Reliance Global Market Report

Reliance Asset Management (Malaysia) Sdn. Bhd. A Reliance Capital Company

Global Market Report

Corporate office : Suite 5-7, Level 5, Wisma UOA II, 21 Jalan Pinang, Kuala Lumpur 50450, Malaysia Corporate office : Suite 5-7, Level 5, Wisma UOA II, 21 Jalan Pinang, Kuala Lumpur 50450, Malaysia

Reliance Global Shariah Strategy Powered by Cognition

This presentation has been prepared by Reliance Asset Management (Malaysia) Sdn Bhd (“RAMMy”) and is solely for informational purposes only. It may not be copied, published, circulated, reproduced or distributed in whole or part to any person without the prior written consent of RAMMy. In preparing this presentation, RAMMy has relied upon and assumed the accuracy and completeness of all information available from public sources or which was otherwise reviewed by RAMMy. Accordingly, whilst we have taken all reasonable care to ensure that the information contained in this presentation is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness and make no representation or warranty (whether express or implied) and accept no responsibility or liability for its accuracy or completeness. You should not act on the information contained in this presentation without first independently verifying its contents. Any opinion, management forecast or estimate contained in this presentation is based on information available as at the date of this presentation and reflects prevailing conditions and our views as of the date of this presentation, all of which are subject to change at any time without notice. Such opinions, forecasts and estimates as well as the information contained herein relating to the historical performance of various indices is for information only and is not indicative of the future or likely performance of an investment portfolio and should not be construed as such. RAMMy and its related and affiliated corporations together with their respective directors and officers may have or may take positions in the investments mentioned in this presentation and may also perform or seek to perform broking and other investment services for the corporations whose securities are mentioned in this presentation as well as other parties. This presentation is not an offer or solicitation by anyone in any jurisdictions or to any person to whom or to which it is unlawful to make such an offer or solicitation. The historical performances presented are not indicative of the future or likely performance of an investment portfolio and should not be construed as being indicative of or otherwise used as a proxy for future or likely performance of the investment portfolio.

October 2012

Global Market Report October 2012

Reliance Asset Management (Malaysia) Sdn. Bhd. A Reliance Capital Company

Corporate office : Suite 5-7, Level 5, Wisma UOA II, 21 Jalan Pinang, Kuala Lumpur 50450, Malaysia

Corporate office : Suite 5-7, Level 5, Wisma UOA II, 21 Jalan Pinang, Kuala Lumpur 50450, Malaysia 2

Overview

This document offers an overview of the global equity market from the point of view of our proprietary stock selection system, “Cognition”.

This expert-system observes most of the indicators that traditional investors would analyse, but in a systematic,

data-intensive way.

Cognition continually monitors the market, changing its preference between Value, Growth, Price Momentum (PMom), Earnings Momentum (EMom), Quality, Low Volatility and Financial Strength (Financial) investment “styles” as the market’s focus moves between them.

Detailed analysis of economic sectors across 6 geographic regions enables Cognition to track down the most promising types of company characteristics based on local market conditions.

Companies that offer the most compelling combinations of the most favourable investment styles are ranked highly and form the core of the portfolio.

The WSF Reliance Global Shariah Growth fund uses the Cognition investment process to invest in a portfolio of

approximately 100-150 companies from 2,500 Shariah compliant equities across the world’s developed equity markets.

Reliance Asset Management (Malaysia) Sdn. Bhd. Reliance Capital Company

Corporate office : Suite 5-7, Level 5, Wisma UOA II, 21 Jalan Pinang, Kuala Lumpur 50450, Malaysia 3 Corporate office : Suite 5-7, Level 5, Wisma UOA II, 21 Jalan Pinang, Kuala Lumpur 50450, Malaysia 3


Index

Page Section

4 Global Style Summary

5 US style and trend analysis

6 Europe ex-UK style and trend analysis

7 Canada style and trend analysis

8 UK style and trend analysis

9 Japan style and trend analysis

10 Asia ex-Japan style and trend analysis

11 Index Performance

12 S&P Developed BMI Index returns and historic valuation

13 S&P Developed BMI Shariah Index returns and historic valuation

14 Shariah Valuation and Returns Relative to S&P Developed BMI

15 WSF Reliance Global Shariah Growth Fund – Fundamental Statistics

16-19 WSF Reliance Global Shariah Growth Fund – Portfolio Stock Ratings




Market Overview Global

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10%

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30%

Energy Materials Industrials Cons Disc Cons Stap Health Financials Technology Telecom Utilities

Free Float Sector Weights

All Companies

Shariah-Compliant

The global market is biased towards the Financial sector. However, when only Shariah-compliant stocks are considered the Technology sector comes to the fore. The charts below describe recent style trends across the global equity market according to the latest Cognition analysis.

