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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
10.04% and 11.64%
respectively in 2009"
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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 3 years. The information provided is updated
on a monthly basis. The June 2010 figures are unaudited and subject to
future amendments.
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31 Dec 2007 |
31 Dec 2008 |
31 Dec 2009 |
30 June
2010 |
| Fund Size (at cost)
(RM) |
48.08 Billion |
52.04 Billion |
61.50 Billion |
66.33 Billion |
| Gross Realised
Investment Income (RM) |
3.44 Billion |
2.98 Billion |
3.24 Billion |
1.89 Billion |
| Net Income (RM) |
3.67 Billion |
561.86 Million |
5.70 Billion |
1.90 Billion |
| Gross Return on
Investment, Gross ROI (%) |
9.21% |
5.86% |
5.62% |
2.97% |
| Net Return on Investment,
Net ROI (%) |
9.79% |
1.12% |
10.04% |
2.97% |
| Operating Expenditure
(RM) |
18.33 Million |
28.17 Million |
25.63 Million |
13.17 Million |
| Total Contributions
Received (RM) |
2.47 Billion |
3.42 Billion |
3.77 Billion |
1.94 Billion |
| Total Number of
Contributing Employers |
475 |
493 |
538 |
557 |
| Total Number of
Members |
104,081 |
106,944 |
121,572 |
123,157 |
| Total Number of
KWAP's Employees |
93 |
99 |
108 |
116 |
| Income per Employee
(RM) |
39.99 Million |
30.41 Million |
30.33 Million |
16.20 Million |
| Ratio of Operating
Expenditure to Gross Income (%) |
0.53% |
0.95% |
0.79% |
0.70% |
| Ratio of Operating
Expenditure to Average Fund (%) |
0.04% |
0.06% |
0.05% |
0.02% |
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| Fund Growth
1991- 2010 |
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Since the establishment of KWAP in 1991, the fund has grown 91 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 at 30 June 2010, KWAP’s fund stood at RM66.33 billion (at cost).
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FusionCharts
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| Investment
Fund Allocation 2007 - 2009 |
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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 - 2009 |
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As at 31 December 2009, the gross investment income of KWAP amounted to
RM3.24 billion with equity as the largest contributor at RM1.41 billion.
This is followed by fixed income namely Loans & PDS at RM0.86 billion, MGS
at RM0.58 billion, money market at RM0.36 billion and the remainder is from
alternative investments. |
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FusionCharts
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| Gross Return
On Investment By Asset Class 2007 - 2009 |
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By end of December 2009, KWAP recorded a Gross
Return On Investment of 5.62% with the highest contributor being equity
at 9.48%, followed by alternatives at 5.65% and Loans & PDS at 5.08%. 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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Since the incorporation of KWAP (1st March 2007), the highest net ROI was
10.04% recorded in 2009. |
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| Timer Weighted
Rate of Return (TWRR) YTD December 2009 |
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TWRR
(%) |
Benchmark
(%) |
Outperformance/
(Underperformance) (%) |
Benchmark Name |
ROI |
Equity
Core
Khas |
39.37
45.83
6.96 |
44.91
44.91
NA |
(5.54)
0.92
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KLCI & FBM100* |
9.48
10.66
4.04 |
| MGS & GII |
4.68 |
3.34 |
1.34 |
Quantshop MGS (ALL) Yield |
4.68 |
| PDS |
5.37 |
4.46 |
0.91 |
Quantshop Corp (Medium)
Yield |
5.37 |
| External Fixed Income |
6.98 |
1.45 |
5.53 |
Quantshop MGS (ALL) Index
+ 130 bps |
5.50 |
| Loans |
4.68 |
3.84 |
0.84 |
Quantshop MGS (ALL) Yield
+ 50 bps |
4.68 |
| Money Market |
2.79 |
2.18 |
0.61 |
3-Months KLIBOR |
2.79 |
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| *Benchmark is the blended
daily return between KLCI Index and FBM100 Index. |
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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 31 December 2009, the total return for actively managed equity was
45.83%, which has outperformed the benchmark by 0.92%. Total return for
internal fixed income (MGS, PDS, Loans and Money Market) and external fixed
income managers stood at 4.25% and 6.98% respectively. The total return
for external fixed income as at 31 December 2009, on the other hand was
6.98%. |
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| First Half
of 2010 (1H 2010)
Performance |
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Investment
Fund Size at Cost
(RM Billion) |
Gross
Income
(RM Million) |
Gross
ROI
(%) |
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June 2010 |
June 2009 |
June 2010 |
June 2009 |
June 2010 |
June 2009 |
| Equity |
16.76 |
14.79 |
838.88 |
568.28 |
5.10 |
4.01 |
| Loans & PDS |
17.01 |
16.52 |
445.94 |
415.24 |
2.54 |
2.57 |
| MGS & Quasi |
19.60 |
13.27 |
391.03 |
300.67 |
2.28 |
2.57 |
| Money Markets |
12.13 |
11.76 |
154.34 |
199.40 |
1.30 |
1.54 |
| Alternative |
0.57 |
0.53 |
58.60 |
10.42 |
10.74 |
1.98 |
| Total |
66.07 |
56.87 |
1,888.79 |
1,494.01 |
2.97 |
2.69 |
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Investment fund (at cost) as at 1H 2010 registered an increase by 16.18% or RM9.2 billion
to RM66.07 billion from RM56.87 billion in the corresponding period in 2009.
As at 1H 2010, the gross investment income achieved was RM1.89 billion
which is an increase of 26.42% or RM394.78 million against corresponding
period in 2009.
Equity investment contributed the largest proportion to the gross
investment income of RM838.88 million.
This was followed by Loans and PDS at RM445.94 million, and MGS and Quasi
at RM391.03 million.
KWAP recorded a gross ROI of 2.97% as at 1H 2010. Alternative investment
recorded the highest gross
ROI of 10.74%. Equity recorded the second highest gross ROI at 5.10% followed by Loan and PDS investment
at 2.54%.
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TWRR
(%) |
Benchmark
(%) |
Outperformance/
(Underperformance)
(%) |
Equity
Core
Khas |
5.17
1.10 |
4.03
NA |
1.14
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| MGS & Quasi |
2.28 |
1.76 |
0.52 |
| PDS |
2.67 |
2.25 |
0.42 |
| External Fixed Income |
3.45 |
3.47 |
(0.02) |
| Loans |
2.35 |
2.01 |
0.34 |
| Money Market |
1.30 |
1.25 |
0.05 |
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As at 1H 2010, the total return for actively managed equity was 5.17%,
which outperformed the benchmark by 1.14%. Total return for internal fixed
income (MGS, PDS, Loans and Money Market) for the same period stood at 2.12% whilst External
Fixed Income Managers was 3.45%. |
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