ta small cap fund...ta small cap fund (for the 6 months ended 31 october 2019) 5 fixed income...

(340588-T)TA InvestmentA Member of the TA Group

For the 6 months ended 31 October 2019

Interim Report

TA Small Cap Fund

(340588-T)

TA Small Cap Fund (For the 6 months ended 31 October 2019)

1

Contents

Contents 1 Key Performance Data 2 Manager’s Report 4 Market Review 7 Economic Outlook 8 Market Outlook And Investment Strategy 8 Size Of Unitholdings 9 Soft Commission 9 Trustee's Report 10 Statement By The Manager 11 Unaudited Statement Of Comprehensive Income 12 Unaudited Statement Of Financial Position 13 Unaudited Statement Of Changes In Equity 14 Unaudited Statement Of Cash Flows 15 Notes To The Unaudited Financial Statements 16 Corporate Information 36


2

Key Performance Data

6 months 6 months 6 months

ended ended ended

31/10/2019 31/10/2018 31/10/2017

PORTFOLIO COMPOSITION (% OF NAV)

Trading/Services 4.58 16.61 17.73

Consumer Products 15.84 12.60 9.55

Industrial Products 9.52 10.78 10.15

Finance - - 6.39

Properties 2.15 1.23 9.40

Construction 3.88 - 2.26

Plantations - - 2.34

Telecomunication 3.19 - -

Infrastructure - 2.03 -

Oil & Gas - 1.41 0.86

Energy 5.05 1.48 3.42

Technology 27.53 10.95 10.57

Mining 5.49 3.45 4.49

Quoted Shares 77.23 60.54 77.16

Collective Investment Scheme 8.77 6.83 -

Derivative Instruments 4.32 0.17 0.87

Cash (Net of Liabilities) 9.68 32.46 21.97

Total Investment 100.00 100.00 100.00

Total Net Asset Value (RM'000) 6,511^ 6,639 7,579.00

Units In Circulation (Units '000) 9,857 10,583 11,492

Net Asset Value Per Unit (RM) 0.6606^ 0.6273 0.6595

Management Expense Ratio (MER) (%) * 1.11 1.15 1.17

Portfolio Turnover Ratio (PTR) (times) ** 0.60 0.48 0.31

^ Refer to unaudited account Note 12.

UNIT PRICES

NAV Per Unit (RM) 0.6606 0.6273 0.6595

Highest NAV Per Unit for the Period (RM) 0.6681 0.6730 0.6990

Lowest NAV Per Unit for the Period (RM) 0.6092 0.6074 0.6334

* The MER for the current interim period is consistent with the previous period.

** The PTR for the current interim period has increase compared to previous interim period due to increased in averagetransaction value of the Fund.


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6 months 6 months 6 months

ended ended ended

31/10/2019 31/10/2018 31/10/2017

TOTAL RETURN (%)

Capital Return -0.57 -2.52 -5.04

Income Return - - -

Total Return of Fund -0.57 -2.52 -5.04

Total Return of the Benchmark

- FTSE Bursa Malaysia Small Cap Index 0.42 -12.72 -1.29

AVERAGE TOTAL RETURN (%)

Fund Benchmark

Period

1 Year (31/10/2018 - 31/10/2019) 5.31 7.48

3 Years (31/10/2016 - 31/10/2019) 3.00 -3.76

5 Years (31/10/2014 - 31/10/2019) -0.40 -5.02

ANNUAL TOTAL RETURN (%)

Fund Benchmark

Period

31/10/2018 - 31/10/2019 5.31 7.48

31/10/2017 - 31/10/2018 -4.88 -27.01

31/10/2016 - 31/10/2017 9.08 13.61

31/10/2015 - 31/10/2016 2.34 -2.16

31/10/2014 - 31/10/2015 -12.33 -11.36

Source : Lipper for Investment Management

Past performance is not necessarily indicative of future performance. Unit prices and investment returns may go down, aswell as up.


4

Manager’s Report

TA Small Cap Fund

Fund Category/Type Equity / Growth

Fund Objective The Fund aims to achieve higher capital appreciation by investing in instruments which have the potential of substantial value appreciation over the medium to long term period.

Performance Benchmark

FTSE Bursa Malaysia Small Cap Index (FBM Small Cap)

Fund’s Distribution Policy

The Fund may declare annual/interim distribution (if any) during its financial year.

Fund’s Performance and Investment Strategies Employed

The Fund was managed within its investment objective for the interim period under review but did not meet its objective of providing positive return.

The Fund posted a negative return of -0.57% for the interim six-month period under review which ended on 31 October 2019, underperforming the benchmark’s 0.42% returns.

The Fund focuses on smaller capitalised companies that are deemed to have strong growth potentials. Active monitoring and trading are required to maintain the value of the Fund.

Analysis of Fund’s Perfomance

31/10/19 30/04/19 % Change

NAV/unit (RM) 0.6606^ 0.6644 -0.57

Total NAV (RM’000)

6,511^ 6,764 -3.74

^ Refer to unaudited account Note 12.

Income Distribution (%)

Capital Return # (%)

Total Return (%)

- -0.57 -0.57

# Capital Return components:

Equity


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Fixed income securities

Cash and cash equivalents

31/10/19 30/04/19 % Change

FBM Small Cap 13,678.21 13,621.11 0.42

Performance Chart

Distribution/Unit Split

None were declared for the interim period under review ended 31 October 2019.

Asset Allocation 31/10/19 30/04/19

Asset allocation during the financial period under review was primarily in equity with the remaining in cash, collective investment schemes and derivative instruments. The allocation of assets is a reflection of the financial markets and economic outlook moving forward.

Top Investments Top 5 Stocks

As at 31/10/19 % NAV

QL Resources Berhad 8.71

TASF -1.97%

Benchmark -22.70%

Equity 83.19% Equity 77.23%

Cash (Net of Liabilities) 9.68%

Derivative Instruments 4.32%

Collective Investment Scheme 8.77%

Cash (Net of Liabilities) 10.64%

Derivative Instruments 0.04%

Collective Investment Scheme 6.13%


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Scientex Berhad 5.89

Atrium Real Estate Investment Trust 5.86

JF Technology Berhad 4.29

OCK Group Berhad 4.28

As at 30/04/19 % NAV

QL Resources Berhad 7.84

Iris Corporation Berhad 5.69

KNM Group Berhad 5.56

Scientex Berhad 5.23

AWC Berhad 5.09

Past performance is not necessarily indicative of future performance. Unit prices and investment returns may go down, as well as up.