Style Trends – Cognition style weights

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30%

S O N D J F M A M J J A S

Value

1m Med IC - RHS Cog Wgt - LHS

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5%

10%

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25% Sep-12

-10%

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30%


Growth


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30%


EMom


Global Style Weight Rank - Mcap Wtd

Style 3m Chg Rank

Financial - 1

Value +4 2

Emom +1 3

Grow th +3 4

Low Vol -3 5

Quality -1 6

Pmom -4 7

-30%

-20%

-10%

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10%

20%

30%

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15%

20%

25%

30%


PMom


-5%

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15%

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5%

10%

15%

20%

25%

30%


Financial Strength


-40%

-20%

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20%

40%

60%

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5%

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15%

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25%

30%


Low Vol


-20%

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25%

30%

Sep Nov Jan Mar May Jul Sep

Quality


Source: Reliance Asset Management (Malaysia) Sdn. Bhd., Data as at month end Sept 2012 3m Med IC = 1-month median Spearman Rank Information Coefficient; Cog Wgt = Cognition Weight aggregated by free float Mcap weight




Market Overview United States

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All Companies

Shariah-Compliant

The US market is biased towards the Technology and Financial sectors. However, when only Shariah-compliant stocks are considered the Technology and Health sectors come to the fore. The charts below describe recent style trends within the US market according to the latest Cognition analysis.


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Value


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Growth


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EMom


Style Weight Rank - Mcap Wtd

Style 3m Chg Rank

Financial - 1

Emom +2 2

Value +2 3

Low Vol -2 4

Grow th +1 5

Pmom -3 6

Quality - 7

-40%

-20%

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25%

30%


PMom


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30%


Financial Strength


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Low Vol


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Quality






Market Overview Europe

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All Companies

Shariah-Compliant

The European market is biased toward the Financial sector. However, when only Shariah-compliant stocks are considered the Health sector comes to the fore. The charts below describe recent style trends within the European market according to the latest Cognition analysis.


-10%

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Value


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Growth


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30%


EMom



Style 3m Chg Rank

Emom +1 1

Financial +2 2

Quality -2 3

Grow th -1 4

Value +2 5

Low Vol -1 6

Pmom -1 7

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PMom


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Financial Strength


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Low Vol


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Quality






Market Overview Canada

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All Companies

Shariah-Compliant

The Canadian market is heavily biased towards the Financial, Energy and Materials sectors. However, when only Shariah-compliant stocks are considered the Energy and Materials sectors dominate. The charts below describe recent style trends within the Canadian market according to the latest Cognition analysis.


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Value


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Growth


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EMom



Style 3m Chg Rank

Financial - 1

Value +4 2

Quality -1 3

Emom +1 4

Pmom -1 5

Low Vol -3 6

Grow th - 7

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PMom


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Financial Strength


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Low Vol


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Quality






Market Overview UK

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All Companies

Shariah-Compliant

The UK market is biased toward the Energy, Consumer Staples and Financial sectors. However, when only Shariah-compliant stocks are considered the Energy and Health sectors come to the fore. The charts below describe recent style trends within the UK market according to the latest Cognition analysis.


-15%-10%-5%0%5%10%15%20%

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Value


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30% Sep-12

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Growth


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EMom



Style 3m Chg Rank

Financial - 1

Value +4 2

Grow th +1 3

Low Vol -2 4

Emom +2 5

Pmom -3 6

Quality -2 7

-60%

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PMom


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Financial Strength


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Low Vol


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Quality






Market Overview Japan

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All Companies

Shariah-Compliant

The Japanese market is biased toward the Industrials and Consumer Discretionary sectors. However, when only Shariah-compliant stocks are considered the Technology and Health sectors come to the fore. The charts below describe recent style trends within the Japanese market according to the latest Cognition analysis.


-20%

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Value


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Growth


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EMom



Style 3m Chg Rank

Grow th +2 1

Financial +2 2

Quality +4 3

Low Vol -3 4

Value -3 5

Pmom - 6

Emom -2 7

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PMom


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Financial Strength


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Low Vol


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Quality






Market Overview Asia

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All Companies

Shariah-Compliant

The Asian market is heavily biased toward the Financial sector. However, when only Shariah-compliant stocks are considered the Technology and Materials sectors come to the fore. The charts below describe recent style trends within the Asian market according to the latest Cognition analysis.


