Opus DIF Quarterly Report 1Q2020 · million people signed up for jobless benefits in the US. To make matters worse, oil prices were caught in a perfect storm as the Organization of

Opus Dynamic Income Fund

QUARTERLY REPORT

2nd QUARTERLY REPORT (1 APRIL to 30 JUNE 2020)

(OPUS DIF)

FOR FINANCIAL YEAR ENDING 31 DECEMBER 2020

TABLE OF CONTENTS

Portfolio Report & Review ............................................................................................ 1

Portfolio Report as at 30 June 2020

- Portfolio Appraisal (Fixed Income) Valuation Date: 30 June 2020............................ 9

- Statement of Financial Position as at 30 June 2020 ................................................. 14

- Statement of Comprehensive Income for the Quarter Ended 30 June 2020 .............15

- Purchases for the Quarter Ended 30 June 2020 ........................................................ 16

- Sales and Realised Gain / (Losses) for the Quarter Ended 30 June 2020 .................19

OPUS DYNAMIC INCOME FUNDMANAGER'S REPORT - 2nd QUARTERLY REPORT FOR FINANCIAL YEAR ENDING 31 DECEMBER 2020

Market Review, Outlook and Strategy

Market Review

The Covid-19 pandemic has left a deep economic scar to the global economy as governmentsimposed nationwide lockdowns over most of the second quarter to limit the spread of the virus. Assuch, growth is set to be at its point of maximum weakness in 2Q20 and despite the gradualreopening of most economies now, the ensuing recovery is expected to be challenging and volatile.To date, the coronavirus pandemic has infected more than 11 million people with over 500,000deaths spanning across the globe.

Since the pandemic erupted, global growth has been negatively affected beyond anything everexperienced in nearly a century. Growth estimates published by multiple internationalorganizations such as the International Monetary Fund (IMF), World Bank and Organization forEconomic Co-operation and Development (OECD) have been consistently revised lower in thepast several months. Additionally, unemployment rates have surged beyond levels last seen in theGlobal Financial Crisis in 2009 which could lead to a prolonged recession. While GDP growth for1Q20 was worse than expected (US: -5%; Eurozone: -3.6%; China: -6.8%), high-frequencyindicators are painting a more severe contraction in 2Q20. For instance, the industrial productionremained in a deep contraction in May while the Purchasing Managers’ Index (PMI) and consumerconfidence of many countries plunged in April. That said, the PMI and consumer confidence havesince shown some improvements but still stayed below its pre-pandemic levels. The US Treasuryyields remained near its all-time low at around 0.70% as bond investors have yet to be convincedof a strong economic recovery in the horizon despite a strong rally in the equities market in 2Q20(S&P500: +23%; Nasdaq: +36%).

Despite recent signs of an economic recovery, the global economy is still faced with severalmaterial risks which include a second wave of infections, slower-than-expected recovery and aresurgence of US-China trade tensions. To mitigate the economic fallout, more than two-thirds ofgovernments around the world have scaled up their fiscal stimulus totalling to an unprecedentedamount of USD11 trillion. Government support has been wide-ranging from additional spendingand forgone revenue to liquidity support measures aimed at limiting bankruptcies and maintainingcash flows.

On the other hand, sizeable support from central banks has also been forthcoming, led by steepinterest rate cuts in 1H20, which is now near-zero for most developed economies. Additionally,central banks have also introduced massive bond-buying programs to provide additional liquiditysupport to their respective economies. In some cases, the US Federal Reserve has even expandedits bond-buying program to include corporate bonds as part of its continuous effort to supportmarket functioning and ease credit conditions.

In Malaysia, economic indicators continue to paint a bleak picture for 2Q20 amid the ControlMovement Order (MCO), which was effective from March until May. As most businesses wereclosed, the unemployment rate spiked to 5% in April, which is the highest since 1990. Since then,businesses have been gradually restarting their operations after the government started lifting theirstrict lockdown. At the same time, the government also unveiled the 4th round of stimulusmeasures, which amounts to RM35 billion, to further dampen the devastating effect of thepandemic. To date, Malaysia’s fiscal stimulus stands at RM295 billion (19.5% of GDP), out of

1


which RM45 billion will be direct fiscal injections, which is expected to increase Malaysia’s fiscaldeficit to around 6%. Given the additional downside pressure to the government’s fiscal metricsand as the pandemic continues to take its toll on the Malaysian economy, Fitch and S&P Globalhave downgraded Malaysia’s rating outlook from stable to negative. However, we believe that withthe current unprecedented crisis, the government’s stimulus package is necessary and appropriateto ensure the sustainability of businesses and a faster recovery post-pandemic.