7

Market Review The FTSE Bursa Malaysia Kuala Lumpur Composite Index (“FBM KLCI”) closed 1.7% lower in November 2018 due to negative market sentiments in the United States (“US”) and a lack of positive catalysts locally, with the FTSE Bursa Malaysia Small Cap Index (“FBM Small Cap”) following suit at a 4.4% decline. Globally, equity markets in December 2018 were tumultuous, led by heavy sell-offs in United States (“US”) markets stemming from a few factors such as the threat of a US government shutdown, the ongoing US-China trade conflict, Brexit uncertainty and rising interest rates. Nevertheless, stocks on the FBM KLCI 30 remained resilient, ending December 2018 with 0.6% gains.

The New Year in January 2019 saw improved market sentiment spurred by expectations of a positive outcome from ongoing US-China trade negotiations. Although the FBM KLCI fell slightly by 0.4%, the FBM Small Cap rebounded strongly with an increase of 7.2% in January 2019 due to strong buying of beaten down stocks last year. Equity markets continued to recover as President Trump sent positive signals of ‘substantial progress’ in trade talks improved market sentiment, with the FBM Small Cap appreciating 3.6% Month-on-Month (“MoM”). The FBM KLCI declined 3.8% in March 2019, making it the worst performer in the region as banking stocks were hit hard when foreign funds exited, with the KLSE Finance Index dropping 4.6%. However, small caps managed to perform as the FBM Small Cap gained 1.3%.

The FBM KLCI slipped 0.1% at the end of April 2019 over concerns of a potential Overnight Policy Rate (“OPR”) cut or a downgrade of Malaysia bonds in the FTSE Russel’s World Government Bond Index (“WGBI”) as well as corporate earnings risk due to slowing global growth prospects and policy uncertainties. Despite this, small caps performed well, with the FBM Small Cap surging 7.2% in April 2019. Global equity markets experienced decline in May 2019 as the US-China trade tensions escalated into a technology war, reversing all positive signals guided in February 2019. The FBM Small Cap dropped significantly by 7.9% as investors fled the relatively less liquid and more speculative counters. By June 2019, Asian markets began to experience net inflows with the MSCI Asia Pacific Index up 5%. The FBM KLCI, in comparison, saw relatively lower gains of 1.3%. However, the FBM Small Cap recovered at 3.6% lifted by oil and gas players.

Market sentiment dampened further with the FBM KLCI falling 2.2% in July 2019, 1.4% in August and 1.8% in September 2019 following President Trump’s announcement of further import tariffs on Chinese goods (10% on the balance USD 300 billion) after failed US-Chinese trade talks, in line with poorer equity market performance regionally. The market fell throughout the quarter amid concerns over global growth stemming from the trade war as well as profit-taking on Digi and Axiata following the end of Axiata-Telenor Asia merger talks in September. Despite this, the FBM Small Cap jumped 4.2% in July 2019 only to contract 4.9% in August 2019, ending the quarter positively by rising 0.8% in September 2019.

October 2019 saw the announcement by US President Trump that the nation had come to a ‘very substantial phase one deal’ with China and that phase two will start ‘almost immediately’, with the deal initially scheduled to take place during the Asia-Pacific Economic Cooperation (“APEC”) Summit in Chile in mid-November. Equity investors rejoiced as the FBM KLCI gained 0.9%, largely aided by an eighteen point surge on the


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last day of the month. The FBM KLCI was mainly lifted by the banking and technology sectors while being held back slightly by the telecommunication and property sectors. Simultaneously, the FBM Small Cap increased 5.4%.

Economic Outlook According to the World Bank’s East Asia and Pacific Economic Update, the 2019 Malaysia economic growth forecast, as measured by gross domestic product (“GDP”), is projected at 4.6%, after moderate growth in the first half of 2019 at 4.5% and 4.9% in the first and second quarter respectively. Household spending, the primary driver of growth, remains robust and supported by continued wage growth and by a moderation in consumer price inflation. However, overall economic activity, was dampened by softer than expected growth in investment activity and contraction of public investment amid ongoing reviews of major infrastructure projects.

Going into 2020, the World Bank forecasts that Malaysia’s economy will continue to expand at a moderate 4.6%. The weakness in the external sector is likely to persist over the near term with the heightened uncertainty surrounding the external environment and softening global demand for electrical and electronic products constraining export growth.

Across the Asia Pacific region as a whole, the World Bank expects growth to moderate across the mid to long term, as fragile global economic conditions throughout 2019 would moderately improve over the next two years, barring the materialization of significant downside risks. Governments across the region are attempting to support growth through new spending measures, public infrastructure investment and accommodative monetary policies.

Market Outlook And Investment Strategy Liquidity seeking returns will likely flood the market again as the interest rate cut cycle is intensified in more countries. The more interest rates are cut, the more aggressive search for returns will become and recent history has proven to us that equity-based investments are the main beneficiaries. Putting aside all the uncertainties due to Brexit, the trade war, geopolitical tensions and numerous other perceived threats the current impressive run of global stock markets should continue.

Fund Managers remain positive on the market, but would also caution that there are risks to being invested. Volatility remains our biggest concern, but we expect a calmer market in the coming months which will give stocks ample opportunities to rebound. As such, our Fund Managers are stepping up efforts to search for value stocks and to position our funds to capitalize on these opportunities and gain positive results.


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Size Of Unitholdings - 31 October 2019

Size of Holdings

(units)

No. of

Unitholders

% of

Unitholders

No. of Units

Held ('000)

% of Unit

Held

5,000 and below 139 29.32% 405 4.10%

5,000-10,000 82 17.30% 611 6.20%

10,001-50,000 222 46.84% 4,752 48.20%

50,000-500,000 30 6.33% 2,984 30.28%

500,001 and above 1 0.21% 1,105 11.22%

Total 474 100.00% 9,857 100.00%

Soft Commission

The Manager retains soft commissions received from brokers only if the goods and services are of demonstrable benefits to the unitholders as allowed under the Securities Commission's Guidelines on Unit Trust Funds. The soft commission received include research and advisory services which are used to support the investment decision making process and are of demonstrable benefit to Unitholders of the Fund.


