Amprecious Metal 018007072017 Fs 446h5v

3-year Fund Volatility

Precious Metals Securities

36.14 Very High

(formerly known as AmPrecious Metals)

Lipper Analytics 31 May 2017

July 2017

Precious Metals Securities (the "Fund") aims to achieve capital appreciation by investing in a portfolio of global Shariah observant equity and equity-related securities (including, without limitation, depository receipts and convertible securities, but excluding preferred shares, bonds, convertible bonds and warrants) of companies engaged in activities related to gold, silver, platinum or other precious metals. The Fund is suitable for investors who: • seek a global investment strategy that conforms to Shariah principles • want Medium to Long Term capital appreciation • want to invest in gold, silver, platinum and other precious metals equities, and their related equities Investment Strategy • A minimum of 95% of the Fund's NAV will be invested in the Deutsche Noor Precious Metals Securities Fund (Target Fund) Asset Allocation 99.47% • DWS Noor Precious Metals Securities 3.92% • Money Market Deposit -3.39% • Cash and others Source: AmFunds Management Berhad

Fund Details Fund Category / Type Fund Launch Date Offer Price at Launch NAV Per Unit (30 Jun 2017) 1-year NAV High (30 Jun 2017) 1-year NAV Low (30 Jun 2017) Total Units (30 Jun 2017) Fund Size (30 Jun 2017) Annual Management Fee Annual Trustee Fee Entry Charge Exit Fee Redemption Payment Period Investment Manager Income Distribution

Feeder (Islamic global equity) / Capital growth 15 November 2007 MYR 1.0000 MYR 0.4071 MYR 0.5328 (03 Aug 2016) MYR 0.3641 (16 Dec 2016) 982.23 million MYR 399.82 million Up to 1.80% p.a. of the NAV of the Fund Up to 0.08% p.a. of the NAV of the Fund Up to 5% of the NAV per unit for cash sales Nil By the 10th day of receipt of a repurchase notice AmIslamic Funds Management Sdn Bhd Income distribution (if any) will be reinvested.

Target Fund's Top 5 Holdings* (as at 30 June 2017) Randgold Resources Ltd OceanaGold Corp Agnico Eagle Mines Ltd Centamin PLC Fresnillo PLC

6.28% 6.21% 6.17% 5.16% 4.70%

* As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis. Source: DWS Investment GmbH (Target Fund’s Investment Manager)

Target Fund's Sector Allocation* (as at 30 June 2017) Gold Silver Precious Metals & Minerals Cash

81.30% 9.66% 7.67% 1.35%

* As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis. Source: DWS Investment GmbH (Target Fund’s Investment Manager)

Target Fund's Country Allocation* (as at 30 June 2017) Canada Others Australia United States Mali Jersey Cash and other assets

45.54% 17.99% 14.42% 9.23% 6.28% 5.16% 1.35%

* As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis. Source: DWS Investment GmbH (Target Fund’s Investment Manager)

Fund Performance (as at 30 June 2017) Cumulative performance over the period (%)