On the monetary policy front, Bank Negara Malaysia (BNM) has cut the Overnight Policy Rate(OPR) by 125bps year-to-date July to a record low of 1.75% on the back of weak global economicconditions and bleak domestic outlook. Hence, the MGS yield curve steepened further in 2Q20with the shorter-end yields falling between 55-70bps while the longer-end yields fell 10-50bps.Meanwhile, foreign flow in the local bond market appeared to be stabilizing in May with RM1.5billion of inflows amid a noticeably improved global risk sentiment after three straight months ofoutflow that totalled RM22.4 billion.

Market Outlook

We expect global growth to record a sharp slowdown in 2020 as the economic recovery is expectedto only pick up pace in 2021. That said, the recovery may be derailed by material risks such as asecond wave of infections, slower-than-expected recovery and a resurgence of US-China tradetensions. As such, we maintain our view that fixed income securities will be well supported.

We also continue to anticipate governments and central banks around the world to remainsupportive of their economies with further stimulus packages and rate cuts expected. Meanwhile,we also expect major global central banks to continue to provide liquidity to the financial marketindefinitely via quantitative easing measures until clear signs of recovery emerges.

In Malaysia, we expect economic growth for 2020 to slow to near zero (2019: 4.3%) with furtherdownside risk. Hence, we are anticipating a possible 25bps cut in the OPR for the remainingmonths of 2H20. Overall, we continue to see good support for the local bond market going forwarddespite bouts of volatility in the short-term.

Strategy

With the economy going into recession, the expectation of low interest rates and further rate cutswill continue to spur demand for safe haven assets such as government bonds. There may be stillsome volatility mainly from foreign selling due to risks such as volatile oil prices, sovereign ratingpressure and political uncertainties. However, we expect the bond market to eventually reflect theeconomic fundamentals of lower growth and lower inflation. Hence, we see any foreign selling asan opportunity to buy at higher yields. As such, we will continue with our strategy of increasingallocation to government and government guaranteed (GG) bonds with allocation of 25% - 35%.Apart from that, we want to keep our portfolio liquid with higher allocation in government, GG,AAA bonds and cash. We look to lengthen duration to 5.5 – 6.0 years as we expect low interestrates to stay lower for longer and for inflation to remain low.

2


Performance: Outperformed benchmark by 41.76% since inception

As at 30 June 2020, the Fund was 84.28% invested while 15.72% was held in cash. The Fund'sTWRR since inception was 81.79% compared to the benchmark of 40.03%, which is the accretedvalue since inception of the Maybank 12-Month Fixed Deposit Rate. Hence, the Fundoutperformed the benchmark by 41.76%. Year-to-date, TWRR for the fund was 2.53% against thebenchmark TWRR of 1.27%. The Fund had a duration of 5.62 years. The average rating of theportfolio was AA1. Apart from cash, 78.03% are rated higher than AA3 or P1, which are generallyquite liquid. For corporate bonds rated lower than AA3, bid-offer spreads are generally wider dueto the less liquid market conditions.

3


0.55%

0.89%

1.75%

3.20%

3.69%

4.08%

4.14%

4.52%

4.63%

4.70%

7.91%

13.49%

14.99%

15.72%

15.75%

Transport/Port

Collective Investment Scheme

Water

Investment Holding

Gaming

Toll Road

Telecommunication

Property

Construction

Power

Finance

Infrastructure

Government

Cash

Bank

Exposure in NAV (%)

Distribution By Sector as at 30 June 2020

Distribution By Rating as at 30 June 2020

^ Non Rated** Non Rated–Government Guaranteed

15.72%

0.44%

0.25%

1.44%

4.11%

19.08%

3.55%

5.13%

20.83%

14.45%

14.99%

Cash

^ NR

A3

A2

A1

AA3

AA2

AA1

AAA

** NR-GG

NR-GOVT

Exposure in NAV (%)

4


INFORMATION ON THE OPUS DYNAMIC INCOME FUND (OPUS DIF or “the Fund”)

Category : Fixed Income

Type : Income and Growth

Benchmark : Maybank, 12-Month Fixed Deposit Rate

Investment Objective

The Fund’s objective is to achieve higher returns than 12-Month Fixed Deposit Rate over themedium to long term, while providing an opportunity for capital stability and growth.

Note: The Manager regards 3-5 years as medium-term and more than 5 years as long-term.