TRUSTEE'S REPORT

TO THE UNITHOLDERS OF TA SMALL CAP FUND

(a)

(b)

(c)

For and on behalf of

CIMB Commerce Trustee Berhad

Lee Kooi Yoke

Chief Operating Officer

Kuala Lumpur, Malaysia

24 December 2019

We, CIMB Commerce Trustee Berhad being the Trustee of TA Small Cap Fund ('the Fund')

are of the opinion that TA Investment Management Berhad ('the Manager'), acting in the

capacity as Manager of the Fund, has fulfilled its duties in the following manner for the financial

period ended 31 October 2019.

The Fund has been managed in accordance with the limitations imposed on the investment

powers of the Manager under the Deed, the Securities Commission Malaysia's Guidelines

on Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to

time) and other applicable laws;

Valuation and pricing for the Fund has been carried out in accordance with the Deed and

relevant regulatory requirements; and

Creation and cancellation of units have been carried out in accordance with the Deed and

relevant regulatory requirements.

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STATEMENT BY THE MANAGER

On behalf of the Manager,

CHOO SWEE KEE

Kuala Lumpur, Malaysia

24 December 2019

We, CHOO SWEE KEE and MOHAMMED A'REEFF BIN ABDUL KHALID, being two of the

Directors of TA INVESTMENT MANAGEMENT BERHAD, do hereby state that, in the opinion of

the Manager, the accompanying unaudited financial statements set out on page 12 to 35, are

drawn up so as to give a true and fair view of the financial position of TA SMALL CAP FUND as

at 31 October 2019 and of its unaudited financial performance and unaudited cash flows for the

financial period ended on that date in accordance with Malaysian Financial Reporting Standards

and International Financial Reporting Standards.

MOHAMMED A'REEFF BIN

ABDUL KHALID

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UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL PERIOD ENDED 31 OCTOBER 2019

01.05.2019 01.05.2018

to to

31.10.2019 31.10.2018

Note RM RM

INCOME/(LOSS)

Dividend income 26,210 48,856

Interest income and other income 6,025 14,116

Net gain/(loss) on:

- financial assets at fair value through profit

or loss ("FVTPL") 6 4,889 (146,636)

37,124 (83,664)

EXPENSES

Manager's fee 3 46,461 48,696

Trustee's fee 4 6,547 8,005

Auditors' remuneration 4,200 4,500

Tax agent's fee 1,620 1,140

Investment committee's remuneration 3,600 3,600

Brokerage and other transaction fees 33,176 26,342

Custodian fee 2,600 1,769

Administrative fees and expenses 5,420 7,487

103,624 101,539

Net loss before tax (66,500) (185,203)

Less: Income tax expense 5 (400) (437)

Net loss after tax, representing total

comprehensive income for the financial period (66,900) (185,640)

Net loss after tax is made up of the

following:

Net realised loss (35,082) (253,653)

Net unrealised (loss)/income (31,818) 68,013

(66,900) (185,640)

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

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UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2019

31.10.2019 30.04.2019

Note RM RM

ASSETS

Investments 6 5,831,543 6,008,271

Deposit with financial institution 7 292,383 355,480

Dividend receivable - 8,194

Interest receivable 23 31

Amount due from future brokers 8 21,633 21,623

Amount due from the Manager 10 4,197 220

Cash at banks 323,824 416,467

TOTAL ASSETS 6,473,603 6,810,286

LIABILITIES

Amount due to stockbrokers 9 - 62,873

Amount due to the Manager 10 8,100 8,185

Amount due to Trustee 297 1,250

Other payables and accruals 9,670 12,350

TOTAL LIABILITIES 18,067 84,658

EQUITY

Unitholders' capital 11(a) 37,142,225 37,345,417

Accumulated losses 11(b),(c) (30,686,689) (30,619,789)

NET ASSET VALUE ("NAV") ATTRIBUTABLE

TO UNITHOLDERS 6,455,536 6,725,628

TOTAL EQUITY AND LIABILITIES 6,473,603 6,810,286

NUMBER OF UNITS IN CIRCULATION 11(a) 9,856,953 10,179,814

NAV PER UNIT 12 0.6549 0.6607


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UNAUDITED STATEMENT OF CHANGES IN EQUITY


Unitholders' Accumulated

capital losses Total

Note 11(a) Note 11(b),(c) NAV

RM RM RM

At 1 May 2018 37,747,614 (30,804,729) 6,942,885

Total comprehensive income for the period - (185,640) (185,640)

Creation of units 467,913 - 467,913

Cancellation of units (625,892) - (625,892)

At 31 October 2018 37,589,635 (30,990,369) 6,599,266

At 1 May 2019 37,345,417 (30,619,789) 6,725,628

Total comprehensive income for the period - (66,900) (66,900)

Creation of units 22,433 - 22,433

Cancellation of units (225,625) - (225,625)

At 31 October 2019 37,142,225 (30,686,689) 6,455,536


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UNAUDITED STATEMENT OF CASH FLOWS


01.05.2019 01.05.2018

to to

31.10.2019 31.10.2018

RM RM

CASH FLOWS FROM OPERATING AND INVESTING

ACTIVITIES

Proceeds from sales of investments 3,975,926 3,922,464

Purchases of investments (3,857,191) (3,536,603)

Dividend received 34,404 49,281

Interest received 6,033 14,185

Manager's fee paid (46,546) (49,041)

Trustee's fee paid (7,500) (9,180)

Payments for other fees and expenses (53,297) (48,098)

Cash generated from operating and investing activities 51,829 343,008

Tax paid (400) (437)

Net cash generated from operating and investing activities 51,429 342,571

CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from units created 18,456 456,581

Cash paid on units cancelled (225,625) (625,892)

Net cash used in financing activities (207,169) (169,311)

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENT (155,740) 173,260

CASH AND CASH EQUIVALENTS AT THE BEGINNING

OF THE FINANCIAL PERIOD 771,947 1,876,070

CASH AND CASH EQUIVALENTS AT THE END

OF THE FINANCIAL PERIOD 616,207 2,049,330

CASH AND CASH EQUIVALENTS COMPRISE:

Cash at banks 323,824 1,513,125

Deposit with financial institution 292,383 536,205

Cash and cash equivalents 616,207 2,049,330


15


NOTES TO THE UNAUDITED FINANCIAL STATEMENTS


1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

(a) Statement of compliance

•

•

•

MFRSs, Interpretations and amendments effective for annual periods

beginning on or after 1 January 2019

IC Interpretation 23, Uncertainty over Income Tax Treatments

Amendments to MFRS 3, Business Combinations (Annual Improvements to

MFRS Standards 2015-2017 Cycle)

TA Small Cap Fund ("the Fund") was constituted pursuant to the execution of a Deed of Trust

(“the Deed”) dated 22 December 2003 and Supplemental Deed dated 21 October 2009

between the Manager, TA Investment Management Berhad, the Trustee, CIMB

CommerceTrustee Berhad and the registered holders of the Fund.

