MaRKet ReVIeW

The fourthquarterof2012sawmixedperformances fromworld equity markets as dwindling risks in Europe and signs of stabilisation in Chinese growth contended with uncertainties overtheUSfiscalcliff.TheFTSEKLCIunderperformedtheMSCIACAsia-PacificEx-Japanindexoverthequarterowingmostlyto heavy foreign selldown in the month of November. Foreign investors shifted their cash togainexposure inhigherbetamarketsinviewofpositivenewsflowofimprovingeconomicdataandbailoutactionsglobally.Defensivesectorswithexpensivevaluations such as telecommunication and consumer staples were hit the hardest. The FTSE KLCI closed the year at an all-time high as December saw a heavy rebound led by the defensive counters.

World equity markets started 2013 on a strong rally as investors turnedbullishonequitiesgivenexpectationsoflowinterestratesandasubsidingriskprofileglobally.Positivesentimentswerealsobacked by a good set of economic data as the uS reported good nonfarmpayrollfiguresandtheChineseturnedoutbetterthanexpectedfourthquarterGDPnumbers.TheendofFebruarysawthe markets turning south on worries about uS monetary and fiscalpoliciesandaninconclusiveItalianelection.WorldmarketpostedmixedperformancesinMarchasconfidencewasshakenby a debt crisis in Cyprus.

TheFTSEKLCIunderperformedtheMSCIACAsia-PacificEx-Japan indexoverthequarteramidstgeneralelectionworries.Broadbasedmarketdeclinewasseeninthefirstmonthoftheyear, particularly counters with high foreign ownership. The lacklustre performance continued into February despite robust fourth quarter gDP growth of 6.4% yoy. March saw the FTSE KLCI outperforming the regional equities as Iskandar Malaysia stocks rallied on the back of warming Singapore-Malaysia relationship. The consumer sector benchmark outperformed the FTSE KLCI over the quarter, with gains largely from the consumer


discretionary space, the second best sector performance in the local bourse after Healthcare. In contrast, the consumer staples sector posted the weakest performance, down 5.1%.

V. FUtURe PROSPeCtS and PROPOSed StRateGIeS

The consumer sector has been testing peak levels, largely owing to investors favouring defensive consumer stocks given uncertainties on political outcome. This is particularly evident in the large-cap counters, which are seeing rich valuations and compressedyields.Whilewedonotexpectthehistoricalbullrunon the sector to continue, we are unlikely to see a prolonged sell down period either. We believe consumer stocks will continue to receive investor interest on the back of its defensive qualities and decent yields amidst the current low interest rate environment. The Fund consists of companies characterized by their market leading positions, solid earnings track records and ability to pay sustainable yields.

Strong consumption themes in Malaysia including high income levels and consumer sentiments should continue to support medium term top line growth. However, in the near term,weexpectaslowdown in theconsumerdiscretionaryspace as consumers decrease spending on discretionary items followingextraordinarygrowthoverthelastyearonthebackofgovernmentcashhandouts.Thesectorexperiencedanunusualcontraction in revenue growth in the traditionally strong fourth quarter of 2012. On the other hand, consumer staple companies should enjoy improved margins as soft commodity prices have come off its 2012 peak early this year.

Wearebullishontheautosectorfor2013asweexpectimprovingnew car sales from a slew of new model launches this year and increasing consumer preference for non-national models. The increasing percentage of local/ ASEAN content adopted by carmakers will ensure more affordable non-national vehicles for consumers. Election manifestos include promises of lowering car prices, which could provide additional catalysts to drive car sales in the future. In addition, favourable currency movements in the Japanese Yen will continue to drive improving margins for auto companies.


Ourstrategy is to lock insomeprofits incounterswhicharetesting peak levels. Our increased cash holdings will allow us to take advantage of attractive entry levels in the event of any selldown. In the meantime, we continue to overweight stocks in thefood&beverage(F&B),breweryandautospace.Wealsolike small-to-mid cap stocks in the fast-moving consumer goods (FMCg) segment.

VI. StOCKBROKInG ReBateS and SOFt COMMISSIOnS

The Manager received soft commissions from stockbrokers in the form of goods and services such as research materials, data and quotation services, computer software incidental to investment management of the Fund and investment related publications. Suchsoftcommissionsreceivedareofdemonstrablebenefittothe unitholders.


I. 基金资料

基金名称

丰隆消费产品行业基金

基金类别

股票

基金类型

成长

投资目标

本基金旨在为马来西亚投资者提供一项可负担且灵活的管

道，以便投资仅专注于大马股市消费产品领域的投资组合。

表现基准

本基金的基准指标为大马股票交易所消费产品指数，相关

资料可从大马股票交易所网站，www.bursamalaysia.com

处寻获。

分派政策

本基金旨在为单位持有人提供长期^资本成长。因而，现金

分派只是整体资本成长目标的附带一环，而且大部分的投资

收益回酬将被再投资。本基金也可通过为单位持有人提供额

外单位的形式宣布进行分派。

单位持有详情

单位规模户口数量持有的单位数量

5,000及以下 225 674,978.56

5,001至10,000 195 1,445,188.59

10,001至50,000 482 10,662,927.34

50,001至500,000 136 14,428,986.97

500,001及以上 10 33,480,965.05

备注：

^ 长期是指为期超过5年。

经理人回顾与报告


II.基金表现

图表1:本基金与基金招股说明书中披露的基准指标在过去5个财政期内的表现对比

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

31/

3/2

00

8

31/

12/2

00

8

31/

12/2

00

9

31/

12/2

010

31/

12/2

011

31/

3/2

013

31/

12/2

012

资料来源：Lipper，以马来西亚令吉为基础，分派后，每单位净资产值对

每单位净资产值的基础，收益分派（若有）将被再投资。

投资者须注意，基金过往的表现不可作为未来表

现的指标。您的单位价值会扬升，亦会走低。

从 31/03/2008 至 31/03/2013

丰隆消费产品行业基金113.76

吉隆坡股票交易所/消费产品 74.44


表现回顾

此中期报告涵盖从2012年10月1日至2013年3月31日止的6个月财政期。

在过去六个月内，本基金上涨5.43%，而其基准指标吉隆坡

股票交易所/消费产品在同一检讨期间则取得6.88%涨幅。

在2008年4月 1日至2013年3月31日期间，本基金获得

113.76%总回酬，而其基准指标在同一检讨期则获得74.44%回酬。

表1: 本基金截至2013年3月31日止下述期间的总回酬率(资料来源：Lipper)

表2: 丰隆消费产品行业基金在2012年9月30日至2013年3月31日以每单位净资产值对每单位净资产值基础的表现（资料来源：Lipper）

每单位净资产值

基准指标

对比基准指标表现(%)

2013年3月31日

RM0.5594^

552.29

-

回酬

(%)

5.43

6.88

-1.45

2012年9月30日

RM0.5306^

516.76

-

^ 按照第139财务报告准则，挂牌金融资产须根据闭市时的买价进行估值。

尽管如此，为了计算单位持有人的应占每单位净资产值以供作单位发行

和赎回用途，挂牌金融资产乃以闭市价格进行估值。因此，以上所披露

的每单位净资产值有别于财务报表中所披露的每单位净资产值。

丰隆消费产品

行业基金 (%)