Source: AmFunds Management Berhad

40.00

Target Fund Manager's Commentary During the month of June, Palladium was the only precious metal that had a positive return of 3.06%. Silver, Platinum, and Gold each had negative returns of -4.07%, -2.37%, and -2.16%, respectively. Gold and precious metals equities, as measured by the S&P BMI Gold and Precious Metals Index (non-Sharia compliant), lost -2.55% during the period. Gold ETFs had net inflows of 0.83mm oz, or about 1.4% of total known gold ETFs. During the month, the DXY fell -1.34%. In addition, the last few days of June saw 2-year and 10-year US Treasury yields jump over 10 basis points in a minor sell-off triggered by several central banks indicating the possibility of fewer stimulus measures. The probability of another rate hike by the end of the year stood at 51.6% at the end of Q2 2017. Gold posted its first monthly loss in 2017 during June following the well anticipated rate hike by the Fed during the middle of the month. Last month, we discussed the link between rates, the dollar and Gold. We pointed out that diverging political and economic policy climates can drive currencies separate and apart from changes in relative yield spreads and that these currency moves can cause distortion when conducting analysis of the Gold price. During the month of June, yield on US Treasuries increased, which should attract investment flows and increase demand for US dollars, driving up the value of the currency vs. peers. The increase in the dollar and yields should, in turn, put downward pressure on the Gold price and result in poor performance. Indeed, the Gold price did sell-off during June, but not according to the traditional relationship cited above. Rather, June saw the dollar’s worth fall relative to trading peers in conjunction with the increase in yields. Further, the declining dollar did little to bolster Gold prices. So what’s going on here? An analysis of why the dollar is falling is required to get to the answer. We would propose that the dollar didn’t weaken because economic prospects in the US deteriorated perceptibly or because the case for holding US Dollar denominated debt (and realizing the associated yields) changed materially. Rather, it is our view that the decrease in the value of the dollar at the end of the month was a direct result of an increase in the perceived value of the Euro following hawkish comments by ECB president Mario Draghi. This is an important distinction; when the dollar’s movements are more absolute in nature (driven by endogenous factors such as an improving US economy, lower level of perceived risk or increasing investment flows due to relative yields) we expect Gold’s traditional inverse relationship to hold. However, when the dollar’s movements become more relative in nature (falling because the economic and/or rate environment is more positive elsewhere), the relationship can break down as it did during June. Put differently, when things are “good” in the US but the dollar falls because things are “good and getting better” elsewhere, Gold’s traditional value as a risk hedge can deteriorate (due at least partly to holders in those same markets that are now deemed to be “good and getting better” reducing positioning in-line with their new [lower] risk expectations for the future) by enough to overwhelm any boost the price might get from nominal USD depreciation. The market is still not fully pricing another rate increase this year, which remains a potential downside risk for the Gold price. One of the central tenets in the argument against holding Gold for many investors is the opportunity cost of parking part of the portfolio in an asset that provides 100% of its contribution to portfolio total return in the form of capital appreciation. This belief is centered on the assertion that the market is rich with safe, yield-paying alternatives to Gold that should be able to provide portfolio total return from multiple sources. However, since the introduction of Zero Interest Rate Policy (ZIRP) and eventually, Negative Interest Rate Policy (NIRP), there has been a drastic shift in the risk return profile of available alternatives to Gold. The suppression of rates across the globe has removed (or greatly reduced) the availability of “low risk/acceptable yield” securities. In essence, what this has done is reduce the relative cost of holding Gold as part of the investment mix in an investor’s portfolio. The current rate environment has been extremely constructive for Gold. Even if the Fed follows through with their intended rate hikes this year, nominal interest rates in the United States will still be at historic lows and real rates will be at the lowest levels since the 1980’s. Both of these factors should continue to provide an attractive environment in which to own Gold. In the short run, heightened market uncertainty should keep the Gold price bid as investors’ demand for safe-haven assets meets a relatively fixed supply. We believe Gold represents the cleanest and most effective way to gain safe-haven exposure and that we should continue to see for the yellow metal as long as uncertainty remains. We continue to keep the fund invested in companies with strong management teams that have shown the ability to execute with operational stability and have a lower than average financial and operational risk profile. We believe this approach will generate alpha through the entire price cycle. However, deploying this approach does leave the fund underexposed to firms with extreme levels of operational and financial leverage. As such, the fund may underperform in the short term, during periods with elevated upward Gold price volatility. We believe our approach will more than make up for the lack of gearing to the Gold price in environments with elevated volatility through company specific re-ratings. As portfolio firms demonstrate the increase in overall production level and financial flexibility that accompany exiting the heavy spending portion of the capex cycle, we believe investors will respond by increasing valuations relative to peers, driving alpha. Source: DWS Investment GmbH (Target Fund’s Investment Manager)

