Memahami Makna Saham Amanah1

SIMPANAN BIJAK MELALUI SAHAM AMANAH BEKAS juara tinju dunia, Muhammad Ali pernah berkata: Mereka yang takut mengambil risiko, tidak akan menempa kejayaan dalam hidup. Sememangnya hidup ini penuh dengan risiko, namun tidak ramai yang mengetahui bahawa ada risiko boleh diurus! Risiko yang boleh diurus antaranya adalah pelaburan dalam saham amanah. Sejak memulakan ruangan ini Ogos tahun lalu, banyak pertanyaan saya terima sama ada berbentuk pesanan ringkas ataupun e-emel bertanyakan apakah itu saham amanah. Ramai yang membuat andaian saham amanah itu hanyalah saham amanah yang diuruskan oleh Permodalan Nasional Berhad (PNB) seperti Amanah Saham Nasional (ASN) ataupun Amanah Saham Bumiputera (ASB). Tidak ramai yang mengetahui bahawa kebanyakan institusi perbankan di negara ini turut menawarkan saham amanah. Saham amanah adalah antara alternatif pelaburan terbaik terutama apabila matlamat pelaburan adalah untuk kegunaan jangka masa sederhana (tiga ke lima tahun) dan jangka panjang (lebih lima tahun). Ini kerana saham amanah berisiko rendah yang diurus oleh pengurus dana professional, dikawal selia oleh Suruhanjaya Sekuriti dan badan pemegang amanah seperti Amanah Raya Berhad dan industri ini dipantau oleh Bank Negara Malaysia. Pelaburan menjadi berisiko apabila pelabur tidak mempunyai masa (kurang daripada tiga tahun) dan ingin mendapat keuntungan segera kerana secara umumnya kitaran pasaran saham (merudum dan meningkat) mengambil masa antara dua ke tiga tahun untuk pulih. Jika pelabur mempunyai tempoh berkenaan, pelaburan saham amanah ini tidak berisiko langsung! Pun begitu sekiranya ekonomi berada dalam keadaan yang menggalakkan, total return yang menarik boleh diperolehi tanpa perlu menunggu masa yang lama. Saham amanah bukanlah skim cepat kaya (yang diharamkan kerajaan), tetapi ia adalah satu pelaburan yang sah dari segi undang-undang dan mereka yang terbabit dalam bidang ini terutama perunding saham amanahnya perlu menduduki peperiksaan khas oleh badan induk industri ini, Federation of Malaysian Unit Trust Managers (FMUTM) sebelum boleh menawarkan perkhidmatan ini. Dana amanah ini dikumpulkan secara kelompok menerusi penggemblengan modal daripada individu ataupun syarikat ini, dilaburkan oleh pengurus dana dalam pelbagai sektor ekonomi termasuk bon dan instrumen pasaran kewangan lain yang tidak mudah bagi individu kecil untuk menyertainya. Dengan konsep ‘Dollar Cost Averaging Principle’ pelabur mendapat manfaat semasa ekonomi pasaran jatuh mahupun meningkat. Saham amanah ini berbeza daripada pelaburan dalam pasaran saham biasa kerana hanya dengan kadar minimum RM100, individu boleh membuat pelaburan sedangkan jika mereka membuat pelaburan dalam pasaran saham biasa, individu berkenaan memerlukan modal yang agak besar bagi membeli saham di bursa saham.

Peluang pertumbuhan dalam saham amanah ini juga jauh lebih besar dengan purata pulangan antara 10 hingga 15 peratus setahun bergantung kepada jenis dana pelaburan dipilih. Jika disimpan dalam akaun simpanan biasa ataupun simpanan tetap pulangannya antara satu ke tiga peratus dan pulangan yang rendah ini mudah terhakis oleh kesan inflasi dan cukai. Sebilangan jenis saham amanah, modal pelabur kekal terjamin yang terikat tempoh tertentu, manakala ada dana memberi pulangan berganda menerusi tiga cabang pulangan iaitu keuntungan atas modal, dividen dan juga bonus. Kelebihan dana amanah ini adalah ia mempunyai kecairan yang tinggi, yang mana pelaburan ini boleh dikeluarkan pada bila-bila masa diperlukan. Keupayaan mengeluarkan duit dalam tempoh enam hingga 10 hari waktu bekerja ini penting berbanding pelaburan saham di pasaran saham yang mana pembeli perlu menunggu harga dikehendaki baru boleh dijual. Pelaburan saham amanah ini memang ada caj pengurusannya iaitu antara 0 hingga 5.5 peratus, namun bagi 15 dana teratas tahun lalu daripada Jun 2006 hingga Jun 2007, mampu memberi pulangan lebih 50 peratus setahun (sumber Bloomberg). Jika ingin membuat pelaburan, sebenarnya mana-mana institusi pengurusan dana mempunyai kelebihan dan kekuatan sendiri dengan setiap dana itu mempunyai objektif pelaburan Dalam pasaran saham setiap dana itu ada zaman turun-naiknya sendiri. Pelaburan dalam saham amanah itu perlukan kesabaran dan bukan bermatlamat untuk mendapat untung cepat. Penting bagi pelabur untuk memahami apakah itu saham amanah dan mekanisme saham amanah itu sendiri. Sebelum membuat sebarang pelaburan, dapatkan maklumat lanjut terlebih dulu daripada perunding saham amanah bertauliah selain perkhidmatan sampingan lain yang ditawarkan. Pastinya anda tidak mahu pelaburan anda itu menyukarkan ahli keluarga membuat tuntutan tanpa penama pewaris dalam pelaburan. Justeru, buat pilihan bijak! Untuk itu kami berbesar hati untuk menawarkan khidmat kami bagi menguruskan pelaburan bijak anda. Januari 16, 2008 Mohd Fadzli b. Mohd Yusof(013-2305643) Penasihat Kewangan Amanah Islam Hasnah binti. Hamzah(013-3849515) [email protected]