Investment Strategy

The Fund’s investment maturity profile is subject to active maturity structure management basedon the interest rate outlook without any portfolio maturity limitation. The Fund may invest in debtsecurities with varying maturities. In other words, the Manager may tactically allocate up to 100%of the Fund in fixed income securities or up to 100% of the Fund in cash, liquid assets or otherpermitted investments.

5


Breakdown of Unit Holdings by size as at 30 June 2020

Size (Units) Total Unit Holders*

Percentage of Total Unitholders

Total Units Percentage of Total Units

0-10,000 1 0.64 90.4642 0.00

10,001-500,000 94 60.25 18,062,616.7787 3.73

500,001-1,000,000 29 18.59 20,800,220.8538 4.30

1,000,001-2,000,000 8 5.13 10,096,338.0016 2.09

2,000,001-3,000,000 7 4.49 15,112,688.3993 3.12

3,000,001-4,000,000 3 1.92 10,285,688.5211 2.12

4,000,001-5,000,000 1 0.64 4,214,662.1093 0.87

5,000,001-10,000,000 5 3.21 40,191,552.8942 8.30

10,000,001-50,000,000 6 3.85 149,394,090.1370 30.86

50,000,001-above 2 1.28 215,916,727.8854 44.61

Total 156 100.00 484,074,676.0446 100.00

*Note: Include Unit Trust Adviser(s)

Unit Holders’ Profile

The Fund was launched on 11 May 2009. As at 30 June 2020, there were approximately 484.07 million units of the Fund in circulation.

6


Other Information

There is no change in key investment team and delegates.

OPUS DIF 30 June 2020 31 March 2020

Net Asset Value (RM) 584,747,916.29 480,911,133.40

Net Asset Value Per unit (RM) 1.2080 1.1811

Total Units in Circulation (units) 484,074,676.0446 407,183,492.5354

Selling / Repurchase price (RM) 1.2080 1.1811

OPUS DIF 1 January 2020 - 30 June 2020

1 January 2020 - 31 March 2020

Portfolio Turnover Ratio (PTR) for the financial year 0.41 times 0.31 times

Net distribution per unit for the financial year (RM)* 0.0195 0.0100

Daily Return Volatility for the financial year ** 0.19% 0.24%

* Distributions were made on 25 March 2020 and 24 June 2020** measured by standard deviation of daily returns.

7

OPUS ASSET MANAGEMENT SDN BHD

Opus Dynamic Income Fund

PORTFOLIO REPORT

VALUATION DATE : 30 JUNE 2020

(OPUS DIF)

OPUS ASSET MANAGEMENT SDN BHD 199601042272 (414625-T)

: 603-2288 8889

59200 KUALA LUMPUR, MALAYSIA

B-19-2, NORTHPOINT OFFICES, MID VALLEY CITY, NO 1, MEDAN SYED PUTRA UTARA,

General LineClient Services TelFax

Client Services EmailCompany Website

: 603-2288 8882 : 603-2288 8833

: [email protected] : https://www.opusasset.com

Portfolio Appraisal

Valuation Date : 30 Jun 2020

OPUS DIF

Quantity Port(%)

CleanCost

MarketValue + AI

PriceVal

(Clean)

Rating Sector

Currency : MYR

Cash & Cash Equivalent (MYR)

Cash At Bank

Non Low Risk Asset

STDC

Alliance Bank Malaysia Berhad MYR STDC

Malayan Banking Berhad MYR STDC

STDC Total

Non Low Risk Asset Total

Total - Cash & Cash Equivalent

Collective Investment Scheme (MYR)

Non Low Risk Asset

Collective Investment Scheme

OPUS SHARIAH INCOME PLUS FUND

Collective Investment Scheme Total


Total - Collective Investment Scheme

Control Accounts (MYR)

Account Payable

Total - Control Accounts

Fixed Income (MYR)

Low Risk Asset

Straight Bond

Danainfra Nasional Bhd (GG) 3.47% 26.09.29

Stock Name

- - 100,374 100,374 -

- 13.0 75,809,336 75,813,449 - RAM/P1 Bank

- 4.6 26,664,206 26,665,667 - RAM/P1 Bank

- 17.6 102,473,542 102,479,116 -

- 17.6 102,473,542 102,479,116 -

- 17.6 102,573,916 102,579,490 -

5,076,332 0.9 5,022,733 5,190,550 1.02 Collective Investment Scheme

5,076,332 0.9 5,022,733 5,190,550 1.02

5,076,332 0.9 5,022,733 5,190,550 1.02

5,076,332 0.9 5,022,733 5,190,550 1.02

- (1.8) (10,786,950) (10,786,950) -

- (1.8) (10,786,950) (10,786,950) -

5,000,000 0.9 5,121,500 5,167,208 102.42 NR-M/NR-GG Infrastructure

9


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833


Portfolio Appraisal


OPUS DIF

Quantity Port(%)

