Syarikat DLM BSHM

Annual Review 2012
Manulife Investment-Linked Funds

Equity Fund Managed Fund Income Fund Dana Ekuiti Dinamik Manulife Flexi Invest Fund Manulife Emerging Eastern Europe Fund Manulife China Value Fund
For The Financial Year Ending 31 December 2012
www.manulife.com.my
Manulife
Malaysia
Since established in 1963, Manulife Malaysia has progressed much, from providing insurance solutions to wealth management services. In 2013, Manulife Malaysia celebrates 50 years of providing customers strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. With forward-thinking insurance, investment and retirement planning solutions, weve got everything you need to build a solid financial future. We are proud to say that along with growth and success, Manulife maintains its culture of doing business - a caring, professional and trusted company. Manulife Malaysia is a member of Canada-based Manulife Financial Corporation, a leading financial services group operating in over 20 countries and territories worldwide.
CONTENTS
1. Market Commentary 2. Fund Performance Comparative Investment Information 3. Summary of Financial Statement 4. Notes To The Financial Information 5. Statement By Manager 6. Independent Auditors Report 3 27 35 41 51 62 69 71
Market Commentary
EQUITY FUND FY 2012

Fund Objective
The funds investment objective is to provide investors with medium to long term capital appreciation by investing entirely in equities from various sectors of the Malaysian economy. Investors in this fund are able to tolerate short-term volatility.
Investment Review
Equity Market The strong recovery in global markets in end 2011 carried over into 2012. Risk assets recovered with higher beta equities and high-yield bonds leading the charge. Emerging Markets (EM) currencies rallied, commodities found a bid, and safe government bonds lagged. The European Central Banks (ECB) Long-Term Refinance Operation (LTRO) started having an impact and the US Federal Reserve signaled exceptionally easy policy by extending the zero rate period another 18 months to 2014. Global economic indicators generally surprised on the upside, reinforcing hopes that downside risks have receded. The risk-on tone continued in February after the European Central Bank announced a second Long-Term Refinancing Operation (LTRO) of 3-years with EUR529 billion ultimately taken by 800 banks. Global Central Bank action remained extremely accommodative. In March, the market entered a new phase. Liquidity remained plentiful, but the United States remained in slow-growth mode. As for Europe, it became obvious that the problem would be prolonged because of the European Central Banks piecemeal approach in handling the crisis. The emerging recession in Europe would be a negative for global economic growth for some time to come. As a result, earnings growth rates were being slashed in Asia Pacific ex-Japan and also in Malaysia. In such a scenario, investors decided to play it safe by going for dividend yielders. Bursa Malaysia consolidated without any clear direction. Risk assets made a strong recovery on in June 2012. The factors which helped in engineering the reversal were that investors had muted expectations for the European summit and that the market was light on risk. Both long-only and hedge funds had reduced portfolio beta and increased cash while equity mutual funds were experiencing outflows. Therefore when decent news started coming out of the summit, risk assets rallied sharply, helping June to a strong end and resulting in milder losses for the second quarter (2Q12). In the following months, markets were mainly focused on impending policy events - the September Federal Open Market Committee (FOMC) meeting in hopes of more quantitative easing (QE), the European Central Bank (ECB) meeting on 6 September for details about its short-dated bond buying programme and the German Constitutional Courts decision on the validity of the European Stability Mechanism (ESM) on 12 September. Sentiment was lifted after all these institutions delivered better than expected outcomes during their policy meets. The Fed introduced an openended third round of quantitative easing (QE3) in mortgage backed securities (MBS). However, the announcement that surprised the market was the ECBs unlimited outright monetary transactions (OMT) programme, which largely removed the risk of a Eurozone break-up.
In November, as news of a pending election hit the market, Bursa Malaysia was sold off. Foreign funds reduced weightings in Malaysia in favor of Asia Pacific ex-Japan markets, which were recovering, underpinned by the Eurozones OMT and strengthening economic numbers out of China. Local fund managers also sold and raised cash to lock in gains achieved for the year. December once again proved to be an excellent month for the equity market. The KLCI surged to a new all-time high of 1,688.95 thanks to window dressing activities and investors positioning their portfolios ahead of the New Year. Telco stocks staged a rebound while bargain hunting on banking stocks like Public Bank and AMMB also lend support to the local bourses. During the period under review, the benchmark FBM100 Index rose 9.6%.
Outlook
Equity Market The external environment has improved but global economic growth will remain below the longterm trend. Liquidity will remain ample as the Federal Reserves has committed to continued bond purchases until the unemployment rate falls below 6.5%. And as mentioned previously, the European Central Banks Outright Market Transactions (OMT) has removed the tail-risk of a Eurozone break-up. In the United States, the economy is strengthening. Retail sales remain positive although recent numbers are slightly weaker. New home sales and existing home sales point to a recovery in the property market. House prices are off the lows. Europe remains mired in recession but the contraction in the periphery is being balanced by slow growth in Germany. With the mild recovery in the Eurozone PMI recently, there is hope that the recession will be milder than expected. Over in Asia Pacific ex-Japan, Chinas economy is probably past the trough and 2013 GDP growth is expected at 7.0-8.0%. We believe growth momentum in Asia Pacific ex-Japan should begin to gather pace towards 2H 2013 when Chinas recovery is more entrenched. Earnings growth downgrades may be tapering off and we may be able to look forward to earnings upgrades this year. The region will continue to depend upon domestic consumption and implementation of government infrastructure projects to sustain growth. Bursa Malaysia will remain largely range-bound for now. The better external environment is not the focus of domestic investors as they fret over the results of the pending General Elections. We expect the market to be held hostage until the elections pass. With 2013 PER at 13.8x and EPS growth of 7.9%, the market is at a premium to the region and with lower EPS growth. It looks like fund managers will have to continue to rely on stock picks to outperform the market as a market wide rally will not be in the offing.
Strategy
Equity Market We intend to stay highly invested with equity exposure at above 85% so that the Fund will fully participate in any further market rally. In terms of sectors, the Fund will remain overweight in defensive F&N, retail and healthcare. We plan to take some profit on telco stocks after the strong rebound in share prices in December. The fund will remain neutral in banks and underweight in plantation. The Fund is also being tweaked to increase beta by adding cyclical oil & gas and technology stocks.
Top 5 Holdings (As at 31st December 2012)

Top 5 Core Holdings Axiata Group Berhad Telekom Malaysia Berhad Malayan Banking Berhad Pos Malaysia Berhad Aeon Co. M Berhad Wgt% 8.81% 7.14% 5.14% 3.85% 3.66%
Asset Allocation (As at 31st December 2012)

Equities : 82.17% Cash : 17.83% Total : 100.00%
Management Fee
Fund management fee of 1.50% is charged to the Fund during the year. It is calculated on a daily basis based on the net asset value of the Fund.
Equity Fund is underwritten by Manulife Insurance Berhad and is managed by CIMB-Principal Asset Management Berhad. This report is prepared by the managers for information purposes only.
MANAGED FUND FY 2012

Fund Objective
The funds investment objective is to provide investors with long term capital appreciation by investing in a range of equities, as well as enjoy the protection from a spread of fixed income securities.
Investment Review
Equity Market The strong recovery in global markets in end 2011 carried over into 2012. Risk assets recovered with higher beta equities and high-yield bonds leading the charge. Emerging Markets (EM) currencies rallied, commodities found a bid, and safe government bonds lagged. The European Central Banks (ECB) Long-Term Refinance Operation (LTRO) started having an impact and the US Federal Reserve signaled exceptionally easy policy by extending the zero rate period another 18 months to 2014. Global economic indicators generally surprised on the upside, reinforcing hopes that downside risks have receded. The risk-on tone continued in February after the European Central Bank announced a second Long-Term Refinancing Operation (LTRO) of 3-years with EUR529 billion ultimately taken by 800 banks. Global Central Bank action remained extremely accommodative. In March, the market entered a new phase. Liquidity remained plentiful, but the United States remained in slow-growth mode. As for Europe, it became obvious that the problem would be prolonged because of the European Central Banks piecemeal approach in handling the crisis. The emerging recession in Europe would be a negative for global economic growth for some time to come. As a result, earnings growth rates were being slashed in Asia Pacific ex-Japan and also in Malaysia. In such a scenario, investors decided to play it safe by going for dividend yielders. Bursa Malaysia consolidated without any clear direction. Risk assets made a strong recovery on in June 2012. The factors which helped in engineering the reversal were that investors had muted expectations for the European summit and that the market was light on risk. Both long-only and hedge funds had reduced portfolio beta and increased cash while equity mutual funds were experiencing outflows. Therefore when decent news started coming out of the summit, risk assets rallied sharply, helping June to a strong end and resulting in milder losses for the second quarter (2Q12). In the following months, markets were mainly focused on impending policy events - the September Federal Open Market Committee (FOMC) meeting in hopes of more quantitative easing (QE), the European Central Bank (ECB) meeting on 6 September for details about its short-dated bond buying programme and the German Constitutional Courts decision on the validity of the European Stability Mechanism (ESM) on 12 September. Sentiment was lifted after all these institutions delivered better than expected outcomes during their policy meets. The Fed introduced an openended third round of quantitative easing (QE3) in mortgage backed securities (MBS). However, the announcement that surprised the market was the ECBs unlimited outright monetary transactions (OMT) programme, which largely removed the risk of a Eurozone break-up.
In November, as news of a pending election hit the market, Bursa Malaysia was sold off. Foreign funds reduced weightings in Malaysia in favor of Asia Pacific ex-Japan markets, which were recovering, underpinned by the Eurozones OMT and strengthening economic numbers out of China. Local fund managers also sold and raised cash to lock in gains achieved for the year. December once again proved to be an excellent month for the equity market. The KLCI surged to a new all-time high of 1,688.95 thanks to window dressing activities and investors positioning their portfolios ahead of the New Year. Telco stocks staged a rebound while bargain hunting on banking stocks like Public Bank and AMMB also lend support to the local bourses. During the period under review, the FBM100 Index rose 9.6%. Fixed Income Market For the period under review, the MGS yield curve bull flattened with benchmark 3-year, 5-year, and 10-year changing by -5bps to 3.02%, -2bps to 3.24%, and -22bps to 3.51% respectively. The bullish performance of the sovereign yield curve was primarily due to a combination of rate cut expectations, benign inflationary environment and strong support from both local and foreign investors. On the PDS front, corporate bond yields enjoyed a bullish run for all parts of the curve with the exception of 10-year AAA sector. For the 3-year part of the curve, the AAA sector tightened by 4bps, while the AA sector and A sector tightened by 9bps and 18bps respectively. For the 5-year part of the curve, the AAA sector tightened by 9bps, while the AA sector and A sector tightened by 15bps and 22bps respectively. For the 10-year part of the curve, the AAA sector widened by 1bps, while both the AA sector and A sector tightened by 11bps. Economic data for the year showed that the Malaysian economy is withstanding the global slow growth environment surprisingly better than previously expected with the GDP growing at above 5% for the year. The economy had been supported by local consumption and investments. Inflation had also moderated during the period under review which boded well for fixed income investments. 2013s Government Securities Auction Calendar showed 30 open tenders compared to 28 open tenders in 2012. 3 of the tenders in 2013 will be auctioning new issues of SPK. The MGS will be extended with the introduction of a 30-year MGS issue and a 20-year GII issue.
Outlook
Equity Market The external environment has improved but global economic growth will remain below the longterm trend. Liquidity will remain ample as the Federal Reserves has committed to continued bond purchases until the unemployment rate falls below 6.5%. And as mentioned previously, the European Central Banks Outright Market Transactions (OMT) has removed the tail-risk of a Eurozone break-up. In the United States, the economy is strengthening. Retail sales remain positive although recent numbers are slightly weaker. New home sales and existing home sales point to a recovery in the
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property market. House prices are off the lows. Europe remains mired in recession but the contraction in the periphery is being balanced by slow growth in Germany. With the mild recovery in the Eurozone PMI recently, there is hope that the recession will be milder than expected. Over in Asia Pacific ex-Japan, Chinas economy is probably past the trough and 2013 GDP growth is expected at 7.0-8.0%. We believe growth momentum in Asia Pacific ex-Japan should begin to gather pace towards 2H 2013 when Chinas recovery is more entrenched. Earnings growth downgrades may be tapering off and we may be able to look forward to earnings upgrades this year. The region will continue to depend upon domestic consumption and implementation of government infrastructure projects to sustain growth. Bursa Malaysia will remain largely range-bound for now. The better external environment is not the focus of domestic investors as they fret over the results of the pending General Elections. We expect the market to be held hostage until the elections pass. With 2013 PER at 13.8x and EPS growth of 7.9%, the market is at a premium to the region and with lower EPS growth. It looks like fund managers will have to continue to rely on stock picks to outperform the market as a market wide rally will not be in the offing. Fixed Income Market With the market by and large expecting a sluggish global growth environment and no let up in global monetary easing, carry trades will still carry the day in this region. With 2013 growth estimated at between 4.5 to 5.5% in 2013 (official estimates by the Ministry of Finance), as well as a positive real interest rate environment, we expect Malaysia to continue being the recipient of offshore funds. We foresee more supply on the belly of the curve (between 4-7 years) as BNM would wish to smoothen out the maturity schedule of outstanding government debt. The long end (more than 10 years maturity) will be supported by pension, insurance and offshore players. Hence, we believe the yield curve will be kinked at the belly due to the larger supply. Market volume is also expected to be healthy, with beginning of year position building by market players. Additionally, the first Monetary Policy Meeting (MPC) meeting of the year held on 30 to 31 January 2013 should not offer any surprises, and BNM is widely expected to stand pat on interest rates ( maintain at 3% ). All eyes will be trained towards the announcement of the General Election date, which must be decided by the first quarter of 2013 (1Q13). The final deadline for parliament to be dissolved is 28 April 2013 and an election must be held within the next 60 calendar days, before 28 June 2013. Until the overhang of election risk is removed, we expect market to trade sideways, as major local players will avoid taking on large positions until there is more clarity as to the state of political development in Malaysia. A favourable and decisive outcome will have implications on both fiscal consolidation, implementation of Goods and Services Tax (GST) as well as reforms in the subsidy system. We still expect primary corporate bond supply pipeline to be flush in the immediate term. The supply in the first half of 2013 may very likely exceed the second half as issuers who did not manage to issue by 2012 will be eager to tap the bond markets early on this year. Credit spreads may widen early part of this year, but tighten closer to March when the General Election date is announced.
Strategy
Equity Market We intend to stay highly invested with equity exposure at above 85% so that the Fund will fully participate in any further market rally. In terms of sectors, the Fund will remain overweight in defensive F&N, retail and healthcare. We plan to take some profit on telco stocks after the strong rebound in share prices in December. The fund will remain neutral in banks and underweight in plantation. The Fund is also being tweaked to increase beta by adding cyclical oil & gas and technology stocks. Fixed Income Market Our strategy as follows : We aim for the portfolio to be defensive in light of the upcoming political events, namely the 2013 general elections and the policy change in its aftermath, by being neutral duration against the benchmark. However, we intend to take advantage of the expected pre-election credit widening by selective switching out of our current holdings of corporate bonds for higher yield pickup. Also, we believe that there will be a short window of trading opportunity in MGS for the first few months of the year. The net supply of MGS/GII for 1Q13 is lowest, coupled with position building, supports and provides trading opportunities for the govvies market.

Top 5 Core Equity Holdings Axiata Group Berhad Telekom Malaysia Berhad Malayan Banking Berhad Aeon Co. M Berhad Top Glove Corp. Berhad Top 5 Core Fixed Income Holdings Ara Bintang Berhad Sports Toto Malaysia Sdn Bhd Hong Leong Bank Bhd Sabah Development Bank Konsortium Lebuh Utara Timur Wgt% 7.89% 5.93% 4.56% 3.75% 3.40% Wgt% 3.71% 2.97% 2.88% 2.21% 1.77%
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Equities Fixed Income Cash Total : : : : 71.46% 19.89% 8.65% 100.00%
Management Fee
Managed Fund is underwritten by Manulife Insurance Berhad and is managed by CIMB-Principal Asset Management Berhad. This report is prepared by the managers for information purposes only.
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INCOME FUND FY 2012

Fund Objective
The Funds investment objective is to provide investors a steady return through accumulation of capital over the long term. It is suitable for investors seeking stability of principal and a higher return compared to bank deposits but with an acceptance risk to capital invested.
Investment Review
In 2012 our local bond market rallied, especially for Malaysia Government Securities (MGS) as the general flight to safety saw foreign investors seeking shelter in Malaysia. Global economic uncertainties especially in Europe and the US and ultra low global interest rates were the driving factors. Foreign holding of MGS surged to above 30% of total issuance by end 2012 compared to 26.6% at the end of 2011. MGS yields across all tenors declined and spreads against Overnight Policy Rate (OPR) tighten as the benchmark interest rate was kept at 3.0% throughout the year. Interest for Private Debt Securities (PDS) was also active in 2012, as investors sought for yield pickup compared to government issuances. Majority of the trades concentrated on higher grade bonds mostly AAA and AA rated papers. We expect the global economy to gradually recover in 2013, gathering momentum in 2H. In the meantime, challenges in the fiscal and debt crisis of developed economies and looming deadlines (eg, extending the US debt ceiling by end February 2013, Malaysias imminent General Elections latest by 28 April 2013) will likely keep investors weary. These uncertainties is expected to keep the bond market buoyant. BNM monetary policy is expected to remain accommodative to growth, and OPR is likely to stay unchanged at 3.0% in 2013.
Market Outlook
The Malaysia economy is expected to sustain growth at a slightly faster pace of in 2013 compared to 2012. In addition, inflation is projected to inch up to 2.0% next year (2012: +1.6%) due to implementation of minimum wage policy and further subsidy rationalization . Despite anticipation of higher inflation in 2013, it will likely remain manageable and will unlikely pose a major threat to local economy. This will provide more room for BNM to keep its policy rate stable until economic recovery is more entrenched. Hence, the central bank will likely keep its Overnight Policy Rate (OPR) unchanged at 3.0% in 2013. Meanwhile, global growth is expected to be bumpy in 2013 amidst the ongoing struggling recoveries in the advanced economies. The European sovereign debt crisis remains unresolved whilst EU countries are still mired by deteriorating economic conditions. Even though the external environment will impose risk on Malaysias economic growth in 2013, the risk will be less as future growth is expected to be supported mainly by domestic demand. It will be another bumper year in terms of new government debt offerings in 2013. In totality, gross government borrowings for 2013 are estimated to be around RM93.0 Billion. While the record high foreign shareholdings of domestic bonds have stoked concerns about the impact of sudden capital flow reversals, any risk of capital outflow is expected to be cushioned by domestic demands as seen in 2012.
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Strategy
Going forward, our strategy for the Fund is to maintain a neutral duration position, favour investment grade corporate bonds for better yield pick up and opportunistic trades arising from the volatile market.
Portfolio Statement
Securities Corporate Bonds - Unquoted & Unsecured Government Guaranteed Bonds Total Net Book Value (RM) 11,855,305.15 6,256,822.24 18,112,127.39 Market Value (RM) 11,968,030.00 6,310,060.00 18,278,090.00 % on Net Asset Value 61.17% 32.25% 93.43%
Top 5 Bond Holdings (As at 31st December 2012)

Coupon 8.65% 5.30% 5.70% 4.38% 4.68% Maturity Date Holding Jimah Energy Ventures Sdn Bhd 10/11/17 GB Services Bhd 08/11/19 Bank Pembangunan Malaysia Bhd 25/04/16 Malaysia Government Securities 29/11/19 (MO090002) Malaysia Airports Capital Bhd 16/12/22 Wgt% 6.77% 5.46% 5.43% 5.41% 5.41%
Management Fee
Income Fund is underwritten by Manulife Insurance Berhad and is managed by the Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad). This report is prepared by the managers for information purposes only.
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DANA EKUITI DINAMIK FY 2012

Fund Objective
Dana Ekuiti Dinamik seeks to maximize medium to long term capital appreciation by investing in Shariah compliant equity and equity-related securities listed on Bursa Malaysia.
Investment Review
Equity Market The strong recovery in global markets in end 2011 carried over into 2012. Risk assets recovered with higher beta equities and high-yield bonds leading the charge. Emerging Markets (EM) currencies rallied, commodities found a bid, and safe government bonds lagged. The European Central Banks (ECB) Long-Term Refinance Operation (LTRO) started having an impact and the US Federal Reserve signaled exceptionally easy policy by extending the zero rate period another 18 months to 2014. Global economic indicators generally surprised on the upside, reinforcing hopes that downside risks have receded. The risk-on tone continued in February after the European Central Bank announced a second Long-Term Refinancing Operation (LTRO) of 3-years with EUR529 billion ultimately taken by 800 banks. Global Central Bank action remained extremely accommodative. In March, the market entered a new phase. Liquidity remained plentiful, but the United States remained in slow-growth mode. As for Europe, it became obvious that the problem would be prolonged because of the European Central Banks piecemeal approach in handling the crisis. The emerging recession in Europe would be a negative for global economic growth for some time to come. As a result, earnings growth rates were being slashed in Asia Pacific ex-Japan and also in Malaysia. In such a scenario, investors decided to play it safe by going for dividend yielders. Bursa Malaysia consolidated without any clear direction. Risk assets made a strong recovery on in June 2012. The factors which helped in engineering the reversal were that investors had muted expectations for the European summit and that the market was light on risk. Both long-only and hedge funds had reduced portfolio beta and increased cash while equity mutual funds were experiencing outflows. Therefore when decent news started coming out of the summit, risk assets rallied sharply, helping June to a strong end and resulting in milder losses for the second quarter (2Q12). In the following months, markets were mainly focused on impending policy events - the September Federal Open Market Committee (FOMC) meeting in hopes of more quantitative easing (QE), the European Central Bank (ECB) meeting on 6 September for details about its short-dated bond buying programme and the German Constitutional Courts decision on the validity of the European Stability Mechanism (ESM) on 12 September. Sentiment was lifted after all these institutions delivered better than expected outcomes during their policy meets. The Fed introduced an openended third round of quantitative easing (QE3) in mortgage backed securities (MBS). However, the announcement that surprised the market was the ECBs unlimited outright monetary transactions (OMT) programme, which largely removed the risk of a Eurozone break-up. In November, as news of a pending election hit the market, Bursa Malaysia was sold off. Foreign
14
funds reduced weightings in Malaysia in favor of Asia Pacific ex-Japan markets, which were recovering, underpinned by the Eurozones OMT and strengthening economic numbers out of China. Local fund managers also sold and raised cash to lock in gains achieved for the year. December once again proved to be an excellent month for the equity market. The KLCI surged to a new all-time high of 1,688.95 thanks to window dressing activities and investors positioning their portfolios ahead of the New Year. Telco stocks staged a rebound while bargain hunting on banking stocks like Public Bank and AMMB also lend support to the local bourses. During the period under review, the benchmark FBMS Index rose 11.85%.
Outlook
Equity Market The external environment has improved but global economic growth will remain below the longterm trend. Liquidity will remain ample as the Federal Reserves has committed to continued bond purchases until the unemployment rate falls below 6.5%. And as mentioned previously, the European Central Banks Outright Market Transactions (OMT) has removed the tail-risk of a Eurozone break-up. In the United States, the economy is strengthening. Retail sales remain positive although recent numbers are slightly weaker. New home sales and existing home sales point to a recovery in the property market. House prices are off the lows. Europe remains mired in recession but the contraction in the periphery is being balanced by slow growth in Germany. With the mild recovery in the Eurozone PMI recently, there is hope that the recession will be milder than expected. Over in Asia Pacific ex-Japan, Chinas economy is probably past the trough and 2013 GDP growth is expected at 7.0-8.0%. We believe growth momentum in Asia Pacific ex-Japan should begin to gather pace towards 2H 2013 when Chinas recovery is more entrenched. Earnings growth downgrades may be tapering off and we may be able to look forward to earnings upgrades this year. The region will continue to depend upon domestic consumption and implementation of government infrastructure projects to sustain growth. Bursa Malaysia will remain largely range-bound for now. The better external environment is not the focus of domestic investors as they fret over the results of the pending General Elections. We expect the market to be held hostage until the elections pass. With 2013 PER at 13.8x and EPS growth of 7.9%, the market is at a premium to the region and with lower EPS growth. It looks like fund managers will have to continue to rely on stock picks to outperform the market as a market wide rally will not be in the offing.
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Strategy
Equity Market We intend to stay highly invested with equity exposure at above 85% so that the Fund will fully participate in any further market rally. In terms of sectors, the Fund will remain overweight in defensive F&N, retail and healthcare. We plan to take some profit on telco stocks after the strong rebound in share prices in December. The fund will remain neutral in banks and underweight in plantation. The Fund is also being tweaked to increase beta by adding cyclical oil & gas and technology stocks.

Top Five Equity Holding Axiata Group Berhad Telekom Malaysia Berhad Top Glove Corp Berhad Pos Malaysia Berhad BIMB Holding Berhad Wgt% 8.75% 6.96% 5.05% 4.69% 4.57%

Management Fee
Dana Ekuiti Dinamik is underwritten by Manulife Insurance Berhad and is managed by CIMB-Principal Asset Management Berhad. This report is prepared by the managers for information purposes only.
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MANULIFE FLEXI INVEST FUND FY 2012

Fund Objective
Manulife Flexi Invest Funds investment objective is to provide medium-to-long-term capital appreciation. The Fund may invest between 0-100% of the Funds NAV in equities and equity-related instruments and/or fixed income securities (including but not limited to money market instruments and other liquid assets.) The Fund may also invest up to 30% into foreign markets.
Investment Review
The Malaysian market had a relatively volatile year in 2012 which was characterized by risk-on/riskoff trades, reflecting the uncertainties over global economic outlook, the sovereign debt issue in Europe and major countries like US, China and Japan having elections / political transitions. The FBM KLCI started the year 2012 at a moderate mode vis--vis the regional markets. Investors were flocking the higher beta markets especially those in North Asia. Three key developments which warranted a higher risk-on appetite were falling Euribor spreads, better Chinese and US economic data and the Feds preparedness for a continuous supportive stance towards the US economic recovery. As usual, given her defensiveness, Malaysias performance of +4.3% q-o-q in the 1Q of 2012 was below that of MSCI Asia ex-Japans +13.4% q-o-q. Nevertheless, our market caught up and eventually out-performed the region in the 2Q and early part of 3Q 2012. Concerns over the debt issues in Spain initiated profit-taking in May 2012 and sent investors looking for shelter in defensive markets. Growing concerns of potential Greek exit also added on to the already jittery sentiments. Sectors like telecommunication and consumer staples were bought up in the months of June-August 2012 which boosted FBM KLCIs performance benefited. From the low of 1,532.46 points on 18th May 2012, our market rose steadily to end Augusts 1,646.11 points, up by +7.4% whilst MSCI Asia ex-Japan was pretty lackluster at +4.2% during the same period. Nonetheless, the ride up was not entirely smooth. The rally suffered two downward blips in September and November 2012. In September 2012, the renewed fears of an early general election and concerns over potential cut in Malaysias sovereign rating hurt the market. Meanwhile, November 2012s market weakness was purportedly due to profit taking activities especially on the telecommunication companies by funds shifting back to North Asia as the Chinese leadership transition occurred smoothly. Nevertheless, in December 2012, the FBM KLCI staged a rebound and closed the year at an all-time high of 1,688.95 points, aided by window dressing activities on the final trading day of 2012. Defensive sectors like telecommunications and consumer staples rebounded from the sell-off in November 2012 while bargain hunting on cyclicals like plantation stocks also helped push the index up. All-in, the FBM KLCI ended the year up by 10.3% y-o-y, underperforming MSCI Asia ex-Japan index of +19.4% y-o-y.
Outlook
2013 may turn out to be a better year for the equity markets. Asian equity markets should benefit from renewed growth confidence in the U.S. and China accompanied by manageable inflation and lower policy risk amid diminished event risks as the much-awaited political transition in these two
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major economies have now been carried off. In addition, risk of a major European blow-up seems to be abating, particularly after the European Central Bank pledged its readiness to do whatever it takes to save the Euro. Meanwhile, monetary and fiscal policies across Asia remain accommodative
Strategy
Our strategy continues to be scouting for stocks with cheap valuation backed by assured earnings. These are mainly big cap cyclicals. We are also balancing the portfolio with high dividend yielding stocks, which act as portfolio stabilizers. We believe the current low interest rate environment will continue to induce demand for relatively safer high yielder. These stabilizers are mainly stocks that have steady cash flows and strong balance sheet, which help ensure sustainability in payouts.

Top Five Equity Holding Malayan Banking Berhad Axiata Group Berhad Sime Darby Berhad Lafarge Malayan Cement Berhad AMMB Holdings Berhad Wgt% 5.61% 4.37% 4.07% 3.86% 3.50%

Management Fee
Manulife Flexi Invest Fund is underwritten by Manulife Insurance Berhad and is managed by the Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad). This report is prepared by the managers for information purposes only.
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FOREIGN FUNDS
MANULIFE EMERGING EASTERN EUROPE FUND

Fund Objective
Manulife Emerging Eastern Europe Fund aims to achieve capital growth through investment primarily in securities listed or traded on the stock exchanges of Central and Eastern European countries.
Portfolio Review
The sub-fund generated a strong return over the period under review, though it underperformed its benchmark as share prices around the world remained subject to heightened volatility, with negative consequences for the stockpicking approach of the sub-funds manager. Exposure to Russia was, on average, overweight over the year in question and stock selection here was one factor behind the sub-funds underperformance; an underweight exposure to the outperforming Polish market also had a small negative impact. At a sector level, the sub-funds positions in the Industrials sector, giving it an overweight exposure, were broadly positive. Performance found support from a number of positions in Turkey. These included the agricultural vehicles manufacturer Turk Traktor which benefited from the on-going strength of consumer demand, with its share price also underpinned by a healthy dividend payout. The car manufacturer and distributor Tofas was another beneficiary of the strength of consumer demand, with this position also adding significant value. The gold miner Koza Gold performed well, with the price of bullion maintaining its higher levels, not far below record highs. Outside Turkey, the position in the home credit group International Personal Finance, which has a focus on Poland but operates across central Europe, was especially beneficial with its share price more than doubling over the year on the back of a strong underlying trading performance that supported a raised dividend and a share buy-back programme. The sub-funds underperformance owed much to its exposure in Russia with the broadcaster CTC Media, an off-benchmark position, suffering a share price fall on the back of disappointing audience figures and some uncertainty over the details of the switchover from analogue to digital services in Russia. Exposure to retailing in Russia also had a negative impact, with an initial preference for OKEY and X5 soon replaced by an exposure to Magnit, the market leader. Although less attractive from a valuation viewpoint, Magnit is best in class with strong growth prospects. Other changes to the portfolio over the course of the period under review included a new holding in Eurasia Drilling. The company, which has been previously held, is a provider of drilling rigs and other equipment to the Russian oil and gas industry. As such, it is a way to play the oil story without direct exposure to oil price volatility or the uncertainties surrounding the tax regime in Russia. Conversely, the portfolios exposure to Russian energy giant Gazprom, already a significant underweight position was further reduced. The announcement of a massive capital expenditure programme leaves shareholders with little prospect of a decent return over the short term.
Market Portfolio
Although early gains were soon given back over the first half of the year, share prices subsequently moved broadly higher as a result of which most of the emerging markets of Europe generated strong
19
returns over the year as a whole. Over the course of the period under review, share prices exhibited marked volatility in the face of uncertainty surrounding a number of situations, including the outlook for global economic activity and the financial position of the indebted euro zone. The one exception was Russia, where gains were more subdued. To an extent this was due to political factors, with the re-election of Vladimir Putin as president giving rise to some hope that Russia might pursue a more reformist agenda. Such hopes remain unfulfilled however, with markets instead focusing on the poor standards of corporate governance that bedevil the country. Russian shares nevertheless ended the year in positive territory, supported by an oil price sufficiently strong to ensure that the government budget would be in balance as well as membership of the World Trade Organization, which should provide a significant boost to consumption over the medium-term, with consumer demand benefitting from the eventual abolition of tariffs as well as broader choice. In contrast, Turkey was the best performing of all emerging markets in 2012, a result that few expected given earlier concerns for the current account deficit and its impact on the currency. This performance reflected a growing appreciation of the strength and robust nature of economic activity with GDP over the first nine months of 2012 a healthy 2.6% higher than a year earlier. Inflation was also seen to be on an improving trend, falling to 6.2% in December. In consequence, concerns for the current account deficit and the currency abated, with the Turkish lira actually appreciating by 7% against the US dollar over the period under review. Confidence also found support from the political leadership provided by the government of Prime Minister Erdogan, with Turkey increasingly taking on the role of regional power, and the growing authority of the independent central bank, which cut interest rates in support of economic activity. These factors combined to persuade the ratings agency Fitch to grant Turkey investment grade status in November. The markets of central Europe were more closely affected by the troubled the euro zone, with the euro itself thought unlikely by some to survive the dire fiscal position of several peripheral members of the zone. Although such concerns faded towards the end of the year, to be replace by muted optimism that the euro would survive, share prices in the Czech Republic and Hungary lagged behind others in the region. Poland managed more marked gains however, supported by a superior economic performance.
Market Outlook
Despite their contrasting fortunes in 2012, both the two main regional markets of Russia and Turkey have significant scope to advance over the course of the year ahead. In Russia, the macroeconomic backdrop remains broadly favourable, with the oil price seemingly well-established above USD 100 per barrel. Any sign of minority shareholders receiving fairer treatment, be it through enhanced dividend payments or other means, would be received very positively by the market. Likewise, any progress on reform and particularly action to boost Moscow as a financial centre, could also see share prices move higher. The Russian stockmarket continues to be valued at a significant discount to other markets and should the appetite for equities continue to grow amongst investors it would be surprising if Russia were
20
not to benefit from these flows. Equally, such lowly valuations provide considerable downside protection. Despite ending the year at an all-time high, the outlook for the Turkish stockmarket is also positive. To a large extent this reflects the demographic case, with Turkey having a young and dynamic population that is feeding demand for consumer goods in their broadest sense; a trend that can be expected to remain in place for some time. And this is likely to see continuing positive newsflow on the economic front. As a result, it is probable that the two remaining major rating agencies, Moodys and Standard & Poors, will also upgrade Turkey to investment grade following last years move by Fitch, a move that could see further funds flow into the Istanbul stockmarket. Stockmarket valuations, although at an historic high, are not expensive in comparison to other markets and Turkey has the potential to make a step change, joining more established markets with premium ratings. There now seems little reason for Turkey to trade at a discount to such markets as South Africa and Poland; many would argue that Turkey is in fact a more attractive market for investors.