PUBLIC MUTUAL WHOLLY-OWNED SUBSIDIARY OF PUBLIC BANK

www.publicmutual.com.my (Agent Code10229458) Petikan daripada: Suraiya Mohd Nor (Perundingan Kewangan, Inspired Vision Agency, Kelana Jaya) * Beberapa pengubahsuaian dan pembetulan dilakukan demi disesuaikan dengan konsep pelaburan yang baru.

Remain Calm Through Market Turbulence In the wake of the turbulence of stock markets in recent months, unit trust investors may be tempted to either sell or buy. However, investors are advised to remain calm and practice dollar cost averaging with their longterm goals in view. When regional and global markets succumbed to panic selling in August 2007 and more recently in January 2008, the severity and sharpness of the correction was large enough to make unit trust investors ask themselves whether they should redeem now to stem further losses or buy more units at currently low prices. In fact, if they practice dollar cost averaging, they need not concern themselves with these timing issues. Dollar cost averaging enables investors to automatically buy more units when prices fall and fewer units when prices rise. It is especially during times of market volatility that individual investors should remain focused on their long-term investment goals and keep their emotions from influencing their investment decisions. A disciplined and methodical approach to investing is the key to long-term investment success. Unit trust investors are advised to buy and hold their investments for the medium to long term. The buy-and-hold principle is based on the notion that a good investment will generate reasonably attractive returns over the medium to long term. This also means that investors are able to distinguish between daily movements in the market and the underlying long-term value of their investments. Professional fund managers buy and hold for the medium to long term as they are prepared to wait patiently over several years for their investments to reach their intrinsic or fair values. For the unit trust investor, the 'buy-and-hold' strategy can also be applied by holding on to a well-selected unit trust fund over a period of at least three years. There are some investors who believe they can achieve superior returns by timing the purchase and redemption of equity funds to profit from the stock market’s short-term movements. These investors are tempted to engage in timing the market especially in an environment where equity markets are volatile. Such investors who wish to make quick gains in the stock market by switching from one fund into another fund will often be disappointed. Market timing strategies that are often recommended by 'investment experts' have seldom been successful. This is because stock markets are inherently volatile and are impossible to predict with numerous factors, both domestic and foreign, affecting daily and weekly fluctuations in stock prices. Investors who wish to take a more active approach with their investments by timing the market will expose themselves to many risks. In order to profit from the

market's short-term trends, the investor has to correctly predict the market's trend and its turning points. Without the appropriate skills to discern signals and time the entries and exits, the market timer may not only miss opportunities, but also potentially suffer the blow of rapid losses. Also with a higher frequency of fund switching, investors will have to incur increased transaction costs. Investors who are concerned about market volatility are advised to practice dollar cost averaging as this strategy enables investors to focus on the long-term investment goal and not worry about the prevailing level of the market. Dollar cost averaging is simply investing a fixed amount of money in a financial asset (such as a unit trust fund) on a regular basis (monthly, quarterly, biannual) regardless of the market cycle. By investing a fixed amount on a regular basis, investors will buy more units when the market is lower and fewer units when the market is higher. This strategy will produce a lower average cost of investment than the average market price over any given period. In addition, investors are also advised to rebalance their portfolios regularly at least once a year to ensure that their portfolio allocation reflects their investment objectives and risk profile. Thus if, as a result of an uptrend in stock prices, an investor's equity exposure has exceeded a level consistent with his risk tolerance, he can trim a portion of the equity funds and switch into bond or money market funds to rebalance the asset allocation accordingly. Maintaining a target asset allocation reduces the risk that the portfolio becomes too concentrated in a single asset class. In conclusion, unit trust investors should always focus on achieving their medium to long-term investment goals. The practice of dollar cost averaging and regular portfolio rebalancing are effective tools that help investors remain focused on the long term horizon and prevent them from over-reacting to short-term movements of the stock market. Copyright 2008 by Public Mutual Mohd Fadzli b. Mohd Yusof(013-2305643) Penasihat Kewangan Amanah Islam Hasnah binti. Hamzah(013-3849515) [email protected]

PUBLIC MUTUAL WHOLLY-OWNED SUBSIDIARY OF PUBLIC BANK

www.publicmutual.com.my