CleanCost

MarketValue + AI

PriceVal

(Clean)

Rating Sector












GII 4.467% 15.09.39

LPPSA (GG) 4.62% 19.09.36

MGS 3.757% 22.05.40

MGS 3.828% 05.07.34

MGS 3.885% 15.08.29

MGS 3.906% 15.07.26

MGS 4.065% 15.06.50

MGS 4.921% 06.07.48

Prasarana (GG) 3.28% 23.02.35

Prasarana (GG) 4.64% 22.03.30

Straight Bond Total

Low Risk Asset Total

Non Low Risk Asset

Straight Bond

Stock Name












3,500,000 0.7 3,837,505 3,899,384 110.10 NR-M/NR-GOVT Government

5,000,000 1.0 5,884,000 5,632,488 111.38 NR-M/NR-GG Finance









157,900,000 29.4 171,507,105 171,867,535 107.74

157,900,000 29.4 171,507,105 171,867,535 107.74

10


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833


Portfolio Appraisal


OPUS DIF

Quantity Port(%)

CleanCost

MarketValue + AI

PriceVal

(Clean)

Rating Sector

AEON CREDIT 3.85% 10.02.28

Al-Dzahab TR2 5.50% 29.09.23

Bandar Serai Dev SB 4.688% 28.08.23

Bank Pembangunan 4.50% 04.11.26

Bank Pembangunan 4.98% 02.03.32

Berjaya Land (FG) 3.97% 16.12.21

Besraya 4.96% 28.07.23

BGSM MGMT 5.45% 28.06.24

CIMB Bank 4.70% 18.05.27

DANGA CAP BHD 4.88% 29.01.30

Danum Cap 3.29% 13.05.30

Danum Cap 3.42% 21.02.35

Danum Cap 4.30% 13.02.26

Digi 3.60% 20.09.29

Digi 4.65% 14.04.27

DUKE3 6.04% 23.08.35

EKVE (BG) 5.65% 29.01.30

EKVE (BG) 6.15% 29.01.35

GENM Cap 4.50% 24.08.20

GENM Cap 4.98% 31.03.27

Genting RMTN 4.18% 08.11.29

HLFG B3T2 4.30% 14.06.29 (FC 14.06.24)

Impian Ekspresi (BG) 3.85% 30.11.20

KESTURI 4.75% 02.12.26

KESTURI 5.25% 02.12.31

Stock Name

5,000,000 0.9 5,000,000 5,164,340 101.79 RAM/AA3 Finance

1,000,000 0.2 1,011,500 1,070,794 105.68 RAM/AAA Finance

10,000,000 1.8 10,361,000 10,555,064 103.96 RAM/AA3 Construction

5,000,000 0.9 5,361,500 5,397,723 107.23 RAM/AAA Finance

5,000,000 1.0 5,610,500 5,738,522 113.13 RAM/AAA Finance

5,750,000 1.0 5,756,100 5,811,490 100.93 MARC/AAA Gaming

3,000,000 0.5 3,001,500 3,204,153 104.69 RAM/AA3 Toll Road

15,000,000 2.8 15,973,500 16,211,229 108.05 RAM/AA3 Telecommunication

10,000,000 1.9 10,529,000 10,937,358 108.81 RAM/AAA Bank

3,000,000 0.6 3,000,000 3,419,189 111.91 RAM/AAA Investment Holding




4,000,000 0.7 4,000,000 4,118,916 101.96 RAM/AAA Telecommunication

3,500,000 0.7 3,715,600 3,844,004 108.84 RAM/AAA Telecommunication

3,950,000 0.8 4,513,090 4,517,225 112.24 MARC/AA- Toll Road

1,500,000 0.3 1,521,750 1,788,268 116.83 RAM/AAA Toll Road

2,000,000 0.4 2,218,200 2,569,816 125.90 RAM/AAA Toll Road

5,000,000 0.9 5,034,750 5,092,154 100.27 RAM/AAA Gaming

5,000,000 0.9 5,388,500 5,468,762 108.12 RAM/AAA Gaming

5,000,000 0.9 5,000,000 5,178,671 102.96 RAM/AAA Gaming

7,000,000 1.2 7,155,000 7,261,905 103.55 RAM/AA2 Bank

5,000,000 0.9 5,004,000 5,034,454 100.34 RAM/AAA Property

1,000,000 0.2 983,035 1,060,634 105.69 MARC/AA- Toll Road

3,000,000 0.6 3,298,500 3,320,194 110.26 MARC/AA- Toll Road

11


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833


Portfolio Appraisal


OPUS DIF

Quantity Port(%)