The principal activity of the Fund is to invest in "Authorised Investments" as defined under

Clause 1 of the Deed, which include stocks and shares of companies quoted on Bursa

Malaysia Securities Berhad ("Bursa Malaysia") and other stock exchanges, futures contracts

traded on Bursa Malaysia Derivatives Berhad, derivatives instruments and short-term money

market investments. The Fund commenced operations on 9 February 2004 and will continue

its operations until terminated by the Trustee as provided under Clause 23 of the Deed.

The Manager, TA Investment Management Berhad, a company incorporated in Malaysia, is a

wholly owned subsidiary of TA Securities Holdings Berhad. Its ultimate holding company is

TA Enterprise Berhad, a company listed on the Main Market of Bursa Malaysia Securities

Berhad. Its principal activities are the establishment and management of unit trust funds and

fund management. The Manager is licensed to carry out dealing in securities and fund

management activities under the Capital Markets and Services Act 2007.

The financial statements of the Fund have been prepared in accordance with

Malaysian Financial Reporting Standards ("MFRS") and International Financial

Reporting Standards ("IFRS"), collectively known as the "Standards".

The following are accounting standards, amendments and interpretations of the

MFRS framework that have been issued by the Malaysian Accounting Standards

Board (“MASB”) but have not been adopted by the Fund:

MFRS 16, Leases

16


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

2.1 Basis of Preparation (contd.)

(a) Statement of Compliance (contd.)

•

•

•

•

•

•

•

•

•

•

• from the annual period beginning on 1 May 2019 for those accounting

standards, amendments and interpretations that are effective for annual periods

beginning on or after 1 January 2019 except for Amendments to MFRS3,

Amendments to MFRS 11, Amendments to MFRS112, Amendments to MFRS

119, Amendments to MFRS 123 and Amendments to MFRS 128; and

Amendments to MFRS 119, Employee Benefits – Plan Amendment,

Curtailment or Settlement

Amendments to MFRS 123, Borrowing Costs (Annual Improvements to MFRS

Standards 2015-2017 Cycle)

Amendments to MFRS 128, Investments in Associates and Joint Ventures –

Long-term Interests in Associates and Joint Ventures


beginning on or after 1 January 2020Amendments to MFRS 3, Business Combinations – Definition of a Business

Amendments to MFRS 101, Presentation of Financial Statements and MFRS

108, Accounting Policies, Changes in Accounting Estimates and Errors –

Definition of Material

Amendments to MFRS 9, Financial Instruments – Prepayment Features with

Negative Compensation

Amendments to MFRS 11, Joint Arrangements (Annual Improvements to MFRS


Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS



beginning on or after 1 January 2021MFRS 17, Insurance Contracts


beginning on or after a date yet to be confirmedAmendments to MFRS 10, Consolidated Financial Statements and MFRS 128,

Investments in Associates and Joint Ventures – Sale or Contribution of Assets

between an Investor and its Associate or Joint Venture

The Fund plans to adopt the abovementioned accounting standards, amendments

and interpretations:

17



2.1 Basis of Preparation (contd.)

(a) Statement of Compliance (contd.)

•

(b) Basis of measurement

(c) Functional and presentation currency

2.2 Significant Accounting Policies

(a) Financial Assets

from the annual period beginning on 1 May 2020 for those amendments that are

effective for annual periods beginning on or after 1 January 2020, except for

Amendments to MFRS 3 which is not applicable to the Fund.

The Fund does not plan to apply MFRS 17, Insurance Contracts that is effective for

annual periods beginning on 1 January 2021 as it is not applicable to the Fund.

The initial application of the abovementioned accounting standards, amendments or

interpretations is not expected to have any material impact to the financial

statements of the Fund.

The financial statements of the Fund have been prepared on the historical cost

basis, unless otherwise indicated in Note 2.2.

The financial statements are presented in Ringgit Malaysia ("RM"), which is the

Fund's functional currency.

Financial assets are recognised in the statement of financial position when, and only

when, the Fund becomes a party to the contractual provisions of the financial

instrument.

When financial assets are recognised initially, they are measured at fair value, plus,

in the case of financial assets not at fair value through profit or loss ("FVTPL"),

directly attributable transaction costs.

A financial asset is derecognised when the asset is disposed and the contractual

right to receive cash flows from the asset has expired. On derecognition of a financial

asset, the difference between the carrying amount and the sum of the consideration

received is recognised in profit or loss.

18



2.2 Significant Accounting Policies (contd.)

(a) Financial Assets (contd.)

(i) Financial assets at FVTPL

(ii) Receivables

(b) Impairment of Financial Assets

All financial assets (except for financial assets categorised as fair value through profit

or loss) are assessed at each reporting date whether there is any objective evidence

of impairment as a result of one or more events having an impact on the estimated

future cash flows of the asset. Losses expected as a result of future events, no

matter how likely, are not recognised. For an investment in an Shariah-compliant

equity instrument, a significant or prolonged decline in the fair value below its cost is

an objective evidence of impairment. If any such objective evidence exists, then the

impairment loss of the financial asset is estimated.

Financial assets and liabilities are offset and the net amount reported in the financial

statement when there is a legally enforceable right to offset the recognised amounts

and there is an intention to settle on a net basis or realise the asset and settle the

liability simultaneously.

The Fund determines the classification of its financial assets at initial recognition,

and the categories include financial assets at FVTPL and receivables.

FVTPL category comprises financial assets that are held for trading, including

Islamic derivatives (except for a Islamic derivative that is a financial guarantee

contract or a designated and effective hedging instrument) or financial assets

that are specifically designated into this category upon initial recognition.

Islamic derivatives that are linked to and must be settled by delivery of unquoted

Shariah-compliant equity instruments whose fair values cannot be reliably

measured are measured at cost.

Other financial assets categorised as FVTPL are subsequently measured at

their fair values with the gain or loss recognised in profit or loss.

Financial assets with fixed or determinable payments that are not quoted in an

active market are classified as receivables. The Fund includes short-term

receivables in this classification.