基准指标 (%)

31/03/03-

31/03/13

10 年

253.83

227.79

29/08/00-

31/03/13

自推介

294.91

230.24

31/03/11-

31/03/13

2 年

30.09

19.75

30/09/12-

31/03/13

6 个月

5.43

6.88

31/12/12-

31/03/13

3 个月

3.84

3.68

31/03/08-

31/03/13

5 年

113.76

74.44

31/03/10-

31/03/13

3 年

64.72

37.91

31/03/12-

31/03/13

1 年

10.98

7.89


表3: 财务摘要单位持有人的应占净资产值，如下所示：

表4: 本基金截至财政期/年的每单位最高和最低净资产值、总回酬率及资本成长和收益分派细分表

单位持有人的基金

单位持有人的资本分派调整保留盈余 -未实现盈利/（亏损） -未分派收益

净资产值

流通单位

变动(%)

-18.34-19.00

114.3961.04

106.83-12.51

-17.09

2012年9月30日(令吉)

11,475,04625,371,983

(525,225)2,419,2541,894,029

38,741,058

73,207,691

2013年3月31日(令吉)

9,370,95020,551,379

75,5833,895,8673,917,450

33,893,779

60,693,047

每单位最高净资产值（令吉）

每单位最低净资产值（令吉）

资本成长(%)

收益分派(%)

总回酬 (%)

财政年从

30/09/10-

30/09/11

1.3909

1.2002

7.11

-

7.11

财政年从

30/09/09-

30/09/10

1.2038

0.8947

33.36

-

33.36

财政年从

30/09/11-

30/09/12

1.6084

0.5279

24.38

-

24.38

财政期从

30/09/12-

31/03/13

0.5620

0.5247

5.43

-

5.43

资料来源：Lipper，以令吉为基础，分派后，每单位净资产值对每单位净

资产值的基础，收益分派（若有）将被再投资。


表5：本基金的平均总回酬率

表6：本基金的年度总回酬

III.投资组合

图表2:2012年10月至2013年3月的资产配置



平均总回酬 (%)

31/03/12- 31/03/13

1 年10.98

Dec-12

Jan-13

Feb-13

Mar-13

Nov-12

Oct-12

股票

31/03/08-31/03/13

5年22.75

31/03/10-31/03/13

3 年21.57



财政年

年度总回酬 (%)

30/09/08-

30/09/09

19.55

30/09/07-

30/09/08

-6.05

30/09/09-

30/09/10

33.36

30/09/10-

30/09/11

7.11

30/09/11-

30/09/12

24.38


图表3:截至2013年3月31日止的领域配置

在过去6个月内，消费领域基准指标面对异常高的波动。我们

将之归咎为大选的不确定性，导致该基准指标重量股的外资持

股出现巨大的波动。在2012年第四季，有鉴于能够以更吸引

的价位增加投资，本基金保持股票投资于80%的稳定水平。

由于认为大型防御性消费股将随着大选逼近而取得强劲的表

现，本基金在2013年首季提高股票投资比重至92.82%。我们

尤其加重汽车领域的投资，因为有利的日元波动走势和将成为

汽车销售回升的主要受惠者。

基于吉隆坡消费产品指数已上探其高峰，我们的策略是针对一

些估值已扩张和缺乏近期催化剂刺激股价进一步高涨的股项进

行盈利锁定。现金持有量增加将让我们占有优势，得以在大选

前可能出现的任何大抛售活动中以吸引的入市水平购入。尽管

这是一个低贝它的领域，我们预期消费领域将比富时大马吉隆

坡综合指数来得稳健。

截至 2013年 3月 31日，本基金的首 3大持股为 PPB集团

(7.14%)、巴迪尼控股(6.43%)和合顺6.30%)。

在财政期间，本基金营运状况并没有重大改变，及截至此经理

报告日也未出现任何严重影响单位持有人利益的情况。

7.18%

92.80%0.02%


IV.本基金投资期间的市场走势回顾

在美国财政悬崖的不确定性背景下，欧洲风险降低和中国成长

稳定，导致2012年第四季全球股市表现好坏参差。该季大马

富时吉隆坡综合指数表现不如摩根士丹利亚太（日本以外）指

数，主要是因为外资在11月大量沽售。有鉴于经济数据改善和

全球展开拯救行动的正面消息传开，海外投资者将现金转投高

贝他的市场。估值偏高的抗御性领域，比如电讯和必需消费品

蒙受的打击最大。年底，大马富时吉隆坡综合指数以历史最高

水平挂收，因为防御性股项在12月强力反弹。

有鉴于预测全球利率偏低和风险概况消退，使投资者对股票

变得乐观，2013年全球股市以强劲走势开跑。良好的经济数

字，包括美国出炉亮丽的非农就业数字和中国第四季国内生产

总值数字佳于预期，对市场情绪形成正面的扶持。2月底，美

国货币与财政政策隐忧和意大利大选成绩没有决定性结果，导

致市场往南走。赛普勒斯的债务危机动摇市场信心，导致3月

全球市场表现好坏参半。

在大选担忧充斥下，该季大马富时吉隆坡综合指数表现不如摩

根士丹利亚太（日本以外）指数。今年首季，整体大市下滑，

尤其是外资持股权高企的股项。尽管第四季国内生产总值按

年取得6.4%成长，2月市场表现继续低迷。3月，新加坡与马

来西亚的关系回温，推动伊斯干达主题股项飙涨，大马富时吉

隆坡综合指数表现超越区域股票。该季内，消费股基准指标的

表现超越大马富时吉隆坡综合指数，回酬大部分来自非必需消

费品、为本地股市表现第二佳的领域，在保健领域之后。相反

的，必需消费品领域的表现最差，下滑5.1%。

V. 未来展望与策略建议

消费领域已上探高峰水平，很大程度是因为投资者在政治局面

不明朗之际偏好防御性的消费股。这在估值高昂和收益受压的

大型股项身上尤其显著。我们不认为这领域的历史性牛市走势

会继续，不过我们也不认为大抛售活动会延续。我们相信，基

于消费股的抗跌特质和在现今低利率环境下提供不俗的收益，

消费股将继续获得投资者的青睐。本基金持有拥有市场领导地

位、稳健的盈利表现纪录和能够继续支付股息特质的消费股。


马来西亚的强大消费主题包括高企的收入水平和消费情绪仍继

续支持中期的营业额成长。不过，近期内，随着政府去年派

发现金导致非必需消费品开销取得异常的成长后，消费者开

始减少购买非必需品，我们预期非必需消费品成长将放慢。

在2012年第四季的传统旺季中，该领域面对不寻常的营业额

成长滑落格局。另一方面，必需消费品公司享受赚幅改善的情

况，因为今年初商品价格已从2012年高峰水平滑下。

我们对2013年汽车领域感到客观，因为我们预期今年推出的

一系列新车款，加上消费者偏好非国产车款将推动新车销售有

所改善。汽车制造商采用更多的国内/东盟生产零件，将确保

消费者有能力负担更多的非国产汽车。大选宣言包括承诺降低

汽车价格，也为未来汽车销售提供额外的催化剂。此外，有利

的日元走势也继续改善汽车公司的赚幅。

我们的策略是针对正上探高峰水平的股项进行套利。现金持有

量增加将让我们占有优势，得以在可能出现的任何大抛售活动

中以吸引的入市水平购入。与此同时，我们继续增持食品与饮

料、啤酒和汽车业。我们也喜欢一些快速消费品领域中的中小

资本股。

VI.股票经纪回扣和非金钱利益

经理人从股票经纪获得非金钱利益产品和服务，例如研究资

料，数据及报价服务，基金投资管理相关电脑软件和投资相关

刊物。这些所取得的非金钱利益都让基金单位持有人受惠。

此中期报告是从英文版所翻译，如有任何差别，一切将以英

文版为准。


01.10.2012 01.10.2011

to 31.03.2013 to 31.03.2012

note RM RM

InVeStMent InCOMe

Interest income 107,920 5,292

gross dividend income 548,189 114,677

Netgainonfinancialinstrumentsatfair

valuethroughprofitorloss(“FVTPL”) 8 1,760,402 176,634

2,416,511 296,603

eXPendItURe

Management fee 5 (290,074) (12,810)

