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)
fazlov.mohd@gmail.com
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 long-
term 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)
fazlov.mohd@gmail.com
PUBLIC MUTUAL
WHOLLY-OWNED SUBSIDIARY OF PUBLIC BANK
www.publicmutual.com.my