-5%

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Value


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Growth


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EMom



Style 3m Chg Rank

Quality +1 1

Financial -1 2

Value +1 3

Low Vol -1 4

Grow th - 5

Emom - 6

Pmom - 7

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PMom


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Financial Strength


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Low Vol


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Quality






Index Performance

Index Total Return

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100

110

S&P BMI Developed

S&P BMI Shariah Developed

Rolling 1-Year Return

-100%

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100%

S&P BMI Developed

S&P BMI Shariah Developed

Rolling 1-Year Sharpe Ratio – BMI Shariah Developed / BMI Developed Differential

-0.3

-0.2

-0.1

0.0

0.1

0.2

0.3

0.4

1 Yr Sharpe Shariah - Developed

Source: Standard & Poor’s, Bloomberg, Reliance Asset Management (Malaysia) Sdn. Bhd., Data as at month end Sept 2012 *Sharpe Ratio calculated using the 3-month US Treasury Bill.




Estimated S&P Developed BMI Shariah Valuation & Returns*

Price to Earnings (P/E) Forward Twelve Month (FTM)

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'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

Long Term Average P/E - F12 - Index(wtd) - M

Sep-12 P/E

Latest 14.9

LT Average 20.5

MT Median 18.7

Min Date Oct-08

Minimum 11.2

Max Date Aug-00

Maximum 38.9

Price to Book (P/B) Trailing Twelve Month (TTM)

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'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

Long Term Average P/B - L12 - Index(wtd) - M

Sep-12 P/B

Latest 4.5

LT Average 6.1

MT Median 5.1

Min Date Feb-09

Minimum 3.0

Max Date Feb-00

Maximum 20.0

Return on Equity (RoE) Historic

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30

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

Long Term Average ROE - L12 - Index(wtd) - M

Sep-12 ROE

Latest 23.7

LT Average 20.1

MT Median 20.3

Min Date Jan-04

Minimum 16.6

Max Date Jan-99

Maximum 24.3

*Calculations exclude outliers for Returns and Valuation. Data presented is based upon a historical simulation of the Shariah Index according to S&P criteria prior to June 2009 and the actual index post June 2009. Average = cumulative average since Jan 1991. Source: Reliance Asset Management (Malaysia) Sdn. Bhd., S&P, Thomson Reuters, Data at month end Sept 2012




Estimated S&P Developed BMI Valuation & Returns*


10

15

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30

35

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

Long Term Average P/E - F12 - Index(wtd) - M

Sep-12 P/E

Latest 14.1

LT Average 19.1

LT Mean 18.7

Min Date Oct-08

Minimum 11.3

Max Date Aug-00

Maximum 32.2


0

5

10

15

'94 '95 '96 '97 '98 '99 '99 '00 '01 '02 '03 '04 '04 '05 '06 '07 '08 '09 '09 '10 '11 '12

Long Term Average P/B - L12 - Index(wtd) - M

Sep-12 P/B

Latest 3.3

LT Average 4.5

LT Mean 3.9

Min Date Feb-09

Minimum 2.4

Max Date Feb-00

Maximum 13.7


0

5

10

15

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25

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

Long Term Average ROE - L12 - Index(wtd) - M

Sep-12 ROE

Latest 17.2

LT Average 16.0

LT Mean 16.5

Min Date Jul-93

Minimum 11.2

Max Date Dec-07

Maximum 19.9

*Calculations exclude outliers for Returns for Valuation. Average = cumulative average since Jan 1991. Source: Reliance Asset Management (Malaysia) Sdn. Bhd., S&P, Thomson Reuters, Data at month end Sept 2012




S&P Developed BMI Shariah* Relative to S&P Developed BMI


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30%

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11

Dev BMI Shariah / Dev BMI

Long-term Average

Sep-12 P/E Relative

Latest 5.5%

LT Average 6.4%

MT Median 5.3%

Min Date Jan-95

Minimum -14.9%

Max Date Jul-00

Maximum 22.2%


0%

20%

40%

60%

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11


Long-term Average

Sep-12 P/B Relative

Latest 35.8%

LT Average 33.8%

MT Median 34.3%

Min Date May-06

Minimum 19.8%

Max Date Dec-91

Maximum 48.5%


0%

20%

40%

60%

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11


Long-term Average

Sep-12 ROE Relative

Latest 37.7%

LT Average 27.0%

MT Median 24.2%

Min Date Feb-09

Minimum 25.6%

Max Date Nov-94

Maximum 48.1%

*Calculations exclude outliers for Returns and Valuation. Data presented is based upon a historical simulation of the Shariah Index according to S&P criteria prior to June 2009 and the actual index post June 2009. Average = cumulative average since Jan 1991. Source: Reliance Asset Management (Malaysia) Sdn. Bhd., S&P, Thomson Reuters, Data at month end Sept 2012