Trustee’s fee 6 (15,471) (683)

Auditors’ remuneration (1,650) (1,650)

Taxagent’sfee (1,650) (1,650)

Brokerageandtransactionfee (17,991) (2,733)

Administrationexpenses (11,819) (4,223)

(338,655) (23,749)

net income before taxation 2,077,856 272,854

Taxation 7 (435) (178)

net income after taxation,

representing total comprehensive

income for the period 2,077,421 272,676

net income after taxation is made up of:

Realised income 600,808 137,155

unrealised gain 1,476,613 135,521

2,077,421 272,676

COndenSed StateMent OF COMPReHenSIVe InCOMe (Unaudited)FOR tHe FInanCIaL PeRIOd 1 OCtOBeR 2012 tO31 MaRCH 2013

Theaccompanyingnotesformanintegralpartofthefinancialstatements.


31.03.2013 30.09.2012 01.10.2011 note RM RM RM aSSetS FinancialassetsatFVTPL 8 31,459,280 30,633,150 1,121,295Deposits with financial institutions 9 5,053,000 7,967,000 265,000 Amount due from the Manager, net 10 - 46,181 19,357 Interest receivable 1,234 1,910 20 Dividend receivable 41,754 78,190 5,491 Taxrecoverable 9,875 2,747 -Bankbalanceswithalicensed bank related to the Manager 23,100 20,694 20,201 tOtaL aSSetS 36,588,243 38,749,872 1,431,364

LIaBILItIeS Amount due to the Manager,net 10 2,682,581 - - Amount due to the Trustee 2,507 2,560 96 Provisionfortaxation - - 251Other payables and accruals 9,376 6,254 6,466 tOtaL LIaBILItIeS 2,694,464 8,814 6,813

eQUItY unitholders’ capital 11(a) 9,370,950 11,475,046 (15,012)Distribution equalisation 20,551,379 25,371,983 (1,126,349)Retained earnings 3,971,450 1,894,029 2,565,912tOtaL eQUItY 11 33,893,779 38,741,058 1,424,551 tOtaL LIaBILItIeS and eQUItY 36,588,243 38,749,872 1,431,364 UnItS In CIRCULatIOn 11(a) 60,693,047 73,207,691 1,118,507 net aSSet VaLUe (“naV”) PeR UnIt 0.5584 0.5292 1.2736

COndenSed StateMent OF FInanCIaL POSItIOn (Unaudited)aS at 31 MaRCH 2013




Unitholders’ distribution Retained capital equalisation earnings total equity RM RM RM RM

As at 1 October 2011 (15,012) (1,126,349) 2,565,912 1,424,551 Netincomeaftertaxation, representing total comprehensive income for the period - - 272,676 272,676 Creation of units 434,882 - - 434,882 Cancellation of units (272,381) - - (272,381)Distribution equalisation (127,570) 127,570 - - As at 31 March 2012 19,919 (998,779) 2,838,588 1,859,728 As at 1 October 2012 11,475,046 25,371,983 1,894,029 38,741,058 Netincomeaftertaxation, representing total comprehensive income for the period - - 2,077,421 2,077,421 Creation of units 3,567,665 - - 3,567,665 Cancellation of units (10,492,365) - - (10,492,365)Distribution equalisation 4,820,604 (4,820,604) - - As at 31 March 2013 9,370,950 20,551,379 3,971,450 33,893,779

COndenSed StateMent OF CHanGeS In eQUItY (Unaudited)FOR tHe FInanCIaL PeRIOd 1 OCtOBeR 2012 tO31 MaRCH 2013



01.10.2012 01.10.2011 to 31.03.2013 to 31.03.2012 note RM RM CaSH FLOWS FROM OPeRatInG and InVeStInG aCtIVItIeS Proceedsfromsaleoffinancial assetsatFVTPL 3,804,359 445,116PurchaseoffinancialassetsatFVTPL (2,888,078) (408,943)Interest received 108,596 5,130 Dividend income received 577,062 117,528 Management fee paid (291,066) (12,223)Trustee’s fee paid (15,524) (652)Otherexpensespaid (10,999) (8,221)Net cash generated from operating and investing activities 1,284,350 137,735 CaSH FLOWS FROM FInanCInG aCtIVItIeS Receipts from creation of units 3,662,780 456,151 Payments for cancellation of units (7,858,724) (269,871)Net cash (used in)/generated from financingactivities (4,195,944) 186,280 net (deCReaSe)/InCReaSe In CaSH and CaSH eQUIVaLentS (2,911,594) 324,015 CaSH and CaSH eQUIVaLentS at BeGInnInG OF FInanCIaL PeRIOd 7,987,694 285,201 CaSH and CaSH eQUIVaLentS at end OF FInanCIaL PeRIOd 5,076,100 609,216 Cash and cash equivalents comprise: Cash at bank 23,100 20,216 Depositswithfinancialinstitutions 9 5,053,000 589,000 5,076,100 609,216

COndenSed StateMent OF CaSH FLOWS (Unaudited) FOR tHe FInanCIaL PeRIOd 1 OCtOBeR 2012 tO 31 MaRCH 2013


1. tHe FUnd, tHe ManaGeR and tHeIR PRInCIPaL aCtIVItIeS

Hong Leong Consumer Products Sector Fund (hereinafter

referred toas “theFund”)wasconstitutedpursuant to the

executionofaDeeddated25July2000andtheSupplemental

Deeds dated 18 December 2000, 8 March 2004 and 30 April

2010(“theDeed”collectively),betweentheManager,Hong

LeongAssetManagementBhd.,theTrustee,UniversalTrustee

(Malaysia)BerhadandtheregisteredunitholdersoftheFunds.

The Fund commenced operations on 29 August 2000 and will

continue their operations until terminated as provided under

Clause 4.2 of the Deed.

The Fund’s objective is to provide investors with an affordable

andflexibleaccess intoan investmentportfoliothat focuses

solelyonequitiesthatareclassifiedundertheBursaMalaysia

Consumer Product Sector.