Sberbank LUKOIL Gazprom Magnit Garanti Bank Wgt% 9.50% 9.20% 5.10% 4.60% 4.50%

Geographic Exposure
21
Sector Exposure
Management Fee
Manulife Emerging Eastern Europe Fund is a feeder fund which feeds into the Manulife Global Fund- Emerging Eastern Europe Fund A Share (MGF-EEEF). The investment reviews are on MGF-EEEF. Manulife Emerging Eastern Europe Fund is managed by Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad) while MGF-EEEF is managed by Charlemagne Capital (UK) Limited. This report is prepared by the managers for information purposes only.
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MANULIFE CHINA VALUE FUND

Fund Objective
The fund aims to achieve long-term capital growth through investments, primarily in companies with substantial business interests in the Greater China Region (which includes the PRC, Hong Kong and Taiwan); which are listed or traded on the stock exchanges of Shanghai, Shenzhen, Hong Kong, Taipei or other overseas exchanges; and which are currently under-valued but which may have long term growth potential.
Portfolio Review
2012 was a macro-driven, roller-coaster year for the stockmarket, when value investing was put to a severe test. The sub-fund underperformed the broader market, as investors remained defensive due to macro uncertainty. Fundamentals of companies were ignored in the face of hard landing fears and leadership handover. The stocks which the portfolio manager preferred value companies were generally ignored. But the portfolio manager held firm to its conviction so in the last few months of 2012, the sub-fund saw recovering performance, as investors began to refocus on stock selection. In the first two months of the year, the sub-fund generally participated in the market rally. The portfolio manager took advantage of the strong market and took profit on more expensive sectors, such as industrials and select property names. Overall in the first quarter, the portfolio managers strategy remained cautiously optimistic, staying nimble and maintain the use of short derivative positions in light of possible macro driven volatility. In the second quarter, the portfolio manager added moderately its allocation to technology. Despite short-term market movements that were driven by liquidity, the portfolio manager remained engaged in its high-conviction names, adhering to the time-tested value investment discipline. Despite the hedging strategy deployed in the middle of the year, weaker oil prices in the short-term have pressured oil plays which remain a significant position in our portfolio. But the portfolio managers view for energy names were still positive, as China was engineering a soft landing with acceptable inflation levels, maintaining continued demand growth for resources. In June, exposure to property developers increased as the portfolio manager saw a pickup in primary market property sales, reflecting stronger sentiment after beneficial policies on lower mortgage rates were offered to first time home buyers. Property is a significant portion of the economys GDP and a loosening stance to support the economy would likely be required and therefore the sector represented a relatively significant portion of the portfolio. Moving into the second half of 2012, the portfolio manager continued to take a well invested stance on market lows, believing the valuation of the China market was very attractive. In July, the property sector represented a relatively significant portion of the portfolio as the portfolio manager considered any loosening stance in the sector by the Chinese government to support the economy would likely be required. By the end of the third quarter, the portfolio manager took profit selectively on auto stocks, as a result of the recent rally in premium in auto companies. The market had reacted to the expectations of a stable auto sales demand for luxury vehicles, particularly as inventory levels have peaked and the anti-Japanese sentiment in China has supported purchases of non-Japanese brand vehicles. Generally in the third quarter of 2012, despite the gains made by the sub-fund, its performance lagged behind the market returns as initial market rebounds tend to favor large caps and small- and mid-cap stocks underperformed.
23
In October, the portfolio manager added exposure to infrastructure-related companies, particularly those linked with railways given the continued boost in railway spending where the Ministry of Railways budget was increased for the fourth time in 2012 to over RMB600 billion in October. Furthermore, recent conflicts between China and Japan have hurt sales for Japanese auto makers and auto stocks now present attractive value. At this point in time, the portfolio manager adopted a contrarian position to increase Japanese makers, believing that the concerns were overplayed. The portfolio manager also increased exposure to one of the large Chinese banks in the month as the bank continued to trade at an attractive level against its peers and the effect of the interest rate deregulations. To make room for the new additions, the portfolio manager took profit across conglomerate names and coal miners as both saw a good rally and approached its target valuations. In the month, the portfolio manager added exposure to industrials and consumer staples, while trimming energy and utilities. The portfolio manager made more rotations in the portfolio reflecting the upward movement in shares owned. As such, the sub-fund witnessed a higher level of turnover as the portfolio manager switched to cheaper laggards. Overall in the review period, the sub-funds portfolio manager increased exposure to financials, consumer stables and healthcare, while trimmed energy, industrials and information technology all based on a bottom-up approach, investing in companies with strong fundamentals. In particular, the portfolio manager identified value opportunities in Chinas healthcare sector. This sector has seen phenomenal growth as part of the social expenditure reform, and the government is committed to maintaining significant investment in this area. Furthermore, personal consumption in this area also remains strong as the population ages and individuals wealth increases. Despite these strong fundamentals, pharmaceutical companies were de-rated to attractive levels due to the governments implementation of drug price cuts particularly in 2011 due to high inflation. Taking advantage of the attractive opportunity, the portfolio manager increased the sub-funds healthcare exposure.
Market Review
The mainland Chinese stockmarkets have been among the worst performing major markets globally in the past few years which, as the sub-funds portfolio manager sees it, is not justified given Chinas strong economic growth against its peers. Based on the portfolio managers twenty-year experience of investing in China markets, severe underperformance may be followed by significant outperformance, and the pendulum should be swinging in its favor, after a few difficult years. To support the stockmarket, the Chinese government has been expanding the Qualified Foreign Institutional Investor (QFII) quota and expediting approvals. By the end of December, a total of US$37.4 billion of QFII quota was awarded in 2012. In the month, the B-share market finally sparked to life following the successful transfer of a transport and container company from B to H shares. The sub-funds portfolio manager is one of the leaders in B-share investing and it expects to take advantage of this unique opportunity. For China, 2012 was a year of economic rebalancing and leadership change. In contrast to many bearish investors, the portfolio manager did not believe that there would be a hard landing in China. In the fourth quarter, there were clear and broad-based signs that the economy had bottomed out.
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In Chinas property market one of the worlds most important sectors impacting a range of industries from commodity to power generation the portfolio manager sees that a fine balance is being maintained between price and demand. The sector appreciated last year on recovering transaction volume supported by genuine demand emerging, after the implementation of tightening policy for the past two and a half years.
Market Outlook
In the once-in-a-decade leadership change in China, Xi Jinping and Li Keqiang became new leaders as expected. The portfolio manager sees the transition as a positive development. The new line-up lends much weight to the countrys economic and social reform, with Xis experience in marketfriendly scientific economic development combined with Lis knowledge in structural change (the latter being a PhD in economics). Given their previous on-the-ground experience and long, 10-year tenure, both leaders will likely pursue long-term reform policies to drive sustainable growth. Therefore the new leadership is expected to lay out more details on a reform agenda in the National Peoples Congress in March. The portfolio manager anticipates a wide range of economic and financial reforms in the coming few years. Reforms orchestrated to liberalize the financial system will cover interest rates, exchange rates, capital account and the development of the bond market. Such reforms will not only deepen the capital market, steer the economy towards consumption and internationalize the RMB, but also help drive long-term funding for urbanization projects. Meanwhile, changes will also be seen in the tax system, fiscal expenditure, resource pricing, private investment in monopoly sectors, as well as residence permit (hukou). Successfully implemented, resources allocation will be more efficient and social stability can be maintained. Unleashing the potential of the inland, in particular, will provide fresh impetus for growth in the coming decade. While Chinas double-digit growth is something of the past, a GDP growth rate at above 7% would be high enough to bring the size of its economy to double in a decade. In a period of slower but higher-quality growth, the portfolio manager believes its strong fundamental research will play to its advantage as company performance tends to become more differentiated. It is expected to be a time when bottom-up stock picking can best capture value for investors. In Chinas property sector, further tightening is unlikely when there is no sign of over-heating. To reduce overinvestment in property, real estate tax might be expanded to cities besides Shanghai and Chongqing, but it will likely take the form of pilot schemes before going nation-wide. Meanwhile, a dual-track development is likely to continue, with commodity housing for the relatively wealthy and social housing for the low-income group. The two-tier system will serve the governments purpose in a balanced growth for the sector. The sector appreciated last year on recovering transaction volume supported by genuine demand emerging, after the implementation of tightening policy for the past two and a half years. The portfolio manager remains engaged in this sector as it anticipate that real demand will continue to return, boosted by steady income growth for urban workers and continued urbanization.
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PetroChina China Vanke Industrial & Commercial Bank of China Kingboard Chemical Hutchison Whampoa Wgt% 8.50% 5.40% 3.40% 3.20% 2.90%

Geographic Exposure
Sector Exposure
Management Fee
Manulife China Value Fund is a feeder fund which feeds into the Manulife Global Fund - China Value Fund A Share (MGF-CVFA). The investment reviews are on MGF-CVFA. Manulife China Value Fund is managed by Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad) while MGF-CVFA is managed by Value Partners Limited. This report is prepared by the managers for information purposes only.
26
Fund Performance
EQUITY FUND FY 2012

Fund Performance
For the year under review, the fund out-performed the benchmark FBM100 by 2.70%; the funds net asset value rose 12.30%, while the benchmark was up 9.60%. The high equity exposure of the Fund and good stock selection contributed to the strong performance. At year end, equity exposure was at 82%.
Performance calculated as at 31st December 2012

1 mth Equity Fund FBM100 Relative +/(-) 3.36% 4.37% (1.01)% 3 mths 1.04% 3.24% (2.20)% 6 mths 4.29% 5.21% (0.92)% 2 yrs 17.57% 11.72% 5.85% 3 yrs 45.24% 36.03% 9.21% 5 yrs 38.14% 19.79% 18.35% YTD12 12.30% 9.60% 2.70% Since Inception* 325.64% 113.74% 211.90%
The Funds performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of its future performance. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product. *Inception Date:10th July 2000
Average Annual Returns And Benchmark

1 year Equity Fund FBM100 Relative +/(-) 12.30% 9.60% 2.70% 3 years 13.30% 10.80% 2.50% 5 years 6.81% 3.68% 3.13%
28
MANAGED FUND FY 2012

Fund Performance
For the year under review, the fund out-performed the benchmark (70% FBM100 + 30% Quantshop All) by 1.12%; the funds net asset value rose 9.13%, while the benchmark was up 8.01%. The high equity exposure of the Fund and good stock selection contributed to the strong performance. At year end, 71% was invested in equities while fixed income exposure stood at 20%. Performance calculated as at 31st December 2012
1 mth Managed Fund 70% FBM100 + 30% Quant All Relative +/(-) 3.01% 3.14% (0.13)% 3 mths 0.90% 2.68% (1.78)% 6 mths 3.42% 4.26% (0.84)% 2 yrs 12.77% 11.28% 1.49% 3 yrs 34.26% 29.75% 4.51% 5 yrs 33.09% 22.95% 10.14% YTD12 9.13% 8.01% 1.12% Since Inception* 270.06% 111.81% 158.00%
The Funds performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of its future performance. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product. *Inception Date:10th July 2000

1 year Managed Fund 70% FBM100 + 30% Quant All Relative +/(-) 9.12% 8.01% 1.11% 3 years 10.37% 9.07% 1.30% 5 years 5.98% 4.22% 1.76%
29
INCOME FUND FY 2012

Investment Performance
The Fund achieved an overall return for the year of 2.96% with the Net Asset Value per unit increasing from RM1.4469 as at end-December 2011 to RM1.4897 as at end-December 2012. Overall return since the Funds inception in February 2002 was 56.79%. Performance calculated as at 31st December 2012
1 mth Income Fund 12 Mth MBB FD Rate Relative +/(-) 0.27% 0.26% 0.01% 3 mths 0.86% 0.78% 0.08% 6 mths 1.35% 1.56% (0.21)% 2 yrs 6.15% 6.29% (0.14)% 3 yrs 9.64% 9.24% 0.40% 5 yrs 16.58% 16.20% 0.38% YTD12 2.96% 3.15% (0.19)% Since Inception* 56.79% 44.77% 12.02%
The Funds performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of its future performance. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product. * Inception Date: 1 February 2002

1 year Income Fund 12 Mth MBB FD Rate Relative +/(-) 2.96% 3.15% (0.19)% 3 years 3.12% 2.99% 0.13% 5 years 3.12% 3.05% 0.07%
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DANA EKUITI DINAMIK FY 2012

Fund Performance
For the year under review, the fund out-performed the benchmark FBMS by 3.92%; the funds net asset value rose 15.77%, while the benchmark was up 11.85%. The high equity exposure of the Fund and good stock selection contributed to the strong performance. At year end, equity exposure was at 84%. Performance calculated as at 31st December 2012
1 mth Dana Ekuiti Dinamik FBM Emas Shariah Index Relative +/(-) 3.85% 5.14% 1.30% 3 mths 1.28% 1.58% (0.30)% 6 mths 4.16% 4.70% (0.55)% 2 yrs 22.54% 14.54% 8.00% 3 yrs 48.81% 35.39% 13.42% 5 yrs 44.62% 9.38% 35.24% YTD'12 15.77% 11.85% 3.92% Since Inception* 140.19% 113.14% 27.05%
The Funds performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of its future performance. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product. *Inception Date: 6 October 2003

1 year Dana Ekuiti Dinamik FBM Emas Shariah Index Relative +/(-) 15.78% 11.85% 3.93% 3 years 14.30% 10.63% 3.67% 5 years 7.74% 1.81% 5.93%
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MANULIFE FLEXI INVEST FUND FY 2012

Fund Performance
For the period under review (17th February 2012 to 31st December 2012), Manulife Flexi Invest Fund (MFIF) was up 6.2%, outperformed the benchmark (50% FBM 100 + 50% Maybank 12-month deposit rate)s return of 4.8%. The Funds out-performance was mainly attributable to the overweight position in equities as well as good sector and stock selection strategies. Selection in defensives sectors such as telecommunication and consumer staples. Stocks like Carlsberg, Telekom, Axiata contributed positively to the portfolio as investors seek decent dividend returns in times of uncertainties. Investments in ETP beneficiaries like L.M.Cement also bode well for the portfolio as the stock was re-rated on expectation of increasing sales as construction projects start kicking off. On the other hand, the positive performance was slightly negated by underweight positions in UMW Holdings and Maybank and Tenaga. Performance calculated as at 31st December 2012
1 mth Manulife Flexi Invest Fund 50% FBM 100 + 50% 12-month Maybank FD Rate Relative +/(-) 2.51% 2.32% 0.19% 3 mths 2.43% 2.05% 0.38% 6 mths 5.62% 3.43% 2.19% 9 mths 6.03% 3.83% 2.20% Since Inception* 6.17% 4.78% 1.39%
The Funds performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of its future performance. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product. *Inception Date: 17 February 2012

1 year Manulife Flexi Invest Fund 50% FBM 100 + 50% 12-month Maybank FD Rate Relative +/(-) 7.12% 5.51% 1.61% 3 years 5 years -
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FOREIGN FUNDS
MANULIFE EMERGING EASTERN EUROPE FUND

Fund Performance
The Funds Net Asset Value per unit increased from RM0.6174 as at end December 2011 to RM0.7059 as at December 2012. Overall return since the Funds inception was 23.53%. Performance calculated as at 31st December 2012
1 mth Manulife Emerging Eastern Europe Fund MSCI Emerging Europe 10/40 Index Relative +/(-) 6.36% 3 mths 2.42% 6 mths 7.59% 2 yrs 3 yrs 5 yrs YTD'12 14.33% Since Inception* (25.69)%
(11.87)% (15.90)% (25.64)%
6.73% (0.37)%
3.18% (0.76)%
9.10% (1.51)%
(13.63)% 1.76%
(12.36)% (3.54)%
(50.27)% 24.63%
9.15% 5.18%
(49.22)% 23.53%
The Funds performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of its future performance. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product. *Inception Date: 12 November 2007

1 year Manulife Emerging Eastern Europe Fund MSCI Emerging Europe 10/40 Index Relative +/(-) 14.33% 9.15% 5.18% 3 years (3.15)% (4.30)% (1.15)% 5 years (5.75)% (13.04)% 7.29%
33
MANULIFE CHINA VALUE FUND

Fund Performance
The Funds Net Asset Value per unit increased from RM0.7400 as at end December 2010 to RM0.7809 as at end December 2012. Overall return since the Funds inception was 2.59%. Performance calculated as at 31st December 2012
1 mth Manulife China Value Fund FTSEAll Wld Greater China Index Relative +/(-) 5.48% 3 mths 7.74% 6 mths 9.83% 2 yrs (12.04)% 3 yrs (9.23)% 5 yrs (17.64)% YTD'12 5.53% Since Inception* (17.80)%
3.50% 1.98%
7.66% 0.08%
11.93% (2.10)%
(5.73)% (6.31)%
(5.46)% (3.77)%
(19.71)% 2.07%
15.03% (9.50)%
(20.39)% 2.59%
The Funds performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of its future performance. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product. *Inception Date: 12 November 2007

1 year Manulife China Value Fund FTSEAll Wld Greater China Index Relative +/(-) 5.53% 15.03% (9.50)% 3 years (3.18)% (1.85)% (1.33)% 5 years (3.81)% (4.29)% 0.48%
34
Comparative
COMPARATIVE
The table shows the performance table of the Investment-linked Funds.
EQUITY FUND 2012 RM 112,586,305 27,828,549 4.046 4.072 3.574 % 79.09 20.91 100.00 2011 RM 83,108,886 23,069,416 3.603 3.693 3.214 % 89.19 10.81 100.00 2010 RM 66,462,957 19,315,772 3.441 3.450 2.724 % 94.88 5.12 100.00 2009 RM 47,431,534 17,049,657 2.782 2.786 1.849 % 94.34 5.66 100.00 2008 RM 24,951,514 13,068,470 1.909 3.011 1.831 % 61.31 38.69 100.00
Net Asset Value (NAV) Number of units in circulation NAV per unit Highest NAV per unit during the financial year Lowest NAV per unit during the financial year Categories of investment - Quoted securities - Other liquid assets
Equity
2012 Percentage of NAV % 6.98 17.82 0.01 37.46 1.99 16.27 2.82 83.35
2011 Percentage of NAV % 3.27 17.07 0.25 0.11 29.38 4.37 20.75 1.32 15.32 91.84
2008 Percentage of NAV % 2.14 4.80 4.56 31.64 3.46 9.76 2.77 0.56 59.69
Consumer products Industrial products Construction Corporate action Trading /services Infrastructure project company Finance Technology Properties Plantations
NAV represent Net Asset Value of the Investment-linked Funds in Ringgit Malaysia.
36
COMPARATIVE (CONTINUED)
MANAGED FUND Net Asset Value (NAV) Number of units in circulation NAV per unit Highest NAV per unit during the financial year Lowest NAV per unit during the financial year Categories of investment - Quoted securities - Quoted debt securities - Other liquid assets 2012 RM 2011 RM 2010 RM 2009 RM 74,771,900 28,586,963 2.616 2.625 1.839 % 75.78 20.73 3.49 100.00 2009 Percentage of NAV % 1.23 10.86 4.18 0.26 11.94 0.93 30.63 1.58 14.57 76.18 2008 RM 42,889,205 23,124,174 1.855 2.718 1.783 % 61.16 28.04 10.80 100.00 2008 Percentage of NAV % 1.59 4.88 2.97 30.19 4.16 9.31 6.47 59.57
137,869,186 115,377,857 102,046,913 39,196,525 35,796,420 32,716,516 3.517 3.223 3.119 3.532 3.198 % 69.35 19.18 11.47 100.00 2012 Percentage of NAV % 5.26 14.51 0.01 35.09 1.91 13.21 2.40 72.39 3.296 2.918 % 71.13 24.24 4.63 100.00 2011 Percentage of NAV % 1.19 12.08 0.09 26.62 3.91 16.63 0.77 12.07 73.36 3.124 2.574 % 75.44 20.35 4.21 100.00 2010 Percentage of NAV % 2.29 3.07 4.18 24.46 0.16 26.28 0.36 2.96 13.05 76.81
Quoted securities Consumer products Industrial products Construction Corporate Action Trading /services Infrastructure Project Company Finance Technology Properties Plantations
Unquoted debt securities Government and other service Finance, insurance, real estate and business services Electricity, gas and water Construction Transport, storage and communications Manufacturing 13.07 2.28 1.80 2.00 1.01 20.16 3.60 19.61 1.80 25.01 17.61 0.98 1.87 20.46 8.71 4.11 2.49 2.67 2.70 20.68 14.11 4.85 4.18 4.75 27.89
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DANA EKUITI DINAMIK Net Asset Value (NAV) Number of units in circulation NAV per unit Highest NAV per unit during the financial year Lowest NAV per unit during the financial year Categories of investment - Equity - Other liquid assets 2012 RM 14,761,881 6,469,269 2.282 2.288 1.968 % 82.40 17.60 100.00 2012 Percentage of NAV % 10.46 19.60 40.76 2.51 6.64 4.15 84.12 2011 RM 11,823,677 5,998,681 1.971 1.974 1.672 % 88.17 11.83 100.00 2011 Percentage of NAV % 7.37 26.95 29.97 4.98 2.23 1.82 16.70 90.02 2010 RM 10,651,356 5,720,304 1.862 1.870 1.507 % 94.47 5.53 100.00 2010 Percentage of NAV % 7.89 9.38 8.83 34.02 1.49 0.20 9.74 22.51 1.44 95.50 2009 RM 8,149,900 5,332,160 1.528 1.533 1.062 % 96.30 3.70 100.00 2009 Percentage of NAV % 3.63 31.71 0.33 6.98 29.02 1.75 0.29 2.57 18.05 94.33 2008 RM 4,757,371 4,431,230 1.074 1.623 0.666 % 88.86 11.14 100.00 2008 Percentage of NAV % 7.78 8.57 7.94 52.19 0.58 11.85 88.91
Quoted securities Consumer products Industrial products Corporate Action Construction Trading /services Infrastructure Project Company Finance Properties Plantations Technology
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INCOME FUND 2012 RM 16,113,242 13,133,091 1.227 2011 RM 16,113,242 11,136,912 1.447 2010 RM 11,502,362 8,195,377 1.404 2009 RM 9,951,386 7,324,108 1.359 2008 RM 9,796,950 7,422,267 1.320
Net Asset Value (NAV) Number of units in circulation NAV per unit Highest NAV per unit during the financial year Lowest NAV per unit during the financial year Categories of investment - Bonds - Other liquid assets - Loans
1.490 1.448 % 100.00 100.00
1.447 1.404 % 85.43 14.57 100.00
1.404 1.359 % 84.18 13.53 2.29 100.00
1.359 1.315 % 75.84 21.57 2.59 100.00
1.628 1.268 % 87.43 8.64 3.93 100.00
Composition of Unquoted debt securities
2012 Percentage of NAV % 76.27 18.00 94.27
2011 Percentage of NAV % 60.77 24.95 85.72
2010 Percentage of NAV % 55.62 2.22 25.90 83.74
Bonds Loans Government Guaranteed Bonds
Unquoted debt securities
2012 Percentage of NAV % 40.68 17.54 15.47 2.58 18.00 94.27
2010 Percentage of NAV % 34.04 2.22 8.79 4.37 25.90 8.42 83.74
2009 Percentage of NAV % 39.06 3.41 10.19 5.07 14.70 6.06 78.49
Finance, insurance, real estate and business services Electricity, gas and water Manufacturing Agriculture, Forestry and fishing Government and other services Transport, storage and communications
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MANULIFE CHINA VALUE FUND 2012 RM 6,146,389 7,871,143 0.781 2011 RM 4,666,044 6,305,760 0.740 2010 RM 5,015,898 5,619,103 0.893 2009 RM 4,386,425 5,098,494 0.860 2008 RM 1,851,681 3,272,187 0.566
Net Asset Value (NAV) Number of units in circulation NAV per unit Highest NAV per unit during the financial year Lowest NAV per unit during the financial year
0.808 0.678
0.939 0.646
0.959 0.733
0.861 0.546
0.951 0.498
MANULIFE EMERGING EASTERN EUROPE FUND Net Asset Value (NAV) Number of units in circulation NAV per unit Highest NAV per unit during the financial year Lowest NAV per unit during the financial year
2012 RM 2,171,481 3,076,079 0.706
2011 RM 1,667,859 2,701,668 0.617
2010 RM 1,720,257 2,135,161 0.806
2009 RM 1,422,111 1,831,210 0.777
2008 RM 563,930 1,349,146 0.418
0.734 0.592
0.902 0.574
0.879 0.646
0.839 0.381
0.956 0.385
Capital Growth and Income Distribution Table

Capital Growth 2012 % Equity Fund Managed Fund Dana Ekuiti Dinamik Income Fund Manulife China Value Fund Manulife Emerging Eastern Fund 12.30 9.13 15.77 2.96 5.53 14.35 2011 % 4.70 3.34 5.85 3.09 (17.13) (23.41) 2010 % 23.68 19.25 21.83 3.30 3.84 3.73 2009 % 45.73 41.02 42.27 2.95 51.94 85.89 2008 % (34.42) (29.45) (31.68) 3.30 (40.31) (55.97) Income Distribution % -
40
Investment Information
INVESTMENT INFORMATION
The details of investments of the Investment-Linked Funds are set out as follows:
EQUITY FUND Quoted securities QUANTITY CONSUMER BERJAYA FOOD BERHAD BONIA CORPORATION BERHAD DUTCH LADY MILK INDUSTRIES BERHAD FRASER & NEAVE HOLDINGS BERHAD NESTLE (M) BERHAD OLDTOWN BERHAD PADINI HOLDINGS BERHAD QL RESOURCES BERHAD FINANCE AEON CREDIT SERVICE (M) BERHAD BIMB HOLDINGS BERHAD CIMB GROUP HOLDINGS BERHAD HONG LEONG BANK BERHAD MALAYAN BANKING BERHAD PUBLIC BANK BERHAD RHB CAPITAL BERHAD SYARIKAT TAKAFUL MALAYSIA BERHAD INDUSTRIAL CAN-ONE BERHAD KIAN JOO CAN FACTORY BERHAD PARKSON HOLDINGS BERHAD PERISAI PETROLEUM TEKNOLOGI PETRONAS CHEMICALS GROUP BERHAD PETRONAS GAS BERHAD SUPERMAX CORPORATION BERHAD TOP GLOVE CORPORATION BERHAD ZHULIAN CORPORATION BERHAD INFRASTRUCTURE PROJECT COMPANY DIGI.COM BERHAD PLANTATION GENTING PLANTATIONS BERHAD IOI CORPORATION BERHAD KUALA LUMPUR KEPONG BERHAD TDM BERHAD AGGREGATE COST RM 690,677 2,125,391 806,189 1,089,018 1,246,329 288,863 223,242 423,014 MARKET VALUE RM 729,108 2,002,050 1,746,144 1,064,982 1,269,368 357,984 222,000 462,830 PERCENTAGE OF NET ASSET VALUE % 0.65 1.78 1.55 0.95 1.13 0.32 0.20 0.41
565,200 889,800 37,600 59,100 20,200 158,400 120,000 149,300
300,380 919,100 153,000 70,760 638,209 174,221 70,460 109,700
3,199,197 2,433,012 1,155,549 734,756 5,421,726 2,473,098 523,082 490,183
3,676,651 2,582,671 1,167,390 1,045,833 5,871,523 2,836,318 541,837 596,768
3.27 2.29 1.04 0.93 5.22 2.52 0.48 0.53
652,200 1,207,500 220,000 1,650,000 64,400 71,300 1,890,900 722,300 1,171,100
1,521,481 2,914,807 1,043,674 1,781,124 421,217 1,102,351 3,671,299 3,627,781 3,105,036
1,532,670 2,692,725 1,144,000 1,782,000 412,160 1,391,776 3,649,437 4,066,549 3,396,190
1.36 2.39 1.02 1.58 0.37 1.24 3.24 3.61 3.02
422,900
2,094,287
2,237,141
1.99
90,000 257,837 22,700 147,000
864,007 1,277,876 427,782 677,555
810,000 1,314,969 544,800 493,920
0.72 1.17 0.48 0.44
42
INVESTMENT INFORMATION (CONTINUED)

