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English > Business Performance > Pages > FinancialHighlights.aspx
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You
are here:
Business Performance > Financial Highlight
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"KWAP achieved net ROI and TWRR of
7.34% and 8.88%
respectively in 2010"
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The table below provides a snapshot of key financial indicators based
on the fund's position since 31 December 2007. The table also illustrates
and reflects the investment as well as operational strategies undertaken
by KWAP throughout the past 4 years. The information provided is updated
on a monthly basis. The June 2011 figures are unaudited and subject to
future amendments.
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31 Dec 2007 |
31 Dec 2008 |
31 Dec 2009 |
31 Dec
2010 |
30 June
2011 |
Fund Size at cost
(RM Billion) |
48.08 |
52.04 |
61.50 |
70.52 |
75.75 |
Income and Expenses
(RM Billion) |
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Gross Realised
Investment Income
(RM Billion)
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3.44
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2.98
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3.24
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4.62
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2.34 |
Operating Expenses
(RM Million) |
18.33 |
28.17 |
25.63 |
40.07 |
16.96 |
Net Investment Income
(RM Billion) |
3.67 |
0.56 |
5.70 |
4.85 |
2.50 |
| Income and Expenses (%) |
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| Gross Return on Investment |
9.21 |
5.86 |
5.62 |
7.07 |
3.25 |
| Net Return on
Investment |
9.79 |
1.12 |
10.04 |
7.34 |
3.41 |
| Operating
Expenditure to Gross Income |
0.53 |
0.95 |
0.79 |
0.87 |
0.72 |
| Operating Expenditure to Average Fund Size |
0.04 |
0.06 |
0.05 |
0.06 |
0.02 |
| Return and Risk (%) |
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| TWRR |
NA |
NA |
11.64 |
8.88 |
4.00 |
| Volatility |
NA |
NA |
2.64 |
1.97 |
1.62 |
Contribution
(RM Billion) |
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| Net Pension
Contributions |
1.29 |
1.76 |
2.66 |
3.18 |
1.26 |
| Federal
Contribution |
1.18 |
1.65 |
1.10 |
1.00 |
1.50 |
Investment Portfolio Composition
at cost
(RM Billion) |
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| Equity |
11.54 |
13.52 |
16.16 |
16.08 |
22.51 |
| Loan and
Private Debt Securities |
13.66 |
15.85 |
17.35 |
17.74 |
17.69 |
| Malaysian
Government Securities |
8.74 |
10.06 |
15.53 |
15.64 |
19.00 |
| Money Market
Deposit |
13.00 |
14.17 |
11.69 |
18.31 |
13.21 |
| Private Equity |
0.48 |
0.52 |
0.52 |
0.55 |
0.60 |
| International
Equity |
0.00 |
0.00 |
0.00 |
0.63 |
0.93 |
| International
Fixed Income |
0.00 |
0.00 |
0.00 |
0.00 |
0.46 |
| International
Property |
0.00 |
0.00 |
0.00 |
0.38 |
0.38 |
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Management of Fund (%) |
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| Internally Managed |
94.98 |
94.69 |
95.25 |
94.69 |
93.79 |
| Externally Managed |
5.02 |
5.31 |
4.75 |
5.31 |
6.21 |
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| Number of Contributing Employers |
475 |
493 |
538 |
568 |
585 |
| Number of
Members |
104,081 |
106,944 |
121,572 |
128,384 |
130,142 |
| Number of KWAP’s Employees |
93 |
99 |
108 |
126 |
141 |
| Income per Employee
(RM Million) |
39.99 |
30.41 |
30.33 |
36.25 |
17.83 |
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| Fund Growth
1991- June 2011 |
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Since the establishment of KWAP in 1991, the fund has grown 103 times in
size. The growth was attributed to the contributions by the Federal Government,
contributions by employers and accumulation of investment income over the
years. As of 30 June 2011, KWAP’s fund stood at RM75.75 billion (at cost). |
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FusionCharts
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Investment Fund Allocation 2007 - June 2011 |
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Over the years, KWAP has adopted a prudent investment strategy with long-term
investment objective. Besides growing the fund, KWAP acknowledges the risks
associated in the management of the fund and therefore maintain a sound
risk management framework. The distribution of fund reflects heavier weightage in
fixed income instruments compared to the more volatile asset class which
is in line with the long-term SAA (Strategic Asset Allocation) of KWAP.
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FusionCharts
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| Gross
Investment Income 2007 - June 2011 |
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As at 30 June 2011, the gross investment income of KWAP amounted to RM2.34 billion with equity as the largest contributor at RM1.18 billion. This is followed by fixed income namely Loans & PDS at RM0.45 billion, MGS at RM0.40 billion, money market at RM0.25 billion and the remainder is from
private equity and international investments. |
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FusionCharts
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| Gross
Return On Investment By Asset Class 2007 - June 2011 |
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By end of June 2011, KWAP recorded a Gross Return On Investment of 3.25% with the highest ROI contributor being
private equity at 10.52%, followed by equity at 6.11% and Loan & PDS at 2.55%. Strong equity market performance had significantly enhanced the overall ROI achievement. Fixed income instruments showed a fairly consistent ROI mainly due to smaller yield fluctuations. |
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FusionCharts
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| Net Return
on Investment |
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As at 30 June 2011, KWAP recorded Net ROI of 3.41%. |
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| Time
Weighted Rate of Return (TWRR) YTD June 2011 |
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TWRR |
Benchmark |
Outperformance/
(Underperformance) (%) |
Benchmark Name |
(%) |
(%) |
| Equity |
| Domestic |
7.67 |
4.91 |
2.76 |
FBM100 |
| International |
21.66 |
1.91 |
19.76
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MSCI All Country World |
| Fixed Income |
| MGS & Quasi |
2.30 |
1.75 |
0.55 |
Quantshop MGS (ALL) Yield |
| PDS |
2.69 |
2.16 |
0.53 |
Quantshop Corp (Medium)
Yield |
| Loans |
2.39 |
2.00 |
0.39 |
Quantshop MGS (ALL) Yield
+ 50 bps |
| Treasury |
1.57 |
1.55 |
0.02 |
3-Months KLIBOR |
| External |
3.94 |
1.94 |
2.00 |
Quantshop MGS (All) Index + 130bps |
| International |
1.56 |
0.36 |
1.20 |
BofA Merrill Lynch Global Government Bonds |
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| *All figures are non-annualised |
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Apart from measuring investment performance on an absolute basis (ROI),
KWAP also measures the performance of each asset class relatively against
benchmark indices (Total Return).
Total return for passively managed internal fixed income securities (comprising
MGS, PDS, Loan and Money Market) are based on accrued basis with the securities
valued at cost. Total return for internal and external managed equity is
benchmarked against FTSE Bursa Malaysia KLCI (FBM KLCI). Externally managed
fixed income total return is benchmarked against Quantshop MGS (All) Index
plus 130 basis point as per the investment mandate.
As at 30 June 2011, total return for domestic equity was 7.67% whilst
international equity was higher at
21.66%. Total return for domestic internal fixed income (combined
returns of MGS, PDS, Loans and Money Market)
and externally managed fixed income stood at 2.16% and 3.94% respectively. On the
other hand, international fixed income total return was 1.56% over the
same time span. |
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