Subsequent to initial recognition, financial assets categorised as receivables are

measured at amortised cost using the effective profit rate method. Gains and

losses are recognised in profit or loss when such financial assets are

derecognised or impaired, and through the amortisation process.

19




(b) Impairment of Financial Assets (contd)

(c) Classification of Realised and Unrealised Gains and Losses

All financial assets (except for financial assets categorised as fair value through profit

or loss) are assessed at each reporting date whether there is any objective evidence

of impairment as a result of one or more events having an impact on the estimated

future cash flows of the asset. Losses expected as a result of future events, no

matter how likely, are not recognised. For an investment in an Shariah-compliant

equity instrument, a significant or prolonged decline in the fair value below its cost is

an objective evidence of impairment. If any such objective evidence exists, then the

impairment loss of the financial asset is estimated.

An impairment loss in respect of receivables is recognised in profit or loss and is

measured as the difference between the asset’s carrying amount and the present

value of estimated future cash flows discounted at the asset’s original effective profit

rate. The carrying amount of the asset is reduced through the use of an allowance

account.

If, in a subsequent period, the fair value of a debt instrument increases and the

increase can be objectively related to an event occurring after the impairment loss

was recognised in profit or loss, the impairment loss is reversed, to the extent that

the asset’s carrying amount does not exceed what the carrying amount would have

been had the impairment not been recognised at the date the impairment is

reversed. The amount of the reversal is recognised in profit or loss.

Unrealised gains and losses comprise changes in the fair value of financial

instruments for the year and from reversal of prior year's unrealised gains and losses

for financial instruments which were realised (i.e. sold, redeemed or matured) during

the financial period.

The realised gain/(loss) on sale of Shariah-compliant investments is measured as the

difference between the net disposal proceeds and the carrying amount of the

investments. The carrying amount for determining the realised gain/(loss) on sale of

Shariah-compliant investments is based on the weighted average cost method.

20




(d) Financial Liabilities

(e) Foreign Currency Transactions

Financial liabilities are classified according to the substance of the contractual

arrangements entered into and the definitions of a financial liability.

Financial liabilities, within the scope of MFRS 139, Financial Instruments:

Recognition and Measurement are recognised in the statement of financial position

when, and only when, the Fund becomes a party to the contractual provisions of the

financial instrument.

The Fund's financial liabilities are recognised initially at fair value plus any directly

attributable transaction costs and subsequently measured at amortised cost using

the effective profit rate method.

A financial liability is derecognised when the obligation under the liability is

extinguished. Gains and losses are recognised in profit or loss when the liabilities are

derecognised.

Transactions in foreign currencies are translated to the functional currency of the

Fund at exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies at the end of the

reporting period are retranslated to the functional currency at the exchange rate at

that date.

Non-monetary assets and liabilities denominated in foreign currencies are not

retranslated at the end of the reporting date except for those that are measured at

fair value are retranslated to the functional currency at the exchange rate at the date

that the fair value was determined.

Foreign currency differences arising on retranslation are recognised in profit or loss,

except for differences arising on the retranslation of available-for-sale Shariah-

compliant equity instruments or a financial instrument designated as a hedge of

currency risk, which are recognised in other comprehensive income.

21




(f) Unitholders’ Capital

(g) Distribution

(h) Cash and Cash Equivalents

(i) Income Recognition

The unitholders' capital of the Fund is classified as an equity instrument.

Distribution equalisation represents the average distributable amount included in the

creation and cancellation prices of units. This amount is either refunded to

unitholders by way of distribution and/or adjusted accordingly when units are

cancelled.

Distribution is at the discretion of the Fund. A distribution to the Fund's unitholders is

accounted for as a deduction from realised reserves except where distribution is

sourced out of distribution equalisation which is accounted for as a deduction from

unitholders' capital. A proposed distribution is recognised as a liability in the period in

which it is approved.

Cash and cash equivalents comprise cash at bank and short-term Islamic deposits

with financial institution that are readily convertible to known amount of cash and

which are subject to an insignificant risk of changes in value.

Income is recognised to the extent that it is probable that the economic benefits will

flow to the Fund and the income can be reliably measured. Income is measured at

the fair value of consideration received or receivable.

Dividend income is recognised when the Fund's right to receive payment is

established.

Profit income is recognised using the effective profit rate method.

22




(j) Income Tax

(k) Segment Reporting

Current tax assets or liabilities position as at reporting date are measured at the net

amount expected to be recovered from or paid to the tax authorities. The tax rates

and tax laws used to compute the tax expense for the financial period are those that

are enacted or substantively enacted by the reporting date.

Current taxes are recognised in profit or loss except to the extent that the tax relates

to items recognised outside profit or loss, either in other comprehensive income or

directly in equity.

Deferred tax is provided for, using the liability method, on taxable temporary

differences at the reporting date between the tax bases of assets and liabilities and

their carrying amounts in the financial statements. In principle, deferred tax liabilities

are recognised for all taxable temporary differences and deferred tax assets are

recognised to the extent that it is probable that future taxable profits will be available

against which the temporary difference can be utilised.

For management purposes, the Fund is managed by two main portfolios, namely

Shariah-compliant equity securities and Islamic money market instruments. Each

segment engages in separate investing activities and the operating results are

regularly reviewed by the Investment Manager and Investment Committee. The

Investment Committee assumes the role of chief operating decision maker, for

performance assessment purposes and to make decisions about resources allocated

to each Shariah-compliant investment segment.

23




(l) Significant Accounting Estimates and Judgments

3. MANAGER'S FEE

4. TRUSTEE'S FEE

The Manager's fee is computed on a daily basis at 1.5% (2018 1.5%) per annum of the NAV

of the Fund, as agreed by the Trustee and the Manager.

Trustee's fee is computed on a daily basis at 0.055% (2018: 0.07%) per annum of the NAV of

the Fund, subject to minimum of RM15,000 per annum (2018: RM18,000).

The preparation of the Fund's financial statements requires the Manager to make

judgments, estimates and assumptions that affect the reported amounts of revenues,

expenses, assets and liabilities, and the disclosure of contingent liabilities at the

reporting date. However, uncertainty about these assumptions and estimates could

result in outcomes that could require a material adjustment to the carrying amount of

the asset or liability in the future.

The Manager classifies its Shariah-compliant equity securities as financial assets at

FVTPL as the Fund is an open-ended Fund that may sell its Shariah-compliant

investments in the short-term for profit-taking or to meet unitholders' redemptions.