EQUITY FUND (Continued) Quoted securities QUANTITY TRADING SERVICES AEON CO. (M) BERHAD AXIATA GROUP BERHAD BERJAYA SPORTS TOTO BERHAD GENTING BERHAD KPJ HEALTHCARE BERHAD MALAYSIA AIRPORTS HOLDINGS BERHAD PETRONAS DAGANGAN BERHAD POS MALAYSIA BERHAD SAPURAKENCANA PETROLEUM BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD KPJ HEALTH CARD BERHAD WARRANT TOTAL AGGREGATE COST RM 2,384,557 9,394,672 894,094 568,872 1,305,541 1,192,079 1,533,719 4,102,999 3,354,629 1,986,062 7,675,934 2,046,420 702,830 84,996,008 MARKET VALUE RM 4,175,284 10,055,352 890,000 540,960 1,771,938 1,160,736 1,645,000 4,397,328 3,982,079 1,992,317 8,154,000 2,034,808 1,395,099 93,836,695 PERCENTAGE OF NET ASSET VALUE % 3.71 8.93 0.79 0.48 1.57 1.03 1.46 3.91 3.54 1.77 7.24 1.81 1.24 83.38
295,700 1,525,850 200,000 58,800 308,700 222,790 70,000 1,263,600 1,264,152 209,277 1,350,000 293,200 348,775 20,436,411
MANAGED FUND Quoted securities QUANTITY CONSUMER BERJAYA FOOD BERHAD BONIA CORPORATION BERHAD DUTCH LADY MILK INDUSTRIES BERHAD FRASER & NEAVE HOLDINGS BERHAD NESTLE (M) BERHAD OLDTOWN BERHAD PADINI HOLDINGS BERHAD QL RESOURCES BERHAD FINANCE AEON CREDIT SERVICE (M) BERHAD AMMB HOLDINGS BERHAD BIMB HOLDINGS BERHAD CIMB GROUP HOLDINGS BERHAD HONG LEONG BANK BERHAD MALAYAN BANKING BERHAD PUBLIC BANK BERHAD RHB CAPITAL BERHAD SYARIKAT TAKAFUL MALAYSIA BERHAD AGGREGATE COST RM 941,871 2,605,345 632,779 591,060 1,471,417 362,533 260,340 256,064 2,405,129 195,725 2,162,951 1,351,008 857,184 5,943,145 2,356,377 448,806 577,516 MARKET VALUE RM 970,725 2,364,975 928,800 540,600 1,483,024 435,276 259,000 272,180 2,723,155 220,062 2,389,624 1,357,377 1,213,438 6,366,556 2,729,342 463,522 744,192 PERCENTAGE OF NET ASSET VALUE % 0.70 1.72 0.67 0.39 1.08 0.32 0.19 0.20 1.98 0.16 1.73 0.98 0.88 4.62 1.98 0.34 0.54
43
752,500 1,051,100 20,000 30,000 23,600 192,600 140,000 87,800 222,480 32,362 850,400 177,900 82,100 692,017 167,650 60,276 136,800

MANAGED FUND (Continued) Quoted securities QUANTITY AGGREGATE COST RM MARKET VALUE RM PERCENTAGE OF NET ASSET VALUE %
INDUSTRIAL CAN-ONE BERHAD KIAN JOO CAN FACTORY BERHAD PARKSON HOLDINGS BERHAD PERISAI PETROLEUM TEKNOLOGI PETRONAS CHEMICALS GROUP BERHAD PETRONAS GAS BERHAD SUPERMAX CORPORATION BERHAD TOP GLOVE CORPORATION BERHAD ZHULIAN CORPORATION BERHAD INFRASTRUCTURE PROJECT COMPANY DIGI.COM BERHAD PLANTATION GENTING PLANTATIONS BERHAD IOI CORPORATION BERHAD KUALA LUMPUR KEPONG BERHAD TDM BERHAD TRADING SERVICES AEON CO. (M) BERHAD AXIATA GROUP BERHAD BERJAYA SPORTS TOTO BERHAD DIALOG GROUP BERHAD GENTING BERHAD KPJ HEALTHCARE BERHAD MALAYSIA AIRPORTS HOLDINGS BERHAD PETRONAS DAGANGAN BERHAD POS MALAYSIA BERHAD SAPURAKENCANA PETROLEUM BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD KPJ HEALTHCARE BHD WARRANT MALAYSIA AIRPORTS HOLDINGS BERHAD TOTAL
635,100 1,065,000 200,000 1,800,000 69,800 41,300 2,101,600 844,000 1,065,500
1,527,116 2,604,850 949,183 1,925,480 451,912 640,509 4,081,527 4,348,543 2,812,701
1,492,485 2,374,950 1,040,000 1,944,000 446,720 806,176 4,056,088 4,751,720 3,089,950
1.08 1.72 0.75 1.41 0.32 0.58 2.94 3.45 2.24
498,200
2,475,454
2,635,478
1.91
90,000 290,917 20,300 156,300
863,013 1,383,619 389,165 719,669
810,000 1,483,677 487,200 525,168
0.59 1.08 0.35 0.38
371,300 1,671,050 50,000 500,000 63,700 318,800 130,000 184,500 1,218,200 1,387,027 231,709 1,370,000 332,300 469,950 1,649 21,897,787
3,285,295 10,278,920 223,673 1,207,480 598,438 1,094,779 689,846 4,056,814 3,932,933 3,721,766 2,210,125 7,758,317 2,316,461 1,048,498 7,799 91,023,135
5,242,756 11,012,220 222,500 1,200,000 586,040 1,829,912 677,300 4,335,750 4,239,336 4,369,135 2,205,870 8,274,800 2,306,162 1,879,800 8,591 99,795,632
3.80 7.99 0.16 0.87 0.43 1.33 0.50 3.14 3.07 3.17 1.60 6.00 1.67 1.36 0.01 72.38
44

MANAGED FUND (Continued) Unquoted debt securities NOMINAL VALUE RM ARA BINTANG BERHAD 5.35% 26/6/2015 CIMB GROUP HOLDINGS BERHAD 6.35% 3/4/2020 HONG LEONG BANK BERHAD 4.5% 21/5/2024 KONSORTIUM LEBUHRAYA UTARATIMUR (KL) SDN BERHAD 6.97% 28/10/2025 MANJUNG ISLAND ENERGY BERHAD 4.58% 25/11/2027 NATIONAL AGRICULTURAL COOPERATIVE FEDERATION 4.45% 1/8/2014 PREMIUM COMMERCE BERHAD 3.9% 27/10/2014 SABAH DEVELOPMENT BANK 4.25% 10/5/2016 SPORTS TOTO MALAYSIA SDN BERHAD 4.8% 11/10/2016 TANJUNG BIN ENERGY ISSUER BERHAD 5.4% 25/3/2024 TELEKOM MALAYSIA BERHAD 4.5% 25/6/2021 WESTPORTS MALAYSIA SDN BERHAD 5.32% 2/5/2025 TOTAL NET BOOK VALUE RM MARKET VALUE RM PERCENTAGE OF NET ASSET VALUE %
5,000,000 500,000 4,000,000
5,142,846 553,781 4,000,000
5,187,931 561,405 4,026,345
3.76 0.41 2.92
2,000,000 2,000,000
2,408,640 2,040,560
2,475,043 2,059,035
1.80 1.49
1,000,000 1,375,000 3,000,000 4,000,000 1,000,000 2,000,000 600,000 26,475,000
1,007,015 1,375,000 3,000,000 4,029,327 1,014,197 2,013,987 648,755 27,234,108
1,015,452 1,389,453 3,090,768 4,141,134 1,077,634 2,090,033 663,163 27,777,396
0.74 1.01 2.24 3.00 0.78 1.52 0.48 20.15
45

DANA EKUITI DINAMIK Quoted securities QUANTITY CONSUMER BERJAYA FOOD BERHAD BONIA CORPORATION BERHAD DUTCH LADY MILK INDUSTRIES BERHAD NESTLE (M) BERHAD OLDTOWN BERHAD PADINI HOLDINGS BERHAD QL RESOURCES BERHAD YEO HIAP SENG (M) BERHAD FINANCE BIMB HOLDINGS BERHAD SYARIKAT TAKAFUL MALAYSIA BERHAD INDUSTRIAL CAN-ONE BERHAD DAYANG ENTERPRISE HOLDINGS BERHAD PERISAI PETROLEUM TEKNOLOGI PETRONAS CHEMICALS GROUP BERHAD PETRONAS GAS BERHAD SUPERMAX CORPORATION BERHAD TOP GLOVE CORPORATION BERHAD ZHULIAN CORPORATION BERHAD INFRASTRUCTURE PROJECT COMPANY DIGI.COM BERHAD TIME DOTCOM BERHAD PLANTATION GENTING PLANTATIONS BERHAD IOI CORPORATION BERHAD KUALA LUMPUR KEPONG BERHAD TDM BERHAD TRADING SERVICES AEON CO. (M) BERHAD AXIATA GROUP BERHAD DIALOG GROUP BERHAD KPJ HEALTHCARE BERHAD PETRONAS DAGANGAN BERHAD POS MALAYSIA BERHAD SAPURAKENCANA PETROLEUM BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD KPJ HEALTHCARE BERHAD- WARRANT TOTAL 156,100 181,000 7,000 3,200 28,000 25,000 41,200 48,100 240,000 56,200 100,000 80,000 380,000 10,200 12,000 280,000 132,300 163,100 61,100 12,100 16,000 40,533 6,100 34,300 45,300 195,900 170,000 26,400 15,200 198,900 196,979 35,055 170,000 44,800 46,425 3,258,492 AGGREGATE COST RM 186,493 422,665 129,623 197,007 62,350 46,512 127,022 122,187 571,378 237,685 228,110 183,779 410,606 66,919 183,980 502,686 640,873 418,844 294,934 42,045 152,267 194,958 132,568 156,544 363,800 1,158,972 412,204 88,627 334,207 638,651 526,118 333,910 952,658 312,989 69,709 10,903,880 MARKET VALUE RM 201,369 407,250 325,080 201,088 63,280 46,250 127,720 172,198 674,400 305,728 235,000 190,400 410,400 65,280 234,240 540,400 744,849 472,990 323,219 47,795 144,000 206,718 146,400 115,248 639,636 1,290,981 408,000 151,536 357,200 692,172 620,484 333,724 1,026,800 310,912 185,700 12,418,447 PERCENTAGE OF NET ASSET VALUE % 1.36 2.76 2.20 1.36 0.43 0.31 0.87 1.17 4.57 2.07 1.59 1.29 2.78 0.44 1.59 3.66 5.05 3.20 2.19 0.32 0.98 1.40 0.99 0.78 4.33 8.75 2.76 1.03 2.42 4.69 4.20 2.26 6.96 2.11 1.26 84.13
46

INCOME FUND PERCENTAGE OF NET ASSET VALUE %
NOMINAL VALUE RM KFW BANKENGROPPE 3.16% 13/5/2013 SILTERRACAPITAL BERHAD 3.30% 6/6/2014 BANK PEMBANGUNAN MALAYSIA BERHAD 3.68% 25/4/2016 GB SERVICES BERHAD 4.15% 8/11/2019 THE EXPORT-IMPORT BANK OF KOREA 3.38% 12/3/2013 PUBLIC BANK BERHAD 4.17% 3/8/2022 GUINNESS ANCHOR BERHAD 3.70% 27/12/2016 HYUNDAI CAPITAL SERVICES INC 4.14% 23/2/2017 MANJUNG ISLAND ENERGY 4.05% 25/11/2022 PROJEK LEBUHRAYA USAHASAMA BERHAD 3.66% 12/1/2018 KUALA LUMPUR KEPONG BERHAD 4.03% 2/9/2022 DANGA CAPITAL BERHAD 3.36% 24/4/2014 JIMAH ENERGY VENTURES SDN BERHAD 3.98% 10/11/2017 MALAYSIA AIRPORTS CAPITAL BERHAD 3.96% 16/12/2022 CIMB BANK BERHAD 4.10% 6/8/2021 MALAYSIAN GOVERNMENT 4.378 29/11/2019 MALAYSIA INVESTMNT ISSUE 3.576% 15/5/2020 MALAYSIAN GOVERNMENT 3.492% 31/3/2020 MALAYSIAN GOVERNMENTS 4.012 3.21% 15/09/2017 TOTAL
NET BOOK VALUE RM
MARKET VALUE RM
1,000,000 1,000,000
1,000,000 991,255
1,011,401 1,010,971
5.17 5.17
1,000,000 1,000,000 800,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 500,000 900,000 1,100,000 1,000,000 1,000,000 1,000,000 500,000 1,000,000 900,000 17,700,000
1,001,809 1,066,842 800,000 1,006,694 1,004,445 1,002,603 1,022,024 1,004,101 499,606 905,356 1,309,416 1,028,026 1,004,646 1,053,504 499,881 1,001,750 910,453 18,112,411
1,073,019 1,075,596 810,966 1,026,406 1,003,314 1,017,274 1,017,862 1,033,912 505,375 916,990 1,337,654 1,060,623 1,019,900 1,062,991 504,349 1,012,490 942,093 18,443,186
5.48 5.50 4.14 5.25 5.13 5.20 5.20 5.28 2.58 4.69 6.84 5.42 5.21 5.43 2.58 5.18 4.82 94.27
47

MANULIFE FLEXI INVEST FUND Quoted securities QUANTITY CONSTRUCTION SUNWAY REAL ESTATE INVT TRUST GAMUDA BERHAD WCT BERHAD CONSUMER CARLSBERG BREWERY MALAYSIA BERHAD FINANCE AMMB HOLDINGS BERHAD CIMB GROUP HOLDINGS BERHAD HONG LEONG BANK BERHAD MALAYAN BANKING BERHAD PUBLIC BANK BERHAD RHB CAPITAL BERHAD INDUSTRIAL PPB GROUP BERHAD LAFARGE MALAYAN CEMENT BERHAD INFRASTRUCTURE PROJECT COMPANY YTL POWER INTERNATIONAL BERHAD PLANTATION GENTING PLANTATIONS BERHAD KUALA LUMPUR KEPONG BERHAD KULIM (M) BERHAD PROPERTIES IJM LAND BERHAD SP SETIA BERHAD TRADING SERVICES CYPARK RESOURCES BERHAD MEDIA CHINESE INTERNATIONAL LTD SAPURAKENCANA PETROLEUM BERHAD AXIATA GROUP BERHAD DIALOG GROUP BERHAD GENTING BERHAD MULTI-PURPOSE HOLDINGS BERHAD PETRONAS DAGANGAN BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD YTL CORP BERHAD GLOBETRONICS TECHNOLOGY BERHAD TOTAL AGGREGATE COST RM 223,970 433,657 349,306 211,686 491,508 440,446 373,893 810,413 352,004 202,521 151,284 507,991 104,890 304,284 342,159 134,069 49,043 215,541 121,350 229,447 74,388 501,978 135,128 316,982 235,885 191,462 601,350 306,334 447,664 266,384 290,210 9,417,227 MARKET VALUE RM 260,245 417,240 382,391 266,676 515,696 442,540 433,650 826,825 415,140 205,020 135,720 569,366 103,740 288,360 347,508 132,300 45,562 212,901 100,804 185,814 81,171 643,843 136,320 317,055 219,172 223,060 599,450 369,600 458,133 293,569 273,776 9,902,647 PERCENTAGE OF NET ASSET VALUE % 1.76 2.83 2.59 1.81 3.50 3.00 2.94 5.61 2.82 1.39 0.92 3.86 0.70 1.96 2.36 0.90 0.31 1.44 0.68 1.26 0.55 4.37 0.92 2.15 1.49 1.51 4.07 2.51 3.11 1.99 1.86 67.17
48
167,900 115,900 163,415 21,300 77,200 58,000 29,500 91,060 25,500 26,800 11,700 60,700 66,500 32,400 14,700 27,000 21,800 68,900 63,800 167,400 26,100 97,700 56,800 34,500 62,800 9,500 63,100 61,600 66,300 158,686 192,800 2,141,361

MANULIFE FLEXI INVEST FUND (Continued) FOREIGN INVESTMENT PERCENTAGE OF NET ASSET VALUE %
QUANTITY
AGGREGATE COST RM
MARKET VALUE RM
ENERGY CHINA OILFIELD SERVICES LIMITED CHINA PETROLEUM & CHEMICAL CORP-H CHINA SHENHUA ENERGY CO LIMITED H SHS SERVICES SANDS CHINA LIMITED UTILITIES CHINA RESOURCES POWER HOLDINGS CO LIMITED FINANCIALS AGRICULTURAL BANK OF CHINA H SHS INDUSTRIAL AND COMMERCIAL BANK OF CHINA H SHS CONGLOMERATES CHINA EVERBRIGHT INTERNATIONAL LIMITED MANUFACTURING WILMAR INTERNATIONAL LIMITED PROPERTIES CAPITALAND LIMITED AGRICULTURE GOLDEN AGRI-RESOURCES LIMITED TOTAL
19,500 84,000 14,200
122,565 281,954 179,893
122,496 291,383 189,905
0.83 1.98 1.29
26,600
328,084
356,264
2.42
20,000
132,668
155,663
1.06
102,000 135,000
141,873 294,686
154,747 293,350
1.05 1.99
182,000
280,562
281,869
1.91
17,000
133,073
141,826
0.96
32,000
262,532
296,630
2.01
180,000 812,300
295,963 2,453,853
290,868 2,575,001
1.97 17.47
49

MANULIFE CHINA VALUE FUND PERCENTAGE OF NET ASSET VALUE % 96.27
QUANTITY
COST RM 6,028,951
MARKET VALUE RM 5,917,034
MGF CVF-CLASS A
267,043
MANULIFE EMERGING EASTERN EUROPE FUND PERCENTAGE OF NET ASSET VALUE % 97.41
QUANTITY
COST RM 2,259,580
MARKET VALUE RM 2,115,304
MGF EEEF-CLASS A
148,475
50
Summary of Financial Statement
LOCAL FUNDS
STATEMENT OF INCOME AND EXPENDITURE FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012
Manulife Flexi Invest Fund RM
2012
Equity Fund RM
Managed Fund RM
Dana Ekuiti Dinamik RM
Income Fund RM
INCOME Net Investment Income Interest income Profit sharing income Dividend income Profit on disposal of investments Unrealised capital gain Total income OUTGO Management expenses Amortisation of premiums Loss on disposal of investments Taxation Unrealised exchange loss Unrealised capital loss Total outgo 1,473,493 922,474 2,395,967 1,730,011 68,678 948,450 2,747,139 208,243 157,895 366,138 144,913 19,022 19,400 57,582 20,008 260,925 184,618 30,166 61,659 9,079 285,522
368,468 2,640,387 8,094,824 2,222,732 13,326,411
1,617,748 2,651,176 7,829,007 1,620,402 13,718,333
49,002 356,365 1,442,708 435,514 2,283,589
778,195 778,195
102,217 332,167 606,570 1,040,954
Excess of income over outgo Undistributed income brought forward Undistributed income carried forward
10,930,444 33,976,210
10,971,194 38,487,670
1,917,451 5,430,559
517,270 3,627,306
755,432 -
44,906,654
49,458,864
7,348,010
4,144,576
755,432
52
FOREIGN FUNDS
Manulife Emerging Eastern Europe Fund RM
2012
Manulife China Value Fund RM
INCOME Net Investment Income Dividend income Rebate income Unrealised capital gain Total income OUTGO Management expenses Realised exchange loss Taxation Unrealised exchange loss Total outgo 60,055 525 42,692 303,293 406,565 25,902 303 28,485 119,580 174,270
40,844 50,893 635,080 726,817
33,369 18,824 380,944 433,137
Excess of income over outgo Undistributed loss brought forward Undistributed loss carried forward
320,252 (339,906) (19,654)
258,867 (391,017) (132,150)
53
LOCAL FUNDS
2011
Equity Fund RM
Managed Fund RM
Income Fund RM
INCOME Net Investment Income Interest income Profit sharing income Dividend income Accretion of discounts Profit on disposal of investments Unrealised capital gain Total income OUTGO Management expenses Amortisation of premiums Taxation Unrealised capital loss Total outgo 1,102,005 228,979 3,302,371 4,633,335 1,460,261 216,119 237,634 5,388,489 7,302,503 170,314 43,699 53,939 267,952 111,741 46,295 158,036 -
334,734 2,039,184 5,752,668 8,126,586
1,377,149 2,395,266 7,180,993 10,953,408
42,248 293,703 572,664 908,615
547,673 17,788 743 12,476 578,680
Excess of income over outgo Undistributed income brought forward Undistributed income carried forward
3,493,231 30,482,979
3,650,905 34,836,765
640,663 4,789,896
420,644 3,206,662
33,976,210
38,487,670
5,430,559
3,627,306
54
FOREIGN FUNDS
2011
INCOME Net Investment Income Dividend income Rebate income Gain on foreign exchange Profit on disposal of investments Unrealised exchange gain Total income OUTGO Management expenses Loss on disposal of investments Taxation Unrealised capital loss Total outgo 53,156 (75,779) 1,130,089 1,107,466 23,599 7,226 (42,923) 598,052 585,954
13,861 46,586 1,182 27,913 129,051 218,593
3,042 18,201 1,318 52,963 75,524
Excess of outgo over income Undistributed income brought forward Undistributed loss carried forward
(888,873) 548,967 (339,906)
(510,430) 119,413 (391,017)
55
LOCAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2012

2012
Equity Fund RM
Managed Fund RM
Income Fund RM
ASSETS Investments Quoted securities Unquoted debt securities Investment in foreign assets Fixed deposits Other receivables Cash and bank balances Deferred tax assets Total assets LIABILITIES Payables Current tax liabilities Deferred tax liabilities Total liabilities NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS REPRESENTED BY: Policyholders capital Undistributed income carried forward NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS NUMBER OF UNITS IN CIRCULATION NET ASSET VALUE ATTRIBUTABLE TO POLICYHOLDERS PER UNIT 5,944,986 601,185 707,255 7,253,426 6,249,000 680,332 730,709 7,660,041 336,491 110,429 121,168 568,088 39,876 59,181 13,277 112,334 1,087,544 47,800 1,135,344
93,836,695 24,805,000 436,779 761,257 -
99,795,632 12,418,447 27,777,396 - 18,443,186 16,500,000 2,652,000 1,045,879 239,462 19,978 410,320 20,058 1,212,963 -
9,902,647 2,575,001 2,790,195 255,824 347,585 10,681
119,839,731 145,529,227 15,329,967 19,676,127 15,881,933
112,586,305 137,869,186 14,761,879 19,563,793 14,746,589 67,679,651 44,906,654 88,410,322 49,458,864 7,413,869 15,419,217 13,991,157 7,348,010 4,144,576 755,432
112,586,305 137,869,186 14,761,879 19,563,793 14,746,589
27,828,549
39,196,525
6,469,269 13,133,091 13,890,226
4.0457
3.5174
2.2818
1.4897
1.0617
56
FOREIGN FUNDS

2012
ASSETS Investments Investment in foreign assets Other receivables Cash and bank balances Deferred tax assets Total assets LIABILITIES Payables Current tax liabilities Total liabilities NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS REPRESENTED BY: Policyholders capital Undistributed loss carried forward NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS NUMBER OF UNITS IN CIRCULATION NET ASSET VALUE ATTRIBUTABLE TO POLICYHOLDERS PER UNIT 9,412 15,949 25,361 6,119 7,352 13,471
5,917,034 85,595 160,167 8,954 6,171,750
2,115,304 16,645 41,459 11,543 2,184,951
6,146,389 6,166,043 (19,654) 6,146,389 7,871,143
2,171,480 2,303,630 (132,150) 2,171,480 3,076,079
0.7809
0.7059
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LOCAL FUNDS

2011
Equity Fund RM
Managed Fund RM
Income Fund RM
ASSETS Investments Quoted securities Unquoted debt securities Fixed deposits Other receivables Cash and bank balances Total assets LIABILITIES Payables Current tax liabilities Deferred tax liabilities Total liabilities NET ASSET VALUE OF FUNDS Policyholders capital Undistributed income carried forward 2,840,033 323,122 529,436 3,692,591 3,669,991 475,079 601,078 4,746,148 555,822 33,392 86,325 675,539 44,754 45,296 14,877 104,927 -
76,332,752 9,251,000 1,197,593 20,132
84,641,860 10,787,593 28,850,726 - 13,813,870 5,511,000 1,448,000 2,355,000 1,098,068 211,453 36,749 22,351 52,170 12,550
86,801,477 120,124,005 12,499,216 16,218,169
83,108,886 115,377,857 11,823,677 16,113,242 49,132,676 33,976,210 76,890,187 38,487,670 6,393,118 12,485,936 5,430,559 3,627,306
83,108,886 115,377,857 11,823,677 16,113,242 NUMBER OF UNITS IN CIRCULATION NET ASSET VALUE PER UNIT
23,069,416 3.6026
35,796,420 3.2232
5,998,681 11,136,912 1.9710 1.4468
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FOREIGN FUNDS

2011
ASSETS Investments Investment in Foreign Assets Other receivables Cash and bank balance Deferred tax assets Total assets LIABILITIES Payables Current tax liabilities Total liabilities NET ASSET VALUE OF FUNDS Policyholders capital Undistributed loss carried forward 7,148 15,083 22,231 4,666,044 5,005,950 (339,906) 4,666,044 NUMBER OF UNITS IN CIRCULATION NET ASSET VALUE PER UNIT 6,305,760 0.7400 4,636 4,321 8,957 1,667,859 2,058,876 (391,017) 1,667,859 2,701,668 0.6173
4,490,945 76,989 84,845 35,496 4,688,275
1,590,930 22,069 31,365 32,452 1,676,816
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LOCAL FUNDS
STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012
2012
Equity Fund RM
Managed Fund RM
Income Fund RM
Balance at the beginning of the financial year Net realised income after taxation Net unrealised capital gain/ (loss) on investments Amounts received from net creation of units Amounts paid for net cancellation of units Balance at the end of the financial year
83,108,886 115,377,857 11,823,677 16,113,242
8,707,712
9,350,792
1,481,937
537,278
148,862
2,222,732
1,620,402
435,514
(20,008)
606,570
47,689,818
38,134,599
3,624,561
5,928,115 15,204,346
(29,142,843) (26,614,464) (2,603,810) (2,994,834) (1,213,189)
112,586,305 137,869,186 14,761,879 19,563,793 14,746,589
2011 Balance at the beginning of the financial year Net realised income after taxation Net unrealised capital (loss)/gain on investments Amounts received from net creation of units Amounts paid for net cancellation of units Balance at the end of the financial year
66,462,957 102,046,913 10,651,356 11,502,362
6,795,602
9,039,394
694,602
408,168
(3,302,371)
(5,388,489)
(53,939)
12,476
36,819,060
36,125,090
3,045,813
6,991,443
(23,666,362) (26,445,051) (2,514,155) (2,801,207)
83,108,886 115,377,857 11,823,677 16,113,242
60
FOREIGN FUNDS
STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012
2012
Balance at the beginning of the financial year Net realised loss after taxation Net unrealised capital gain on investments Amounts received from net creation of units Amounts paid for net cancellation of units Balance at the end of the financial year
4,666,044 (314,828) 635,080 3,084,803 (1,924,710) 6,146,389
1,667,859 (122,077) 380,944 999,630 (754,876) 2,171,480
2011 Balance at the beginning of the financial year Net realised income after taxation Net unrealised capital loss on investments Amounts received from net creation of units Amounts paid for net cancellation of units Balance at the end of the financial year 5,015,898 241,216 (1,130,089) 2,782,401 (2,243,382) 4,666,044 1,720,257 87,622 (598,052) 1,221,230 (763,198) 1,667,859
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Notes To The Financial Information
NOTES TO THE FINANCIAL INFORMATION 31 DECEMBER 2012
1. PRINCIPAL ACTIVITIES The principal activities of the Investment-Linked Funds of Manulife Insurance Berhad consisting of Equity Fund, Managed Fund, Dana Ekuiti Dinamik, Income Fund, Manulife Flexi Invest Fund, Manulife China Value Fund and Manulife Emerging Eastern Europe Fund (herein referred to collectively as the Investment-Linked Funds) are to invest in authorized investments. The objective of the Equity Fund and Managed Fund are to invest in authorised investments listed on the Bursa Malaysia Securities Berhad (Bursa Malaysia) which seeks to maximise medium to long-term capital appreciation. The objective of the Dana Ekuiti Dinamik seeks to maximise medium to long term capital appreciation by investing in Syariah compliant equity and equity-related securities listed on the Bursa Malaysia. The objective of the Income Fund seeks to provide a steady return to policyholders through accumulation of capital over the long term. Manulife Flexi Invest Fund is a new fund established on 16 February 2012. The objective of the Manulife Flexi Invest Fund is to provide a platform for investors who seek supervised capital appreciation at medium to high level of risk over a mid-to long term investment horizon. Investors have the opportunity to benefit from equity returns during a market upturn and earn steady return from fixed income during times of market uncertainties. The Manulife Flexi Invest Fund may invest between 0 to 100% of the funds net asset value in equities and equity related instruments and/or fixed income securities (including but not limited to money market instruments and other liquid assets). The Investment-Linked Fund is also allowed to invest up to 30% of the funds net asset value in foreign markets as and when opportunities arise. The objective of the Manulife China Value Fund aims to achieve long-term capital growth through investment, primarily in companies with substantial business interests in the Greater China Region (which includes Peoples Republic of China, Hong Kong and Taiwan) which are listed on stock exchanges of Shanghai, Shenzhen, Hong Kong, Taipei or other exchanges. The objective of the Manulife Emerging Eastern Europe Fund aims to achieve capital growth through investment primarily in securities which are listed or traded on the stock exchanges of Central and Eastern European countries. It is intended that the Fund will concentrate (although not necessarily exclusively) on securities listed or traded on stock exchanges in the Czech Republic, Hungary, Poland, Slovakia and Russia whilst such securities may also be listed in other exchanges as depository receipts or certificates, or in other forms of instruments. The Manager of the Investment-Linked Funds is Manulife Insurance Berhad, a company incorporated in Malaysia, engaged principally in the underwriting of life insurance business including investment-linked business.
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NOTES TO THE FINANCIAL INFORMATION 31 DECEMBER 2012 (CONTINUED)