WSF Reliance Global Shariah Growth Fund Statistics

86.2 85.9 85.6

69.8 69.8 65.2 63.353.0

0

20

40

60

80

100

Portfolio Score Low Vol Quality Financial Pmom Growth Emom Value

Weighted Portfolio Style Scores

The WSF Reliance Shariah Global Growth portfolio is currently focused on companies with the highest relative Quality and Lowest Volatility. However, It is important to note that individual company scores, which are calculated on the basis of style analysis at the regional-sector level, may express very different style preferences than that of the overall portfolio.

0

50

100

150

200

Forward 12m

P/E Ratio

Forward 12m

Dividend Yield

3Yr EPS

Growth (%)

Return on

Equity (%)

FY1 EPS

Revision (%)^

FY2 EPS

Revision (%)^

Total Debt /

Equity*

Portfolio Characteristics vs. Shariah Developed BMI (=100) and All Companies Developed BMI

Portfolio

Shariah BMI

BMI

Max

The portfolio currently offers a comparable valuation to the S&P Developed Shariah BMI index, though the forward dividend yield of the portfolio is below that of the benchmark. The portfolio has generated higher historic earnings growth, in addition to higher Returns on Equity than the Shariah index. Earnings revisions have also been significantly ahead of both the Shariah index and the overall market.

Source: Reliance Asset Management (Malaysia) Sdn. Bhd., S&P Developed BMI Shariah/ S&P Developed BMI Indices. Data as at month end Sept 2012

* Total Debt / Equity calculation for BMI Developed Index excludes Financials. Chart is capped at a maximum of 200. ^ For presentation purposes consensus EPS Revisions for the Portfolio and BMI Index have been scaled relative to the Shariah benchmark.




The Cognition Stock Analysis System

The WSF Reliance Global Shariah Growth Fund selects Shariah-compliant equities using “Cognition”, Reliance’s proprietary stock screening process. Our approach is to refine individual financial metrics, such as Price to Earnings and Return on Equity, into collective investment ‘styles’. Rather than conforming to any static definition, each style is constantly re-configured according to the recent explanatory power of each metric within each geographic sector. Significant ‘number crunching’ is required here, but this approach enables the relative merits of each stock in the fund’s investment universe to be compared across multiple dimensions of style.

How to read the Cognition Score – Example

The next step in the process is to analyse the recent explanatory power of each style within each geographic sector, the aim being to focus our model on stocks offering the most compelling combination of the ‘right’ fundamental characteristics. In the above example, Next PLC (a UK Consumer Discretionary stock) benefits from its high level of relative ‘Price Momentum’ and ‘Quality’. Our analysis suggests this attribute is a desirable characteristic in the sector. Despite a relatively poorly score for Value (37 per cent), Next PLC is nonetheless awarded a high score of 99 per cent because this weaker style rank is deemed to be a less important predictor of outperformance within the sector.

Cog

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on

Val

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Val

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eigh

t

Gro

wth

Gro

wth

Wei

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Emo

m

Emo

m W

eigh

t

Pm

om

Pmom

Wei

ght

Qu

alit

y

Qu

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F-Sc

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F-Sc

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Wei

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Vol

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Vo

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Average 88.8 59.4 16% 65.8 13% 74.2 3% 67.6 15% 87.0 15% 68.6 20% 83.0 17%

Highest 100.0 100.0 37% 100.0 33% 100.0 25% 100.0 57% 100.0 41% 100.0 43% 100.0 46%