CleanCost

MarketValue + AI

PriceVal

(Clean)

Rating Sector

Malakoff Power 5.25% 17.12.21

Malakoff Power 5.45% 15.12.23

MEX II 5.30% 28.04.23

MEX II 6.10% 29.04.31

Northern Gateway Infrastructure 5.30% 29.08.31

PLUS 4.80% 12.01.27

Pujian Bayu 6.05% 31.07.29

SDBB 4.85% 05.10.29

SDBB 5.30% 24.04.24

Silver Sparrow (FG) 4.35% 10.12.20

Sinar Kamiri 5.20% 30.01.23

SPRE 5.04% 17.07.25

Starbright Cap 4.55% 27.12.28

Tanjung B Pwr 4.6600% 14.08.20

TNB NE 4.83% 29.05.36

Toyota Cap 3.80% 30.01.25

TRIplc Medical 4.85% 23.10.24

YTL Pwr 4.99% 24.08.28

YTL Pwr 5.05% 03.05.27

Zamarad TR3 4.85% 19.05.28 (EM 19.11.26)

Straight Bond Total

Variable / Callable Bond

Affin Bank B3 T2 5.45% 05.02.27 (FC 07.02.22)

AmBank B3 T2 4.90% 15.10.27 (FC 14.10.22)

AmBank B3 T2 4.98% 15.11.28 (FC 15.11.23)

Stock Name

4,750,000 0.8 4,921,000 4,913,418 103.24 MARC/AA- Power

3,250,000 0.6 3,366,515 3,486,406 107.07 MARC/AA- Power

2,500,000 0.4 2,527,950 2,534,645 100.47 MARC/A Toll Road

3,250,000 0.5 3,485,650 3,151,781 95.93 MARC/A Toll Road


1,500,000 0.3 1,528,050 1,673,139 109.31 MARC/AAA Toll Road


2,000,000 0.4 2,007,860 2,143,589 106.05 RAM/AA1 Finance

5,000,000 0.9 5,123,250 5,380,870 106.63 RAM/AA1 Finance

5,000,000 0.9 5,000,000 5,028,064 100.31 RAM/AAA Property

2,500,000 0.4 2,522,000 2,625,868 102.86 MARC/AA- Power

1,250,000 0.2 1,256,375 1,355,490 106.15 RAM/AA3 Power

10,000,000 1.8 9,819,000 10,236,593 102.34 RAM/AAA Water

5,000,000 0.9 5,038,000 5,098,178 100.24 RAM/AA2 Power

3,500,000 0.7 3,913,350 3,924,399 111.69 MARC/AAA Power

10,000,000 1.8 10,182,000 10,470,988 103.12 RAM/AAA Finance


2,000,000 0.4 2,006,200 2,218,078 109.15 RAM/AA1 Power

3,500,000 0.7 3,512,633 3,831,361 108.67 RAM/AA1 Power

5,000,000 0.9 5,000,000 5,178,268 102.99 RAM/AA2 Finance

208,700,000 38.0 215,908,859 221,735,774 105.25

10,000,000 1.8 10,165,000 10,545,807 103.29 RAM/A1 Bank

5,000,000 0.9 5,000,000 5,243,324 103.85 RAM/AA3 Bank

2,500,000 0.5 2,500,000 2,644,788 105.15 RAM/AA3 Bank

12


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833


Portfolio Appraisal


OPUS DIF

Quantity Port(%)

CleanCost

MarketValue + AI

PriceVal

(Clean)

Rating Sector

AmBank B3 T2 5.20% 15.03.27 (FC 15.03.22)

AmBank Islamic B3 T2 5.23% 23.02.28 (FC 23.02.23)

Ara Bintang 5.50% 17.03.26 (EM 17.09.24)

CIMB GH Bhd AT-1 4.88% Perp (FC 28.06.24)

CIMB GH Bhd AT-1 5.40% Perp (FC 23.10.23)

CIMB GH Bhd T-1 5.80% Perp (FC 25.05.21)

Eternal Icon 5.10% 31.03.28 (EM 31.03.25)

INVERFIN 4.98% 28.02.24 (FC 28.02.23)

MAHB 5.75% 14.12.2114 (FC 13.12.24)

Maybank B3 AT1 4.08% Perp (FC 25.09.24)