The Manager of the Fund is Hong Leong Asset Management

Bhd.,acompanyincorporatedinMalaysia.Theprincipalactivity

of the Manager is the management of unit trust funds and

private investment mandates. Its holding company is Hong

LeongCapitalBerhad,acompany incorporated inMalaysia

and listedontheMainMarketofBursaMalaysiaSecurities

Berhad.

nOteS tO tHe InteRIM COndenSed FInanCIaL StateMentS (Unaudited)

31 MaRCH 2013


2. BaSIS OF PRePaRatIOn

ThefinancialstatementsoftheFundhavebeenpreparedunder

the historical cost convention, unless otherwise stated in the

accounting policies.

2.1 Statements of Compliance

ThefinancialstatementsoftheFundhasbeenprepared

in accordance with Malaysian Financial Reporting

Standards(“MFRSs”)andInternationalFinancialReporting

Standards. These are the Fund’s first interim financial

statements prepared in accordance with MFRSs and MFRS

1 First-Time Adoption of Malaysian Financial Reporting

Standards(“MFRS1”)hasbeenapplied.

Inpreviousfinancialyears,thefinancialstatementsofthe

Fund were prepared in accordance with Financial Reporting

Standards (“FRS”) and the Securities Commission

Malaysia’s guidelines on unit Trust Funds in Malaysia.

Therehavebeennosignificantfinancial impactarising

from the transition to MFRSs.

2.2 Functional and Presentation Currency

ThefinancialstatementsarepresentedinRinggitMalaysia

(“RM”),which is theFund’s functionalcurrency,except

otherwise indicated.


3. SUMMaRY OF aCCOUntInG POLICIeS 3.1 SignificantAccountingPolicies

The accounting policies set out below have been applied

consistently to thefinancialperiodspresented in these

financialstatementsandinpreparingtheopeningMFRSs

statementsoffinancialpositionoftheFundasat1October

2011 (the transition date to MFRSs Framework), unless

otherwise stated.

3.2 SummaryofSignificantAccountingPolicies

(a) 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

financialinstrument.

Whenfinancialassetsarerecognisedinitially,theyare

measuredat fairvalue,plus, in thecaseoffinancial

assetsnotatFVTPL,directlyattributabletransaction

costs.

TheFunddeterminestheclassificationofitsfinancial

assets at initial recognition, and the categories

include financial assets at FVTPL and loans and

receivables.

(i) Financial assets at FVtPL

FinancialassetsareclassifiedasfinancialassetsatFVTPLiftheyareheldfortradingoraredesignatedas such upon initial recognition. Financial assets held for trading include equity securities and derivative.


Subsequenttoinitialrecognition,financialassetsatFVTPLaremeasuredatfairvalue.Changesinthefairvalueofthefinancialinstrumentsarerecordedin‘NetgainorlossonfinancialinstrumentsatFVTPL’in the statement of comprehensive income. Interest earned and gross dividend income are recorded separately in ‘Interest income’ and ‘gross dividend income’.

The fair values of quoted equity securities and quoted derivative are determined by reference to closingbidpricesquotedonBursaMalaysiaSecuritiesBerhadat the lastbusinessdayof thefinancialperiod.

(ii) Loans and Receivables

Financial assets with fixed or determinable

payments that are not quoted in an active market

areclassifiedas loansand receivables.TheFund

includesdepositswithfinancialinstitutions,cashat

bankandshorttermreceivablesinthisclassification.

Subsequent to initial recognition, loans and

receivables are measured at amortised cost using

the effective interest method. gains and losses

are recognised in the statement of comprehensive

income when the loans and receivables are

derecognised or impaired, and through the

amortisation process. The Fund does not have any

loan receivables as at reporting date.

(b) Impairment of Financial assets

The Fund assesses at each reporting date whether

there isanyobjectiveevidencethatafinancialasset

classifiedasloansandreceivableisimpaired.


To determine whether there is objective evidence that an

impairmentlossonfinancialassetshasbeenincurred,

the Fund considers factors such as the probability of

insolvency or significant financial difficulties of the

debtoranddefaultorsignificantdelayinpayments.

Ifanysuchevidenceexists,theamountofimpairment

loss is measured as the difference between the asset’s

carrying amount and the present value of estimated

futurecashflowsdiscountedat thefinancialasset’s

original effective interest method. The impairment

loss is recognised in the statement of comprehensive

income.

Thecarryingamountofthefinancialassetisreduced

bytheimpairmentlossdirectlyforallfinancialassets

with theexceptionof trade receivables,where the

carrying amount is reduced through the use of an

allowance account. When a trade receivable becomes

uncollectible, it is written off against the allowance

account.

If in a subsequent year, the amount of the impairment

loss decrease and the decrease can be related

objectively to an event occurring after the impairment

was recognised, the previously recognised impairment

lossisreversedtotheextentthatthecarryingamount

oftheassetdoesnotexceeditsamortisedcostatthe

reversal date. The amount of reversal is recognised in

the statement of comprehensive income.

(c) Financial Liabilities

Financial liabilities are classified according to the

substance of the contractual arrangements entered

intoandthedefinitionsofafinancialliability.

Financial liabilities are recognised in the statement

offinancialpositionwhen,andonlywhen, theFund

becomes a party to the contractual provisions of the

financialinstrument.


The Fund’s other financial liabilities which include

trade and other payables are recognised initially at fair

value plus directly attributable transaction costs and

subsequently measured at amortised cost using the

effective interest method.

Afinancialliabilityisderecognisedwhentheobligation

undertheliabilityisextinguished.Gainsandlossesare

recognised in the statement of comprehensive income

when the liabilities are derecognised, and through the

amortisation process.

(d) Income Recognition

Incomeisrecognisedtotheextentthatit isprobablethattheeconomicbenefitswillflowtotheFundandtheincome can be reliably measured. Income is measured at the fair value of the consideration received or receivable.

Interest income is recognised using the effective interest method.

Dividend income from quoted equity securities is recognised when the Fund’s right to receive payment is established.

(e) ClassificationofRealisedandUnrealisedGainsandLosses

unrealised gains and losses comprise changes in the

fairvalueoffinancial instruments for theperiodand

from reversal of prior year’s unrealised gains and losses

forfinancialinstrumentswhichwererealised(i.e.sold,

redeemedormatured)duringthefinancialperiod.

Realised gains and losses on disposal of financial

instruments classified as part of ‘at FVTPL’ are

calculated using the weighted average method. They

represent the difference between an instrument’s

carrying amount based on the weighted average

method and the disposal amount of investments.


(f) Income tax

Currenttaxassetsandliabilitiesaremeasuredattheamountexpectedtoberecoveredfromorpaidtothetaxauthorities.The tax ratesand tax lawsused tocompute the amount are those that are enacted or substantively enacted by the reporting date.

Current taxes are recognised in the statement ofcomprehensiveincome.Nodeferredtaxisrecognisedas there are no material temporary differences.

(g) Cash and Cash equivalents

Cash and cash equivalents represent cash at banks and depositswithfinancial institutionswhichare readilyconvertibletocashonhandwith insignificantriskofchanges in value.

(h) Unitholders’ Capital Theunitholders’capitaloftheFundmeetsthedefinition

ofputtable instrumentsclassifiedastheFund’sownequity instruments under MFRS 132. Distributions to unitholders are recorded in equity when declared.

Distribution equalisation represents the average distributable amount 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 cancelled.