2. BASIS OF PREPARATION The financial information of the Investment-Linked Funds have been prepared in accordance with the accounting policies as described in Note 3 to the financial information and Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia (BNM). The financial information of the Investment-Linked Funds have been prepared under the histrocial cost convention except as disclosed in the significant accounting policies in Note 3 to the financial information.
3. SIGNIFICANT ACCOUNTING POLICIES (a) Financial assets and liabilities (i) Classification A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise. A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favourable, or an equity instrument of another enterprise. A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially unfavourable. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Investment-Linked Funds loans and receivables comprise loans, deposits with licensed financial institutions and other receivables. The Fund classifies payables as other financial liabilities. (ii) Recognition and measurement All purchases of investments are recognised on their trade dates, i.e. the date the commitment exists to purchase the investments. The investments are initially recorded at cost, being fair value of the consideration given. The attributable transaction costs are recognised in the profit or loss when incurred. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Investment-Linked Funds have transferred substantially all risks and rewards of ownership.
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3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Financial assets and liabilities (continued) (ii) Recognition and measurement (continued) Financial liabilities are derecognised when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires. Financial assets at fair value through profit or loss Investments of the Investment-Linked Funds are designated at initial recognition at fair value through profit or loss. After initial recognition, the investments are recorded at fair value and the unrealised gains or losses on re-measurement to fair value are taken to the profit or loss. The fair value of investments is determined by using open market valuation at the yearend date. Quoted equity investments are valued based on quoted market price as at the date of the statement of financial position and the quoted market price used is the current bid price. Unquoted debt securities are initially recognised at fair value and subsequently re-measured at fair value based on the fair values quoted by a bond pricing agency. Investment in foreign assets comprised of investments under the Manulife Global Fund platform of mutual funds and is valued at the net asset values of the underlying funds as at the date of the statement of financial position. Other receivables Loans and receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less any impairment losses. Loans are stated at valuation based on discounted future cash flows, taking into consideration of market conditions and contractual terms of the loans. Collectability of loans and receivables is reviewed on an ongoing basis. An allowance account is used when there is objective evidence that the Investment-Linked Funds will not be able to collect all amounts due according to the original terms of loans and receivables. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event). The amount of the impairment allowance is the difference between the assets carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short term receivables are not discounted if the effect of discounting is immaterial.
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3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Financial assets and liabilities (continued) (ii) Recognition and measurement (continued) Other receivables (continued) The amount of the impairment loss is recognised in the profit or loss. When loans and receivables for which an impairment allowance had been recognised become uncollectable in a subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited to the profit or loss. (b) Net creation of units Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent payments to increase the amount of that contract. Net creation of units is recognised on a receipt basis. (c) Net cancellation of units Net cancellation of units represents cancellation of units arising from surrenders and withdrawals by policyholders. Net cancellation of units is recognised upon surrendering of the related insurance contract. (d) Income recognition Interest income and profit sharing income earned are recognised on a time proportion basis that takes into account the effective yield of the assets. Dividend income is recognised when the right to receive payment is established. (e) Gain or loss on disposal of financial assets Gain or loss on disposal of financial assets is calculated by comparing the net proceeds with the weighted average cost of the financial assets and is credited or charged to the profit or loss. (f) Foreign currencies (i) Functional and presentation currency Items included in the financial information of the Investment-Linked Funds are measured using the currency of the primary economic environment in which the Investment-Linked Funds operate (the functional currency). The functional currency and presentation currency of the Investment-Linked Funds is Ringgit Malaysia.
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3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (f) Foreign currencies (continued) (ii) Transactions and balances Transactions in a currency other than the functional currency (foreign currency) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and expenditure. (g) Taxation The income tax charge is calculated at current tax rate based on the method prescribed under the Income Tax Act, 1967 for life insurance business. Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences or unutilised tax losses can be utilised. Tax rate enacted or substantively enacted by the date of the statement of financial position is used to determine deferred tax. (h) Cash and cash equivalents Cash and cash equivalents consist of cash and bank balances which have an insignificant risk of changes in value. Deposits with financial institutions are not part of cash and cash equivalents as these are held for investment purposes.
4. AVERAGE ANNUAL RETURN AND BENCHMARK The average annual return measurement and the performance against of benchmark indices of the Investment-Linked Funds for the comparative periods are set out on page 28 to 34 of the Fund Performance Report.
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5. INVESTMENTS The details of investment and market value of investment holding as a percentage of net asset value of the Investment-Linked Funds are set out on page 42 to 50 of the Fund Performance Report.
6. COMPARATIVE PERFORMANCE TABLE The details of Investment-Linked Funds net asset value, units in circulation and percentage of investment holding to the funds value and the breakdown into capital growth are set out on page 36 to 40 of the Fund Performance Report.
7. COMPARATIVES There are no comparative figures for Manulife Flexi Invest Fund because this is the first set of financial information prepared since the date of commencement of the Fund.
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Statement By Manager
STATEMENT BY MANAGER
We, Dato' Md Agil Bin Mohd Natt and Chew Yee Ming George, two of the Directors of Manulife Insurance Berhad (the Manager), state that, in the opinion of the Manager, the accompanying financial information of Manulife Investment-Linked Funds, which consists of Equity Fund, Managed Fund, Dana Ekuiti Dinamik, Income Fund, Manulife Flexi Invest Fund, Manulife China Value Fund and Manulife Emerging Eastern Europe Fund set out on pages 52 to 68 have been prepared in accordance with the accounting policies described in Note 3 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia.
On behalf of the Manager,
DATO' MD AGIL BIN MOHD NATT Director
CHEW YEE MING GEORGE Director
Kuala Lumpur 20 March 2013
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Independent Auditors Report
INDEPENDENT AUDITORS REPORT TO THE POLICYHOLDERS OF MANULIFE INSURANCE BERHAD INVESTMENT-LINKED FUNDS, CONSISTING OF EQUITY FUND, MANAGED FUND, DANA EKUITI DINAMIK, INCOME FUND, MANULIFE FLEXI INVEST FUND, MANULIFE CHINA VALUE FUND AND MANULIFE EMERGING EASTERN EUROPE FUND (HEREINAFTER REFERRED TO COLLECTIVELY AS THE INVESTMENT-LINKED FUNDS)
REPORT ON THE FINANCIAL INFORMATION We have audited the financial information of Manulife Insurance Berhads Investment-Linked Funds consisting of Equity Fund, Managed Fund, Dana Ekuiti Dinamik, Income Fund, Manulife Flexi Invest Fund, Manulife China Value Fund and Manulife Emerging Eastern Europe Fund, hereinafter referred to collectively as the Investment-Linked funds, which comprise the statements of assets and liabilities as at 31 December 2012, statements of income and expenditure and changes in net asset value for the financial year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 52 to 68. Managers Responsibility for the Financial Information The Directors of Manulife Insurance Berhad (the Manager) of the Investment-Linked Funds is responsible for the preparation of financial information in accordance with the accounting policies described in Note 3 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia and for such internal control as the Manager determines are necessary to enable the preparation of financial information that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial information are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial information, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Managers preparation of financial information that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Investment-Linkeds internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial information. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
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INDEPENDENT AUDITORS REPORT TO THE POLICYHOLDERS OF MANULIFE INSURANCE BERHAD INVESTMENT-LINKED FUNDS, CONSISTING OF EQUITY FUND, MANAGED FUND, DANA EKUITI DINAMIK, INCOME FUND, MANULIFE FLEXI INVEST FUND, MANULIFE CHINA VALUE FUND AND MANULIFE EMERGING EASTERN EUROPE FUND (HEREINAFTER REFERRED TO COLLECTIVELY AS THE INVESTMENT-LINKED FUNDS) (CONTINUED)
Opinion In our opinion, the financial information of the Investment-Linked funds have been properly prepared in accordance with the accounting policies described in Note 3 to the financial information and Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia.
OTHER MATTERS This report is made solely to the Policyholders of the Investment-Linked Funds, as a body in accordance with the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia. and for no other purpose. We do not assume responsibility to any other person for the content of this report.
PRICEWATERHOUSECOOPERS (No. AF-1146) Chartered Accountants Kuala Lumpur 20 March 2013
Note: In the event of conflicting statements in the Annual Review, the English version shall prevail. 73
Manulife
Malaysia
Sejak ditubuhkan pada tahun 1963, Manulife Malaysia telah mencapai banyak kemajuan, daripada menyediakan penyelesaian insurans hinggalah kepada perkhidmatan pengurusan kekayaan. Pada tahun 2013, Manulife Malaysia telah meraikan ulang tahun ke-50 perkhidmatannya kepada para pelanggan di Malaysia dalam menyediakan penyelesaian yang mantap, boleh dipercayai, amanah dan berfikiran maju bagi keputusan kewangan mereka yang paling penting. Dengan insurans yang berfikiran maju, penyelesaian pelaburan dan perancangan persaraan, kami mempunyai segalanya yang anda perlukan untuk membina masa depan kewangan yang teguh. Kami berbangga mengatakan bahawa seiring dengan pertumbuhan dan kejayaan, Manulife memelihara budaya niaganya sebuah syarikat yang prihatin, profesional dan amanah. Manulife Malaysia adalah ahli Manulife Financial Corporation yang berpangkalan di Kanada, iaitu kumpulan perkhidmatan kewangan terkemuka yang beroperasi di lebih 20 negara dan wilayah di seluruh dunia.
KANDUNGAN
1. Ulasan Pasaran 2. Prestasi Dana Perbandingan Informasi Pelaburan 3. Ringkasan Penyata Kewangan 4. Nota Kepada Maklumat Kewangan 5. Kenyataan oleh Pengurus 6. Laporan Juruaudit Bebas 76 104 112 118 128 139 146 148
Ulasan Pasaran
DANA EQUITY TK 2012

Objektif Dana
Objektif Dana ini ialah untuk menyediakan kenaikan nilai modal kepada pelabur dalam jangka sederhana hingga panjang dengan melabur seluruhnya dalam ekuiti daripada pelbagai sektor ekonomi Malaysia. Pelabur dalam Dana ini berupaya menanggung kemeruapan jangka pendek.
Kajian Pelaburan
Pasaran Ekuiti Pemulihan yang kukuh dalam pasaran global pada akhir 2011 berterusan ke tahun 2012. Aset risiko pulih dengan ekuiti beta tinggi dan bon berkadar hasil tinggi menerajui lonjakan. Nilai mata wang Pasaran Sedang Muncul (EM) naik, komoditi mendapat bida dan bon kerajaan yang selamat terkebelakang. Operasi Pembiayaan Semula Jangka Panjang (LTRO) Bank-Bank Pusat Eropah (ECB) mula memberikan kesan dan Rizab Persekutuan Amerika Syarikat (AS) memberikan petanda dasar yang sungguh longgar dengan melanjutkan tempoh kadar sifar selama 18 bulan lagi sehingga tahun 2014. Penunjuk ekonomi global pada umumnya menokok tanpa disangka, menguatkan harapan bahawa risiko penurunan telah berkurangan. Suasana kesanggupan yang lebih tinggi di kalangan pelabur untuk menanggung risiko (risk-on) berterusan pada bulan Februari selepas Bank Pusat Eropah mengumumkan Operasi Pembiayaan Semula Jangka Panjang (LTRO) yang kedua bertempoh 3 tahun dengan sejumlah EUR529 bilion akhirnya diambil oleh 800 bank. Tindakan Bank Pusat Global terus amat akomodatif. Pada bulan Mac, pasaran memasuki fasa baru. Kecairan terus melimpah, tetapi Amerika Syarikat terus mencatatkan pertumbuhan yang perlahan. Bagi Eropah pula, ternyata bahawa masalah yang dihadapi akan berpanjangan disebabkan pendekatan sedikit demi sedikit yang diambil oleh Bank Pusat Eropah dalam mengendalikan krisis itu. Kemelesetan yang muncul di Eropah adalah negatif bagi pertumbuhan ekonomi global untuk masa akan datang. Ekoran itu, kadar pertumbuhan perolehan telah dikurangkan di Asia Pasifik kecuali Jepun dan juga di Malaysia. Dalam senario sedemikian, pelabur membuat keputusan untuk mengambil jalan selamat dengan memilih pelaburan yang memberikan pulangan dividen. Bursa Malaysia mengalami pembetulan tanpa sebarang hala tuju yang jelas. Aset risiko mengalami pemulihan kukuh pada Jun 2012. Faktor-faktor yang menolong membawa kepada lonjakan semula ini ialah pelabur tidak menaruh harapan yang tinggi terhadap sidang kemuncak Eropah dan pasaran kurang mengambil risiko. Dana bertempoh panjang sahaja dan dana lindung nilai telah mengurangkan beta portfolio dan meningkatkan tunai, sementara dana mutual ekuiti pula mengalami aliran keluar. Justeru itu, apabila berita baik mula keluar dari sidang kemuncak itu, aset risiko naik mendadak, menolong mengakhiri bulan Jun pada paras yang kukuh dan mengakibatkan kerugian yang kurang teruk bagi suku ke-2 2012. Pada bulan-bulan berikutnya, pasaran lebih memberi tumpuan kepada acara-acara dasar yang bakal berlangsung seperti mesyuarat Jawatankuasa Pasaran Terbuka Persekutuan (FOMC) pada bulan September dengan harapan agar lebih banyak pelonggaran kuantitatif (QE) dilaksanakan, mesyuarat Bank Pusat Eropah (ECB) pada 6 September untuk butir-butir mengenai program pembelian bon bertempoh pendeknya dan keputusan Mahkamah Perlembagaan Jerman tentang kesahan Mekanisme Kestabilan Eropah (ESM) pada 12 September. Sentimen meningkat selepas kesemua institusi ini menghasilkan keputusan yang lebih baik daripada jangkaan dalam mesyuarat
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dasar mereka. Rizab Persekutuan memperkenalkan pelonggaran kuantitatif terbuka pusingan ketiga (QE3) dalam sekuriti bersandarkan gadai janji (MBS). Walau bagaimanapun, pengumuman yang mengejutkan pasaran ialah program urus niaga kewangan terang-terangan (OMT) yang tidak terhad oleh ECB yang sebahagian besarnya menghapuskan risiko perpecahan Eropah. Pada bulan November, apabila berita tentang pilihan raya melanda pasaran, Bursa Malaysia mengalami jualan besar-besaran. Dana-dana asing mengurangkan wajaran di Malaysia dan berpindah ke pasaran Asia Pasifik kecuali Jepun yang sedang mengalami pemulihan, diperkukuhkan oleh OMT Eropah dan angka ekonomi yang semakin mengukuh yang keluar dari China. Pengurus dana tempatan juga menjual dan mengumpulkan tunai untuk mengunci keuntungan yang diraih bagi tahun itu. Bulan Disember sekali lagi terbukti sebagai bulan yang cemerlang bagi pasaran ekuiti. KLCI melonjak ke paras tertinggi baru 1,688.95 mata disebabkan aktiviti memperelok akaun (window dressing) dan pelabur mengatur kedudukan portfolio mereka menjelang Tahun Baru. Saham Telco mencatatkan lantunan, sementara pencarian saham murah perbankan seperti Public Bank dan AMMB juga memberi sokongan kepada bursa tempatan. Dalam tempoh bawah kajian, penanda aras Indeks FBM100 melonjak 9.6%.
Tinjauan
Pasaran Ekuiti Persekitaran luaran bertambah baik tetapi pertumbuhan ekonomi global akan terus di bawah trend jangka panjang. Kecairan akan terus melimpah kerana Rizab Persekutuan komited untuk meneruskan pembelian bon sehingga kadar pengangguran turun bawah 6.5%. Seperti yang telah disebutkan sebelum ini, program Urus Niaga Pasaran Terang-terangan (OMT) yang dilaksanakan oleh Bank Pusat Eropah telah menghapuskan risiko susulan perpecahan Eropah. Di Amerika Syarikat, ekonomi kian mengukuh. Jualan runcit terus positif walaupun angka baru-baru ini lebih lemah sedikit. Jualan rumah baru dan jualan rumah sedia ada menunjukkan pemulihan dalam pasaran harta. Harga rumah naik semula dari paras terendah. Eropah terus berada dalam kancah kemelesetan tetapi penguncupan di negara-negara pinggiran diimbangi oleh pertumbuhan perlahan di Jerman. Dengan sedikit pemulihan dalam Indeks Pengurus Pembelian (PMI) Eropah baru-baru ini, ada harapan bahawa kemelesetan tidak akan seteruk yang dijangka. Di Asia Pasifik kecuali Jepun, ekonomi China barangkali telah melepasi paras terendah dan pertumbuhan Keluaran Dalam Negara Kasar (KDNK) 2013 dijangka pada kadar 7.0-8.0%. Kami percaya momentum pertumbuhan di Asia Pasifik kecuali Jepun akan mulai rancak menjelang separuh ke-2 2013 apabila pemulihan China lebih kukuh. Penurunan pertumbuhan perolehan mungkin berkurang dan kita boleh mengharapkan peningkatan perolehan tahun ini. Rantau ini akan terus bergantung pada penggunaan domestik dan pelaksanaan projek infrastruktur kerajaan untuk mengekalkan pertumbuhan. Bursa Malaysia sebahagian besarnya akan terus bergerak dalam jajaran sempit buat masa ini. Persekitaran luaran yang lebih baik bukanlah tumpuan pelabur domestik kerana mereka bimbang akan keputusan Pilihan Raya Umum yang akan diadakan. Kami menjangka pasaran akan berada dalam keadaan sedemikian sehingga tamat pilihan raya. Dengan PER 2013 sebanyak 13.8x dan pertumbuhan EPS 7.9%, pasaran adalah pada premium berbanding dengan rantau ini dan dengan pertumbuhan EPS yang lebih
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rendah. Nampaknya pengurus dana terpaksa terus bergantung pada pemilihan saham untuk mengatasi prestasi pasaran kerana lonjakan meluas pasaran tidak akan berlaku dalam tempoh terdekat ini.
Strategi
Pasaran Ekuiti Kami berhasrat untuk terus melabur dengan banyak dengan pendedahan ekuiti melebihi 85% supaya Dana ini akan menyertai sepenuhnya dalam sebarang lonjakan pasaran seterusnya. Dari segi sektor, Dana akan terus memegang wajaran berlebihan dalam saham defensif F&N, runcit dan penjagaan kesihatan. Kami merancang untuk mengambil untung ke atas saham telco selepas lantunan kukuh dalam harga saham pada bulan Disember. Dana ini akan terus neutral dalam bank dan memegang wajaran kurang dalam perladangan. Dana ini juga dilaraskan dan diperkemaskan untuk meningkatkan beta dengan menambahkan saham minyak & gas kitaran dan saham teknologi.
5 Pegangan Teras Teratas (Seperti pada 31 Disember 2012)

5 Pegangan Ekuiti Teratas Axiata Group Berhad Telekom Malaysia Berhad Malayan Banking Berhad Pos Malaysia Berhad Aeon Co. M Berhad Wajaran% 8.81% 7.14% 5.14% 3.85% 3.66%
Perumpukan Aset (Seperti pada 31 Disember 2012)

Ekuiti : 82.17% Tunai : 17.83% Jumlah : 100.00%
Yuran Pengurusan
Yuran pengurusan Dana sebanyak 1.50% adalah dicaj atas Dana sepanjang tahun. Ia dikira secara harian berdasarkan nilai aset bersih Dana.
Dana Equity ditanggung jamin oleh Manulife Insurance Berhad dan diurus oleh CIMB-Principal Asset Mnagement Berhad. Laporan ini disediakan oleh pengurus-pengurus untuk tujuan maklumat sahaja.
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DANA MANAGED TK 2012

Objektif Dana
Objektif pelaburan Dana ini ialah untuk menyediakan kenaikan nilai modal kepada pelabur dalam jangka panjang dengan melabur dalam pelbagai ekuiti, serta menikmati perlindungan daripada pelbagai sekuriti pendapatan tetap.
Kajian Pelaburan
Pasaran Ekuiti Pemulihan yang kukuh dalam pasaran global pada akhir 2011 berterusan ke tahun 2012. Aset risiko pulih dengan ekuiti beta tinggi dan bon berkadar hasil tinggi menerajui lonjakan. Nilai mata wang Pasaran Sedang Muncul (EM) naik, komoditi mendapat bida dan bon kerajaan yang selamat terkebelakang. Operasi Pembiayaan Semula Jangka Panjang (LTRO) Bank-Bank Pusat Eropah (ECB) mula memberikan kesan dan Rizab Persekutuan Amerika Syarikat (AS) memberikan petanda dasar yang sungguh longgar dengan melanjutkan tempoh kadar sifar selama 18 bulan lagi sehingga tahun 2014. Penunjuk ekonomi global pada umumnya menokok tanpa disangka, menguatkan harapan bahawa risiko penurunan telah berkurangan. Suasana kesanggupan yang lebih tinggi di kalangan pelabur untuk menanggung risiko (risk-on) berterusan pada bulan Februari selepas Bank Pusat Eropah mengumumkan Operasi Pembiayaan Semula Jangka Panjang (LTRO) yang kedua bertempoh 3 tahun dengan sejumlah EUR529 bilion akhirnya diambil oleh 800 bank. Tindakan Bank Pusat Global terus amat akomodatif. Pada bulan Mac, pasaran memasuki fasa baru. Kecairan terus melimpah, tetapi Amerika Syarikat terus mencatatkan pertumbuhan yang perlahan. Bagi Eropah pula, ternyata bahawa masalah krisis hutang yang dihadapi akan berpanjangan disebabkan pendekatan sedikit demi sedikit yang diambil oleh Bank Pusat Eropah dalam mengendalikan krisis itu. Kemelesetan yang muncul di Eropah adalah negatif bagi pertumbuhan ekonomi global untuk masa akan datang. Ekoran itu, kadar pertumbuhan perolehan telah dikurangkan di Asia Pasifik kecuali Jepun dan juga di Malaysia. Dalam senario sedemikian, pelabur membuat keputusan untuk mengambil jalan selamat dengan memilih pelaburan yang memberikan pulangan dividen. Bursa Malaysia mengalami pembetulan tanpa sebarang hala tuju yang jelas. Aset risiko mengalami pemulihan kukuh pada Jun 2012. Faktor-faktor yang menolong membawa kepada lonjakan semula ini ialah pelabur tidak menaruh harapan yang tinggi terhadap sidang kemuncak Eropah dan pasaran kurang mengambil risiko. Dana bertempoh panjang sahaja dan dana lindung nilai telah mengurangkan beta portfolio dan meningkatkan tunai, sementara dana mutual ekuiti pula mengalami aliran keluar. Justeru itu, apabila berita baik mula keluar dari sidang kemuncak itu, aset risiko naik mendadak, menolong mengakhiri bulan Jun pada paras yang kukuh dan mengakibatkan kerugian yang kurang teruk bagi suku ke-2 2012. Pada bulan-bulan berikutnya, pasaran lebih memberi tumpuan kepada acara-acara dasar yang bakal berlangsung seperti mesyuarat Jawatankuasa Pasaran Terbuka Persekutuan (FOMC) pada bulan September dengan harapan agar lebih banyak pelonggaran kuantitatif (QE) dilaksanakan, mesyuarat Bank Pusat Eropah (ECB) pada 6 September untuk butir-butir mengenai program pembelian bon bertempoh pendeknya dan keputusan Mahkamah Perlembagaan Jerman tentang
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kesahan Mekanisme Kestabilan Eropah (ESM) pada 12 September. Sentimen meningkat selepas kesemua institusi ini menghasilkan keputusan yang lebih baik daripada jangkaan dalam mesyuarat dasar mereka. Rizab Persekutuan memperkenalkan pelonggaran kuantitatif terbuka pusingan ketiga (QE3) dalam sekuriti bersandarkan gadai janji (MBS). Walau bagaimanapun, pengumuman yang mengejutkan pasaran ialah program urus niaga kewangan terang-terangan (OMT) yang tidak terhad oleh ECB yang sebahagian besarnya menghapuskan risiko perpecahan Eropah. Pada bulan November, apabila berita tentang pilihan raya melanda pasaran, Bursa Malaysia mengalami jualan besar-besaran. Dana-dana asing mengurangkan wajaran di Malaysia dan berpindah ke pasaran Asia Pasifik kecuali Jepun yang sedang mengalami pemulihan, diperkukuhkan oleh OMT Eropah dan angka ekonomi yang semakin mengukuh yang keluar dari China. Pengurus dana tempatan juga menjual dan mengumpulkan tunai untuk mengunci keuntungan yang diraih bagi tahun itu. Bulan Disember sekali lagi terbukti sebagai bulan yang cemerlang bagi pasaran ekuiti. KLCI melonjak ke paras tertinggi baru 1,688.95 mata disebabkan aktiviti memperelok akaun (window dressing) dan pelabur mengatur kedudukan portfolio mereka menjelang Tahun Baru. Saham Telco mencatatkan lantunan, sementara pencarian saham murah perbankan seperti Public Bank dan AMMB juga memberi sokongan kepada bursa tempatan. Dalam tempoh bawah kajian, Indeks FBM100 melonjak 9.6%. Pendapatan Tetap Bagi tempoh bawah kajian, keluk hasil bull Sekuriti Kerajaan Malaysia (MGS) mendatar dengan penanda aras 3 tahun, 5 tahun dan 10 tahun berubah masing-masing sebanyak -5 mata asas kepada 3.02%, -2 mata asas kepada 3.24% dan -22 mata asas kepada 3.51%. Prestasi menaik keluk hasil berdaulat ini disebabkan terutamanya oleh gabungan faktor jangkaan potongan kadar, persekitaran inflasi yang rendah dan sokongan teguh daripada pelabur tempatan dan asing. Dalam Sekuriti Hutang Swasta (PDS), kadar hasil bon korporat menikmati pergerakan menaik bagi kesemua bahagian keluk kecuali sektor AAA 10 tahun. Bagi bahagian keluk 3 tahun, sektor AAA mengecil sebanyak 4 mata asas, sementara sektor AA dan A masing-masing mengecil sebanyak 9 mata asas dan 18 mata asas. Bagi bahagian keluk 5 tahun, sektor AAA mengecil sebanyak 9 mata asas, manakala sektor AA dan A masing-masing mengecil sebanyak 15 mata asas dan 22 mata asas. Bagi bahagian keluk 10 tahun, sektor AAA meningkat sebanyak 1 mata asas, manakala kedua-dua sektor AA dan A mengecil sebanyak 11 mata asas. Data ekonomi bagi tahun tersebut menunjukkan bahawa ekonomi Malaysia mampu bertahan daripada persekitaran pertumbuhan global yang perlahan dengan mencatatkan pertumbuhan Keluaran Dalam Negara Kasar (KDNK) melebihi 5% bagi tahun itu, iaitu lebih baik daripada yang dijangkakan sebelumnya. Ekonomi disokong oleh penggunaan tempatan dan pelaburan. Inflasi juga menurun dalam tempoh bawah kajian yang merupakan petanda baik bagi pelaburan pendapatan tetap. Kalendar Lelongan Sekuriti Kerajaan 2013 menunjukkan 30 tender terbuka berbanding dengan 28 tender terbuka pada tahun 2012. Tiga daripada tender pada tahun 2013 adalah lelongan terbitan baru SPK. MGS akan dilanjutkan dengan pengenalan terbitan MGS 30 tahun dan terbitan GII 20 tahun.
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Tinjauan
Pasaran Ekuiti Persekitaran luaran bertambah baik tetapi pertumbuhan ekonomi global akan terus di bawah trend jangka panjang. Kecairan akan terus melimpah kerana Rizab Persekutuan komited untuk meneruskan pembelian bon sehingga kadar pengangguran turun bawah 6.5%. Seperti yang telah disebutkan sebelum ini, program Urus Niaga Pasaran Terang-terangan (OMT) yang dilaksanakan oleh Bank Pusat Eropah telah menghapuskan risiko susulan perpecahan Eropah. Di Amerika Syarikat, ekonomi kian mengukuh. Jualan runcit terus positif walaupun angka baru-baru ini lebih lemah sedikit. Jualan rumah baru dan jualan rumah sedia ada menunjukkan pemulihan dalam pasaran harta. Harga rumah naik semula dari paras terendah. Eropah terus berada dalam kancah kemelesetan tetapi penguncupan di negara-negara pinggiran diimbangi oleh pertumbuhan perlahan di Jerman. Dengan sedikit pemulihan dalam Indeks Pengurus Pembelian (PMI) Eropah baru-baru ini, ada harapan bahawa kemelesetan tidak akan seteruk yang dijangka. Di Asia Pasifik kecuali Jepun, ekonomi China barangkali telah melepasi paras terendah dan pertumbuhan KDNK 2013 dijangka pada kadar 7.0-8.0%. Kami percaya momentum pertumbuhan di Asia Pasifik kecuali Jepun akan mulai rancak menjelang separuh ke-2 2013 apabila pemulihan China lebih kukuh. Penurunan pertumbuhan perolehan mungkin berkurang dan kita boleh mengharapkan peningkatan perolehan tahun ini. Rantau ini akan terus bergantung pada penggunaan domestik dan pelaksanaan projek infrastruktur kerajaan untuk mengekalkan pertumbuhan. Bursa Malaysia sebahagian besarnya akan terus bergerak dalam jajaran sempit buat masa ini. Persekitaran luaran yang lebih baik bukanlah tumpuan pelabur domestik kerana mereka bimbang akan keputusan Pilihan Raya Umum yang akan diadakan. Kami menjangka pasaran akan berada dalam keadaan sedemikian sehingga tamat pilihan raya. Dengan PER 2013 sebanyak 13.8x dan pertumbuhan EPS 7.9%, pasaran adalah pada premium berbanding dengan rantau ini dan dengan pertumbuhan EPS yang lebih rendah. Nampaknya pengurus dana terpaksa terus bergantung pada pemilihan saham untuk mengatasi prestasi pasaran kerana lonjakan meluas pasaran tidak akan berlaku dalam tempoh terdekat ini. Pendapatan Tetap Dengan pasaran pada umumnya menjangkakan persekitaran pertumbuhan global yang lembap dan tiada pengurangan dalam pelonggaran kewangan global, dagangan mata wang akan masih memperoleh kemenangan di rantau ini. Dengan pertumbuhan tahun 2013 dianggarkan di antara 4.5 hingga 5.5% pada tahun 2013 (anggaran rasmi oleh Kementerian Kewangan), serta persekitaran kadar faedah benar yang positif, kami menjangka Malaysia akan terus menjadi penerima dana luar pesisir. Kami meramalkan lebih banyak penawaran pada perut keluk (di antara 4-7 tahun) kerana BNM berhasrat untuk melicinkan jadual kematangan hutang kerajaan yang belum dijelaskan. Bahagian keluk yang bertempoh panjang (kematangan lebih daripada 10 tahun) akan disokong oleh pencen, insurans dan penggiat luar pesisir. Oleh itu, kami percaya keluk hasil akan berpintal pada perut disebabkan penawaran yang lebih besar. Volum pasaran juga dijangka sihat, dengan pembinaan kedudukan awal tahun oleh penggiat pasaran. Selain itu, Mesyuarat Dasar Kewangan (MPC)
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pertama tahun itu yang diadakan pada 30 hingga 31 Januari 2013 tidak sepatutnya memberikan sebarang kejutan, dan BNM dijangka ramai akan mengekalkan kadar faedahnya pada paras 3%. Semua perhatian akan tertumpu kepada pengumuman tarikh Pilihan Raya Umum yang mesti diputuskan selewat-lewatnya pada suku pertama 2013. Tarikh akhir bagi parlimen dibubarkan ialah 28 April 2013 dan pilihan raya mesti diadakan dalam tempoh 60 hari kalendar sebelum 28 Jun 2013. Sehingga risiko tidak terjual disebabkan ketidaktentuan tarikh pilihan raya ini disingkirkan, kami menjangka pasaran akan bergerak dalam dagangan meminggir kerana penggiat utama tempatan akan mengelak daripada mengambil kedudukan besar sehingga kedudukan perkembangan politik di Malaysia menjadi lebih jelas. Keputusan yang menggalakkan dan tegas akan mempunyai implikasi kepada penyatuan fiskal, pelaksanaan Cukai Barang dan Perkhidmatan (GST) serta pembaharuan dalam sistem subsidi. Kami masih mengharapkan penawaran bon korporat utama melimpah dalam tempoh terdekat ini. Penawaran pada separuh pertama 2013 kemungkinan besar melebihi separuh kedua kerana penerbit yang tidak berjaya membuat terbitan pada tahun 2012 akan ingin benar untuk menerokai pasaran bon awal tahun ini. Spread kredit mungkin meluas awal tahun ini, tetapi mengecil menjelang bulan Mac apabila tarikh Pilihan Raya Umum diumumkan.
Strategi
Pasaran Ekuiti Kami berhasrat untuk terus melabur dengan banyak dengan pendedahan ekuiti melebihi 85% supaya Dana ini akan menyertai sepenuhnya dalam sebarang lonjakan pasaran seterusnya. Dari segi sektor, Dana akan terus memegang wajaran berlebihan dalam saham defensif F&N, runcit dan penjagaan kesihatan. Kami merancang untuk mengambil untung ke atas saham telco selepas lantunan kukuh dalam harga saham pada bulan Disember. Dana ini akan terus neutral dalam bank dan memegang wajaran kurang dalam perladangan. Dana ini juga dilaraskan dan diperkemaskan untuk meningkatkan beta dengan menambahkan saham minyak & gas kitaran dan saham teknologi. Pendapatan Tetap Strategi kami adalah seperti berikut: Kami mensasarkan portfolio yang defensif memandangkan peristiwa politik yang akan datang, iaitu pilihan raya umum 2013 dan perubahan dasar selepasnya dengan memegang tempoh yang neutral berbanding penanda aras. Walau bagaimanapun, kami berhasrat untuk mengambil kesempatan ke atas perluasan kredit prapilihan raya yang dijangka dialami dengan berpindah keluar secara berpilih daripada pemegangan bon korporat kami sekarang ini untuk peningkatan kadar hasil yang lebih tinggi. Kami juga percaya bahawa akan wujud peluang dagangan yang singkat dalam MGS bagi beberapa bulan pertama tahun tersebut. Penawaran bersih MGS/GII bagi suku pertama 2013 adalah terendah, berserta pembinaan kedudukan, sokongan dan menyediakan peluang dagangan untuk pasaran bon kerajaan.
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5 Pegangan Tertinggi (Seperti pada 31 Disember 2012)

5 Pegangan Ekuiti Teras Tertinggi Axiata Group Berhad Telekom Malaysia Berhad Malayan Banking Berhad Aeon Co. M Berhad Top Glove Corp. Berhad Wajaran% 7.89% 5.93% 4.56% 3.75% 3.40% Wajaran% 3.71% 2.97% 2.88% 2.21% 1.77%
5 Pegangan Pendapatan Tetap Teras Tertinggi Ara Bintang Berhad Sports Toto Malaysia Sdn Bhd Hong Leong Bank Bhd Sabah Development Bank Konsortium Lebuh Utara Timur
Pendedahan Aset (Seperti pada 31 Disember 2012)