No other major judgments have been made by the Manager in applying the Fund's

accounting policies. There are no key assumptions concerning the future and other

key sources of estimation uncertainty at the reporting date, that have a significant

risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial period.

24


5. INCOME TAX EXPENSE

01.05.2019 01.05.2018

to to

31.10.2019 31.10.2018

RM RM

Tax expense for the financial period

- Foreign tax 400 437

01.05.2019 01.05.2018

to to

31.10.2019 31.10.2018

RM RM

Net loss before tax (66,500) (185,203)

Taxation at Malaysian statutory rate of 24% (15,960) (44,449)

Effects of tax withheld on income from other countries - (476)

Effects of tax withheld on income from REITs dividend (560) -

Effects of interest income on deposits not subject to tax (7,950) (14,200)

Effects of expenses not deductible for tax purposes 13,719 47,875

Restriction on tax deductible expenses for unit trust funds 11,151 11,687 Income tax expense for the financial period 400 437

Domestic income tax is calculated at the Malaysian statutory tax rate of 24% of the estimated

assessable profit for the financial period.

The taxation charge for the financial period is on taxable dividend income derived from

countries, calculated at the rates prevailing in these countries. In accordance with Schedule 6

of the Income Tax Act 1967, interest income earned by the Fund is exempted from Malaysian

tax.

A reconciliation of income tax expense applicable to net loss before tax at the statutory

income tax rate to income tax expense at the effective income tax rate of the Fund is as

follows:

25


6. INVESTMENTS

31.10.2019 30.04.2019

RM RM

Financial assets at FVTPL:

Quoted equity securities in Malaysia 4,189,547 4,589,935

Quoted equity securities outside Malaysia 797,651 1,003,968

Quoted derivative instruments in Malaysia 278,400 2,400

Collective investment scheme in Malaysia 565,945 411,968

5,831,543 6,008,271

Net loss on financial assets at FVTPL comprises:

Net realised gain/(loss) on disposals 36,707 (220,495)

Net unrealised (loss)/gain on changes in fair value (31,818) 373,630

4,889 153,135

Financial assets at FVTPL as at 31 October 2019 are as detailed belows:

(a) Quoted equity securities in Malaysia

Name of Counter Quantity Cost Fair Value % of NAV

Unit RM RM %

Construction

Ekovest Bhd 295,000 213,952 225,675 3.50

TRC Synergy Bhd 52,800 34,945 24,816 0.38

347,800 248,897 250,491 3.88

Consumer Products

Bioalpha Holdings Bhd 600,000 144,000 120,000 1.86

CAB Cakaran Corp Bhd 425,100 227,068 206,174 3.19

QL Resources Bhd 78,014 33,844 562,481 8.71

Vertice Bhd 150,000 128,250 134,250 2.08

1,253,114 533,162 1,022,905 15.84

Energy

Dayang Enterprise

Holdings Bhd 131,000 183,277 254,140 3.94

Industrial Products

AWC Bhd 269,000 179,827 168,125 2.60

HSS Engineers Bhd 84,000 75,240 66,780 1.03

Scientex Bhd 41,300 284,192 379,960 5.89

394,300 539,259 614,865 9.52

26


6. INVESTMENTS (CONTD.)

(a) Quoted equity securities in Malaysia (Contd.)


Unit RM RM %

Mining

Kuchai Development Bhd 115,000 170,694 193,200 2.99

Properties

Encorp Bhd 151,000 96,408 43,790 0.68

Technologies

Borneo Aqua Harvest Bhd 395,000 213,918 205,400 3.18

Frontken Corp Bhd 100,000 87,000 190,000 2.94

Globetronics Technology Bhd 75,000 158,250 154,500 2.39

Green Packet Bhd 215,000 155,875 155,875 2.41

IRIS Corp BHd 1,267,000 188,925 183,715 2.85

JF Technology Bhd 252,033 260,376 277,236 4.29

Malaysian Pacific

Industries Bhd 21,000 213,182 224,280 3.47

MSCM Holdings Bhd 750,000 130,109 123,750 1.92

3,075,033 1,407,635 1,514,756 23.45

Trading/Services

Asia Bioenergy

Technologies Bhd 1,600,000 128,000 32,000 0.50

Nextgreen Global Bhd 210,000 84,000 81,900 1.27

TMC Life Sciences Bhd 275,000 86,279 181,500 2.81

2,085,000 298,279 295,400 4.58

Total Quoted Equity

Securities in Malaysia 7,552,247 3,477,611 4,189,547 64.88

27



(b) Quoted equity securities outside Malaysia


Unit RM RM %

Indonesia

Energy

Resource Alam

Indonesia TBK 1,009,500 443,796 71,454 1.11

Australia

Mining

Pilbara Minerals Ltd 175,000 247,125 161,706 2.50

Hong Kong

Properties

Sun Hung Kai Properties Ltd 1,500 90,881 94,918 1.47

Technology

Pentamaster International Ltd 230,000 118,154 263,618 4.08

Thailand

Telecomunication

Unique Engineering &

Construction PCL 170,000 242,894 205,955 3.19

Total Quoted Equity

Securities outside

Malaysia 1,586,000 1,142,850 797,651 12.35

(c) Quoted derivative instruments in Malaysia


Unit RM RM %

Warrants

Asia Bioenergy Technologies

Bhd - Warrant 160,000 - 2,400 0.04

OCK Group Bhd - Warrant 2,400,000 204,000 276,000 4.28

2,560,000 204,000 278,400 4.32

Total Quoted Derivative

Instruments in Malaysia 2,560,000 204,000 278,400 4.32

28



(d) Collective investment scheme in Malaysia


Unit RM RM %

Unit Trust

TA Asia Pacific REITs

Income Fund 383,797 177,396 187,945 2.91

REITS

Atrium Real Estate Investment

Trust 360,000 381,200 378,000 5.86

Total Collective

Investment Scheme 743,797 558,596 565,945 8.77

in Malaysia 743,797 558,596 565,945 8.77

TOTAL FINANCIAL

ASSETS AT FVTPL 12,442,044 5,383,057 5,831,543 90.32

EXCESS OF FAIR VALUE OVER COST 448,486

7. DEPOSIT WITH FINANCIAL INSTITUTION

31.10.2019 30.04.2019

RM RM

This is short-term placement with:

- Licensed bank 292,383 355,480

31.10.2019 30.04.2019 31.10.2019 30.04.2019

Short-term placement 2.90 3.15 1 2

(Days) (% p.a.)