Public Bank AT-1 5.08% PERP (FC 26.06.23)

Purple Boulevard 8.00% 13.05.22 (FC 13.11.20)

Quill Retail Malls 5.85% 29.03.24 (EM 31.03.22)- Class C

Quill Retail Malls 6.00% 29.03.24 (EM 31.03.22) - Class D

RHB Bank Bhd 4.82% 27.09.27 (FC 27.09.22)

RHB Inv 4.90% 11.10.27 (FC 11.10.22)

Variable / Callable Bond Total


Total - Fixed Income

Total Investment in MYR

Portfolio Total (MYR)

Stock Name

20,000,000 3.6 20,759,400 21,009,644 103.53 RAM/AA3 Bank

2,500,000 0.5 2,500,000 2,674,452 105.15 RAM/AA3 Bank

2,500,000 0.4 2,500,000 2,589,474 103.37 NR-M/NR Property

2,500,000 0.4 2,500,000 2,591,593 103.64 RAM/A1 Bank

2,500,000 0.5 2,542,600 2,652,971 105.10 RAM/A1 Bank

8,000,000 1.4 8,128,485 8,218,653 102.18 RAM/A1 Bank

5,000,000 0.9 5,000,000 5,355,674 105.83 RAM/AAA Property

4,000,000 0.7 3,990,800 4,187,073 102.99 MARC/AAA Property

3,000,000 0.5 3,069,400 3,209,942 106.75 RAM/AA2 Transport/Port

4,000,000 0.7 4,000,000 4,136,018 102.31 RAM/AA3 Bank

2,500,000 0.4 2,500,000 2,611,940 104.41 RAM/AA3 Bank

1,000,000 0.2 1,011,400 1,011,500 100.08 RAM/A3 Property

3,000,000 0.5 2,896,800 2,732,626 89.61 RAM/A2 Property

500,000 0.1 471,050 452,062 88.90 RAM/A3 Property

4,750,000 0.9 4,909,125 4,981,074 103.60 RAM/AA3 Bank

6,150,000 1.1 6,189,318 6,428,075 103.46 RAM/AA3 Bank

89,400,000 16.0 90,633,377 93,276,689 103.13

298,100,000 54.0 306,542,236 315,012,463 104.61

456,000,000 83.4 478,049,341 486,879,999 105.69

461,076,332 100.0 574,859,040 583,863,088 104.54

100.0 574,859,040 583,863,088 104.54

13


: 603-2288 8889

59200 KUALA LUMPUR, MALAYSIAB-19-2, NORTHPOINT OFFICES, MID VALLEY CITY, NO 1, MEDAN SYED PUTRA UTARA,



: 603-2288 8882 : 603-2288 8833


30-Jun-2020 31-Mar-2020

MYR MYR

Assets Current Assets

Deposits with Financial Institutions 102,473,542.49 76,234,082.64

Cash at Bank 100,374.00 103,130.85

Deposit Income Receivable 5,573.45 5,266.39

Bond Income Receivable 4,914,181.65 4,209,977.71

Trade Receivable - -

Other Receivable 1,287,252.12 101,716.79

Impaired Receivable - -

Sub Total for Current Assets 108,780,923.71 80,654,174.38 Investment

Malaysian Government Securities 86,457,635.00 50,783,800.00

Corporate Bonds 395,508,182.00 344,809,961.00

Short Term Commercial Papers - -

Local Unit Trusts 5,190,549.83 5,017,074.91

Sub Total for Investment 487,156,366.83 400,610,835.91Total Assets 595,937,290.54 481,265,010.29

Liabilities Current Liabilities

Accrued Management Fees (355,365.37) (306,578.23)

Accrued Trustee Fees (22,210.34) (19,161.15)

Accrued Fund Accounting Fees (13,326.18) (11,496.69)

Accrued Audit Fees (4,176.90) (10,488.45)

Accrued Transaction Costs - -

Other Accrued Fees (7,345.38) (6,152.37)

Accrued GST - -

Trade Payable (10,786,950.08) -

Other Creditors - -

Sub Total for Current Liabilities (11,189,374.25) (353,876.89)Total Liabilities (11,189,374.25) (353,876.89)

Total Portfolio Value 584,747,916.29 480,911,133.40

Fund Capital Equity

Capital 575,368,255.37 482,035,760.13

Retained Profit / (Loss) 61,955,462.67 61,955,462.67

Profit / (Loss) this year 9,463,317.82 (5,264,722.90)

Total Distribution (62,039,119.57) (57,815,366.50)