Ekuiti : 71.46% Pendapatan Tetap : 19.89% Tunai : 8.65% Jumlah : 100.00%
Yuran Pengurusan
Dana Managed ditanggung jamin oleh Manulife Insurance Berhad dan diurus oleh CIMB-Principal Asset Management Berhad. Laporan ini disediakan oleh pengurus-pengurus untuk tujuan maklumat sahaja.
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DANA INCOME TK 2012

Objektif Dana
Objektif pelaburan Dana ini ialah untuk menyediakan pulangan yang mantap kepada pelabur melalui pengumpulan modal dalam jangka panjang. Ia sesuai untuk pelabur yang mencari kestabilan pelaburan pokok dan pulangan yang lebih tinggi berbanding dengan deposit bank tetapi dengan penerimaan risiko kepada modal yang dilaburkan.
Kajian Pelaburan
ada tahun 2012, pasaran bon tempatan melonjak, terutama bagi Sekuriti Kerajaan Malaysia (MGS) kerana peralihan kepada aset pelaburan yang lebih selamat menyaksikan pelabur-pelabur asing mencari perlindungan di Malaysia. Ketidaktentuan ekonomi global terutama di Eropah dan Amerika Syarikat (AS) serta kadar faedah yang sangat rendah merupakan faktor pemacunya. Pemegangan asing MGS melonjak kepada melebihi 30% daripada jumlah terbitan pada akhir 2012 berbanding dengan 26.6% pada akhir tahun 2011. Kadar hasil MGS dalam semua tempoh pemegangan merosot dan spread berbanding Kadar Dasar Semalaman (OPR) mengecil apabila kadar faedah penanda aras dikekalkan pada paras 3.0% sepanjang tahun itu. Minat terhadap Sekuriti Hutang Swasta (PDS) juga aktif pada tahun 2012 apabila pelabur mencari peningkatan kadar hasil berbanding dengan terbitan kerajaan. Sebahagian besar dagangan tertumpu kepada bon gred tinggi, kebanyakannya surat niaga yang bertaraf AAA dan AA. Kami menjangka ekonomi global akan beransur-ansur pulih pada tahun 2013, bertambah rancak pada separuh ke-2. Sementara itu, cabaran dalam krisis fiskal dan hutang dalam ekonomi maju dan tarikh akhir yang akan menjelang (contohnya, melanjutkan had maksimum hutang AS hingga akhir Februari 2013, Pilihan Raya Umum Malaysia yang bakal diadakan selewat-lewatnya 28 April 2013) mungkin akan menyebabkan pelabur berhati-hati. Ketidaktentuan ini dijangka menyebabkan pasaran terus bon rancak. Dasar kewangan BNM dijangka terus akomodatif kepada pertumbuhan, dan OPR mungkin terus tidak berubah pada paras 3.0% pada tahun 2013.
Tinjauan Pasaran
Ekonomi Malaysia dijangka mengalami pertumbuhan pada kadar yang lebih pesat sedikit pada tahun 2013 berbanding dengan 2012. Selain itu, inflasi diunjurkan meningkat kepada 2.0% tahun depan (2012: +1.6%) disebabkan pelaksanaan dasar gaji minimum dan perasionalan subsidi selanjutnya. Walaupun inflasi dijangka lebih tinggi pada tahun 2013, ia kemungkinan tetap dapat diurus dan tidak mungkin memberi ancaman yang besar kepada ekonomi tempatan. Ini akan memberi lebih ruang bagi BNM memastikan kadar polisinya terus stabil sehingga pemulihan ekonomi lebih kukuh. Oleh itu, BNM kemungkinan akan mengekalkan Kadar Dasar Semalamannya (OPR) pada paras 3.0% pada tahun 2013. Sementara itu, pertumbuhan global dijangka tidak lancar pada tahun 2013 dalam suasana pemulihan sukar yang berterusan dalam ekonomi maju. Krisis hutang berdaulat Eropah masih tiada penyelesaian sementara negara-negara Kesatuan Eropah (EU) masih diselubungi keadaan ekonomi
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yang bertambah buruk. Walaupun persekitaran luaran akan mendatangkan risiko kepada pertumbuhan ekonomi Malaysia pada tahun 2013, namun risiko ini akan kurang kerana pertumbuhan masa depan dijangka akan disokong terutamanya oleh permintaan domestik. Tahun 2013 akan merupakan satu lagi tahun yang memberangsangkan dari segi tawaran baru hutang kerajaan. Secara keseluruhannya, peminjaman kasar kerajaan bagi tahun 2013 dianggarkan kira-kira RM93.0 bilion. Walaupun pemegangan saham asing yang mencecah paras tertinggi dalam bon domestik menambahkan kebimbangan tentang kesan keterbalikan aliran modal yang mengejut, sebarang risiko aliran keluar modal dijangka dikurangkan oleh permintaan domestik seperti yang disaksikan pada tahun 2012.
Strategi
Bagi tempoh akan datang, strategi kami bagi Dana ini ialah untuk mengekalkan kedudukan tempoh yang neutral, mengutamakan bon korporat gred pelaburan untuk peningkatan hasil yang lebih baik dan dagangan oportunistik yang timbul daripada pasaran meruap.
Penyata Portfolio
Sekuriti Bon Korporat Tidak Disebut Harga & Tidak Bercagar Bon Terjamin Kerajaan Jumlah Nilai Buku Bersih (RM) 11,855,305.15 6,256,822.24 18,112,127.39 Nilai Pasaran (RM) 11,968,030.00 6,310,060.00 18,278,090.00 % ke atas Nilai Aset Bersih 61.17% 32.25% 93.43%
5 Pegangan Bon Teratas (Seperti pada 31 Disember 2012)

Kupon 8.65% 5.30% 5.70% 4.38% 4.68% Pegangan Jimah Energy Ventures Sdn Bhd GB Services Bhd Bank Pembangunan Malaysia Bhd Malaysia Government Securities (MO090002) Malaysia Airports Capital Bhd Tarikh Matang 10/11/17 08/11/19 25/04/16 29/11/19 16/12/22 Wajaran% 6.77% 5.46% 5.43% 5.41% 5.41%
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Yuran Pengurusan
Dana Income ditanggung jamin oleh Manulife Insurance Berhad dan diurus oleh Manulife Asset Management Services Berhad (dahulu dikenali sebagai Manulife Unit Trusts Berhad). Laporan ini disediakan oleh pengurus-pengurus untuk tujuan maklumat sahaja.
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DANA EKUITI DINAMIK TK 2011

Objektif Dana
Objektif pelaburan Dana Ekuiti Dinamik ialah untuk memaksimumkan kenaikan nilai modal dalam jangka sederhana hingga panjang dengan melabur dalam ekuiti patuh Syariah dan sekuriti berkaitan ekuiti yang tersenarai di Bursa Malaysia.
Kajian Pelaburan
Pasaran Ekuiti Pemulihan yang kukuh dalam pasaran global pada akhir 2011 berterusan ke tahun 2012. Aset risiko pulih dengan ekuiti beta tinggi dan bon berkadar hasil tinggi menerajui lonjakan. Nilai mata wang Pasaran Sedang Muncul (EM) naik, komoditi mendapat bida dan bon kerajaan yang selamat terkebelakang. Operasi Pembiayaan Semula Jangka Panjang (LTRO) Bank-Bank Pusat Eropah (ECB) mula memberikan kesan dan Rizab Persekutuan Amerika Syarikat (AS) memberikan petanda dasar yang sungguh longgar dengan melanjutkan tempoh kadar sifar selama 18 bulan lagi sehingga tahun 2014. Penunjuk ekonomi global pada umumnya menokok tanpa disangka, menguatkan harapan bahawa risiko penurunan telah berkurangan. Suasana kesanggupan yang lebih tinggi di kalangan pelabur untuk menanggung risiko (risk-on) berterusan pada bulan Februari selepas Bank Pusat Eropah mengumumkan Operasi Pembiayaan Semula Jangka Panjang (LTRO) yang kedua bertempoh 3 tahun dengan sejumlah EUR529 bilion akhirnya diambil oleh 800 bank. Tindakan Bank Pusat Global terus amat akomodatif. Pada bulan Mac, pasaran memasuki fasa baru. Kecairan terus melimpah, tetapi Amerika Syarikat terus mencatatkan pertumbuhan yang perlahan. Bagi Eropah pula, ternyata bahawa masalah yang dihadapi akan berpanjangan disebabkan pendekatan sedikit demi sedikit yang diambil oleh Bank Pusat Eropah dalam mengendalikan krisis itu. Kemelesetan yang muncul di Eropah adalah negatif bagi pertumbuhan ekonomi global untuk masa akan datang. Ekoran itu, kadar pertumbuhan perolehan telah dikurangkan di Asia Pasifik kecuali Jepun dan juga di Malaysia. Dalam senario sedemikian, pelabur membuat keputusan untuk mengambil jalan selamat dengan memilih pelaburan yang memberikan pulangan dividen. Bursa Malaysia mengalami pembetulan tanpa sebarang hala tuju yang jelas. Aset risiko mengalami pemulihan kukuh pada Jun 2012. Faktor-faktor yang menolong membawa kepada lonjakan semula ini ialah pelabur tidak menaruh harapan yang tinggi terhadap sidang kemuncak Eropah dan pasaran kurang mengambil risiko. Dana bertempoh panjang sahaja dan dana lindung nilai telah mengurangkan beta portfolio dan meningkatkan tunai, sementara dana mutual ekuiti pula mengalami aliran keluar. Justeru itu, apabila berita baik mula keluar dari sidang kemuncak itu, aset risiko naik mendadak, menolong mengakhiri bulan Jun pada paras yang kukuh dan mengakibatkan kerugian yang kurang teruk bagi suku ke-2 2012. Pada bulan-bulan berikutnya, pasaran lebih memberi tumpuan kepada acara-acara dasar yang bakal berlangsung seperti mesyuarat Jawatankuasa Pasaran Terbuka Persekutuan (FOMC) pada bulan September dengan harapan agar lebih banyak pelonggaran kuantitatif (QE) dilaksanakan, mesyuarat Bank Pusat Eropah (ECB) pada 6 September untuk butir-butir mengenai program
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pembelian bon bertempoh pendeknya dan keputusan Mahkamah Perlembagaan Jerman tentang kesahan Mekanisme Kestabilan Eropah (ESM) pada 12 September. Sentimen meningkat selepas kesemua institusi ini menghasilkan keputusan yang lebih baik daripada jangkaan dalam mesyuarat dasar mereka. Rizab Persekutuan memperkenalkan pelonggaran kuantitatif terbuka pusingan ketiga (QE3) dalam sekuriti bersandarkan gadai janji (MBS). Walau bagaimanapun, pengumuman yang mengejutkan pasaran ialah program urus niaga kewangan terang-terangan (OMT) yang tidak terhad oleh ECB yang sebahagian besarnya menghapuskan risiko perpecahan Eropah. Pada bulan November, apabila berita tentang pilihan raya melanda pasaran, Bursa Malaysia mengalami jualan besar-besaran. Dana-dana asing mengurangkan wajaran di Malaysia dan berpindah ke pasaran Asia Pasifik kecuali Jepun yang sedang mengalami pemulihan, diperkukuhkan oleh OMT Eropah dan angka ekonomi yang semakin mengukuh yang keluar dari China. Pengurus dana tempatan juga menjual dan mengumpulkan tunai untuk mengunci keuntungan yang diraih bagi tahun itu. Bulan Disember sekali lagi terbukti sebagai bulan yang cemerlang bagi pasaran ekuiti. KLCI melonjak ke paras tertinggi baru 1,688.95 mata disebabkan aktiviti memperelok akaun (window dressing) dan pelabur mengatur kedudukan portfolio mereka menjelang Tahun Baru. Saham Telco mencatatkan lantunan, sementara pencarian saham murah perbankan seperti Public Bank dan AMMB juga memberi sokongan kepada bursa tempatan. Dalam tempoh bawah kajian, penanda aras Indeks FBMS melonjak 11.85%.
Tinjauan
Pasaran Ekuiti Persekitaran luaran bertambah baik tetapi pertumbuhan ekonomi global akan terus di bawah trend jangka panjang. Kecairan akan terus melimpah kerana Rizab Persekutuan komited untuk meneruskan pembelian bon sehingga kadar pengangguran turun bawah 6.5%. Seperti yang telah disebutkan sebelum ini, program Urus Niaga Pasaran Terang-terangan (OMT) yang dilaksanakan oleh Bank Pusat Eropah telah menghapuskan risiko susulan perpecahan Eropah. Di Amerika Syarikat, ekonomi kian mengukuh. Jualan runcit terus positif walaupun angka baru-baru ini lebih lemah sedikit. Jualan rumah baru dan jualan rumah sedia ada menunjukkan pemulihan dalam pasaran harta. Harga rumah naik semula dari paras terendah. Eropah terus berada dalam kancah kemelesetan tetapi penguncupan di negara-negara pinggiran diimbangi oleh pertumbuhan perlahan di Jerman. Dengan sedikit pemulihan dalam Indeks Pengurus Pembelian (PMI) Eropah baru-baru ini, ada harapan bahawa kemelesetan tidak akan seteruk yang dijangka. Di Asia Pasifik kecuali Jepun, ekonomi China barangkali telah melepasi paras terendah dan pertumbuhan Keluaran Dalam Negara Kasar (KDNK) 2013 dijangka pada kadar 7.0-8.0%. Kami percaya momentum pertumbuhan di Asia Pasifik kecuali Jepun akan mulai rancak menjelang separuh ke-2 2013 apabila pemulihan China lebih kukuh. Penurunan pertumbuhan perolehan mungkin berkurang dan kita boleh mengharapkan peningkatan perolehan tahun ini. Rantau ini akan terus bergantung pada penggunaan domestik dan pelaksanaan projek infrastruktur kerajaan untuk mengekalkan pertumbuhan.
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Bursa Malaysia sebahagian besarnya akan terus bergerak dalam jajaran sempit buat masa ini. Persekitaran luaran yang lebih baik bukanlah tumpuan pelabur domestik kerana mereka bimbang akan keputusan Pilihan Raya Umum yang akan diadakan. Kami menjangka pasaran akan berada dalam keadaan sedemikian sehingga tamat pilihan raya. Dengan PER 2013 sebanyak 13.8x dan pertumbuhan EPS 7.9%, pasaran adalah pada premium berbanding dengan rantau ini dan dengan pertumbuhan EPS yang lebih rendah. Nampaknya pengurus dana terpaksa terus bergantung pada pemilihan saham untuk mengatasi prestasi pasaran kerana lonjakan meluas pasaran tidak akan berlaku dalam tempoh terdekat ini.
Strategi
Pasaran Ekuiti Kami berhasrat untuk terus melabur dengan banyak dengan pendedahan ekuiti melebihi 85% supaya Dana ini akan menyertai sepenuhnya dalam sebarang lonjakan pasaran seterusnya. Dari segi sektor, Dana akan terus memegang wajaran berlebihan dalam saham defensif F&N, runcit dan penjagaan kesihatan. Kami merancang untuk mengambil untung ke atas saham telco selepas lantunan kukuh dalam harga saham pada bulan Disember. Dana ini akan terus neutral dalam bank dan memegang wajaran kurang dalam perladangan. Dana ini juga dilaraskan dan diperkemaskan untuk meningkatkan beta dengan menambahkan saham minyak & gas kitaran dan saham teknologi.
5 Pegangan Teratas (Seperti pada 31 Disember 2012)

5 Pegangan Teratas Axiata Group Berhad Telekom Malaysia Berhad Top Glove Corp Berhad Pos Malaysia Berhad BIMB Holding Berhad Wajaran% 8.75% 6.96% 5.05% 4.69% 4.57%

Equiti : 84.13% Tunai : 15.87% Jumlah : 100.00%
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Yuran Pengurusan
Dana Ekuiti Dinamik ditanggung jamin oleh Manulife Insurance Berhad dan diurus oleh CIMB-Principal Asset Management Berhad. Laporan ini disediakan oleh pengurus-pengurus untuk tujuan maklumat sahaja.
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DANA MANULIFE FLEXI INVEST TK 2012

Objektif Dana
Objektif pelaburan Dana Manulife Flexi Invest ialah untuk menyediakan kenaikan nilai modal dalam jangka sederhana hingga panjang. Dana ini boleh melabur di antara 0-100% daripada NAB Dana dalam ekuiti dan instrumen berkaitan ekuiti dan/atau sekuriti pendapatan tetap (termasuk tetapi tidak terhad kepada instrumen pasaran wang dan aset cair lain). Dana ini juga boleh melabur sehingga 30% dalam pasaran asing.
Kajian Pelaburan
Pasaran Malaysia mengalami suasana yang agak meruap pada tahun 2012 yang dicirikan oleh dagangan tanggung risiko/elak risiko (risk-on/risk-off), membayangkan ketidaktentuan tentang tinjauan masa depan ekonomi global, terbitan hutang berdaulat di Eropah, dan negara-negara utama seperti Amerika Syarikat (AS), China dan Jepun pula berhadapan dengan pilihan raya / peralihan politik. FBM KLCI memulakan tahun 2012 dalam mod yang sederhana berbanding dengan pasaran serantau. Pelabur mengerumuni pasaran beta tinggi terutamanya di Asia Utara. Tiga perkembangan utama yang mewajarkan kesanggupan yang lebih tinggi di kalangan pelabur untuk menanggung risiko ialah spread Euribor yang semakin mengecil, data ekonomi China dan AS yang lebih baik dan kesediaan Rizab Persekutuan untuk terus mengamalkan pendirian yang menyokong pemulihan ekonomi AS. Seperti biasa, memandangkan cirinya yang defensif, prestasi Malaysia sebanyak +4.3% pada suku pertama 2012 berbanding sukuan sebelumnya adalah lebih rendah daripada prestasi Indeks MSCI Asia kecuali Jepun sebanyak +13.4% berbanding sukuan sebelumnya. Namun begitu, pasaran kita mengejar dan akhirnya mengatasi prestasi pasaran rantau ini pada suku ke-2 dan awal suku ke-3 2012. Kebimbangan tentang terbitan hutang di Sepanyol mencetuskan pengambilan untung pada Mei 2012 dan menyebabkan pelabur mencari perlindungan dalam pasaran defensif. Meningkatnya kebimbangan tentang kemungkinan Greek keluar dari Eropah juga menambahkan sentimen yang sudah sedia rapuh. Sektor seperti telekomunikasi dan ruji pengguna mengalami belian pada bulan Jun-Ogos 2012 yang meningkatkan prestasi FBM KLCI. Daripada paras terendah 1,532.46 mata pada 18 Mei 2012, pasaran kita melonjak berterusan untuk mengakhiri bulan Ogos pada paras 1,646.11 mata, naik sebanyak +7.4%, manakala Indeks MSCI Asia kecuali Jepun agak lesu sebanyak +4.2% dalam tempoh yang sama. Walau bagaimanapun, pergerakan menaik ini tidaklah lancar sepenuhnya. Kenaikan ini mengalami dua penurunan singkat pada September dan November 2012. Pada September 2012, timbulnya semula kebimbangan tentang pilihan raya umum yang awal dan kebimbangan tentang kemungkinan berlakunya penurunan penarafan berdaulat Malaysia menjejaskan pasaran. Sementara itu, kelemahan pasaran pada November 2012 dipercayai disebabkan oleh aktiviti pengambilan untung terutamanya ke atas syarikat-syarikat telekomunikasi oleh dana yang berpindah balik ke Asia Utara apabila peralihan pucuk pimpinan China berjalan lancar. Namun, pada Disember 2012, FBM KLCI mencatatkan lantunan dan menutup tahun itu pada paras tertinggi 1,688.95 mata, dibantu oleh aktiviti memperelok akaun (window dressing) pada hari dagangan terakhir tahun 2012. Sektor defensif seperti telekomunikasi dan ruji pengguna melantun
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daripada jualan besar-besaran pada November 2012, sementara pencarian saham murah kitaran seperti saham perladangan juga menolong melonjakkan indeks. Pada keseluruhannya, FBM KLCI mengakhiri tahun tersebut dengan peningkatan 10.3% berbanding tahun sebelumnya, iaitu lebih rendah daripada prestasi Indeks MSCI Asia kecuali Jepun sebanyak +19.4% berbanding tahun sebelumnya.
Tinjauan
Tahun 2013 mungkin menjadi tahun yang lebih baik bagi pasaran ekuiti. Pasaran ekuiti Asia akan mendapat manfaat daripada timbulnya semula keyakinan terhadap pertumbuhan AS dan China, diiringi dengan inflasi yang dapat diurus dan risiko dasar yang lebih rendah dalam keadaan risiko peristiwa yang semakin berkurangan kerana peralihan politik yang amat dinanti-nantikan dalam dua ekonomi utama ini kini telah terlaksana. Selain itu, risiko perpecahan besar Eropah nampaknya berkurangan, terutamanya selepas Bank Pusat Eropah menyatakan kesediaannya untuk melakukan apa sahaja yang perlu bagi menyelamatkan Euro. Sementara itu, dasar kewangan dan fiskal di Asia terus akomodatif.
Strategi
Strategi kami ialah terus mencari saham dengan penilaian murah yang disokong oleh perolehan yang terjamin. Saham ini kebanyakannya merupakan saham kitaran permodalan besar. Kami juga mengimbangkan portfolio dengan saham yang mendatangkan pulangan dividen yang tinggi yang bertindak sebagai penstabil portfolio. Kami percaya persekitaran kadar faedah yang rendah pada masa ini akan terus mencetuskan permintaan untuk saham yang memberikan kadar hasil tinggi yang lebih selamat. Penstabil ini kebanyakannya merupakan saham yang mempunyai aliran tunai yang stabil dan kunci kira-kira yang teguh yang menolong memastikan kemampanan pembayaran.

5 Pegangan Teratas Malayan Banking Berhad Axiata Group Berhad Sime Darby Berhad Lafarge Malayan Cement Berhad AMMB Holdings Berhad Wajaran% 5.61% 4.37% 4.07% 3.86% 3.50%

Equiti : 84.61% Tunai : 15.39% Jumlah : 100.00%
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Yuran Pengurusan
Dana Manulife Flexi Invest ditanggung jamin oleh Manulife Insurance Berhad dan diurus oleh Manulife Asset Management Services Berhad (dahulu dikenali sebagai Manulife Unit Trusts Berhad). Laporan ini disediakan oleh pengurus-pengurus untuk tujuan maklumat sahaja.
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DANA ASING
DANA MANULIFE EMERGING EASTERN EUROPE

Objektif Dana
Dana Manulife Emerging Eastern Europe mensasarkan untuk mencapai pertumbuhan modal menerusi pelaburan secara dasarnya dalam sekuriti yang tersenarai atau didagangkan di bursa saham negara-negara Eropah Tengah dan Eropah Timur.
Kajian Portfolio
Subdana menjanakan pulangan yang kukuh dalam tempoh bawah kajian walaupun ia mencatatkan prestasi yang lebih rendah daripada penanda arasnya apabila harga pasaran di seluruh dunia terus tertakluk kepada kemeruapan yang memuncak, dengan akibat-akibat yang negatif bagi pendekatan pemilihan saham pengurus subdana. Pendedahan kepada Rusia puratanya tinggi dalam tahun tersebut dan pemilihan saham di negara ini merupakan satu faktor di sebalik prestasi subdana yang kurang memberangsangkan. Pendedahan yang kurang kepada pasaran Poland yang mencatatkan prestasi yang tinggi juga mempunyai kesan negatif yang kecil. Pada peringkat sektor, kedudukan subdana dalam sektor perusahaan, dengan memberikannya pendedahan yang tinggi, pada umumnya positif. Prestasi mendapat sokongan daripada beberapa kedudukan di Turki. Ini termasuklah dalam syarikat pengeluar kenderaan pertanian, Turk Traktor, yang mendapat manfaat daripada keteguhan permintaan pengguna yang berterusan, dengan harga sahamnya juga diperkukuhkan oleh pembayaran dividen yang sihat. Pengeluar dan pengedar kereta, Tofas, merupakan sebuah lagi syarikat yang mendapat manfaat daripada keteguhan permintaan pengguna, dengan kedudukan ini juga menambah nilai yang besar. Syarikat pelombong emas, Koza Gold, meraih prestasi yang memberangsangkan dengan harga bulion terus berada pada paras tinggi tidak jauh daripada paras tertingginya. Di luar Turki, kedudukan dalam kumpulan kredit rumah, International Personal Finance, yang memberi tumpuan kepada Poland tetapi beroperasi di Eropah tengah, membawa keuntungan besar dengan harga sahamnya naik lebih daripada dua kali ganda dalam tahun tersebut berikutan prestasi dagangan pendasar yang kukuh yang menyokong kenaikan dividen dan program beli balik saham. Prestasi subdana yang kurang memberangsangkan banyak berpunca daripada pendedahannya di Rusia dengan syarikat penyiar, CTC Media, iaitu kedudukan luar penanda aras, mengalami kejatuhan harga saham berikutan angka bilangan penonton yang mengecewakan dan ketidaktentuan tentang butir-butir peralihan daripada analog kepada perkhidmatan digital di Rusia. Pendedahan kepada peruncitan di Rusia juga mempunyai kesan yang negatif, dengan keutamaan awal kepada OKEY dan X5 tidak lama kemudian digantikan dengan pendedahan kepada Magnit, peneraju pasaran. Walaupun kurang menarik dari sudut pandangan penilaian, Magnit adalah terbaik dalam kelasnya dengan prospek pertumbuhan yang cerah. Perubahan lain pada portfolio sepanjang tempoh bawah kajian termasuklah pemegangan baru dalam Eurasia Drilling. Syarikat ini, yang telah dipegang sebelum ini, merupakan pembekal rig gerudi dan kelengkapan lain kepada industri minyak dan gas Rusia. Oleh yang demikian, ia adalah satu cara untuk melabur dalam sektor minyak tanpa pendedahan langsung kepada kemeruapan harga minyak atau ketidaktentuan yang menyelubungi rejim cukai di Rusia. Sebaliknya, pendedahan portfolio
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kepada syarikat tenaga gergasi Rusia, iaitu Gazprom, yang kedudukan wajarannya sudah begitu rendah, dikurangkan lagi. Pengumuman program perbelanjaan modal besar-besaran menyebabkan harapan pelabur untuk mendapat pulangan yang memuaskan dalam jangka pendek adalah tipis.
Kajian Pasaran
Walaupun keuntungan awal diberi balik tidak lama kemudian dalam separuh pertama tahun tersebut, harga saham kemudiannya bergerak lebih tinggi secara umumnya yang menyebabkan kebanyakan pasaran sedang muncul Eropah menjanakan pulangan kukuh dalam tahun tersebut pada keseluruhannya. Sepanjang tempoh bawah kajian, harga saham mempamerkan kemeruapan yang ketara ketika berhadapan dengan ketidaktentuan yang menyelubungi beberapa situasi, termasuk tinjauan masa depan bagi aktiviti ekonomi global dan kedudukan kewangan negaranegara Eropah yang dilanda krisis hutang. Satu pengecualian ialah Rusia, di mana keuntungan adalah lebih lemah. Sedikit sebanyak ini disebabkan faktor politik dengan pemilihan semula Vladimir Putin sebagai presiden yang menimbulkan harapan bahawa Rusia mungkin melaksanakan agenda yang lebih reformis. Walau bagaimanapun, harapan itu terus tidak kesampaian, sebaliknya pasaran memberi tumpuan kepada standard tadbir urus kerajaan yang lemah yang menghantui negara. Namun begitu, saham Rusia mengakhiri tahun tersebut pada paras yang positif, disokong oleh harga minyak yang cukup kukuh bagi memastikan belanjawan kerajaan seimbang serta keahlian Pertubuhan Perdagangan Antarabangsa, yang akan memberikan rangsangan besar kepada penggunaan dalam jangka sederhana, dengan permintaan pengguna mendapat manfaat daripada pemansuhan tarif akhirnya serta pilihan yang lebih luas. Sebaliknya, Turki mencatatkan prestasi terbaik berbanding semua pasaran sedang muncul pada tahun 2012, satu prestasi yang di luar jangkaan ramai memandangkan kebimbangan sebelum ini tentang defisit akaun semasa dan kesannya kepada mata wang. Prestasi ini membayangkan aktiviti ekonomi yang semakin kukuh, teguh dan rancak dengan Keluaran Dalam Negara Kasar (KDNK) dalam tempoh sembilan bulan 2012 mencatatkan kadar 2.6% lebih tinggi daripada setahun sebelumnya. Inflasi juga dilihat bertambah baik, turun kepada 6.2% pada bulan Disember. Ekoran itu, kebimbangan tentang defisit akaun semasa dan mata wang reda, dengan nilai lira Turki naik sebanyak 7% berbanding dolar AS dalam tempoh bawah kajian. Keyakinan juga diperkukuhkan oleh kepimpinan politik di bawah pentadbiran kerajaan Perdana Menteri Erdogan, dengan Turki semakin mengambil peranan sebagai kuasa serantau, serta bank pusat bebas yang semakin berkuasa, yang menurunkan kadar faedah sebagai menyokong aktiviti ekonomi. Faktor-faktor ini bergabung untuk mendorong agensi penarafan Fitch memberikan taraf gred pelaburan kepada Turki pada bulan November. Pasaran Eropah tengah lebih terjejas oleh krisis kewangan di negara-negara Eropah, dengan mata wang Euro sendiri dianggap oleh sesetengah pihak sebagai tidak mungkin dapat bertahan menghadapi kedudukan fiskal teruk yang melanda beberapa negara pinggiran Eropah. Walaupun kebimbangan tersebut berkurangan menjelang akhir tahun itu, digantikan pula dengan sedikit optimisme bahawa mata wang Euro akan dapat bertahan, harga saham di Republik Czech dan Hungary ketinggalan di belakang negara-negara lain di rantau itu. Walau bagaimanapun, Poland berjaya meraih lebih banyak keuntungan yang ketara, disokong oleh prestasi ekonomi yang tinggi.
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Tinjauan
Meskipun Rusia dan Turki menerima nasib yang berlawanan pada tahun 2012, namun kedua-dua pasaran serantau utama ini mempunyai skop yang besar untuk meningkat naik sepanjang tahun akan datang. Di Rusia, latar belakang makroekonomi pada umumnya terus menggalakkan dengan harga minyak nampaknya mantap melebihi AS$100 setong. Sebarang petanda yang menunjukkan pemegang saham minoriti menerima layanan yang lebih adil, sama ada melalui bayaran dividen dipertingkat atau cara-cara lain, akan diterima dengan amat positif oleh pasaran. Begitu juga, sebarang perkembangan tentang pembaharuan dan khususnya tindakan untuk meningkatkan Moscow sebagai pusat kewangan juga boleh menyaksikan harga saham bergerak lebih tinggi. Pasaran saham Rusia terus dinilai pada diskaun yang besar berbanding pasaran lain dan sekiranya selera terhadap ekuiti terus meningkat di kalangan pelabur, maka agak mengejutkan jika Rusia tidak mendapat manfaat daripada aliran ini. Begitu juga, penilaian rendah sedemikian memberikan banyak perlindungan daripada kerugian akibat kejatuhan pasaran. Di samping mengakhiri tahun tersebut pada paras paling tinggi, tinjauan masa depan bagi pasaran saham Turki juga positif. Ini sebahagian besarnya mencerminkan kes demografi, dengan Turki mempunyai penduduk yang muda dan dinamik yang menyediakan permintaan untuk barang pengguna dalam erti katanya yang paling luas; satu trend yang dijangka berterusan buat suatu tempoh yang agak lama, dan ini kemungkinan menyaksikan aliran berita positif yang berterusan dalam persekitaran ekonomi. Ekoran itu, kemungkinan dua agensi penarafan utama yang tinggal, iaitu Moodys dan Standard & Poors, juga akan menaik taraf Turki kepada gred pelaburan mengikut jejak langkah Fitch tahun lepas, satu langkah yang boleh menyaksikan aliran dana lagi ke dalam pasaran saham Istanbul. Penilaian pasaran saham, walaupun pada paras tertinggi berbanding yang lepas, adalah tidak mahal berbanding dengan pasaran lain dan Turki berpotensi untuk membuat perubahan langkah, menyertai pasaran yang lebih mantap dengan penarafan premium. Nampaknya kini tidak banyak sebab bagi Turki untuk berdagang pada harga yang lebih rendah daripada pasaran seperti Afrika Selatan dan Poland; bahkan ramai yang berhujah bahawa Turki sebenarnya merupakan pasaran yang lebih menarik bagi para pelabur.