Average Remaining

Maturity

The weighted average effective interest rate ("WAEIR") per annum ("p.a.") and average

maturity of deposit with financial institutions as at the reporting date is as follows:

WAEIR

29


8. AMOUNT DUE FROM FUTURE BROKERS

9. AMOUNT DUE FROM/(TO) STOCKBROKERS

10. AMOUNT DUE FROM/(TO) THE MANAGER

11. NET ASSET VALUE ATTRIBUTABLE TO UNITHOLDERS

31.10.2019 30.04.2019

Note RM RM

Unitholders' capital (a) 37,142,225 37,345,417

Accumulated losses

- Realised reserve (b) (31,009,840) (30,974,758)

- Unrealised reserve (c) 323,151 354,969

6,455,536 6,725,628

(a) Unitholders' capital

No of units RM No of units RM

At beginning of the

financial period/year 10,179,814 37,345,417 10,852,691 37,747,614

Creation of units 34,980 22,433 818,658 540,395

Cancellation of units (357,841) (225,625) (1,491,535) (942,592)

At end of the financial

period/year 9,856,953 37,142,225 10,179,814 37,345,417

30.04.2019

Amount due from/(to) stockbrokers relate to disposal/purchase of investments which

remained outstanding as at the end of the financial period. The normal credit term for these

balances is 3 days (30.04.2018: 3 days).

The amount relates to margin deposits placed by the Fund with future brokers. The Fund was

not a party to any open futures contracts as at the end of the financial period.

Amount due from/(to) the Manager relate to amounts receivable from/payable to the Manager

arising from creation/cancellation of units and accruals for Manager's fee at the end of the

financial period. The normal credit term for creation and cancellation is 10 days (31.10.2017:

10 days) and the normal credit term for Manager's fee is 30 days (31.10.2017: 30 days).

31.10.2019

30


11. NET ASSET VALUE ATTRIBUTABLE TO UNITHOLDERS (CONTD.)

(b) Realised reserve

31.10.2019 30.04.2019

RM RM

At beginning of the financial period/year (30,974,758) (30,786,068)

Net realised loss for the financial period/year (35,082) (188,690) At end of the financial period/year (31,009,840) (30,974,758)

(c) Unrealised reserve

31.10.2019 30.04.2019

RM RM

At beginning of the financial period/year 354,969 (18,661) Net unrealised (loss)/gain for the financial period/year (31,818) 373,630

At end of the financial period/year 323,151 354,969

12. NAV PER UNIT

RM RM/Unit RM RM/Unit

NAV attributable to

unitholders for issuance/

redemption of units 6,511,246 0.6606 6,763,709 0.6644

Effect from adopting bid prices

as fair value (55,710) (0.0057) (38,081) (0.0037)

NAV attributable to

unitholders as disclosed in

the financial statements 6,455,536 0.6549 6,725,628 0.6607

A reconciliation of NAV attributable to unitholders for the purpose of issuance/redemption of

units at 31 October 2019/30 April 2019 and the NAV attributable to unitholders as disclosed in

the financial statements is as follows:

31.10.2019

The quoted financial assets have been valued at the bid prices at the close of business. In

accordance with the Deed, quoted financial assets are stated at the last done market price in

the calculation of NAV attributable to unitholders per unit for the issuance and redemption of

units.

30.04.2019

31


13. UNITS HELD BY A RELATED PARTY

No. of units Valued at No. of units Valued at

NAV NAV

Related company of the RM RM

Manager's ultimate

holding company 1,105,526 730,311 1,105,526 734,512

As at 31 October 2019, these units were held legally by the above related party.

14. TRANSACTIONS WITH INVESTMENT BANKS/BROKERS

Percentage

Percentage to total

to total Brokerage brokerage

Name of investment Value of value of fees and fees and

banks/brokers trade trade commission commission

RM % RM %

TA Securities Holdings Bhd* 3,797,197 50.27 17,318 52.20

Public Investment Bank Bhd 1,403,253 18.58 6,534 19.69

Alliance Investment Bank Bhd 1,197,748 15.86 4,452 13.42

Maybank Investment Bank Bhd 449,469 5.95 2,058 6.20

CIMB Investment Bank Bhd 345,665 4.58 1,186 3.57

RHB Investment Bank Bhd 147,054 1.95 253 0.76

Affin Hwang Investment Bank Bhd 97,426 1.29 391 1.18

Hong Leong Investment Bank Bhd 82,000 1.09 869 2.62

Kenanga Investment Bank Bhd 28,654 0.38 115 0.36

Others 5,415 0.05 - -

7,553,881 100.00 33,176 100.00

* Immediate holding company to the Manager.

31.10.2019 30.04.2019

Details of the transactions with investment banks/brokers during the financial period are as

follows:

The value of holdings by the related party was calculated based on the unadjusted NAV per

unit of RM0.6606 (30.04.2019: RM0.6644).

The directors of the Manager are of the opinion that the dealings with the immediate holding

company to the Manager have been transacted at an arm's length basis.

32


15. MANAGEMENT EXPENSE AND PORTFOLIO TURNOVER RATIOS

(a) Management Expense Ratio

(b) Portfolio Turnover Ratio

16. SEGMENT INFORMATION

-

-

The investment objective is to achieve higher capital appreciation by investing in the

instruments that have the potential of substantial value appreciation over the medium to long

period. There have been no changes in reportable segments in the current financial period.

A portfolio of money market instruments.

A portfolio of equity instruments; and

The Manager and Investment Committee of the Fund are responsible for allocating resources

available to the Fund in accordance with the overall investment strategies as set out in the

Investment Guidelines of the Fund. The Fund is managed by two segments:

The portfolio turnover ratio for the financial period ended 31 October 2019 is 0.60 times

(2018: 0.48 times). This ratio represents the average of the total acquisitions and

disposals of the Fund for the financial period over the average NAV of the Fund for the

financial period calculated on a daily basis.

The management expense ratio for the financial period ended 31 October 2019 is 1.11%

(2018: 1.15%). This ratio represents total management expenses expressed as an

annualised percentage of the Fund's average NAV, calculated on a daily basis. Brokerage

and other transaction fees on financial assets at FVTPL are trading related and are not

classified as management expenses.