Sub Total for Equity 584,747,916.29 480,911,133.40Total Fund Capital 584,747,916.29 480,911,133.40

OPUS DIF

Statement of Financial Position As At 30 Jun 2020

14


: 603-2288 8889

59200 KUALA LUMPUR, MALAYSIAB-19-2, NORTHPOINT OFFICES, MID VALLEY CITY, NO 1, MEDAN SYED PUTRA UTARA,



: 603-2288 8882 : 603-2288 8833


01-Apr-2020 01-Apr-2019to 30-Jun-2020 30-Jun-2019

MYR MYR

Profit IncomeInvestment Profit Income

Bond Income 4,936,689.40 2,019,198.02

Deposit Income 293,788.36 69,550.08

Realised Gain / (Loss) on Sales Investments 1,029,200.00 547,675.18

Unrealised Gain / (Loss) on Holdings 9,580,412.55 2,477,284.38

Allowance for Impairment - -

Other Income 10,909.73 6,357.04

Sub Total For Investment Profit Income 15,851,000.04 5,120,064.70Total Profit Income 15,851,000.04 5,120,064.70

ExpensesManagement Fees (1,015,618.67) (355,705.31)

Trustee Fees (63,476.16) (22,231.60)

Fund Accounting Fees (38,085.71) (13,338.95)

Other Expenses (5,055.34) (3,649.81)

Bank Charges (204.00) (196.00)

GST Charges - -

MyClear Charges (519.44) (198.06)

Total Expenses (1,122,959.32) (395,319.73)

Net Total Profit/ (Loss) 14,728,040.72 4,724,744.97

OPUS DIF

Statement of Comprehensive Income for financial period from 1 Apr 2020 to 30 Jun 2020

15


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833


Purchases From 1 Apr 2020 To 30 Jun 2020

OPUS DIF

TradeDate

SettleDate

SecurityCode

SecurityDescription

Currency Quantity Clean Price YTM Cost(%)

Clean Cost(A)

AccruedIncome (B)

Total Cost(A) + (B)

Broker *TradeType

02/Apr/2020 03/Apr/2020 OPUS SIPF OPUS SHARIAH INCOME PLUS FUND

MYR 3,674.83 1.0002 0 3,675.56 0 3,675.56

03/Apr/2020 07/Apr/2020 MO190002 MGS 3.885% 15.08.29 MYR 5,000,000.00 104.25 3.3520 5,212,500.00 27,750.00 5,240,250.00 AmBank (M) Berhad 0

06/Apr/2020 07/Apr/2020 MY190005 MGS 3.757% 22.05.40 MYR 10,000,000.00 98.70 3.8500 9,870,200.00 141,403.57 10,011,603.57 CIMB Bank Berhad 0

16/Apr/2020 20/Apr/2020 MS190004 MGS 3.828% 05.07.34 MYR 4,500,000.00 106.50 3.2530 4,792,500.00 50,163.63 4,842,663.63 Standard Chartered Bank Malaysia Berhad

0

17/Apr/2020 21/Apr/2020 VZ140102 Danainfra Nasional Bhd (GG) 5.38% 21.04.39

MYR 5,000,000.00 121.56 3.7800 6,078,000.00 0 6,078,000.00 Hong Leong Bank Berhad 0

20/Apr/2020 22/Apr/2020 VX130278 Danainfra Nasional Bhd (GG) 4.80% 31.10.33

MYR 5,000,000.00 115.21 3.3900 5,760,500.00 114,410.96 5,874,910.96 AmBank (M) Berhad 0

21/Apr/2020 23/Apr/2020 VX160321 Danainfra Nasional Bhd (GG) 4.65% 20.10.36

MYR 4,500,000.00 113.15 3.5870 5,091,750.00 1,719.86 5,093,469.86 Hong Leong Bank Berhad 0

27/Apr/2020 29/Apr/2020 VN170118 Danainfra Nasional Bhd (GG) 4.56% 19.03.27


16


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833



OPUS DIF

TradeDate

SettleDate

SecurityCode

SecurityDescription


Clean Cost(A)

AccruedIncome (B)

Total Cost(A) + (B)

Broker *TradeType

05/May/2020 06/May/2020 OPUS SIPF OPUS SHARIAH INCOME PLUS FUND

MYR 3,429.27 1.0344 0 3,547.24 0 3,547.24

12/May/2020 13/May/2020 VN200070 Danum Cap 3.29% 13.05.30

MYR 5,000,000.00 100.00 3.2900 5,000,000.00 0 5,000,000.00 RHB Investment Bank Berhad 0