Sberbank LUKOIL Gazprom Magnit Garanti Bank Wajaran% 9.50% 9.20% 5.10% 4.60% 4.50%
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Pendedahan Geografi
Pendedahan Sektor
Yuran Pengurusan
Dana Manulife Emerging Eastern Europe ialah dana "feeder" yang melabur ke dalam Manulife Global Fund-Emerging Eastern Europe A Share (MGF-EEEF). Kajian-kajian pelaburan adalah atas MGF-EEEF. Dana Manulife Emerging Eastern Europe diurus oleh Manulife Asset Management Services Berhad (dahulu dikenali sebagai Manulife Unit Trusts Berhad) manakala MGF-EEEF diurus oleh Charlemagne Capital (UK) Limited. Laporan ini disediakan oleh pengurus untuk maklumat sahaja.
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DANA MANULIFE CHINA VALUE

Objektif Dana
Dana ini menyasarkan untuk mencapai pertumbuhan modal jangka panjang menerusi pelaburan, secara asasnya dalam syarikat dengan kepentingan cukup banyak di Wilayah Besar China (yang termasuk Republik Rakyat China, Hong Kong dan Taiwan); yang disenarai atau diniagakan di bursa saham Shanghai, Shenzhen, Hong Kong, Taipei atau bursa luar negara; dan yang kini berada di bawah nilai tetapi mungkin mempunyai potensi pertumbuhan jangka panjang.
Kajian Portfolio
Tahun 2012 merupakan tahun yang didorong oleh persekitaran makro dan menyaksikan turun naik yang ketara bagi pasaran saham apabila pelaburan nilai menerima ujian yang getir. Subdana mencatatkan prestasi yang lebih rendah daripada pasaran luas kerana pelabur terus defensif disebabkan ketidaktentuan makro. Asas syarikat tidak dihiraukan ketika diselubungi kebimbangan tentang penguncupan ekonomi yang drastik dan penyerahan tampuk kepimpinan. Saham yang pengurus portfolio gemari, iaitu syarikat-syarikat nilai, pada umumnya tidak diendahkan. Akan tetapi pengurus portfolio tetap berpegang teguh pada keyakinannya, jadi dalam beberapa bulan terakhir tahun 2012, subdana menyaksikan pemulihan prestasi kerana pelabur mula memberi tumpuan semula kepada pemilihan saham. Dalam dua bulan pertama tahun tersebut, subdana pada umumnya menyertai lonjakan pasaran. Pengurus portfolio mengambil kesempatan ke atas pasaran yang kukuh dan mengambil untung ke atas sektor yang lebih mahal seperti sektor perusahaan dan harta terpilih. Pada keseluruhannya pada suku pertama, strategi pengurus portfolio tetap optimistik tetapi berhati-hati, lincah dan mengekalkan penggunaan kedudukan singkat derivatif memandangkan kemungkinan berlakunya kemeruapan yang didorong oleh persekitaran makro. Pada suku kedua, pengurus portfolio menambahkan peruntukannya kepada teknologi secara sederhana. Meskipun terdapat pergerakan pasaran jangka pendek yang didorong oleh kecairan, pengurus portfolio tetap melabur dalam sektor-sektor yang amat diyakininya, mematuhi disiplin pelaburan nilai yang dapat bertahan lama. Meskipun mengguna pakai strategi lindung nilai pada pertengahan tahun tersebut, harga minyak yang lebih lemah dalam jangka pendek telah memberi tekanan kepada saham minyak yang terus menjadi kedudukan yang penting dalam portfolio kami. Tetapi pandangan pengurus portfolio bagi saham tenaga masih positif kerana China merencanakan penguncupan ekonomi yang perlahan dengan paras inflasi yang dapat diterima, sekaligus mengekalkan pertumbuhan permintaan yang berterusan bagi sumber. Pada bulan Jun, pendedahan kepada pemaju harta meningkat apabila pengurus portfolio melihat peningkatan dalam jualan harta pasaran utama, sekali gus membayangkan sentimen yang lebih kukuh selepas dasar yang bermanfaat berhubung kadar gadai janji yang lebih rendah ditawarkan kepada para pembeli rumah kali pertama. Sektor harta merangkumi sebahagian besar daripada Keluaran Dalam Negara Kasar (KDNK) ekonomi dan pendirian yang longgar untuk menyokong ekonomi kemungkinan diperlukan dan oleh itu sektor ini mewakili bahagian yang agak besar daripada portfolio. Melangkah ke separuh kedua 2012, pengurus portfolio terus mengambil pendirian melabur dengan banyak semasa pasaran mengalami harga terendah kerana mempercayai penilaian pasaran China sangat menarik. Pada bulan Julai, sektor harta mewakili bahagian yang agak besar daripada portfolio kerana pengurus portfolio menganggap sebarang pelonggaran pendirian dalam sektor ini oleh kerajaan China untuk menyokong ekonomi kemungkinan akan diperlukan. Pada akhir suku ketiga,
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pengurus portfolio mengambil untung secara berpilih ke atas saham auto ekoran peningkatan premium baru-baru ini dalam syarikat auto. Pasaran telah memberikan reaksi terhadap jangkaan permintaan jualan auto yang stabil bagi kenderaan mewah, terutamanya kerana paras inventori telah mencapai puncaknya dan sentimen anti-Jepun di China telah menyokong pembelian kenderaan jenama bukan Jepun. Pada umumnya, pada suku ketiga 2012, meskipun subdana mencatatkan keuntungan, prestasinya terkebelakang daripada pulangan pasaran kerana lantunan awal pasaran lebih memihak kepada saham permodalan besar, sementara saham permodalan kecil dan sederhana meraih prestasi yang lebih rendah. Pada bulan Oktober, pengurus portfolio menambahkan pendedahan kepada syarikat berkaitan infrastruktur, terutamanya syarikat yang berkaitan dengan kereta api memandangkan peningkatan yang berterusan dalam perbelanjaan kereta api di mana peruntukan Kementerian Kereta Api telah ditingkatkan buat kali keempat pada tahun 2012 kepada lebih RMB600 bilion pada bulan Oktober. Tambahan pula, konflik baru-baru ini antara China dan Jepun telah menjejaskan jualan para pengeluar kereta Jepun dan saham auto kini memberikan nilai yang menarik. Pada masa ini, pengurus portfolio mengguna pakai kedudukan bercanggah untuk meningkatkan pendedahan kepada pengeluar Jepun kerana mempercayai bahawa kebimbangan tersebut terlalu diambil serius. Pengurus portfolio juga meningkatkan pendedahan kepada salah sebuah bank China yang besar pada bulan tersebut apabila bank tersebut terus berdagang pada paras yang menarik berbanding dengan bank-bank setarafnya dan kesan penyahkawalseliaan kadar faedah. Untuk memberi ruang kepada tambahan baru ini, pengurus portfolio mengambil untung ke atas saham konglomerat dan pelombong arang batu kerana kedua-duanya menyaksikan lonjakan yang baik serta menghampiri penilaian sasarannya. Pada bulan tersebut, pengurus portfolio menambahkan pendedahan kepada sektor perusahaan dan ruji pengguna, sambil mengurangkan pendedahan kepada sektor tenaga dan utiliti. Pengurus portfolio membuat lebih banyak pusingan dalam portfolio, mencerminkan pengerakan menaik dalam saham yang dimiliki. Oleh yang demikian, subdana menyaksikan paras pusing ganti yang lebih tinggi apabila pengurus portfolio berpindah kepada saham terkebelakang yang lebih murah. Pada keseluruhannya dalam tempoh kajian, pengurus portfolio subdana telah meningkatkan pendedahan kepada sektor kewangan, ruji pengguna dan penjagaan kesihatan, sambil mengurangkan pendedahan kepada sektor tenaga, perusahaan dan teknologi maklumat kesemuanya berdasarkan pendekatan bawah ke atas, melabur dalam syarikat-syarikat yang mempunyai asas yang kukuh. Pengurus portfolio telah mengenal pasti peluang-peluang dalam sektor penjagaan kesihatan di China. Sektor ini telah menyaksikan pertumbuhan yang luar biasa sebagai sebahagian daripada reformasi perbelanjaan sosial, dan kerajaan komited untuk mengekalkan pelaburan yang besar dalam sektor ini. Tambahan pula, penggunaan persendirian dalam sektor ini juga terus kukuh seiring dengan peningkatan umur penduduk dan kekayaan individu. Di sebalik asas yang kukuh ini, syarikat-syarikat farmaseutikal telah dinyahkadar kepada paras menarik disebabkan pelaksanaan penurunan harga ubat oleh kerajaan terutamanya pada tahun 2011 disebabkan inflasi yang tinggi. Memanfaatkan peluang yang menarik ini, pengurus portfolio telah meningkatkan pendedahan kepada sektor penjagaan kesihatan dalam subdana.
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Kajian Pasaran
Pasaran saham tanah besar China merupakan antara pasaran utama yang mencatatkan prestasi terburuk di seluruh dunia dalam beberapa tahun lepas yang, pada pandangan pengurus portfolio, adalah tidak wajar memandangkan pertumbuhan ekonomi China yang kukuh berbanding negaranegara setarafnya. Berdasarkan pengalaman pengurus portfolio selama dua puluh tahun melabur dalam pasaran China, prestasi rendah yang teruk mungkin disusuli oleh prestasi tinggi yang ketara, dan perubahan kepada peningkatan prestasi ini akan dikecapinya selepas beberapa tahun yang sukar. Bagi menyokong pasaran saham, kerajaan China telah menambahkan kuota Pelabur Institusi Asing Layak (QFII) dan mempercepatkan kelulusan. Pada akhir Disember, sejumlah AS$37.4 bilion kuota QFII telah diberikan pada tahun 2012. Pada bulan itu juga, pasaran saham B akhirnya menjadi rancak ekoran kejayaan pemindahan syarikat pengangkutan dan kontena daripada saham B kepada H. Pengurus portfolio subdana merupakan antara peneraju dalam pelaburan saham B dan dijangka memanfaatkan peluang yang unik ini. Bagi China, tahun 2012 adalah tahun pengimbangan semula ekonomi dan perubahan pucuk pimpinan. Berlawanan dengan ramai pelabur bearis, pengurus portfolio tidak percaya bahawa China akan mengalami penguncupan ekonomi yang drastik. Pada suku keempat, terdapat tanda-tanda yang jelas dan berasas luas bahawa ekonomi telah mencapai paras terendahnya. Dalam pasaran harta China salah sebuah sektor paling penting di dunia yang memberi kesan kepada pelbagai industri daripada komoditi kepada penjanaan kuasa pengurus portfolio memastikan bahawa keseimbangan yang baik dikekalkan antara harga dan permintaan. Sektor ini melonjak tahun lepas berikutan jumlah urus niaga yang semakin pulih disokong oleh permintaan tulen yang timbul selepas melaksanakan pengetatan dasar sepanjang dua setengah tahun lepas.
Tinjauan Pasaran
Dalam perubahan pucuk pimpinan di China yang berlaku sekali dalam sedekad, Xi Jinping dan Li Keqiang menjadi pemimpin baru seperti yang dijangka. Pengurus portfolio melihat transisi ini sebagai satu perkembangan positif. Tampuk kepimpinan baru membawa pengaruh yang besar kepada pembaharuan ekonomi dan sosial negara tersebut dengan pengalaman Xi dalam pembangunan ekonomi saintifik mesra pasaran digabungkan dengan pengetahuan Li dalam perubahan struktur (Li berkelulusan PhD dalam jurusan Ekonomi). Memandangkan pengalaman praktikal sebenar yang mereka miliki dan tempoh pemerintahan panjang selama 10 tahun, keduadua pemimpin tersebut kemungkinan akan meneruskan dasar-dasar pembaharuan jangka panjang bagi memacu pertumbuhan yang mampan. Justeru itu, kepimpinan baru ini dijangka mengemukakan lebih banyak butir-butir tentang agenda pembaharuan dalam Kongres Rakyat Kebangsaan pada bulan Mac nanti. Pengurus portfolio menjangka pelbagai pembaharuan ekonomi dan kewangan akan disaksikan dalam beberapa tahun akan datang. Pembaharuan yang dirancang secara terperinci untuk meliberalisasikan sistem kewangan akan meliputi kadar faedah, kadar pertukaran, akaun modal dan pembangunan pasaran bon. Pembaharuan tersebut bukan sahaja akan mendalamkan pasaran modal, mengemudi ekonomi ke arah penggunaan dan mengantarabangsakan RMB, bahkan juga
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akan menolong memacu pembiayaan jangka panjang bagi projek-projek pembandaran. Sementara itu, perubahan juga akan disaksikan dalam sistem cukai, perbelanjaan fiskal, penentuan harga sumber, pelaburan swasta dalam sektor monopoli serta permit tinggal (hukou). Jika dilaksanakan dengan jayanya, peruntukan sumber akan lebih cekap dan kestabilan sosial dapat dikekalkan. Menerokai potensi pedalaman, khususnya, akan memberikan dorongan baru bagi pertumbuhan dalam dekad akan datang. Walaupun pertumbuhan dua angka China merupakan sesuatu yang telah lepas, kadar pertumbuhan KDNK melebihi 7% sudah cukup tinggi untuk mengembangkan saiz ekonominya kepada dua kali ganda dalam tempoh satu dekad. Dalam tempoh pertumbuhan yang lebih perlahan tetapi lebih berkualiti, pengurus portfolio percaya penyelidikan asasnya yang kukuh akan membawa faedah kepadanya kerana prestasi syarikat cenderung untuk menjadi lebih terbeza. Dijangka akan tiba masanya apabila pemilihan saham bawah ke atas akan menambat nilai terbaik untuk pelabur. Dalam sektor harta China, pengetatan selanjutnya tidak mungkin dilaksanakan apabila tiada tandatanda pertumbuhan pantas yang terlalu pesat. Bagi mengurangkan pelaburan berlebihan dalam sektor harta, cukai harta tanah mungkin diperluaskan ke bandar-bandar lain selain Shanghai dan Chongqing, tetapi ia kemungkinan akan dilaksanakan dalam bentuk skim perintis dahulu sebelum dilaksanakan di seluruh negara. Sementara itu, pembangunan dua landasan (dual-track) kemungkinan akan berterusan dengan perumahan komoditi untuk golongan berada dan perumahan sosial untuk kumpulan berpendapatan rendah. Sistem dua lapis ini akan menepati tujuan kerajaan dalam mencapai pertumbuhan yang seimbang bagi sektor ini. Sektor ini melonjak tahun lepas berikutan jumlah urus niaga yang semakin pulih disokong oleh permintaan tulen yang timbul selepas melaksanakan pengetatan dasar sepanjang dua setengah tahun lepas. Pengurus portfolio tetap melabur dalam sektor ini kerana ia menjangka permintaan benar akan terus kembali, didorong oleh pertumbuhan pendapatan yang berterusan bagi pekerja bandar dan pembandaran yang berterusan.

PetroChina China Vanke Industrial & Commercial Bank of China Kingboard Chemical Hutchison Whampoa Wajaran% 8.50% 5.40% 3.40% 3.20% 2.90%
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Pendedahan Geografi
Pendedahan Sektor
Yuran Pengurusan
Dana Manulife China Value ialah dana "feeder" yang melabur ke dalam Manulife Global Fund-China Value Fund A Share (MGF-CVFA). Kajian-kajian pelaburan adalah atas MGF-CVFA. Dana Manulife China Value diurus oleh Manulife Asset Management Services Berhad (dahulu dikenali sebagai Manulife Unit Trusts Berhad) manakala MGF-CVFA diurus oleh Value Partners Limited. Laporan ini disediakan oleh pengurus dana untuk maklumat sahaja.
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Prestasi Dana
DANA EQUITY TK 2012

Prestasi Dana
Bagi tahun bawah kajian, Dana ini meraih prestasi yang mengatasi penanda aras FBM100 sebanyak 2.70%. Nilai aset bersih Dana ini meningkat 12.30%, manakala penanda aras meningkat 9.60%. Pendedahan ekuiti Dana ini yang tinggi dan pemilihan saham yang baik menyumbang kepada prestasi kukuh ini. Pada akhir tahun, pendedahan ekuiti ialah sebanyak 82%. Prestasi dikira pada 31 Disember 2012
1 bulan Dana Equity FBM100 Relatif +/(-) 3.36% 4.37% (1.01)% 3 bulan 1.04% 3.24% (2.20)% 6 bulan 4.29% 5.21% (0.92)% 2 tahun 17.57% 11.72% 5.85% 3 tahun 45.24% 36.03% 9.21% 5 tahun 38.14% 19.79% 18.35% THK12 12.30% 9.60% 2.70% Sejak Penubuhan* 325.64% 113.74% 211.90%
Prestasi dikira pada asas NAB hingga NAB. Prestasi yang lalu bukan petunjuk bagi hasil masa akan datang. Prestasi lalu bukan petunjuk prestasi akan datang. Prestasi dana ini adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai premium/sumbangan kasar produk insurans IL. *Tarikh Penubuhan: 10 Julai 2000
Pulangan Tahunan Purata Penanda Aras Dana

1 tahun Dana Equity FBM100 Relatif +/(-) 12.30% 9.60% 2.70% 3 tahun 13.30% 10.80% 2.50% 5 tahun 6.81% 3.68% 3.13%
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DANA MANAGED TK 2012

Prestasi Dana
Untuk tahun di bawah kajian, dana berprestasi lebih baik daripada penanda aras (70% FBM100 + 30% Quantshop All) sebanyak 0.30%; nilai aset bersih dana meningkat 3.33% manakala penanda aras naik 3.03%. Pendedahan ekuiti yang tinggi Dana itu dan pemilihan saham yang bagus menyumbang kepada prestasi kukuhnya. Di akhir tahun, 72.6% dilabur dalam pendapatan tetap manakala pendedahan ekuiti adalah pada 24.7%. Prestasi dikira pada 31 Disember 2012
1 bulan Dana Managed 70% FBM100 + 30% Quant All Relatif +/(-) 3.01% 3.14% (0.13)% 3 bulan 0.90% 2.68% (1.78)% 6 bulan 3.42% 4.26% (0.84)% 2 tahun 12.77% 11.28% 1.49% 3 tahun 34.26% 29.75% 4.51% 5 tahun 33.09% 22.95% 10.14% THK12 9.13% 8.01% 1.12% Sejak Penubuhan* 270.06% 111.81% 158.00%
Prestasi dikira pada asas NAB hingga NAB. Prestasi yang lalu bukan petunjuk bagi hasil masa akan datang. Prestasi lalu bukan petunjuk prestasi akan datang. Prestasi dana ini adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai premium/sumbangan kasar produk insurans IL. *Tarikh Penubuhan: 10 Julai 2000

1 tahun Dana Managed 70% FBM100 + 30% Quant All Relatif +/(-) 9.12% 8.01% 1.11% 3 tahun 10.37% 9.07% 1.30% 5 tahun 5.98% 4.22% 1.76%
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DANA INCOME TK 2012

Prestasi Pelaburan
Dana ini mencapai pulangan keseluruhan 2.96% bagi tahun ini dengan Nilai Aset Bersih seunit meningkat daripada RM1.4469 pada akhir Disember 2011 kepada RM1.4897 pada akhir Disember 2012. Pulangan keseluruhan sejak Dana dimulakan pada Februari 2002 ialah 56.79%. Prestasi dikira pada 31 Disember 2012
1 bulan Dana Income Kadar FD MBB 12 Bulan Relatif +/(-) 0.27% 0.26% 0.01% 3 bulan 0.86% 0.78% 0.08% 6 bulan 1.35% 1.56% (0.21)% 2 tahun 6.15% 6.29% (0.14)% 3 tahun 9.64% 9.24% 0.40% 5 tahun 16.58% 16.20% 0.38% THK12 2.96% 3.15% (0.19)% Sejak Penubuhan* 56.79% 44.77% 12.02%
Prestasi dikira pada asas NAB hingga NAB. Prestasi yang lalu bukan petunjuk bagi hasil masa akan datang. Prestasi lalu bukan petunjuk prestasi akan datang. Prestasi dana ini adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai premium/sumbangan kasar produk insurans IL. *Tarikh Penubuhan: 1 Februari 2002

1 tahun Dana Income Kadar FD MBB 12 Bulan Relatif +/(-) 2.96% 3.15% (0.19)% 3 tahun 3.12% 2.99% 0.13% 5 tahun 3.12% 3.05% 0.07%
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DANA EKUITI DINAMIK TK 2012

Prestasi Dana
Bagi tahun bawah kajian, Dana ini mencatatkan prestasi yang mengatasi penanda aras FBMS sebanyak 3.92%. Nilai aset bersih Dana ini meningkat 15.77%, manakala penanda aras meningkat 11.85%. Pendedahan ekuiti Dana ini yang tinggi dan pemilihan saham yang baik menyumbang kepada prestasi kukuh ini. Pada akhir tahun, pendedahan ekuiti ialah sebanyak 84%. Prestasi dikira pada 31 Disember 2012
1 bulan Dana Ekuiti Dinamik FBM Emas Indeks Syariah Relatif +/(-) 3.85% 5.14% 1.30% 3 bulan 1.28% 1.58% (0.30)% 6 bulan 4.16% 4.70% (0.55)% 2 tahun 22.54% 14.54% 8.00% 3 tahun 48.81% 35.39% 13.42% 5 tahun 44.62% 9.38% 35.24% THK'12 15.77% 11.85% 3.92% Sejak Penubuhan* 140.19% 113.14% 27.05%
Prestasi dikira pada asas NAB hingga NAB. Prestasi yang lalu bukan petunjuk bagi hasil masa akan datang. Prestasi lalu bukan petunjuk prestasi akan datang. Prestasi dana ini adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai premium/sumbangan kasar produk insurans IL. *Tarikh Penubuhan: 6 Oktober 2003

1 tahun Dana Ekuiti Dinamik FBM Emas Indeks Syariah Relatif +/(-) 15.78% 11.85% 3.93% 3 tahun 14.30% 10.63% 3.67% 5 tahun 7.74% 1.81% 5.93%
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DANA MANULIFE FLEXI INVEST TK 2012

Prestasi Dana
Bagi tempoh bawah kajian (17 Februari 2012 hingga 31 Disember 2012), Manulife Flexi Invest Fund (MFIF) menokok 6.2%, sekali gus mengatasi prestasi pulangan penanda aras (50% FBM 100 + 50% kadar deposit 12 bulan Maybank) sebanyak 4.8%. Prestasi Dana yang lebih tinggi daripada penanda aras ini disebabkan terutamanya oleh kedudukan wajaran berlebihan dalam ekuiti serta strategi pemilihan sektor dan saham yang baik. Pemilihan dalam sektor defensif ialah seperti telekomunikasi dan ruji pengguna. Saham seperti Carlsberg, Telekom, Axiata menyumbang secara positif kepada portfolio apabila pelabur mencari pulangan dividen yang memuaskan pada masa ketidaktentuan. Pelaburan dalam penerima manfaat ETP seperti L.M.Cement juga membawa petanda baik bagi portfolio kerana saham ini dikadarkan semula berikutan jangkaan bahawa jualan akan meningkat apabila projek pembinaan bermula. Sebaliknya, prestasi yang positif ini terhakis sedikit oleh kedudukan wajaran kurang dalam UMW Holdings, Maybank dan Tenaga. Prestasi dikira pada 31 Disember 2012
1 bulan Dana Manulife Flexi Invest 50% FBM 100 + 50% Maybank Kadar FD 12 bulan Relative +/(-) 2.51% 2.32% 0.19% 3 bulan 2.43% 2.05% 0.38% 6 bulan 5.62% 3.43% 2.19% 9 bulan 6.03% 3.83% 2.20% Sejak Penubuhan* 6.17% 4.78% 1.39%
Prestasi dikira pada asas NAB hingga NAB. Prestasi yang lalu bukan petunjuk bagi hasil masa akan datang. Prestasi lalu bukan petunjuk prestasi akan datang. Prestasi dana ini adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai premium/sumbangan kasar produk insurans IL. *Tarikh Penubuhan: 17 Februari 2012

1 tahun Dana Manulife Flexi Invest 50% FBM 100 + 50% Maybank Kadar FD 12 bulan Relatif +/(-) 7.12% 5.51% 1.61% 3 tahun 5 tahun -
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DANA ASING
DANA MANULIFE EMERGING EASTERN EUROPE

Prestasi Dana
Nilai Aset Dana seunit meningkat daripada RM0.6174 pada akhir Disember 2011 menjadi RM0.7059 pada akhir Disember 2012. Dana menjana pulangan keseluruhan 23.53% sejak penubuhan. Prestasi dikira seperti pada 31 Disember 2012
Satu bulan Dana Manulife Emerging Eastern Europe MSCI Emerging Europe 10/40 Index Relatif +/(-) 6.36% Tiga bulan 2.42% Enam bulan 7.59% 2 Tahun 3 Tahun 5 Tahun THK 12 14.33% Sejak Penubuhan* (25.69)%
(11.87)% (15.90)% (25.64)%
6.73% (0.37)%
3.18% (0.76)%
9.10% (1.51)%
(13.63)% 1.76%
(12.36)% (3.54)%
(50.27)% 24.63%
9.15% 5.18%
(49.22)% 23.53%
Prestasi dikira pada asas NAB hingga NAB. Prestasi yang lalu bukan petunjuk bagi hasil masa akan datang. Prestasi lalu bukan petunjuk prestasi akan datang. Prestasi dana ini adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai premium/sumbangan kasar produk insurans IL. *Tarikh Penubuhan: 12 November 2007

1 tahun Dana Manulife Emerging Eastern Europe MSCI Emerging Europe 10/40 Index Relatif +/(-) 14.33% 9.15% 5.18% 3 tahun (3.15)% (4.30)% (1.15)% 5 tahun (5.75)% (13.04)% 7.29%
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DANA MANULIFE CHINA VALUE

Prestasi Dana
Nilai Aset Dana seunit meningkat daripada RM0.7400 pada akhir Disember 2011 menjadi RM0.7809 pada akhir Disember 2012. Dana menjana pulangan keseluruhan 2.59% sejak penubuhan. Prestasi dikira seperti pada 31 Disember 2012
Satu bulan Dana Manulife China Value FTSEAll Wld Greater China Index Relatif +/(-) 5.48% Tiga bulan 7.74% Enam bulan 9.83% 2 Tahun (12.04)% 3 Tahun (9.23)% 5 Tahun (17.64)% THK 12 5.53% Sejak Penubuhan* (17.80)%
3.50% 1.98%
7.66% 0.08%
11.93% (2.10)%
(5.73)% (6.31)%
(5.46)% (3.77)%
(19.71)% 2.07%
15.03% (9.50)%
(20.39)% 2.59%
Prestasi dikira pada asas NAB hingga NAB. Prestasi yang lalu bukan petunjuk bagi hasil masa akan datang. Prestasi lalu bukan petunjuk prestasi akan datang. Prestasi dana ini adalah semata-mata prestasi dana berkaitan pelaburan (IL) dan tidak boleh dianggap sebagai premium/sumbangan kasar produk insurans IL. *Tarikh Penubuhan: 12 November 2007

1 tahun Dana Manulife China Value FTSEAll Wld Greater China Index Relatif +/(-) 5.53% 15.03% (9.50)% 3 tahun (3.18)% (1.85)% (1.33)% 5 tahun (3.81)% (4.29)% 0.48%
111
Perbandingan
PERBANDINGAN
Jadual berikut menunjukkan prestasi Dana Berkaitan Pelaburan.
DANA EQUITY 2012 RM 112,586,305 27,828,549 4.046 4.072 3.574 % 79.09 20.91 100.00 2011 RM 83,108,886 23,069,416 3.603 3.693 3.214 % 89.19 10.81 100.00 2010 RM 66,462,957 19,315,772 3.441 3.450 2.724 % 94.88 5.12 100.00 2009 RM 47,431,534 17,049,657 2.782 2.786 1.849 % 94.34 5.66 100.00 2008 RM 24,951,514 13,068,470 1.909 3.011 1.831 % 61.31 38.69 100.00
Nilai Aset Bersih (NAB) Bilangan unit dalam edaran NAB seunit NAB tertinggi seunit dalam tahun kewangan NAB terendah seunit dalam tahun kewangan Kategori pelaburan - Sekuriti disebut harga - Aset cair lain
Ekuiti
2012 Peratusan dari NAB % 6.98 17.82 0.01 37.46 1.99 16.27 2.82 83.35
2011 Peratusan dari NAB % 3.27 17.07 0.25 0.11 29.38 4.37 20.75 1.32 15.32 91.84
2008 Peratusan dari NAB % 2.14 4.80 4.56 31.64 3.46 9.76 2.77 0.56 59.69
Barang Pengguna Barang Perusahaan Pembinaan Tindakan Korporat Perdagangan / Perkhidmatan Syarikat Projek Infrastruktur Kewangan Teknologi Harta Perladangan
NAB mewakili Nilai Aset Bersih Dana bagi Dana Berkaitan Pelaburan dalam Ringgit Malaysia.
113
PERBANDINGAN (SAMBUNGAN)
DANA MANAGED Nilai Aset Bersih (NAB) Bilangan unit dalam edaran NAB seunit NAB tertinggi seunit dalam tahun kewangan NAB terendah seunit dalam tahun kewangan Kategori pelaburan - Sekuriti disebut harga - Sekuriti hutang disebut harga - Aset cair lain 2012 RM 2011 RM 2010 RM 2009 RM 74,771,900 28,586,963 2.616 2.625 1.839 % 75.78 20.73 3.49 100.00 2009 Peratusan dari NAB % 1.23 10.86 4.18 0.26 11.94 0.93 30.63 1.58 14.57 76.18 2008 RM 42,889,205 23,124,174 1.855 2.718 1.783 % 61.16 28.04 10.80 100.00 2008 Peratusan dari NAB % 1.59 4.88 2.97 30.19 4.16 9.31 6.47 59.57
137,869,186 115,377,857 102,046,913 39,196,525 35,796,420 32,716,516 3.517 3.223 3.119 3.532 3.198 % 69.35 19.18 11.47 100.00 2012 Peratusan dari NAB % 5.26 14.51 0.01 35.09 1.91 13.21 2.40 72.39 3.296 2.918 % 71.13 24.24 4.63 100.00 2011 Peratusan dari NAB % 1.19 12.08 0.09 26.62 3.91 16.63 0.77 12.07 73.36 3.124 2.574 % 75.44 20.35 4.21 100.00 2010 Peratusan dari NAB % 2.29 3.07 4.18 24.46 0.16 26.28 0.36 2.96 13.05 76.81
Sekuriti disebut harga Barang Pengguna Barang Perusahaan Pembinaan Tindakan Korporat Perdagangan / Perkhidmatan Syarikat Projek Infrastruktur Kewangan Teknologi Harta Perladangan
Sekuriti hutang tidak disebut harga Kerajaan dan perkhidmatan lain Kewangan, insurans, harta tanah dan khidmat perniagaan Elektrik, gas dan air Pembinaan Pengangkutan, penyimpanan dan komunikasi Perkilangan 13.07 2.28 1.80 2.00 1.01 20.16 3.60 19.61 1.80 25.01 17.61 0.98 1.87 20.46 8.71 4.11 2.49 2.67 2.70 20.68 14.11 4.85 4.18 4.75 27.89
114
DANA EKUITI DINAMIK Nilai Aset Bersih (NAB) Bilangan unit dalam edaran NAB seunit NAB tertinggi seunit dalam tempoh kewangan NAB terendah seunit dalam tempoh kewangan Kategori pelaburan - Ekuiti - Aset cair lain 2012 RM 14,761,881 6,469,269 2.282 2.288 1.968 % 82.40 17.60 100.00 2012 Peratusan dari NAB % 10.46 19.60 40.76 2.51 6.64 4.15 84.12 2011 RM 11,823,677 5,998,681 1.971 1.974 1.672 % 88.17 11.83 100.00 2011 Peratusan dari NAB % 7.37 26.95 29.97 4.98 2.23 1.82 16.70 90.02 2010 RM 10,651,356 5,720,304 1.862 1.870 1.507 % 94.47 5.53 100.00 2010 Peratusan dari NAB % 7.89 9.38 8.83 34.02 1.49 0.20 9.74 22.51 1.44 95.50 2009 RM 8,149,900 5,332,160 1.528 1.533 1.062 % 96.30 3.70 100.00 2009 Peratusan dari NAB % 3.63 31.71 0.33 6.98 29.02 1.75 0.29 2.57 18.05 94.33 2008 RM 4,757,371 4,431,230 1.074 1.623 0.666 % 88.86 11.14 100.00 2008 Peratusan dari NAB % 7.78 8.57 7.94 52.19 0.58 11.85 88.91
Sekuriti disebut harga Barang Pengguna Barang Perusahaan Tindakan Korporat Pembinaan Perdagangan / Perkhidmatan Syarikat Projek Infrastruktur Kewangan Harta Perladangan Teknologi
115
DANA INCOME 2012 RM 16,113,242 13,133,091 1.227 2011 RM 16,113,242 11,136,912 1.447 2010 RM 11,502,362 8,195,377 1.404 2009 RM 9,951,386 7,324,108 1.359 2008 RM 9,796,950 7,422,267 1.320
Nilai Aset Bersih (NAB) Bilangan unit dalam edaran NAB seunit NAB tertinggi seunit dalam tempoh kewangan NAB terendah seunit dalam tahun kewangan Kategori pelaburan - Bon - Aset cair lain - Pinjaman
1.490 1.448 % 100.00 100.00
1.447 1.404 % 85.43 14.57 100.00
1.404 1.359 % 84.18 13.53 2.29 100.00
1.359 1.315 % 75.84 21.57 2.59 100.00
1.628 1.268 % 87.43 8.64 3.93 100.00
Komposisi Sekuriti Pendapatan Tetap
2012 Peratusan dari NAB % 76.27 18.00 94.27
2011 Peratusan dari NAB % 60.77 24.95 85.72
2010 Peratusan dari NAB % 55.62 2.22 25.90 83.74
Bon Pinjaman Bon Dijamin Kerajaan
Sekuriti hutang tidak disebut harga
2012 Peratusan dari NAB %
Kewangan, insurans, harta tanah dan khidmat perniagaan Elektrik, gas dan air Perkilangan Pertanian, perhutanan dan perikanan Kerajaan dan perkhidmatan lain Pengangkutan, penyimpanan dan komunikasi
40.68 17.54 15.47 2.58 18.00 94.27
23.97 8.49 25.17 3.13 24.95 85.71
34.04 2.22 8.79 4.37 25.90 8.42 83.74
39.06 3.41 10.19 5.07 14.70 6.06 78.49
51.33 3.89 10.17 5.00 15.45 85.84
116
DANA MANULIFE CHINA VALUE 2012 RM 6,146,389 7,871,143 0.781 2011 RM 4,666,044 6,305,760 0.740 2010 RM 5,015,898 5,619,103 0.893 2009 RM 4,386,425 5,098,494 0.860 2008 RM 1,851,681 3,272,187 0.566
Nilai Aset Bersih (NAB) Bilangan unit dalam edaran NAB seunit NAB tertinggi seunit dalam tahun kewangan NAB terendah seunit dalam tahun kewangan
0.808 0.678
0.939 0.646
0.959 0.733
0.861 0.546
0.951 0.498
DANA MANULIFE EMERGING EASTERN EUROPE Nilai Aset Bersih (NAB) Bilangan unit dalam edaran NAB seunit NAB tertinggi seunit dalam tahun kewangan NAB terendah seunit dalam tahun kewangan
2012 RM 2,171,481 3,076,079 0.706
2011 RM 1,667,859 2,701,668 0.617
2010 RM 1,720,257 2,135,161 0.806
2009 RM 1,422,111 1,831,210 0.777
2008 RM 563,930 1,349,146 0.418
0.734 0.592
0.902 0.574
0.879 0.646
0.839 0.381
0.956 0.385
Jadual Pertumbuhan Modal dan Pengagihan Pendapatan