3.3 transition to MFRSs and application of MFRS 1

Theseare theFund’sfirst interimfinancial statementspreparedinaccordancewithMFRSs.Inpreviousfinancialyears,thefinancialstatementsoftheFundwerepreparedin accordance with FRS in Malaysia and the Securities Commission Malaysia’s guideline on unit Trust Funds in Malaysia.


In preparing the Fund’s opening MRFSs statement of financialpositionasat1October2011(whichisalsothedate of transition), the Fund has adjusted the amounts previously reported infinancial statementsprepared inaccordance with FRS in Malaysia. The transition from FRS to MRFSs has not had a material impact on the Fund’s financialposition,financialperformanceandcashflows.

3.4 Standards issued but not yet effective

The Fund has not adopted the following MFRSs, Amendments toMFRSsand IssuesCommittee (“IC”)Interpretations that have been issued but are not yet effective:

(a) Effectiveforthefinancialperiods/yearsbeginningon or after 1 October 2013

MFRS 10 Consolidated Financial Statements

MFRS 11 Joint Arrangements

MFRS 12 Disclosure of Interest in Other Entities

MFRS13FairValueMeasurement

MFRS119EmployeeBenefits(Revised)

MFRS 127 Consolidated and Separate Financial

Statements (Revised)

MFRS 128 Investments in Associates (Revised)

Amendments to MFRS 7 Financial

Instruments:Disclosures - Offsetting Financial

Assets and Financial Liabilities

Amendments to MFRS 1 First-Time Adoption of

Malaysian Financial Reporting Standards

- government Loans

Amendments to MFRS 1 First-Time Adoption of

Malaysian Financial Reporting Standards

(Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 101 Presentation of Financial

Statements (Annual Improvement 2009-2011

Cycle)

Amendments to MFRS 116 Property, Plant and

Equipment (Annual Improvements 2009-2011

Cycle)


Amendments to MFRS 132 Financial Instruments:

Presentation (Annual Improvement2009-2011

Cycle)

Amendments to MFRS 134 Interim Financial

Reporting (Annual Improvements 2009-2011

Cycle)

Amendments to MFRS 10 Consolidated Financial

Statements: Transition guidance

Amendments to MFRS 11 Joint Arrangements:

Transition guidance

Amendments to MFRS 12 Disclosure of Interest in

Other Entities: Transition guidance

(b) Effectiveforthefinancialperiods/yearsbeginningon or after 1 October 2014

Amendment to MFRS 132 Financial Instruments:

Presentation - Offsetting Financial Assets and

Financial Liabilities

(c) Effectiveforthefinancialperiods/yearsbeginning

on or after 1 October 2015 MFRS 9 Financial Instruments

Amendments to MFRS 7 Financial Instruments:

Disclosures - Mandatory Date of MFRS 9

and Transition Disclosures

The Fund plans to adopt the above pronouncements when

theybecomeeffectiveintherespectivefinancialperiods/

years.Thesepronouncementsareexpected tohaveno

significantimpacttothefinancialstatementsoftheFund

upontheirinitialapplicationexceptasdescribedbelow:

(a) MFRS 9 Financial Instruments

MFRS 9, as issued, reflects the first phase of the

InternationalAccountingStandardsBoard’s(“IASB”)

work on the replacement of MFRS 139 Financial


Instruments: Recognition and Measurement (“MFRS

139”)andappliestoclassificationandmeasurement

offinancialassetsandfinancialliabilitiesasdefinedin

MFRS 139 and replaces the guidance in MFRS 139.

(b) MFRS 13 Fair Value Measurement

MFRS 13 establishes a single source of guidance under

MFRSs for all fair value measurements. MFRS 13 does

not change when an entity is required to use fair value

but rather provides guidance on how to measure fair

value under MFRSs when fair value is required or

permitted. The Manager is currently assessing the

impactthatMFRS13willhaveonthefinancialposition

and performance of the Fund but based on preliminary

analyses,nomaterialimpactisexpected.

4. SIGnIFICant aCCOUntInG eStIMateS and JUdGeMentS

Thepreparationofthefinancialstatementsrequirestheuse

of certain accounting judgements, estimates and assumptions

thatarecontinuallyevaluatedandbasedonthepastexperience,

reasonableexpectationsof futureeventsandother factors.

uncertainty about these assumptions and estimates could

result in outcomes that could require material adjustment

to the carrying amount of the assets or liabilities affected in

future.

No major estimations have been made by the Manager in

applying the Fund’s accounting policies. There are no key

assumptions concerning the future and other key sources

of estimation uncertanity at the reporting date that have a

significantriskofcausingamaterialadjustmenttothecarrrying

amountsofthefinancialassetsandfinancialliabilitieswithin

thenextfinancialperiod/year.


5. ManaGeMent Fee

The management fee is 1.50% per annum calculated on the net

asset value of the Fund on a daily basis as provided under Clause

18.1 of the Deed.

6. tRUStee’S Fee

The Trustee’s fee is 0.08% per annum calculated on the net asset

value of the Fund on a daily basis as provided under Clause 18.2 of

the Deed.

7. taXatIOn

01.10.2012 01.10.2011

to 31.03.2013 to 31.03.2012

RM RM

CurrentfinancialperiodMalaysian

corporatetax 435 178

DomesticincometaxiscalculatedattheMalaysianstatutorytax

rateof25%oftheestimatedassessableprofitforthefinancial

period.

Thetaxationchargeforthefinancialperiodisontaxabledividend

afterdeductingtaxallowableexpenses.


Areconciliationofincometaxexpenseapplicabletonetincome

beforetaxationattheMalaysianstatutory incometaxrateto

incometaxexpenseattheeffectiveincometaxrateoftheFundis

as follows:

01.10.2012 01.10.2011 to 31.03.2013 to 31.03.2012 RM RM

Netincomebeforetaxation 2,077,856 272,854

TaxationatMalaysianstatutoryrateof25% 519,464 68,214 Incomenotsubjecttotax (596,193) (73,538) Expensesnotdeductiblefortaxpurposes 9,663 1,597 Restrictionontaxdeductibleexpensesfor unit trust funds 67,501 3,905

Taxexpenseforthefinancialperiod 435 178

8. FInanCIaL aSSetS at FVtPL

31.03.2013 30.09.2012 01.10.2011 RM RM RM

Financial assets held for trading: Quoted equity securities 31,454,048 30,633,150 1,120,545

Quoted derivative 5,232 - 750

31,459,280 30,633,150 1,121,295

01.10.2012 01.10.2011

to 31.03.2013 to 31.03.2012

RM RM

NetgainonfinancialinstrumentsatFVTPLcomprised:

Realised gain on disposals 283,789 41,113

unrealised changes in fair values of

investments 1,476,613 135,521

1,760,402 176,634


Financial assets held for trading as at 31 March 2013 are as detailed

below:

Quoted equity Securities

Percentage of

fair value over net number of aggregate Fair asset value shares held cost value of the Fund units RM RM % Main Market