20.00 0.00 -20.00 -40.00 -60.00 -80.00 Precious Metals Securities

Nov-07

FTSE Gold Mines Index

Jun-17

The value of units may go down as well as up. Past performance is not indicative of future performance. Source: AmFunds Management Berhad

Performance Data (as at 30 June 2017)

Fund (%) *Benchmark (%)

1m

6m

1 yr

3 yrs

5 yrs

-0.73

-0.97

-15.66

-10.47

-40.06

-3.53

-1.17

-15.75

21.82

-29.07

*FTSE Gold Mines Index Source: *AmFunds Management Berhad, Verified by Novagni

Calendar Year Return

Fund (%) *Benchmark (%)

2016

2015

2014

2013

2012

43.89

-18.35

-11.35

-41.21

-15.70

66.36

-3.40

-9.52

-49.67

-18.46

*FTSE Gold Mines Index Source: *AmFunds Management Berhad, Verified by Novagni

Income Distribution History

Payout(sen) FY 2011

-

* based on the NAV of the preceding financial year end Source: AmFunds Management Berhad

Total(sen) 7.00

7.00

Disclaimer

Based on the Fund’s portfolio returns as at 31 May 2017, the Volatility Factor (VF) for this Fund is 36.14 and is classified as "Very High" (Source: Lipper). Very High includes funds with VF that are more than 10.605 (source: Lipper). The VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC will be revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. The information contained in this material is general information only and does not take into your individual objectives, financial situations or needs. You should seek your own financial advice from an appropriately licensed adviser before investing.You should be aware that investments in a unit trust fund carry risks. An outline of some of the risks is contained in the Master Prospectus dated 10 September 2016 & 1st Supplemental Master Prospectus dated 31 December 2016 (collectively referred as the “Prospectus”). The specific risks associated with investment of the Fund are industry-specific risk, currency risk, risk of a ive strategy, risk of not meeting the Fund's investment objective, Shariah non-compliance risk and liquidity risk as contained in the Prospectus. Please also refer to the specific risks of the Target Fund before investing. Unit prices and income distribution, if any, may rise or fall. Past performance of a fund is not indicative of future performance. Please consider the fees and charges involved before investing. Units will be issued upon receipt of completed application form accompanying the Prospectus and subject to and conditions therein. Where a distribution is declared, you are advised that following the distribution, the Net Asset Value (“NAV") per unit will be reduced from cum-distribution NAV to ex-distribution NAV. Where a unit split is declared, you are advised that following the issue of additional units, the NAV per unit will be reduced from pre-unit split NAV to post-unit split NAV. Kindly take note that the value of your investment in Malaysian ringgit will remain unchanged after the distribution of the additional units. You have the right to request for a copy of Product Highlights Sheet for the Fund. You are advised to read and understand the contents of the Product Highlights Sheet and the Prospectus before making an investment decision. The Prospectus has been ed with the Securities Commission Malaysia, who takes no responsibility for its contents. You can obtain a copy of the Product Highlights Sheet and the Prospectus from any of our representative office and authorized distributor. AmFunds Management Berhad does not guarantee any returns on the investments. In the event of any dispute or ambiguity arising out of the other language translation in this leaflet, the English version shall prevail. Note: All fees, charges and expenses disclosed in this material are expressed on a Goods and Services Tax (“GST”)-exclusive basis. Accordingly, to the extent that services provided are subject to GST, the amount of GST payable on any related fees, charges and/or expenses will be payable by the unit holder(s) and/or the Fund (as the case may be) in addition to the fees, charges and expenses disclosed in this material. Privacy Notice: AmFunds Management Berhad (Company Registration: 154432-A) issued its Privacy Notice as required by Personal Data Protection Act 2010, which details the use and processing of your personal information by AmFunds Management Berhad. The Privacy Notice can be accessed via www.aminvest.com and available at our head office. If you have any queries in relation to the Privacy Notice of AmFunds Management Berhad, please feel free to our Client Service Officers at Tel: +603 2032 2888 OR e-mail: [email protected].

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