14/May/2020 18/May/2020 VN190178 Danainfra Nasional Bhd (GG) 3.47% 26.09.29


27/May/2020 29/May/2020 VS150043 Prasarana (GG) 4.64% 22.03.30


29/May/2020 02/Jun/2020 VN190024 Danainfra Nasional Bhd (GG) 4.36% 12.02.29


29/May/2020 02/Jun/2020 VS170161 Danainfra Nasional Bhd (GG) 4.89% 25.05.32


02/Jun/2020 03/Jun/2020 OPUS SIPF OPUS SHARIAH INCOME PLUS FUND

MYR 3,610.24 1.0361 0 3,740.57 0 3,740.57

02/Jun/2020 04/Jun/2020 VS170376 Danainfra Nasional Bhd (GG) 4.90% 16.11.32


17


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833



OPUS DIF

TradeDate

SettleDate

SecurityCode

SecurityDescription


Clean Cost(A)

AccruedIncome (B)

Total Cost(A) + (B)

Broker *TradeType

12/Jun/2020 15/Jun/2020 MZ200001 MGS 4.065% 15.06.50 MYR 10,000,000.00 99.61 4.0880 9,960,500.00 0 9,960,500.00 Hong Leong Bank Berhad 0

12/Jun/2020 16/Jun/2020 UR170135 Northern Gateway Infrastructure 5.30% 29.08.31

MYR 5,000,000.00 114.36 3.7200 5,718,000.00 79,136.99 5,797,136.99 RHB Investment Bank Berhad 1

29/Jun/2020 30/Jun/2020 GY190002 GII 4.467% 15.09.39 MYR 3,500,000.00 109.64 3.7600 3,837,505.00 45,459.01 3,882,964.01 United Overseas Bank (Malaysia) Bhd

0

30/Jun/2020 02/Jul/2020 VK190031 Danum Cap 4.30% 13.02.26

MYR 5,000,000.00 106.15 3.1000 5,307,500.00 81,876.71 5,389,376.71 Affin Hwang Investment Bank Bhd 0

30/Jun/2020 02/Jul/2020 VN160330 Bank Pembangunan 4.50% 04.11.26

MYR 5,000,000.00 107.23 3.2300 5,361,500.00 36,073.37 5,397,573.37 Affin Hwang Investment Bank Bhd 0

MYR 92,910,714.34 100,233,418.37 699,209.07 100,932,627.44

Note* Trade Type: 0 - Normal Trade 1 - Cross Trade 2 - Transfer In

18


: 603-2288 8889





: 603-2288 8882 : 603-2288 8833


Sales And Realised Gains / (Losses) From 1 Apr 2020 To 30 Jun 2020

OPUS DIF

Note* Trade Type: 0 - Normal Trade 1 - Cross Trade 2 - Matured

Trade Date Settle Date SecurityCode

Currency Quantity Sales Price(Clean)

YTM Sell(Clean)

SalesProceed

(A)

AccruedIncome

(B)

Total SalesProceed(A)+(B)

Total CleanCost(C)

Realised Gain/(Loss)

(A)-(C)

Broker *TradeType

YTL Corp 4.63% 11.11.26

01/Apr/2020 03/Apr/2020 UN160125 MYR 5,000,000.00 102.740 4.1500 5,137,000.00 91,331.51 5,228,331.51 5,339,000.00 (202,000.00) Affin Hwang Investment Bank Bhd

0

CIMB GH Bhd T-2 4.90% 30.11.27 (FC 30.11.22)

12/Jun/2020 16/Jun/2020 PN170026 MYR 10,000,000.00 104.020 3.1800 10,402,000.00 24,164.38 10,426,164.38 10,000,000.00 402,000.00 RHB Investment Bank Berhad

1

Northern Gateway Infrastructure 5.40% 27.08.32

12/Jun/2020 16/Jun/2020 US170136 MYR 5,000,000.00 115.170 3.8300 5,758,500.00 80,630.14 5,839,130.14 4,929,300.00 829,200.00 RHB Investment Bank Berhad

1

Great Realty (FG) 4.90% 29.06.20

29/Jun/2020 29/Jun/2020 UE190225 MYR 3,000,000.00 100.000 4.9000 3,000,000.00 0 3,000,000.00 3,000,000.00 0 2

MYR 23,000,000.00 24,297,500.00 196,126.03 24,493,626.03 23,268,300.00 1,029,200.00

19

Documents

Opus DIF Quarterly Report 1Q2020 · million people signed up for jobless benefits in the US. To make matters worse, oil prices were caught in a perfect storm as the Organization of