Consumer Products

Apollo Food Holdings Berhad 235,700 756,423 893,303 2.63BoniaCorporationBerhad 148,500 358,057 294,030 0.87BritishAmericanTobacco MalaysiaBerhad 23,600 1,464,748 1,466,976 4.33CarlsbergBreweryMalaysia Berhad 129,000 1,521,818 1,780,200 5.25Cocoaland Holdings Berhad 541,000 1,276,520 1,103,640 3.26Cycle&CarriageBintang Berhad 275,200 810,671 732,032 2.16Dutch Lady Milk Industries Berhad 32,800 1,294,654 1,556,032 4.59Eng Kah Corporation Berhad 147,900 503,115 477,717 1.41Fraser & Neave Holdings Berhad 96,600 1,875,625 1,787,100 5.27GuanChongBerhad 171,000 339,951 304,380 0.90GuinnessAnchorBerhad 100,000 1,403,112 1,830,000 5.40Hong Leong Industries Berhad 240,000 1,183,974 1,027,200 3.03JTInternationalBerhad 306,800 2,080,968 1,905,228 5.62Nestle(Malaysia)Berhad 32,400 1,883,609 1,964,736 5.80NTPMHoldingsBerhad 758,000 363,713 344,890 1.02OrientalHoldingsBerhad 210,000 1,621,864 2,043,300 6.03PadiniHoldingsBerhad 1,141,000 2,472,612 2,179,310 6.43Panasonic Manufacturing MalaysiaBerhad 53,300 1,203,268 1,160,874 3.42PowerRootBerhad 1,000,000 967,880 1,510,000 4.45PPBGroupBerhad 192,000 2,707,407 2,419,200 7.14QLResourcesBerhad 590,000 1,900,453 1,770,000 5.22


Tan Chong Motor Holdings Berhad 150,000 757,875 769,500 2.27UMWHoldingsBerhad 160,000 1,759,575 2,134,400 6.30 6,734,800 30,507,892 31,454,048 92.80

Quoted derivative

Percentage of

fair value over net number of aggregate Fair asset value units held cost value of the Fund units RM RM %

Main Market

Consumer Products

EngKahCorporationBerhad - Warrants (12/17) 10,900 - 5,232 0.02

tOtaL FInanCIaL aSSetS at FVtPL 30,507,892 31,459,280 92.82

eXCeSS OF FaIR VaLUe OVeR COSt 951,388

The Fund uses the following hierarchy for determining and disclosingthefairvalueoffinancialinstrumentsbyvaluationtechnique:

Level 1: Quoted prices (unadjusted) in active markets for

identical assets or liabilities;

Level 2: Inputs other than quoted prices included within level 1 that are observable for the assets or liabilities, either directly (i.e. as price) or indirectly (i.e. derived from prices); and

Level 3: Inputs for the assets or liabilities that are not based on

observable market data (unobservable inputs).

Asat31March2013, the fairvalueof theFund’sfinancialinstruments are determined based on Level 1 hierarchy as described above.


9. dePOSItS WItH FInanCIaL InStItUtIOnS

31.03.2013 30.09.2012 01.10.2011 RM RM RM

A licensed bank related to the Manager 2,053,000 1,067,000 265,000 Other licensed banks 3,000,000 6,900,000 - 5,053,000 7,967,000 265,000

10. aMOUnt dUe tO/FROM tHe ManaGeR, net

31.03.2013 30.09.2012 01.10.2011 RM RM RM Due (to)/from Manager: - payable for units cancelled (2,634,572) (931) - - receivable for units created - 95,115 21,269 - management fee and expenses (48,009) (48,003) (1,912) (2,682,581) 46,181 19,357

Management fee is payable monthly and the credit period for the amount payable/receivable for units cancelled/created is three (3) business days from the transaction date.

11. tOtaL eQUItY

31.03.2013 30.09.2012 01.10.2011 note RM RM RM unitholders’ capital 11(a) 9,370,950 11,475,046 (15,012)Distribution equalisation 20,551,379 25,371,983 (1,126,349)Retained earnings -unrealised gain/(loss) 75,583 (525,225) 312,515 -undistributed income 3,895,867 2,419,254 2,253,397 3,971,450 1,894,029 2,565,912

total equity 33,893,779 38,741,058 1,424,551

(a) Unitholders’ capital

31.03.2013 30.09.2012 01.10.2011 Units Units Units

approved size of Fund At beginning and end of the financial period/year 500,000,000 500,000,000 500,000,000


U

nits

RM

U

nits

R

M

Uni

ts

RM

In ci

rcul

atio

n

At b

egin

ning

of t

he fi

nanc

ial p

erio

d/ye

ar

73,

207,

691

11,4

75,0

46

1,11

8,50

7

(15,

012)

1,

052,

399

(3

6,77

4)^

Cre

atio

n of

uni

ts

6,6

66,1

50

3,5

67,6

65

299

,904

4

34,8

82

311

,568

4

05,5

18

Can

cella

tion

of u

nits

(1

9,18

0,79

4)

(10,

492,

365)

(1

87,0

80)

(272

,381

) (2

45,4

60)

(319

,199

)D

istrib

utio

n eq

ualis

atio

n -

4

,820

,604

-

(1

27,5

70)

-

(64,

557)

At e

nd o

f the

fina

ncia

l per

iod/

year

6

0,69

3,04

7

9,3

70,9

50

1,23

1,33

1 19

,919

1,

118,

507

(1

5,01

2)^

*Themovem

entspresentedarethoseforthefinancialyear1October2010to30September2011.

^Thenegativeunitholders’capitalasat1October2011wasduetothecancellationofunitsatahigherN

AVfollowingthepriceappreciationoftheFund

ascom

paredtotheunitsbeingcreatedatalowerNAVinprioryears.

01.1

0.20

12 to

31.

03.2

013

01.1

0.20

11 to

31.

03.2

012

01.1

0.20

10 to

01.

10.2

011*

The

init

ial s

ize

of th

e Fu

nd u

nder

the

prov

isio

n of

the

Dee

d w

as 5

00

mill

ion

unit

s. S

ince

the

date

of i

ncep

tion

, the

Fun

d ha

d m

aint

aine

d

its

appr

oved

siz

e of

50

0 m

illio

n un

its.

Asat31March2013,themaximum

num

berofunitswhichwasapprovedbytherelevantauthorityis500million(31March2012:500

mill

ion;

1 O

ctob

er 2

011

: 50

0 m

illio

n) u

nits

. The

num

ber o

f uni

ts a

vaila

ble

for i

ssue

is 4

39

,30

6,9

53

(30

Sep

tem

ber 2

012

: 42

6,7

92

,30

9;

1 O

ctob

er 2

011

: 49

8,8

81,

49

3) u

nits

.


12. UnItS HeLd BY tHe ManaGeR and ReLated PaRtIeS

No units were held by parties related to the Manager as at 31

March 2013, 30 September 2012 and 1 October 2011.