33


17. FINANCIAL RISKS AND MANAGEMENT OBJECTIVES AND POLICIES

(a) Market Risk

(b) Single Issuer Risk

(c) Interest Rate Risk

(d) Credit Risk

The Fund is exposed to a variety of financial risks, which include market risk, single issuer

risk, interest rate risk, credit risk, liquidity risk and currency risk. The overall financial risk

management objective of the Fund is to mitigate capital losses, ensure preservation of

value and minimal erosion of capital.

Risk management is carried out through strict adherence to the Manager's internal policies

and control procedures and also to the powers and restrictions vested by the regulators as

contained in the Securities Commission’s Guidelines on Unit Trust Funds ("the Guidelines").

Market risk arises when the value of securities fluctuate in response to the activities of

individual companies, and general market or economic conditions. The market risk is

managed through portfolio diversification and asset allocation whereby the securities

exposure will be reduced in the event of anticipated market conditions.

The Fund is restricted to invest in securities issued by any issuer of not more than a

certain percentage of its NAV. Under such restriction, the exposure to the securities of

any single issuer is mitigated.

The risk refers to the exposure of the Fund's assets to movements in interest rates. In

this regards, the Fund's exposure to the interest rate risk is mainly confined to deposits

placement with financial institutions.

Interest rate is a general economic indicator that will have an impact on the

management of the Fund regardless of whether it is a based fund or otherwise. The

reason for this is because a high level of interest rates will inevitably effect corporate

profits and this will have an impact on the value of equity and the demand for fixed

income securities.

Credit risk refers to the ability of issuers and counterparties to honour obligations to

make timely payments on interest and principal and proceeds from realisation of

investments. This is managed by the internal policy of setting a ceiling or limit to the

exposure and also the constant process of credit evaluation to mitigate such risks to an

acceptable level.

34


17. FINANCIAL RISKS AND MANAGEMENT OBJECTIVES AND POLICIES (CONTD.)

(e) Liquidity Risk

(f) Currency Risk

18. COMPARATIVE FIGURES

The current period's figures and comparative figures are presented as follows:

-

-

19. UNAUDITED ACCOUNT

The financial accounts for the six months ended 31 October 2019 are unaudited.

As the investments of the Fund may be denominated in foreign currencies, fluctuations

of the exchange rates of foreign currencies against the RM may affect the value of the

units of the Fund. To mitigate this risk, the Manager may from time to time employ

currency hedging techniques to manage the impact of the exchange rate fluctuations

on the Fund and/or for the purpose of efficient portfolio management.

The Statement of Fund Financial Position and its relevant notes are as at 31 October

2019 and 30 April 2019, respectively.

The Statement of Comprehensive Income, Statement of Changes in Equity and

Statement of Cash Flows and its relevant notes are for the period from 1 May 2019 to

31 October 2019 and 1 May 2018 to 31 October 2018 respectively.

The Fund maintains sufficient level of liquid assets, after consultation with the Trustee,

to meet anticipated payments and cancellation of units by unitholders. Liquid assets

comprise cash, deposits with financial institutions and other instruments, which are

capable of being converted into cash within 5 business days. The Fund's policy is to

always maintain a prudent level of liquid assets so as to reduce the liquidity risk.

35


36

Corporate Information

Manager TA Investment Management Berhad (340588-T)

Registered Office 34th Floor, Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur

Board of Directors En. Mohammed A’reeff Bin Abdul Khalid (Non-Independent / Executive Director) Mr. Choo Swee Kee (Non-Independent / Executive Director) Dr. Wong Hong Meng (Independent / Non-Executive Director) Mr. Chew Chin Guan (Independent / Non-Executive Director)

Investment Committee Members

Choo Swee Kee (Non-Independent) Kaladher A/L Govindan (Non-Independent) Dato' Tay Kian Chuan (Independent) Dr. Wong Hong Meng (Independent)

Trustee of the Fund CIMB Commerce Trustee Berhad Level 13, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur

Auditor of the Manager and the Fund

KPMG PLT Chartered Accountants Level 10, KPMG Tower 8 First Avenue, Bandar Utama 47800 Petaling Jaya Selangor

Banker Malayan Banking Bhd Ground Floor, Wisma Genting Jalan Sultan Ismail 50250 Kuala Lumpur

Company Secretaries Chuah Wen Pin (MAICSA 7014581) Tan Kit Yee (MAICSA 7061042)


37

Corporate Information (cont’d)

Management Staff Wong Mien Chief Executive Officer

Tee Ling Ling Head of Sales & Marketing

Alicia Khor Head of Operations

Investment Team Choo Swee Kee Chief Investment Officer

Jennifer Mak Fong Ching Fund Manager

Lam Chee Mun Fund Manager

Head Office 23rd Floor, Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur

Toll Free: 1-800-38-7147

Tel: (603) 2031 6603

Fax: (603) 2031 4479

Website: http://www.tainvest.com.my

E-mail: [email protected]

1-800-38-7147www.tainvest.com.my1-800-38-7147www.tainvest.com.my

Head Office

MelakaBusiness Centre

PenangBusiness Centre

Kota Kinabalu Kota Kinabalu Business Centre

KuchingBusiness Centre

MiriBusiness Centre

TA Investment Management Berhad23rd Floor, Menara TA One22 Jalan P. Ramlee50250 Kuala LumpurTel: 03-2031 6603 | Fax: 03-2031 4479

57A, Jalan MerdekaTaman Melaka RayaTaman Melaka Raya75000 MelakaTel: 06-288 2687

15-1-8, Bayan PointMedan Kampung Relau11900 Pulau PinangTel: 04-645 9801 | Fax: 04-611 9805

Unit 4-1-02, 1st FloorUnit 4-1-02, 1st FloorBlock 4, Api-Api CentreJalan Centre Point88000 Kota Kinabalu, SabahTel: 088-268 023 | Fax: 088-248 463

L204, 1st FloorJalan Tunku Abdul Rahman93100 Kuching, Sarawak93100 Kuching, SarawakTel: 082-233 203 | Fax: 082-232 203

Lot 1251, 1st Floor, Block 10Miri Concession Land DistrictCentrepoint Commercial CentreJalan Melayu98000 Miri, SarawakTel: 085-430 415 | Fax: 085-436 044Tel: 085-430 415 | Fax: 085-436 044

ta small cap fund...ta small cap fund (for the 6 months ended 31 october 2019) 5 fixed income...

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