Pertumbuhan Modal 2012 % Dana Equity Dana Managed Dana Ekuiti Dinamik Dana Income Dana Manulife China Value Dana Manulife Emerging Eastern 12.30 9.13 15.77 2.96 5.53 14.35 2011 % 4.70 3.34 5.85 3.09 (17.13) (23.41) 2010 % 23.68 19.25 21.83 3.30 3.84 3.73 2009 % 45.73 41.02 42.27 2.95 51.94 85.89 2008 % (34.42) (29.45) (31.68) 3.30 (40.31) (55.97) Pengagihan Pendapatan % -
117
Informasi Pelaburan
INFORMASI PELABURAN
Butir-butir pelaburan Dana Berkaitan Pelaburan adalah seperti berikut:
DANA EQUITY Sekuriti disebut harga KOS AGREGAT RM 690,677 2,125,391 806,189 1,089,018 1,246,329 288,863 223,242 423,014 NILAI PASARAN RM 729,108 2,002,050 1,746,144 1,064,982 1,269,368 357,984 222,000 462,830 PERATUSAN DARIPADA NILAI ASET BERSIH % 0.65 1.78 1.55 0.95 1.13 0.32 0.20 0.41
KUANTITI PENGGUNA BERJAYA FOOD BERHAD BONIA CORPORATION BERHAD DUTCH LADY MILK INDUSTRIES BERHAD FRASER & NEAVE HOLDINGS BERHAD NESTLE (M) BERHAD OLDTOWN BERHAD PADINI HOLDINGS BERHAD QL RESOURCES BERHAD KEWANGAN AEON CREDIT SERVICE (M) BERHAD BIMB HOLDINGS BERHAD CIMB GROUP HOLDINGS BERHAD HONG LEONG BANK BERHAD MALAYAN BANKING BERHAD PUBLIC BANK BERHAD RHB CAPITAL BERHAD SYARIKAT TAKAFUL MALAYSIA BERHAD PERUSAHAAN CAN-ONE BERHAD KIAN JOO CAN FACTORY BERHAD PARKSON HOLDINGS BERHAD PERISAI PETROLEUM TEKNOLOGI PETRONAS CHEMICALS GROUP BERHAD PETRONAS GAS BERHAD SUPERMAX CORPORATION BERHAD TOP GLOVE CORPORATION BERHAD ZHULIAN CORPORATION BERHAD SYARIKAT PROJEK INFRASTRUKTUR DIGI.COM BERHAD PERLADANGAN GENTING PLANTATIONS BERHAD IOI CORPORATION BERHAD KUALA LUMPUR KEPONG BERHAD TDM BERHAD
565,200 889,800 37,600 59,100 20,200 158,400 120,000 149,300
300,380 919,100 153,000 70,760 638,209 174,221 70,460 109,700
3,199,197 2,433,012 1,155,549 734,756 5,421,726 2,473,098 523,082 490,183
3,676,651 2,582,671 1,167,390 1,045,833 5,871,523 2,836,318 541,837 596,768
3.27 2.29 1.04 0.93 5.22 2.52 0.48 0.53
652,200 1,207,500 220,000 1,650,000 64,400 71,300 1,890,900 722,300 1,171,100
1,521,481 2,914,807 1,043,674 1,781,124 421,217 1,102,351 3,671,299 3,627,781 3,105,036
1,532,670 2,692,725 1,144,000 1,782,000 412,160 1,391,776 3,649,437 4,066,549 3,396,190
1.36 2.39 1.02 1.58 0.37 1.24 3.24 3.61 3.02
422,900
2,094,287
2,237,141
1.99
90,000 257,837 22,700 147,000
864,007 1,277,876 427,782 677,555
810,000 1,314,969 544,800 493,920
0.72 1.17 0.48 0.44
119
INFORMASI PELABURAN (SAMBUNGAN)

DANA EQUITY (Sambungan) Sekuriti disebut harga KUANTITI KHIDMAT PERDAGANGAN AEON CO. (M) BERHAD AXIATA GROUP BERHAD BERJAYA SPORTS TOTO BERHAD GENTING BERHAD KPJ HEALTHCARE BERHAD MALAYSIA AIRPORTS HOLDINGS BERHAD PETRONAS DAGANGAN BERHAD POS MALAYSIA BERHAD SAPURAKENCANA PETROLEUM BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD KPJ HEALTH CARD BERHAD WARRANT JUMLAH 295,700 1,525,850 200,000 58,800 308,700 222,790 70,000 1,263,600 1,264,152 209,277 1,350,000 293,200 348,775 20,436,411 KOS AGREGAT RM 2,384,557 9,394,672 894,094 568,872 1,305,541 1,192,079 1,533,719 4,102,999 3,354,629 1,986,062 7,675,934 2,046,420 702,830 84,996,008 NILAI PASARAN RM 4,175,284 10,055,352 890,000 540,960 1,771,938 1,160,736 1,645,000 4,397,328 3,982,079 1,992,317 8,154,000 2,034,808 1,395,099 93,836,695 PERATUSAN DARIPADA NILAI ASET BERSIH % 3.71 8.93 0.79 0.48 1.57 1.03 1.46 3.91 3.54 1.77 7.24 1.81 1.24 83.38
DANA MANAGED Sekuriti disebut harga KUANTITI PENGGUNA BERJAYA FOOD BERHAD BONIA CORPORATION BERHAD DUTCH LADY MILK INDUSTRIES BERHAD FRASER & NEAVE HOLDINGS BERHAD NESTLE (M) BERHAD OLDTOWN BERHAD PADINI HOLDINGS BERHAD QL RESOURCES BERHAD KEWANGAN AEON CREDIT SERVICE (M) BERHAD AMMB HOLDINGS BERHAD BIMB HOLDINGS BERHAD CIMB GROUP HOLDINGS BERHAD HONG LEONG BANK BERHAD MALAYAN BANKING BERHAD PUBLIC BANK BERHAD RHB CAPITAL BERHAD SYARIKAT TAKAFUL MALAYSIA BERHAD 752,500 1,051,100 20,000 30,000 23,600 192,600 140,000 87,800 222,480 32,362 850,400 177,900 82,100 692,017 167,650 60,276 136,800 KOS AGREGAT RM 941,871 2,605,345 632,779 591,060 1,471,417 362,533 260,340 256,064 2,405,129 195,725 2,162,951 1,351,008 857,184 5,943,145 2,356,377 448,806 577,516 NILAI PASARAN RM 970,725 2,364,975 928,800 540,600 1,483,024 435,276 259,000 272,180 2,723,155 220,062 2,389,624 1,357,377 1,213,438 6,366,556 2,729,342 463,522 744,192 PERATUSAN DARIPADA NILAI ASET BERSIH % 0.70 1.72 0.67 0.39 1.08 0.32 0.19 0.20 1.98 0.16 1.73 0.98 0.88 4.62 1.98 0.34 0.54
120

DANA MANAGED (Sambungan) Sekuriti disebut harga KOS AGREGAT RM NILAI PASARAN RM PERATUSAN DARIPADA NILAI ASET BERSIH %
KUANTITI
PERUSAHAAN CAN-ONE BERHAD KIAN JOO CAN FACTORY BERHAD PARKSON HOLDINGS BERHAD PERISAI PETROLEUM TEKNOLOGI PETRONAS CHEMICALS GROUP BERHAD PETRONAS GAS BERHAD SUPERMAX CORPORATION BERHAD TOP GLOVE CORPORATION BERHAD ZHULIAN CORPORATION BERHAD SYARIKAT PROJEK INFRASTRUKTUR DIGI.COM BERHAD PERLADANGAN GENTING PLANTATIONS BERHAD IOI CORPORATION BERHAD KUALA LUMPUR KEPONG BERHAD TDM BERHAD KHIDMAT PERDAGANGAN AEON CO. (M) BERHAD AXIATA GROUP BERHAD BERJAYA SPORTS TOTO BERHAD DIALOG GROUP BERHAD GENTING BERHAD KPJ HEALTHCARE BERHAD MALAYSIA AIRPORTS HOLDINGS BERHAD PETRONAS DAGANGAN BERHAD POS MALAYSIA BERHAD SAPURAKENCANA PETROLEUM BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD KPJ HEALTHCARE BHD WARRANT MALAYSIA AIRPORTS HOLDINGS BERHAD JUMLAH
635,100 1,065,000 200,000 1,800,000 69,800 41,300 2,101,600 844,000 1,065,500
1,527,116 2,604,850 949,183 1,925,480 451,912 640,509 4,081,527 4,348,543 2,812,701
1,492,485 2,374,950 1,040,000 1,944,000 446,720 806,176 4,056,088 4,751,720 3,089,950
1.08 1.72 0.75 1.41 0.32 0.58 2.94 3.45 2.24
498,200
2,475,454
2,635,478
1.91
90,000 290,917 20,300 156,300
863,013 1,383,619 389,165 719,669
810,000 1,483,677 487,200 525,168
0.59 1.08 0.35 0.38
371,300 1,671,050 50,000 500,000 63,700 318,800 130,000 184,500 1,218,200 1,387,027 231,709 1,370,000 332,300 469,950 1,649 21,897,787
3,285,295 10,278,920 223,673 1,207,480 598,438 1,094,779 689,846 4,056,814 3,932,933 3,721,766 2,210,125 7,758,317 2,316,461 1,048,498 7,799 91,023,135
5,242,756 11,012,220 222,500 1,200,000 586,040 1,829,912 677,300 4,335,750 4,239,336 4,369,135 2,205,870 8,274,800 2,306,162 1,879,800 8,591 99,795,632
3.80 7.99 0.16 0.87 0.43 1.33 0.50 3.14 3.07 3.17 1.60 6.00 1.67 1.36 0.01 72.38
121

DANA MANAGED (Sambungan) Sekuriti hutang tidak disebut harga NILAI NOMINAL RM ARA BINTANG BERHAD 5.35% 26/6/2015 CIMB GROUP HOLDINGS BERHAD 6.35% 3/4/2020 HONG LEONG BANK BERHAD 4.5% 21/5/2024 KONSORTIUM LEBUHRAYA UTARATIMUR (KL) SDN BERHAD 6.97% 28/10/2025 MANJUNG ISLAND ENERGY BERHAD 4.58% 25/11/2027 NATIONAL AGRICULTURAL COOPERATIVE FEDERATION 4.45% 1/8/2014 PREMIUM COMMERCE BERHAD 3.9% 27/10/2014 SABAH DEVELOPMENT BANK 4.25% 10/5/2016 SPORTS TOTO MALAYSIA SDN BERHAD 4.8% 11/10/2016 TANJUNG BIN ENERGY ISSUER BERHAD 5.4% 25/3/2024 TELEKOM MALAYSIA BERHAD 4.5% 25/6/2021 WESTPORTS MALAYSIA SDN BERHAD 5.32% 2/5/2025 JUMLAH NILAI BUKU BERSIH RM NILAI PASARAN RM PERATUSAN DARIPADA NILAI ASET BERSIH %
5,000,000 500,000 4,000,000
5,142,846 553,781 4,000,000
5,187,931 561,405 4,026,345
3.76 0.41 2.92
2,000,000 2,000,000
2,408,640 2,040,560
2,475,043 2,059,035
1.80 1.49
1,000,000 1,375,000 3,000,000 4,000,000 1,000,000 2,000,000 600,000 26,475,000
1,007,015 1,375,000 3,000,000 4,029,327 1,014,197 2,013,987 648,755 27,234,108
1,015,452 1,389,453 3,090,768 4,141,134 1,077,634 2,090,033 663,163 27,777,396
0.74 1.01 2.24 3.00 0.78 1.52 0.48 20.15
122

DANA EKUITI DINAMIK Sekuriti disebut harga KUANTITI PENGGUNA BERJAYA FOOD BERHAD BONIA CORPORATION BERHAD DUTCH LADY MILK INDUSTRIES BERHAD NESTLE (M) BERHAD OLDTOWN BERHAD PADINI HOLDINGS BERHAD QL RESOURCES BERHAD YEO HIAP SENG (M) BERHAD KEWANGAN BIMB HOLDINGS BERHAD SYARIKAT TAKAFUL MALAYSIA BERHAD PERUSAHAAN CAN-ONE BERHAD DAYANG ENTERPRISE HOLDINGS BERHAD PERISAI PETROLEUM TEKNOLOGI PETRONAS CHEMICALS GROUP BERHAD PETRONAS GAS BERHAD SUPERMAX CORPORATION BERHAD TOP GLOVE CORPORATION BERHAD ZHULIAN CORPORATION BERHAD SYARIKAT PROJEK INFRASTRUKTUR DIGI.COM BERHAD TIME DOTCOM BERHAD PERLADANGAN GENTING PLANTATIONS BERHAD IOI CORPORATION BERHAD KUALA LUMPUR KEPONG BERHAD TDM BERHAD KHIDMAT PERDAGANGAN AEON CO. (M) BERHAD AXIATA GROUP BERHAD DIALOG GROUP BERHAD KPJ HEALTHCARE BERHAD PETRONAS DAGANGAN BERHAD POS MALAYSIA BERHAD SAPURAKENCANA PETROLEUM BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD KPJ HEALTHCARE BERHAD- WARRANT JUMLAH 156,100 181,000 7,000 3,200 28,000 25,000 41,200 48,100 240,000 56,200 100,000 80,000 380,000 10,200 12,000 280,000 132,300 163,100 61,100 12,100 16,000 40,533 6,100 34,300 45,300 195,900 170,000 26,400 15,200 198,900 196,979 35,055 170,000 44,800 46,425 3,258,492 KOS AGREGAT RM 186,493 422,665 129,623 197,007 62,350 46,512 127,022 122,187 571,378 237,685 228,110 183,779 410,606 66,919 183,980 502,686 640,873 418,844 294,934 42,045 152,267 194,958 132,568 156,544 363,800 1,158,972 412,204 88,627 334,207 638,651 526,118 333,910 952,658 312,989 69,709 10,903,880 NILAI PASARAN RM 201,369 407,250 325,080 201,088 63,280 46,250 127,720 172,198 674,400 305,728 235,000 190,400 410,400 65,280 234,240 540,400 744,849 472,990 323,219 47,795 144,000 206,718 146,400 115,248 639,636 1,290,981 408,000 151,536 357,200 692,172 620,484 333,724 1,026,800 310,912 185,700 12,418,447 PERATUSAN DARIPADA NILAI ASET BERSIH % 1.36 2.76 2.20 1.36 0.43 0.31 0.87 1.17 4.57 2.07 1.59 1.29 2.78 0.44 1.59 3.66 5.05 3.20 2.19 0.32 0.98 1.40 0.99 0.78 4.33 8.75 2.76 1.03 2.42 4.69 4.20 2.26 6.96 2.11 1.26 84.13
123

DANA INCOME PERATUSAN DARIPADA NILAI ASET BERSIH %
NILAI NOMINAL RM KFW BANKENGROPPE 3.16% 13/5/2013 SILTERRACAPITAL BERHAD 3.30% 6/6/2014 BANK PEMBANGUNAN MALAYSIA BERHAD 3.68% 25/4/2016 GB SERVICES BERHAD 4.15% 8/11/2019 THE EXPORT-IMPORT BANK OF KOREA 3.38% 12/3/2013 PUBLIC BANK BERHAD 4.17% 3/8/2022 GUINNESS ANCHOR BERHAD 3.70% 27/12/2016 HYUNDAI CAPITAL SERVICES INC 4.14% 23/2/2017 MANJUNG ISLAND ENERGY 4.05% 25/11/2022 PROJEK LEBUHRAYA USAHASAMA BERHAD 3.66% 12/1/2018 KUALA LUMPUR KEPONG BERHAD 4.03% 2/9/2022 DANGA CAPITAL BERHAD 3.36% 24/4/2014 JIMAH ENERGY VENTURES SDN BERHAD 3.98% 10/11/2017 MALAYSIA AIRPORTS CAPITAL BERHAD 3.96% 16/12/2022 CIMB BANK BERHAD 4.10% 6/8/2021 MALAYSIAN GOVERNMENT 4.378 29/11/2019 MALAYSIA INVESTMNT ISSUE 3.576% 15/5/2020 MALAYSIAN GOVERNMENT 3.492% 31/3/2020 MALAYSIAN GOVERNMENTS 4.012 3.21% 15/09/2017 JUMLAH
NILAI BUKU BERSIH RM
NILAI PASARAN RM
1,000,000 1,000,000
1,000,000 991,255
1,011,401 1,010,971
5.17 5.17
1,000,000 1,000,000 800,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 500,000 900,000 1,100,000 1,000,000 1,000,000 1,000,000 500,000 1,000,000 900,000 17,700,000
1,001,809 1,066,842 800,000 1,006,694 1,004,445 1,002,603 1,022,024 1,004,101 499,606 905,356 1,309,416 1,028,026 1,004,646 1,053,504 499,881 1,001,750 910,453 18,112,411
1,073,019 1,075,596 810,966 1,026,406 1,003,314 1,017,274 1,017,862 1,033,912 505,375 916,990 1,337,654 1,060,623 1,019,900 1,062,991 504,349 1,012,490 942,093 18,443,186
5.48 5.50 4.14 5.25 5.13 5.20 5.20 5.28 2.58 4.69 6.84 5.42 5.21 5.43 2.58 5.18 4.82 94.27
124

DANA MANULIFE FLEXI INVEST Sekuriti disebut harga KUANTITI PEMBINAAN SUNWAY REAL ESTATE INVT TRUST GAMUDA BERHAD WCT BERHAD PENGGUNA CARLSBERG BREWERY MALAYSIA BERHAD KEWANGAN AMMB HOLDINGS BERHAD CIMB GROUP HOLDINGS BERHAD HONG LEONG BANK BERHAD MALAYAN BANKING BERHAD PUBLIC BANK BERHAD RHB CAPITAL BERHAD PERUSAHAAN PPB GROUP BERHAD LAFARGE MALAYAN CEMENT BERHAD SYARIKAT PROJEK INFRASTRUKTUR YTL POWER INTERNATIONAL BERHAD PERLADANGAN GENTING PLANTATIONS BERHAD KUALA LUMPUR KEPONG BERHAD KULIM (M) BERHAD HARTA IJM LAND BERHAD SP SETIA BERHAD KHIDMAT PERDAGANGAN CYPARK RESOURCES BERHAD MEDIA CHINESE INTERNATIONAL LTD SAPURAKENCANA PETROLEUM BERHAD AXIATA GROUP BERHAD DIALOG GROUP BERHAD GENTING BERHAD MULTI-PURPOSE HOLDINGS BERHAD PETRONAS DAGANGAN BERHAD SIME DARBY BERHAD TELEKOM MALAYSIA BERHAD TENAGA NASIONAL BERHAD YTL CORP BERHAD GLOBETRONICS TECHNOLOGY BERHAD JUMLAH 167,900 115,900 163,415 21,300 77,200 58,000 29,500 91,060 25,500 26,800 11,700 60,700 66,500 32,400 14,700 27,000 21,800 68,900 63,800 167,400 26,100 97,700 56,800 34,500 62,800 9,500 63,100 61,600 66,300 158,686 192,800 2,141,361 KOS AGREGAT RM 223,970 433,657 349,306 211,686 491,508 440,446 373,893 810,413 352,004 202,521 151,284 507,991 104,890 304,284 342,159 134,069 49,043 215,541 121,350 229,447 74,388 501,978 135,128 316,982 235,885 191,462 601,350 306,334 447,664 266,384 290,210 9,417,227 NILAI PASARAN RM 260,245 417,240 382,391 266,676 515,696 442,540 433,650 826,825 415,140 205,020 135,720 569,366 103,740 288,360 347,508 132,300 45,562 212,901 100,804 185,814 81,171 643,843 136,320 317,055 219,172 223,060 599,450 369,600 458,133 293,569 273,776 9,902,647 PERATUSAN DARIPADA NILAI ASET BERSIH % 1.76 2.83 2.59 1.81 3.50 3.00 2.94 5.61 2.82 1.39 0.92 3.86 0.70 1.96 2.36 0.90 0.31 1.44 0.68 1.26 0.55 4.37 0.92 2.15 1.49 1.51 4.07 2.51 3.11 1.99 1.86 67.17
125

DANA MANULIFE FLEXI INVEST (Sambungan) PELABURAN ASING PERATUSAN DARIPADA NILAI ASET BERSIH %
KUANTITI
KOS AGREGAT RM
NILAI PASARAN RM
TENAGA CHINA OILFIELD SERVICES LIMITED CHINA PETROLEUM & CHEMICAL CORP-H CHINA SHENHUA ENERGY CO LIMITED H SHS PERKHIDMATAN SANDS CHINA LIMITED UTILITI CHINA RESOURCES POWER HOLDINGS CO LIMITED KEWANGAN AGRICULTURAL BANK OF CHINA H SHS INDUSTRIAL AND COMMERCIAL BANK OF CHINA H SHS KONGLOMERAT CHINA EVERBRIGHT INTERNATIONAL LIMITED PERKILANGAN WILMAR INTERNATIONAL LIMITED HARTA CAPITALAND LIMITED PERTANIAN GOLDEN AGRI-RESOURCES LIMITED JUMLAH
19,500 84,000 14,200
122,565 281,954 179,893
122,496 291,383 189,905
0.83 1.98 1.29
26,600
328,084
356,264
2.42
20,000
132,668
155,663
1.06
102,000 135,000
141,873 294,686
154,747 293,350
1.05 1.99
182,000
280,562
281,869
1.91
17,000
133,073
141,826
0.96
32,000
262,532
296,630
2.01
180,000 812,300
295,963 2,453,853
290,868 2,575,001
1.97 17.47
126

DANA MANULIFE CHINA VALUE PERATUSAN DARIPADA NILAI ASET BERSIH % 96.27
KUANTITI
KOS RM 6,028,951
NILAI PASARAN RM 5,917,034
MGF CVF-CLASS A
267,043
DANA MANULIFE EMERGING EASTERN EUROPE PERATUSAN DARIPADA NILAI ASET BERSIH % 97.41
KUANTITI
KOS RM 2,259,580
NILAI PASARAN RM 2,115,304
MGF EEEF-CLASS A
148,475
127
Ringkasan Penyata Kewangan
DANA TEMPATAN
PENYATA PENDAPATAN DAN PERBELANJAAN BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2012
Dana Manulife Flexi Invest RM
2012
Dana Equity RM
Dana Managed RM
Dana Income RM
PENDAPATAN Pendapatan Pelaburan Bersih Pendapatan faedah Pendapatan perkongsian keuntungan Pendapatan dividen Keuntungan daripada pelupusan pelaburan Laba modal belum terealisasi Jumlah pendapatan PERBELANJAAN Perbelanjaan pengurusan Pelunasan premium Kerugian daripada pelupusan pelaburan Cukai Kerugian pertukaran belum terealisasi Kerugian modal belum terealisasi Jumlah perbelanjaan 1,473,493 922,474 2,395,967 1,730,011 68,678 948,450 2,747,139 208,243 157,895 366,138 144,913 19,022 19,400 57,582 20,008 260,925 184,618 30,166 61,659 9,079 285,522
368,468 2,640,387 8,094,824 2,222,732 13,326,411
1,617,748 2,651,176 7,829,007 1,620,402 13,718,333
49,002 356,365 1,442,708 435,514 2,283,589
778,195 778,195
102,217 332,167 606,570 1,040,954
Lebihan pendapatan berbanding perbelanjaan Pendapatan tidak diagih dihantar ke depan Pendapatan tidak diagih dibawa ke depan
10,930,444 33,976,210
10,971,194 38,487,670
1,917,451 5,430,559
517,270 3,627,306
755,432 -
44,906,654
49,458,864
7,348,010
4,144,576
755,432
129
DANA ASING
Dana Manulife Emerging Eastern Europe RM
2012
Dana Manulife China Value RM
PENDAPATAN Pendapatan Pelaburan Bersih Pendapatan dividen Pendapatan rebat Laba modal belum terealisasi Jumlah pendapatan PERBELANJAAN Perbelanjaan pengurusan Kerugian pertukaran terealisasi Cukai Kerugian pertukaran belum terealisasi Jumlah perbelanjaan 60,055 525 42,692 303,293 406,565 25,902 303 28,485 119,580 174,270
40,844 50,893 635,080 726,817
33,369 18,824 380,944 433,137
Lebihan pendapatan berbanding perbelanjaan Kerugian tidak diagih dihantar ke depan Kerugian tidak diagih dibawa ke depan
320,252 (339,906) (19,654)
258,867 (391,017) (132,150)
130
DANA TEMPATAN
2011
Dana Equity RM
Dana Managed RM
Dana Income RM
PENDAPATAN Pendapatan Pelaburan Bersih Pendapatan faedah Pendapatan perkongsian keuntungan Pendapatan dividen Pertambahan diskaun Keuntungan daripada pelupusan pelaburan Keuntungan modal belum terealisasi Jumlah pendapatan PERBELANJAAN Perbelanjaan pengurusan Pelunasan premium Cukai Kerugian modal belum terealisasi Jumlah perbelanjaan 1,102,005 228,979 3,302,371 4,633,335 1,460,261 216,119 237,634 5,388,489 7,302,503 170,314 43,699 53,939 267,952 111,741 46,295 158,036 -
334,734 2,039,184 5,752,668 8,126,586
1,377,149 2,395,266 7,180,993 10,953,408
42,248 293,703 572,664 908,615
547,673 17,788 743 12,476 578,680
Lebihan pendapatan berbanding perbelanjaan Pendapatan tidak diagih dihantar ke depan Pendapatan tidak diagih dibawa ke depan
3,493,231 30,482,979
3,650,905 34,836,765
640,663 4,789,896
420,644 3,206,662
33,976,210
38,487,670
5,430,559
3,627,306
131
DANA ASING
2011
PENDAPATAN Pendapatan Pelaburan Bersih Pendapatan dividen Pendapatan rebat Laba daripada pertukaran asing Keuntungan daripada pelupusan pelaburan Laba pertukaran belum terealisasi Jumlah pendapatan PERBELANJAAN Perbelanjaan pengurusan Kerugian daripada pelupusan pelaburan Cukai Kerugian modal belum terealisasi Jumlah perbelanjaan 53,156 (75,779) 1,130,089 1,107,466 23,599 7,226 (42,923) 598,052 585,954
13,861 46,586 1,182 27,913 129,051 218,593
3,042 18,201 1,318 52,963 75,524
Lebihan perbelanjaan berbanding pendapatan Pendapatan tidak diagih dihantar ke depan Kerugian tidak diagih dibawa ke depan
(888,873) 548,967 (339,906)
(510,430) 119,413 (391,017)
132
DANA ASING
PENYATA ASET DAN LIABILITI PADA 31 DISEMBER 2012

2012
Dana Equity RM
Dana Managed RM
Dana Income RM
ASET Pelaburan Sekuriti disebut harga Sekuriti hutang tidak disebut harga Pelaburan dalam aset asing Deposit tetap Belum terima lain Tunai dan baki bank Aset cukai tertunda Jumlah aset LIABILITI Belum bayar Liabiliti cukai semasa Liabiliti cukai tertunda Jumlah liabiliti 5,944,986 601,185 707,255 7,253,426 6,249,000 680,332 730,709 7,660,041 336,491 110,429 121,168 568,088 39,876 59,181 13,277 112,334 1,087,544 47,800 1,135,344
93,836,695 24,805,000 436,779 761,257 -
99,795,632 12,418,447 27,777,396 16,500,000 1,045,879 410,320 -
9,902,647 2,575,001 2,790,195 255,824 347,585 10,681
- 18,443,186 2,652,000 239,462 19,978 20,058 1,212,963 -
119,839,731 145,529,227 15,329,967 19,676,127 15,881,933
ASET BERSIH YANG DIAGIHKAN KEPADA PEMEGANG POLISI DIWAKILI OLEH: 112,586,305 137,869,186 14,761,879 19,563,793 14,746,589 Modal pemegang polisi Pendapatan tidak diagih dihantar ke depan ASET BERSIH YANG DIAGIHKAN KEPADA PEMEGANG POLISI BILANGAN UNIT DALAM EDARAN NILAI ASET BERSIH YANG DIAGIHKAN KEPADA PEMEGANG POLISI SEUNIT 67,679,651 44,906,654 88,410,322 49,458,864 7,413,869 15,419,217 13,991,157 7,348,010 4,144,576 755,432
112,586,305 137,869,186 14,761,879 19,563,793 14,746,589
27,828,549
39,196,525
6,469,269 13,133,091 13,890,226
4.0457
3.5174
2.2818
1.4897
1.0617
133
DANA TEMPATAN