13. SeGMent InFORMatIOn

The Fund is organised into two operating segments for investment management purposes:(1) Quoted investments in Malaysia; and (2) Deposits in Malaysia. Quoted investments in deposits in Malaysia Malaysia total

RM RM RM

01.10.2012 to 31.03.2013 Interest income - 107,920 107,920 gross dividend income 548,189 - 548,189 Net gain on financial instrumentsatFVTPL 1,760,402 - 1,760,402Total segment operating income for the period 2,308,591 107,920 2,416,511

31.03.2013 FinancialassetsatFVTPL 31,459,280 - 31,459,280Deposits with financial institutions 5,053,000 5,053,000 Other assets 51,629 1,234 52,863 Total segment assets 31,510,909 5,054,234 36,565,143

Total segment liabilities - - -

01.10.2011 to 31.03.2012 Interest income - 5,292 5,292 gross dividend income 114,677 - 114,677 Net gain on financial instrumentsatFVTPL 176,634 - 176,634Total segment operating income for the period 291,311 5,292 296,603 30.09.2012 FinancialassetsatFVTPL 30,633,150 - 30,633,150Deposits with financial institutions - 7,967,000 7,967,000 Other assets 80,937 1,910 82,847 Total segment assets 30,714,087 7,968,910 38,682,997

Total segment liabilities - - -


Quoted investments in deposits in Malaysia Malaysia total

RM RM RM

01.10.2010 to 31.03.2011 Interest income - 1,888 1,888 gross diviend income 22,811 - 22,811 Net gain on financial instruments atFVTPL 90,152 - 90,152Total segment operating income for the period 112,963 1,888 114,851

01.10.2011 FinancialassetsatFVTPL 1,121,295 - 1,121,295Deposits with financial institutions - 265,000 265,000 Other assets 5,491 20 5,511 Total segment assets 1,126,786 265,020 1,391,806

Total segment liabilities 251 - 251

ExpensesoftheFundarenotconsideredpartoftheperformance

of any operating segment. The following table provides a

reconciliation between the net reportable segment operating

incomeandnetincomeaftertaxation:

01.10.2012 01.10.2011 01.10.2010

to 31.03.2013 to 31.03.2012 to 31.03.2011

RM RM RM

Net reportable segment

operating income 2,416,511 296,603 114,851

Expenses (338,655) (23,749) (18,551)

Netincomebeforetaxation 2,077,856 272,854 96,300

Taxation (435) (178) (587)

Netincomeaftertaxation 2,077,421 272,676 95,713


In addition, certain assets and liabilities are not considered to

be part of the net assets or liabilities of an individual segment.

The following table provides a reconciliation between the net

reportable segment assets and liabilities and total assets and

liabilities of the Fund.

31.03.2013 30.09.2012 01.10.2011

RM RM RM

Total segment assets 36,565,143 38,682,997 1,391,806

Amount due to the Manager, net - 46,181 19,357

Cash at banks 23,100 20,694 20,201

Total assets of the Fund 36,588,243 38,749,872 1,431,364

Total segment liabilities - - 251

Amount due to the Manager, net 2,682,581 - -

Amount due to the Trustee 2,507 2,560 96

Other payables and accruals 9,376 6,254 6,466

Total liabilities of the Fund 2,694,464 8,814 6,813

14. tRanSaCtIOnS WItH StOCKBROKInG COMPanIeS Duringthefinancialperiod,theManagermadepurchasesand

sales of investments for the Fund with several stockbroking

companies. The transactions are as follows:

RM % RM %

Hong Leong Investment BankBerhad* 3,012,303 55.55 7,523 55.51Credit Suisse Securities (Malaysia)SdnBhd 964,968 17.80 2,405 17.75OSKInvestmentBank Berhad 947,563 17.47 2,376 17.53CIMBInvestment BankBerhad 497,523 9.18 1,248 9.21 5,422,357 100.00 13,552 100.00

* TransactionswithafinancialinstitutionrelatedtotheManager.

Value of trade

net brokeragecommission

and fees


The transactions with the parties related to the Manager have

been entered into in the normal course of business and have

been established on the terms and conditions that are not

materially different from those obtainable in transactions with

unrelated parties.

15. ManaGeMent eXPenSe RatIO (“MeR”)

01.10.2012 01.10.2011

to 31.03.2013 to 31.03.2012

% %

MER for the financial period 0.83 1.23

Managementexpenseratioincludesmanagementfee,trustee’s

fee,auditors’remuneration,taxagent’sfeeandadministration

expensesforthefinancialperioddividedbytheFund’saverage

net asset value calculated on a daily basis and is calculated as

follows:

MER = (A+B+C+D+E) X 100

F

Where;

A = Management fee

B = Trustee’sfee

C = Auditors’ remuneration

D = Taxagent’sfee

E = Administrationexpenses

F = Average net asset value of the Fund

calculated on a daily basis

The average net asset value of the Fund calculated on a daily

basisforthefinancialperiodisRM38,835,386(1October2011

to 31 March 2012: RM1,705,807).


16. PORtFOLIO tURnOVeR RatIO (“PtR”)

01.10.2012 01.10.2011

to 31.03.2013 to 31.03.2012

times times

Portfolio turnover ratio for the financial period 0.09 0.25

The portfolio turnover ratio is derived from the following calculation:

Where; totalacquisitionsforthefinancialperiod = RM2,888,078 (1 October 2011 to 31 March 2012: RM408,943) totaldisposalsforthefinancialperiod = RM3,804,359 (1 October 2011 to 31 March 2012: RM445,116)

nOte Stockbroking Rebates and Soft Commissions

The Manager received soft commissions from stockbrokers in the form of goods and services such as research materials, data and quotation services, computer software incidental to investment management of the Fund and investment related publications. Such soft commissions received are of demonstrablebenefittotheUnitholders.

(Totalacquisitionsforthefinancialperiod+

totaldisposalsforthefinancialperiod)/2

Average value of the Fund for the

financialperiodcalculatedonadailybasis


We,UniversalTrustee (Malaysia)Berhad (“theTrustee”),

being the Trustee for Hong Leong Consumer Products Sector

Fund(“theFund”),areoftheopinionthatHongLeongAsset

ManagementBhd.(“theManager”),actinginthecapacityof

ManageroftheFundhasfulfilledthierdutiesinthefollowing

mannerforthefinancialperiodended31March2013.

(a) the Fund has been managed in accordance with the

limitations imposed on the investment powers of the

Manager and the Trustee under the Deed, other provisions

of the Deed, the Securities Commission Malaysia’s

guidelines on unit Trust Funds, the Capital Markets and

ServiceAct2007andotherapplicablelawsforthefinancial

period ended 31 March 2013;

(b) valuation/pricing has been carried out in accordance with

the Deed and any regulatory requirements; and

(c) creation and cancellation of units have been carried out in accordance with the Deed and any regulatory requirements.

For and on behalf of the Trustee

Universal trustee (Malaysia) Berhad

Liew Kok Wah ChiefExecutiveOfficer

Kuala Lumpur

2 May 2013

tRUStee’S RePORt tO tHe UnItHOLdeRS OF HOnG LeOnG COnSUMeR PROdUCtS SeCtOR FUnd


I, Teo Chang Seng, being a Director of Hong Leong Asset

ManagementBhd., theManagerofHongLeongConsumer

Products Sector Fund, do hereby state that, in the opinion

of theManager, theunaudited interimcondensedfinancial

statements set out on pages 18 to 42 are drawn up in

accordance with the provisions of the Deed and give a true

andfairviewofthefinancialpositionofHongLeongConsumer

Products Sector Fund as at 31 March 2013 and of the results,

the changes in equity and cash flows of the Fund for the

financialperiodthenended,andhavebeenproperlydrawnup

in accordance with MFRS 134 Interim Financial Reporting and

the Securities Commission Malaysia’s guideline on unit Trust

Funds in Malaysia.

On behalf of the Manager,

HongLeongAssetManagementBhd.

Teo Chang Seng

Director

Kuala Lumpur

2 May 2013

StateMent BY tHe ManaGeR


I, Teo Chang Seng, being the Director of Hong Leong Asset

ManagementBhd. primarily responsible for the financial

management of Hong Leong Consumer Products Sector Fund,

do solemnly and sincerely declare that the unaudited interim

condensedfinancialstatementssetoutonpages18to42are,

to the best of my knowledge and belief, correct, and I make this

solemn declaration conscientiously believing the same to be true

and by virtue of the provisions of the Statutory Declarations

Act, 1960.

Subscribed and solemnly declared by

the abovenamed Teo Chang Seng

at Kuala Lumpur in Wilayah Persekutuan

on 2 May 2013 Teo Chang Seng

Beforeme:

SalimBinZahid

No. W425

Commissioner for Oaths

StatUtORY deCLaRatIOn


Performance data

* Source : Lipper (Returns are calculated after adjusting for distributions and/or additional units, if any)

^ InaccordancewithMFRS139,quotedfinancialassetshavebeenvaluedat thebidpricesat theclose

of business. Nonetheless, quoted financial assets have been valued at the closing market prices forthepurposeofcalculatingnetassetvalue(“NAV”)perunitattributabletounitholdersfor issuanceandredemptionofunits.Hence,theNAVperunitdisclosedaboveisdifferentfromtheNAVperunitdisclosedinthefinancialstatements.

# TheMERwas0.99%lowerascomparedto1.82%forthefinancialyearended30September2012and0.40%lowerascomparedto1.23%forthefinancialperiodended31March2012mainlyduetoincreaseinnet asset value of the Fund.

## ThePTRdecreasedby2.09times(95.87%)ascomparedto2.18timesforthefinancialyearended30

September2012and0.16times(64.00%)ascomparedto0.25timesforthefinancialperiodended31March 2012 mainly due to lower level of rebalancing activities undertaken by the Fund.

a (i) Portfolio Compositions: Main Market Consumer Products Loan Stocks & Warrants deposits, Receivables and others (ii) TotalNetAssetValue (iii) NetAssetValuePerUnit units in Circulation (iv) Highest/LowestNAVPerUnit (v) Total Return* - Capital growth - Income Distribution (vi) unit Split (vii) ManagementExpenseRatio(MER) (viii) Portfolio Turnover Ratio (PTR) (times) B. average total Return, naV Per Unit-to- naV Per Unit basis (to 31/03/13)* (i) One year (ii) Two years (iii) Three years (iv) Five years (v) Ten years (vi) Since launch (29 August 2000)

HighestNAVPerUnitLowestNAVPerUnit

RatioDate

FinancialPeriod From

30/09/12-31/03/13

%

92.800.027.18

RM33,893,779

RM0.5594^60,693,047

RM0.5620RM0.5247

5.43%5.43%

-

--

0.83%#

0.09##

10.98%15.05%21.57%22.75%25.38%23.41%


FinancialYear From

30/09/07-30/09/08

%

75.67-

24.33

RM1,367,690

RM0.74941,825,000

RM0.8602RM0.7331

-6.05%-6.05%

-

--

2.44%

0.18

FinancialYear From

30/09/08-30/09/09

%

74.73-

25.27

RM1,347,196

RM0.89591,503,768

RM0.9088RM0.6740

19.55%19.55%

-

--

2.55%

0.13

FinancialYear From

30/09/09-30/09/10

%

83.86-

16.14

RM1,257,374

RM1.19481,052,399

RM1.2038RM0.8947

33.36%33.36%

-

--

2.50%

0.39

FinancialYear From 30/09/10-

30/09/11%

78.660.05

21.29

RM1,424,551

RM1.2798^1,118,507

RM1.3909RM1.2002

7.11%7.11%

-

--

2.45%

0.30

FinancialYear From 30/09/11-30/09/12

%

79.07-

20.93

RM38,741,058

RM0.5306^73,207,691

RM1.6084RM0.5279

24.38%24.38%

-

1:231/07/2012

1.82%

2.18


Corporate Information / 企业资讯

Manager / 经理人HongLeongAssetManagementBhd(318717-M)

RegisteredOffice/ 注册地址Level 8, Wisma Hong Leong18, Jalan Perak50450 Kuala Lumpur

BusinessOffice/ 管理地址Level 8, Menara HLA3, Jalan Kia Peng50450 Kuala Lumpur

Board of directors / 董事Mr. geoffrey Ng Ching FungMr. Teo Chang SengDato’AbdulMajitBinAhmadKhanDato’HajiKamarulzamanBinMohammed

executive director / CeO /执行董事/ 首席执行员Mr. geoffrey Ng Ching Fung

Secretaries / 秘书Ms. Christine Moh Suat Moi (MAICSA No. 7005095)Ms.RufinaTanSiokMay(MAICSANo.0877534)

trustee / 信托人UniversalTrustee(Malaysia)Berhad(17540-D)

auditors and Reporting accountants / 查账师及会计师Ernst & Young (AF: 0039)

tax adviser / 税务顾问Ernst&YoungTaxConsultantsSdnBhd(179793-K)

Solicitor / 律师Naqiz & Partners

Banker / 银行HongLeongBankBerhad(97141-X)

agents / 分销商HongLeongBankBerhad(97141-X)OCBCBank(Malaysia)Berhad(295400-W)StandardCharteredBankMalaysiaBerhad(115793-P)CIMBPrivateBanking(18417-M)AffinBankBerhad(25046-T)Registered Independent Tied Agents with FiMM


Corporate directory / 地址手册

HeadOffice/吉隆坡总行Level 8, Menara HLA3, Jalan Kia Peng, 50450 Kuala LumpurTel: 03-27332500, 03-27332528Fax:03-27332541,03-78736088,03-78736091Website: www.hlam.com.myE-mail: [email protected]

Central Region / 中部Lot 1.05, Level 11FirstAvenue,BandarUtama47800 Petaling Jaya, SelangorTel: 03-7724 6834, 03-7725 3188Fax:03-77252818

Kuching /古晋No. 80, 1st Floor, Jalan Pending93450 Kuching, SarawakTel: 082-342897, 082-342902Fax:082-342903

Pulau Pinang / 槟城No. 441-1-3PulauTikusPlaza,JalanBurmah10350 Pulau Tikus, Pulau PinangTel: 04-2288112, 04-2289112Fax:04-2283112

Kota Kinabalu / 亚庇Lot 76, 1st FloorJalan gaya, 88000 Kota Kinabalu, SabahTel: 088-318021, 088-318052, 088-264893Fax:088-310190

Ipoh / 怡保7A, 1st Floor, Persiaran greentown 4GreentownBusinessCentre30450 Ipoh, PerakTel: 05-2558388, 05-2559388, 05-2534388Fax:05-2558389


this page is intentionally left blank

Hong Leong Asset Management Bhd (318717-M)

Level 8, Menara HLA, No. 3, Jalan Kia Peng, 50450 Kuala Lumpur

Termination Report 1 December 2011 to 3 August 2012

Hong Leong DiversifiedStrategic Fund

Audited2011/2012

Documents

Hong Leong Consumer Products Sector Fund