2012
ASET Pelaburan Pelaburan dalam aset asing Belum terima lain Tunai dan baki bank Aset cukai tertunda Jumlah aset LIABILITI Belum bayar Liabiliti cukai semasa Jumlah liabiliti ASET BERSIH YANG DIAGIHKAN KEPADA PEMEGANG POLISI DIWAKILI OLEH: Modal pemegang polisi Kerugian tidak diagih dihantar ke depan ASET BERSIH YANG DIAGIHKAN KEPADA PEMEGANG POLISI BILANGAN UNIT DALAM EDARAN NILAI ASET BERSIH YANG DIAGIHKAN KEPADA PEMEGANG POLISI SEUNIT 9,412 15,949 25,361 6,119 7,352 13,471
5,917,034 85,595 160,167 8,954 6,171,750
2,115,304 16,645 41,459 11,543 2,184,951
6,146,389 6,166,043 (19,654) 6,146,389 7,871,143
2,171,480 2,303,630 (132,150) 2,171,480 3,076,079
0.7809
0.7059
134
DANA TEMPATAN

2011
Dana Equity RM
Dana Managed RM
Dana Income RM
ASET Pelaburan Sekuriti disebut harga Sekuriti hutang tidak disebut harga Deposit tetap Belum terima lain Tunai dan baki bank Jumlah aset LIABILITI Belum bayar Liabiliti cukai semasa Liabiliti cukai tertunda Jumlah liabiliti NILAI ASET BERSIH DANA Modal pemegang saham Pendapatan tidak diagih dibawa ke depan 2,840,033 323,122 529,436 3,692,591 3,669,991 475,079 601,078 4,746,148 555,822 33,392 86,325 675,539 44,754 45,296 14,877 104,927 -
76,332,752 9,251,000 1,197,593 20,132
84,641,860 10,787,593 28,850,726 5,511,000 1,098,068 22,351
- 13,813,870 1,448,000 2,355,000 211,453 36,749 52,170 12,550
86,801,477 120,124,005 12,499,216 16,218,169
83,108,886 115,377,857 11,823,677 16,113,242 49,132,676 33,976,210 76,890,187 38,487,670 6,393,118 12,485,936 5,430,559 3,627,306
83,108,886 115,377,857 11,823,677 16,113,242 BILANGAN UNIT DALAM EDARAN NILAI ASET BERSIH SEUNIT
23,069,416 3.6026
35,796,420 3.2232
5,998,681 11,136,912 1.9710 1.4468
135
DANA ASING

2011
ASET Pelaburan Pelaburan dalam aset asing Belum terima lain Tunai dan baki bank Aset cukai tertunda Jumlah aset LIABILITI Belum bayar Liabiliti cukai semasa Jumlah liabiliti NILAI ASET BERSIH DANA Modal pemegang saham Kerugian tidak diagih dibawa ke depan 7,148 15,083 22,231 4,666,044 5,005,950 (339,906) 4,666,044 BILANGAN UNIT DALAM EDARAN NILAI ASET BERSIH SEUNIT 6,305,760 0.7400 4,636 4,321 8,957 1,667,859 2,058,876 (391,017) 1,667,859 2,701,668 0.6173
4,490,945 76,989 84,845 35,496 4,688,275
1,590,930 22,069 31,365 32,452 1,676,816
136
DANA TEMPATAN
PENYATA PERUBAHAN DALAM NILAI ASET BERSIH BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2012
2012
Dana Equity RM
Dana Managed RM
Dana Income RM
Baki pada awal tahun kewangan Pendapatan terealisasi bersih selepas cukai Laba modal/(Kerugian) belum terealisasi bersih daripada pelaburan Amaun diterima daripada terbitan bersih unit Amaun dibayar bagi pembatalan bersih unit Baki pada akhir tahun kewangan
83,108,886 115,377,857 11,823,677 16,113,242
8,707,712
9,350,792
1,481,937
537,278
148,862
2,222,732
1,620,402
435,514
(20,008)
606,570
47,689,818
38,134,599
3,624,561
5,928,115 15,204,346
(29,142,843) (26,614,464) (2,603,810) (2,994,834) (1,213,189)
112,586,305 137,869,186 14,761,879 19,563,793 14,746,589
2011 Baki pada awal tahun kewangan Pendapatan terealisasi bersih selepas cukai (Kerugian)/Laba modal belum terealisasi bersih daripada pelaburan Amaun diterima daripada terbitan bersih unit Amaun dibayar bagi pembatalan bersih unit Baki pada akhir tahun kewangan
66,462,957 102,046,913 10,651,356 11,502,362
6,795,602
9,039,394
694,602
408,168
(3,302,371)
(5,388,489)
(53,939)
12,476
36,819,060
36,125,090
3,045,813
6,991,443
(23,666,362) (26,445,051) (2,514,155) (2,801,207)
83,108,886 115,377,857 11,823,677 16,113,242
137
DANA ASING
PENYATA PERUBAHAN DALAM NILAI ASET BERSIH BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2012
2012
Baki pada awal tahun kewangan Kerugian terealisasi bersih selepas cukai Laba modal belum terealisasi bersih daripada pelaburan Amaun diterima daripada terbitan bersih unit Amaun dibayar bagi pembatalan bersih unit Baki pada akhir tahun kewangan
4,666,044 (314,828) 635,080 3,084,803 (1,924,710) 6,146,389
1,667,859 (122,077) 380,944 999,630 (754,876) 2,171,480
2011 Baki pada awal tahun kewangan Pendapatan terealisasi bersih selepas cukai Kerugian modal belum terealisasi bersih daripada pelaburan Amaun diterima daripada terbitan bersih unit Amaun dibayar bagi pembatalan bersih unit Baki pada akhir tahun kewangan 5,015,898 241,216 (1,130,089) 2,782,401 (2,243,382) 4,666,044 1,720,257 87,622 (598,052) 1,221,230 (763,198) 1,667,859
138
Nota Kepada Maklumat Kewangan
NOTA KEPADA MAKLUMAT KEWANGAN 31 DISEMBER 2012
1. AKTIVITI UTAMA Aktiviti utama Dana Berkaitan Pelaburan Manulife Insurance Berhad yang terdiri daripada Dana Equity, Dana Managed, Dana Ekuiti Dinamik, Dana Income, Dana Manulife Flexi Invest, Dana Manulife China Value dan Dana Manulife Emerging Eastern Europe (di sini dirujuk secara bersama sebagai Dana Berkaitan Pelaburan) ialah melabur dalam pelaburan yang dibenarkan. Objektif Dana Equity dan Dana Managed ialah untuk melabur dalam pelaburan dibenarkan yang tersenarai di Bursa Malaysia Securities Berhad (Bursa Malaysia) yang bertujuan untuk memaksimumkan kenaikan nilai modal dalam jangka sederhana hingga panjang. Objektif Dana Ekuiti Dinamik ialah untuk memaksimumkan kenaikan nilai modal dalam jangka sederhana hingga panjang dengan melabur dalam ekuiti patuh Syariah dan sekuriti berkaitan ekuiti yang tersenarai di Bursa Malaysia. Objektif Dana Income ialah untuk menyediakan pulangan yang stabil kepada pemegang polisi melalui pengumpulan modal dalam jangka panjang. Dana Manulife Flexi Invest adalah dana baru yang ditubuhkan pada 16 Februari 2012. Objektif Dana Manulife Flexi Invest ialah menyediakan platform untuk pelabur yang mahukan kenaikan nilai modal yang diselia pada paras risiko sederhana hingga tinggi dalam jangka masa pelaburan sederhana hingga panjang. Pelabur berpeluang menyertai dalam manfaat daripada pulangan ekuiti semasa lonjakan pasaran dan memperoleh pulangan yang stabil daripada pendapatan tetap semasa ketidaktentuan pasaran. Dana Manulife Flexi Invest mungkin melabur di antara 0 hingga 100% daripada nilai aset bersih dana dalam ekuiti dan instrumen berkaitan ekuiti dan/atau sekuriti pendapatan tetap (termasuk tetapi tidak terhad kepada instrumen pasaran wang dan aset cair lain). Dana Berkaitan Pelaburan juga dibenarkan melabur sehingga 30% daripada nilai aset bersih dana dalam pasaran asing apabila timbul peluang. Objektif Dana Manulife China Value bertujuan untuk mencapai pertumbuhan modal dalam jangka panjang melalui pelaburan, terutamanya dalam syarikat-syarikat yang mempunyai kepentingan perniagaan yang besar di Rantau China (termasuk Republik Rakyat China, Hong Kong dan Taiwan) yang tersenarai di bursa saham Shanghai, Shenzhen, Hong Kong, Taipei atau bursa lain. Objektif Dana Manulife Emerging Eastern Europe ialah untuk mencapai pertumbuhan modal melalui pelaburan terutamanya dalam sekuriti yang tersenarai atau didagangkan di bursa saham negara-negara Eropah Tengah dan Timur. Dana ini berhasrat untuk memberi tumpuan (walaupun tidak semestinya secara eksklusif) kepada sekuriti yang tersenarai atau didagangkan di bursa saham di Republik Czech, Hungary, Poland, Slovakia dan Rusia, sementara sekuriti tersebut mungkin juga tersenarai di bursa-bursa lain sebagai resit atau sijil depositori, atau dalam bentuk instrumen lain.
140
NOTA KEPADA MAKLUMAT KEWANGAN 31 DISEMBER 2012 (SAMBUNGAN)

1. AKTIVITI UTAMA (SAMBUNGAN) Pengurus Dana Berkaitan Pelaburan ialah Manulife Insurance Berhad, sebuah syarikat yang diperbadankan di Malaysia, bergiat terutamanya dalam pengunderaitan perniagaan insurans hayat termasuk perniagaan berkaitan pelaburan.
2. ASAS PENYEDIAAN Maklumat kewangan Dana Berkaitan Pelaburan telah disediakan menurut dasar perakaunan seperti yang diperihalkan dalam Nota 3 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia (BNM). Maklumat kewangan Dana Berkaitan Pelaburan telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan dalam dasar perakaunan penting dalam Nota 3 kepada maklumat kewangan.
3. DASAR PERAKAUNAN PENTING (a) Aset dan liabiliti kewangan (i) Klasifikasi Instrumen kewangan ialah sebarang kontrak yang menimbulkan aset kewangan sesebuah perusahaan dan juga menimbulkan liabiliti kewangan atau instrumen ekuiti perusahaan lain. Aset kewangan ialah sebarang aset yang berupa tunai, hak berkontrak untuk menerima tunai atau aset kewangan lain daripada perusahaan lain, hak berkontrak untuk menukarkan instrumen kewangan dengan perusahaan lain dalam keadaan yang berpotensi menguntungkan, atau instrumen ekuiti perusahaan lain. Liabiliti kewangan ialah apa-apa liabiliti yang merupakan obligasi berkontrak untuk menyerahkan tunai atau aset kewangan lain kepada perusahaan lain, atau menukarkan instrumen kewangan dengan perusahaan lain dalam keadaan yang berpotensi tidak menguntungkan. Pinjaman dan belum terima ialah aset kewangan bukan derivatif dengan bayaran tetap atau bayaran yang boleh ditentukan yang tidak disebut harga di pasaran aktif. Pinjaman dan belum terima Dana Berkaitan Pelaburan merangkumi pinjaman, deposit dengan institusi kewangan berlesen dan belum terima lain. Dana mengklasifikasikan belum bayar sebagai liabiliti kewangan lain.
141

3. DASAR PERAKAUNAN PENTING (SAMBUNGAN) (a) Aset dan liabiliti kewangan (sambungan) (ii) Pengiktirafan dan pengukuran Semua belian pelaburan diiktiraf pada hari dagangannya, iaitu hari komitmen wujud untuk membeli pelaburan. Pelaburan pada mulanya direkodkan pada kos, sebagai nilai saksama balasan yang diberikan. Kos urus niaga yang diagihkan diiktiraf dalam keuntungan atau kerugian apabila ditanggung. Aset kewangan dinyahiktiraf apabila hak untuk menerima aliran tunai daripada pelaburan telah tamat tempoh atau telah dipindah milik dan Dana Berkaitan Pelaburan telah memindah milik hampir kesemua risiko dan ganjaran pemilikan. Liabiliti kewangan dinyahiktiraf apabila ia terhapus, iaitu apabila obligasi yang dinyatakan dalam kontrak dilepaskan atau dibatalkan atau tamat tempoh. Aset kewangan pada nilai saksama melalui keuntungan atau kerugian Pelaburan Dana Berkaitan Pelaburan ditetapkan pada pengiktirafan awal pada nilai saksama melalui keuntungan atau kerugian. Selepas pengiktirafan awal, pelaburan direkodkan pada nilai saksama dan laba atau kerugian belum terealisasi daripada pengukuran semula nilai saksama dibawa ke keuntungan atau kerugian. Nilai saksama pelaburan ditentukan dengan menggunakan penilaian pasaran terbuka pada tarikh akhir tahun. Pelaburan ekuiti disebut harga dinilai berdasarkan harga pasaran sebutan pada tarikh penyata kedudukan kewangan dan harga pasaran sebutan yang digunakan ialah harga bida semasa. Sekuriti hutang tidak disebut harga pada mulanya diiktiraf pada nilai saksama dan kemudiannya diukur semula pada nilai saksama berdasarkan nilai saksama yang disebut oleh agensi penentuan harga bon. Pelaburan dalam aset asing terdiri daripada pelaburan di bawah platform dana mutual Manulife Global Fund dan dinilai pada nilai aset bersih dana-dana pendasar pada tarikh penyata kedudukan kewangan. Belum terima lain Pinjaman dan belum terima diiktiraf pada mulanya pada nilai saksama dan kemudiannya diukur pada kos terlunas menggunakan kaedah kadar faedah berkesan, tolak sebarang kerugian kemerosotan nilai. Pinjaman dinyatakan pada penilaian berdasarkan aliran tunai terdiskaun masa depan dengan mengambil kira keadaan pasaran dan syarat-syarat kontrak pinjaman.
142

3. DASAR PERAKAUNAN PENTING (SAMBUNGAN) (a) Aset dan liabiliti kewangan (sambungan) (ii) Pengiktirafan dan pengukuran (sambungan) Belum terima lain (sambungan) Kebolehpungutan pinjaman dan belum terima dikaji semula secara berterusan. Akaun peruntukan digunakan apabila terdapat bukti yang benar bahawa Dana Berkaitan Pelaburan tidak akan dapat memungut semua amaun yang terhutang menurut syaratsyarat asal pinjaman dan belum terima itu. Aset kewangan atau kumpulan aset kewangan merosot nilai dan kerugian kemerosotan nilai ditanggung hanya sekiranya terdapat bukti yang benar mengenai kemerosotan nilai itu akibat satu atau lebih peristiwa yang berlaku selepas pengiktirafan awal aset (peristiwa kerugian). Amaun peruntukan kemerosotan nilai ialah perbezaan antara amaun dibawa aset dan nilai kini anggaran aliran tunai masa depan, didiskaunkan pada kadar faedah berkesan asal. Aliran tunai yang berkaitan dengan belum terima jangka pendek tidak didiskaunkan jika kesan pendiskaunan adalah tidak penting. Amaun kerugian kemerosotan nilai diiktiraf dalam keuntungan atau kerugian. Apabila pinjaman dan belum terima, yang untuknya peruntukan kemerosotan nilai telah diiktiraf, tidak dapat dipungut dalam tempoh kemudiannya, maka ia akan dihapus kira daripada akaun peruntukan. Apabila amaun yang telah dihapus kira sebelum ini didapatkan balik kemudiannya, ia akan dikreditkan ke keuntungan atau kerugian. (b) Terbitan bersih unit Terbitan bersih unit merupakan premium yang telah dibayar oleh pemegang polisi sebagai bayaran untuk kontrak baru atau bayaran berikutnya untuk meningkatkan amaun kontrak itu. Terbitan bersih unit diiktiraf berasaskan penerimaan. (c) Pembatalan bersih unit Pembatalan bersih unit merupakan pembatalan unit yang timbul daripada serahan balik dan pengeluaran oleh pemegang polisi. Pembatalan bersih unit diiktiraf apabila kontrak insurans yang berkaitan diserah balik. (d) Pengiktirafan pendapatan Pendapatan faedah dan pendapatan perkongsian keuntungan yang diperoleh diiktiraf berasaskan perkadaran masa yang mengambil kira kadar hasil efektif aset. Pendapatan dividen diiktiraf apabila hak untuk menerima bayaran dapat ditentukan.
143

3. DASAR PERAKAUNAN PENTING (SAMBUNGAN) (e) Laba atau kerugian daripada pelupusan aset kewangan Laba atau kerugian daripada pelupusan aset kewangan dikira dengan membandingkan perolehan bersih dengan kos purata wajaran aset kewangan dan dikreditkan atau dicajkan ke dalam laba atau kerugian. (f) Mata wang asing (i) Mata wang fungsian dan pembentangan Butiran yang dimasukkan dalam maklumat kewangan Dana Berkaitan Pelaburan diukur menggunakan mata wang persekitaran ekonomi utama di mana Dana Berkaitan Pelaburan beroperasi (mata wang fungsian). Mata wang fungsian dan mata wang pembentangan Dana Berkaitan Pelaburan ialah Ringgit Malaysia. (ii) Urus niaga dan baki Urus niaga dalam mata wang selain daripada mata wang fungsian (mata wang asing) diterjemahkan ke dalam mata wang fungsian menggunakan kadar pertukaran yang diguna pakai pada tarikh urus niaga. Laba dan kerugian terjemahan mata wang hasil daripada penyelesaian urus niaga tersebut dan daripada terjemahan aset dan liabiliti kewangan pada kadar pertukaran akhir tahun yang didenominasikan dalam mata wang asing diiktiraf dalam penyata pendapatan dan perbelanjaan. (g) Cukai Caj cukai pendapatan dikira pada kadar cukai semasa berdasarkan kaedah yang ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat. Cukai tertunda diiktiraf sepenuhnya, menggunakan kaedah liabiliti, ke atas perbezaan sementara yang timbul antara amaun yang disebabkan oleh aset dan liabiliti bagi tujuan cukai dan amaun dibawanya dalam penyata kewangan. Aset cukai tertunda diiktiraf setakat yang kemungkinan bahawa keuntungan boleh cukai akan tersedia yang untuknya perbezaan sementara deduktibel atau kerugian cukai belum guna dapat digunakan. Kadar cukai yang digubal atau digubal secara substantif pada tarikh penyata kedudukan kewangan digunakan untuk menentukan cukai tertunda. (h) Tunai dan kesetaraan tunai Tunai dan kesetaraan tunai terdiri daripada tunai dan baki bank yang mempunyai risiko perubahan dalam nilai yang tidak penting. Deposit dengan institusi kewangan bukanlah sebahagian daripada tunai dan kesetaraan tunai kerana ia dipegang bagi tujuan pelaburan.
144

4. PULANGAN TAHUNAN PURATA DAN PENANDA ARAS Ukuran dan prestasi pulangan purata tahunan berbanding index-index penanda aras dana berkaitan pelaburan untuk tempoh perbandingan adalah dibentangkan pada halaman 105 hingga 111 dalam Laporan Prestasi Dana.
5. PELABURAN Butir-butir pelaburan dan nilai pasaran pegangan pelaburan pada peratusan nilai aset bersih Dana Berkaitan Pelaburan adalah dibentangkan pada halaman 119 hingga 127 dalam Laporan Prestasi Dana.
6. JADUAL PRESTASI PERBANDINGAN Butir-butir nilai aset bersih Dana Berkaitan Pelaburan, unit dalam edaran, peratusan pemegangan pelaburan kepada nilai dana dan pecahan dalam pertumbuhan modal dibentangkan pada halaman 113 hingga 117 dalam Laporan Prestasi Dana.
7. PERBANDINGAN Tiada angka perbandingan bagi Dana Manulife Flexi Invest kerana ini adalah set maklumat kewangan yang pertama disediakan sejak tarikh permulaan Dana ini.
145
Kenyataan oleh Pengurus
KENYATAAN OLEH PENGURUS

Kami, Dato' Md Agil Bin Mohd Natt dan Chew Yee Ming George, selaku dua orang Pengarah Manulife Insurance Berhad (Pengurus), menyatakan bahawa, pada pendapat Pengurus, maklumat kewangan Dana Berkaitan Pelaburan Manulife yang disertakan, yang terdiri daripada Dana Equity, Dana Managed, Dana Ekuiti Dinamik, Dana Income, Dana Manulife Flexi Invest, Dana Manulife China Value dan Dana Manulife Emerging Eastern Europe yang dibentangkan pada halaman 129 hingga 145 telah disediakan menurut dasar perakaunan yang diperihalkan dalam Nota 3 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.
Bagi pihak Pengurus,
DATO' MD AGIL BIN MOHD NATT Pengarah
CHEW YEE MING GEORGE Pengarah
Kuala Lumpur 20 Mac 2013
147
Laporan Juruaudit Bebas
LAPORAN JURUAUDIT BEBAS KEPADA PEMEGANG POLISI DANA BERKAITAN PELABURAN MANULIFE INSURANCE BERHAD, YANG TERDIRI DARIPADA DANA EQUITY, DANA MANAGED, DANA EKUITI DINAMIK, DANA INCOME, DANA MANULIFE FLEXI INVEST, DANA MANULIFE CHINA VALUE DAN DANA MANULIFE EMERGING EASTERN EUROPE (KEMUDIAN DARI INI SECARA BERSAMA DIRUJUK SEBAGAI DANA BERKAITAN PELABURAN)
LAPORAN MENGENAI MAKLUMAT KEWANGAN Kami telah mengaudit maklumat kewangan Dana Berkaitan Pelaburan Manulife Insurance Berhad yang terdiri daripada Dana Equity, Dana Managed, Dana Ekuiti Dinamik, Dana Income, Dana Manulife Flexi Invest, Dana Manulife China Value and Dana Manulife Emerging Eastern Europe, yang kemudian dari ini dirujuk secara bersama sebagai Dana Berkaitan Pelaburan, yang merangkumi penyata aset dan liabiliti pada 31 Disember 2012, penyata pendapatan dan perbelanjaan dan perubahan dalam nilai aset bersih bagi tahun kewangan berakhir pada tarikh itu, serta ringkasan dasar perakaunan penting dan nota penjelasan lain seperti yang dibentangkan pada halaman 129 hingga 145. Tanggungjawab Pengurus terhadap Maklumat Kewangan Para Pengarah Manulife Insurance Berhad (Pengurus) Dana Berkaitan Pelaburan bertanggungjawab terhadap penyediaan maklumat kewangan menurut dasar perakaunan yang ditetapkan dalam Nota 3 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia, dan terhadap kawalan dalaman sebagaimana yang Pengurus tentukan sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada salah nyata yang ketara, sama ada disebabkan penipuan atau kesilapan. Tanggungjawab Juruaudit Tanggungjawab kami ialah untuk memberikan pendapat mengenai maklumat kewangan ini berdasarkan audit kami. Kami melaksanakan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami mematuhi keperluan etika serta merancang dan melaksanakan audit bagi mendapatkan kepastian yang sewajarnya tentang sama ada maklumat kewangan tersebut bebas daripada salah nyata yang ketara.
149
LAPORAN JURUAUDIT BEBAS KEPADA PEMEGANG POLISI DANA BERKAITAN PELABURAN MANULIFE INSURANCE BERHAD, YANG TERDIRI DARIPADA DANA EQUITY, DANA MANAGED, DANA EKUITI DINAMIK, DANA INCOME, DANA MANULIFE FLEXI INVEST, DANA MANULIFE CHINA VALUE DAN DANA MANULIFE EMERGING EASTERN EUROPE (KEMUDIAN DARI INI SECARA BERSAMA DIRUJUK SEBAGAI DANA BERKAITAN PELABURAN) (SAMBUNGAN)
Proses pengauditan melibatkan pelaksanaan prosedur bagi mendapatkan bukti audit tentang amaun dan pendedahan dalam penyata kewangan. Prosedur yang dipilih bergantung pada pertimbangan kami, termasuk penaksiran risiko salah nyata yang ketara dalam maklumat kewangan, sama ada disebabkan penipuan atau kesilapan. Dalam membuat penaksiran risiko tersebut, kami menganggap kawalan dalaman relevan dengan penyediaan maklumat kewangan oleh Pengurus untuk memberikan pandangan yang benar dan adil bagi merancang prosedur audit yang sesuai dalam keadaan itu, tetapi bukan bagi tujuan menyatakan pendapat mengenai keberkesanan kawalan dalaman Dana Berkaitan Pelaburan. Proses pengauditan juga termasuk menilai kesesuaian dasardasar perakaunan yang digunakan dan kemunasabahan anggaran perakaunan yang dibuat oleh para Pengarah, serta menilai pembentangan maklumat kewangan secara keseluruhan. Kami percaya bahawa bukti audit yang telah kami peroleh adalah memadai dan sesuai untuk menyediakan asas bagi menyatakan pendapat audit kami. Pendapat Pada pendapat kami, maklumat kewangan Dana Berkaitan Pelaburan telah disediakan dengan betul menurut dasar perakaunan yang ditetapkan dalam Nota 3 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia. PERKARA LAIN Laporan ini dibuat semata-mata kepada para Pemegang Polisi Dana Berkaitan Pelaburan, sebagai sebuah badan menurut Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia, dan bukan untuk sebarang tujuan lain. Kami tidak bertanggungjawab kepada mana-mana pihak lain berhubung kandungan laporan ini. PRICEWATERHOUSECOOPERS (No. AF-1146) Akaun Bertauliah Kuala Lumpur 20 Mac 2013
Nota: Sekiranya terdapat percanggahan di dalam kenyataan Ulasan Tahunan, versi Bahasa Inggeris akan diguna pakai. 150
DIRECTORY OF MANULIFE REGIONAL SUPPORT CENTRES

REGIONAL SUPPORT CENTRE KUALA LUMPUR ADDRESS 10th Floor, Menara Manulife No. 6, Jalan Gelenggang, Damansara Heights 50490 KUALA LUMPUR Lot T101-T106, 3rd Floor, CentrePoint No. 3, Leboh Bandar Utama, Bandar Utama 47800 Petaling Jaya, SELANGOR 1st and 2nd floor, Lot 10900, Wisma Seri Setia Jalan Dusun Muda, Sek 26, 15200 Kota Bharu, KELANTAN No. 1797-1-05 (First Floor), Kompleks Auto World Jalan Perusahaan, Juru Interchange 13600 Perai, PENANG 2nd Floor, Bangunan Ang No. 1, Jalan Jeram, Taman Tasek 80200 Johor Bahru, JOHOR 1st, 2nd and 3rd floor 185, Jalan Lagenda 1, Lagenda Heights 08000 Sungai Petani, KEDAH 9th Floor, M&A Building No. 52A, Jalan Sultan Idris Shah 30000 Ipoh, PERAK No 524A, 524B, Jalan Merdeka, Taman Melaka Raya, 75000 MELAKA 3rd Floor, Grand Merdin No. 131, Kampung Nyabor Road 96000 Sibu, SARAWAK 1st Floor, Lot 127- 129 Section 54, Kuching Town Land District Jalan Petanak, 93100 Kuching, SARAWAK Unit 59, Block J, 5th Floor KK Times Square Signature Office Coastal Highway, 88100 Kota Kinabalu, SABAH TEL. NO. 03 - 2719 9228
PETALING JAYA
03 - 7727 7772 03 - 7726 6680 03 - 7727 7618 09-747 2388
KOTA BHARU
JURU
04 - 502 7916 04 - 502 7917
JOHOR BAHRU
07 - 235 2549 07 - 235 0775 04 - 420 1917 04 - 420 1918 05 - 254 2295 05 - 254 2296 06 - 288 2810 06 - 288 2811 084 - 324 755 084 - 333 976 084 - 321 613 082 - 424 755 082 - 419 755 088 - 486 239
SUNGAI PETANI
IPOH
MELAKA
SIBU
KUCHING
KOTA KINABALU
Customer Care number: 1-300-13-2323

151
Manulife Insurance Berhad
(814942-M)
Menara Manulife, 6 Jalan Gelenggang, Damansara Heights, 50490 Kuala Lumpur Tel: 03-2719 9228 Fax: 03-2094 0972, 2095 6291 www.manulife.com.my

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Annual Review 2012

Manulife Investment-Linked Funds

For The Financial Year Ending 31 December 2012

EQUITY FUND FY 2012

Top 5 Holdings (As at 31st December 2012)

Asset Allocation (As at 31st December 2012)

MANAGED FUND FY 2012

Top 5 Holdings (As at 31st December 2012)

Asset Allocation (As at 31st December 2012)

INCOME FUND FY 2012

Top 5 Bond Holdings (As at 31st December 2012)

Asset Allocation (As at 31st December 2012)

DANA EKUITI DINAMIK FY 2012

Top 5 Holdings (As at 31st December 2012)

Asset Allocation (As at 31st December 2012)

MANULIFE FLEXI INVEST FUND FY 2012

Top 5 Holdings (As at 31st December 2012)

Asset Allocation (As at 31st December 2012)

MANULIFE EMERGING EASTERN EUROPE FUND

Top 5 Holdings (As at 31st December 2012)

Asset Allocation (As at 31st December 2012)

MANULIFE CHINA VALUE FUND

Top 5 Holdings (As at 31st December 2012)

Asset Allocation (As at 31st December 2012)

EQUITY FUND FY 2012

Performance calculated as at 31st December 2012

Average Annual Returns And Benchmark

MANAGED FUND FY 2012

Average Annual Returns And Benchmark

INCOME FUND FY 2012

Average Annual Returns And Benchmark

DANA EKUITI DINAMIK FY 2012

Average Annual Returns And Benchmark

MANULIFE FLEXI INVEST FUND FY 2012

Average Annual Returns And Benchmark

MANULIFE EMERGING EASTERN EUROPE FUND

(11.87)% (15.90)% (25.64)%

Average Annual Returns And Benchmark

MANULIFE CHINA VALUE FUND

Average Annual Returns And Benchmark

1.490 1.448 % 100.00 100.00

1.447 1.404 % 85.43 14.57 100.00

1.404 1.359 % 84.18 13.53 2.29 100.00

1.359 1.315 % 75.84 21.57 2.59 100.00

1.628 1.268 % 87.43 8.64 3.93 100.00

Composition of Unquoted debt securities

2012 Percentage of NAV % 76.27 18.00 94.27

2011 Percentage of NAV % 60.77 24.95 85.72

2010 Percentage of NAV % 55.62 2.22 25.90 83.74

2009 Percentage of NAV % 60.38 3.41 14.70 78.49

2008 Percentage of NAV % 66.50 3.89 15.45 85.84

Bonds Loans Government Guaranteed Bonds

Unquoted debt securities

2012 Percentage of NAV % 40.68 17.54 15.47 2.58 18.00 94.27

2011 Percentage of NAV % 23.97 8.49 25.17 3.13 24.95 85.71

2008 Percentage of NAV % 51.33 3.89 10.17 5.00 15.45 85.84

2012 RM 2,171,481 3,076,079 0.706

2011 RM 1,667,859 2,701,668 0.617

2010 RM 1,720,257 2,135,161 0.806

2009 RM 1,422,111 1,831,210 0.777

2008 RM 563,930 1,349,146 0.418

Capital Growth and Income Distribution Table