Lowest 25.8 2.9 0% 1.7 0% - 0% 9.1 0% 26.4 0% - 0% - 0%

51 Viscofan-Envolturas Celul SA 98.8 45.9 0% 92.5 19% 83.5 7% 66.7 21% 96.3 21% 88.9 14% 80.0 18%

52 Dassault Systemes SA 90.5 12.1 19% 80.7 12% 76.5 0% 99.0 6% 75.0 24% 62.5 22% 93.7 18%

53 BIC 98.0 32.3 15% 65.2 17% 93.7 8% 86.6 14% 88.8 19% 88.9 14% 94.8 12%

54 L'Oreal 90.6 32.9 0% 41.3 19% 89.4 7% 88.0 21% 95.1 21% 66.7 14% 87.1 18%

55 Next 98.9 36.8 6% 73.7 13% 90.8 0% 87.2 30% 98.8 18% 16.7 13% 98.6 20%

56 TJX Cos Inc 95.6 67.2 20% 75.7 7% 95.7 0% 65.6 29% 95.3 7% 33.3 12% 96.9 25%

57 Xilinx Inc 74.2 92.7 18% 46.9 16% 46.0 0% 15.6 11% 88.3 16% 25.0 23% 91.9 17%

58 Total System Services Inc 93.4 87.7 18% 30.1 16% 87.5 0% 67.7 11% 26.4 16% 87.5 23% 96.0 17%

59 Starbucks Corp 67.2 74.6 20% 86.8 7% 65.0 0% 28.1 29% 89.2 7% 33.3 12% 76.4 25%

60 Chevron Corp 95.1 97.3 15% 55.5 17% 69.3 3% 64.4 19% 89.6 6% 75.0 23% 98.5 17%

61 Sigma-Aldrich Corp 95.7 18.6 15% 67.2 0% 65.2 6% 57.5 13% 88.6 19% 100.0 26% 87.1 21%

62 Priceline.com Inc 63.8 2.9 20% 95.0 7% 72.3 0% 60.5 29% 94.9 7% 77.8 12% 64.6 25%

63 Merck & Co Inc 99.7 99.4 12% 43.2 20% 91.6 0% 100.0 21% 77.5 18% 87.5 17% 97.5 11%

64 Rockwell Collins 97.3 88.1 37% 43.1 0% 29.9 5% 45.7 14% 97.8 9% 87.5 18% 90.2 18%

65 Rollins Inc 31.2 9.5 37% 75.6 0% 70.7 5% 47.2 14% 65.0 9% 62.5 18% 70.5 18%

66 Ross Stores Inc 95.8 63.3 20% 84.1 7% 97.2 0% 66.3 29% 95.8 7% 33.3 12% 97.4 25%

67 QUALCOMM Inc 81.7 85.0 18% 82.5 16% 71.4 0% 51.5 11% 49.5 16% 25.0 23% 86.4 17%

68 Pharmacyclics Inc 80.4 24.0 12% 88.5 20% 94.0 0% 86.1 21% 78.0 18% 37.5 17% 35.2 11%

69 Pfizer Inc 78.6 99.1 12% 19.5 20% 70.9 0% 31.3 21% 78.9 18% 87.5 17% 97.5 11%

70 Old Dominion Freight Line Inc 68.6 32.5 37% 83.4 0% 50.3 5% 67.4 14% 93.9 9% 87.5 18% 64.8 18%

71 Oceaneering Intl Inc 92.9 60.3 15% 79.9 17% 89.4 3% 69.0 19% 77.5 6% 50.0 23% 90.7 17%

72 Occidental Petroleum 89.1 91.3 15% 65.2 17% 63.1 3% 27.6 19% 96.2 6% 87.5 23% 86.1 17%

73 National Oilwell Varco Inc 92.4 60.9 15% 84.8 17% 72.6 3% 89.7 19% 67.6 6% 62.5 23% 66.7 17%

74 NU Skin Enterprises Inc A 83.6 62.1 0% 89.0 17% 61.7 4% 65.4 0% 93.9 27% 62.5 39% 26.7 14%

75 3M Co 98.8 85.2 37% 62.3 0% 75.4 5% 85.9 14% 98.1 9% 62.5 18% 95.9 18%

76 Middleby Corp, The 36.2 25.2 37% 94.0 0% 79.1 5% 60.4 14% 91.0 9% 25.0 18% 59.1 18%

77 Microsoft Corp 100.0 96.0 18% 84.2 16% 81.5 0% 95.0 11% 99.3 16% 62.5 23% 97.5 17%

78 MAXIM INTEGRATED 87.7 95.4 18% 32.6 16% 60.1 0% 94.1 11% 84.9 16% 25.0 23% 91.4 17%

79 Linear Technology Corp 87.2 94.3 18% 20.3 16% 66.7 0% 82.8 11% 100.0 16% 25.0 23% 90.4 17%

80 Lilly, Eli & Co 96.8 99.7 12% 39.8 20% 76.9 0% 95.2 21% 96.8 18% 37.5 17% 99.0 11%

81 Intl Flavors & Fragrances 80.7 60.7 15% 52.3 0% 25.2 6% 58.2 13% 85.7 19% 57.1 26% 92.1 21%

82 Intel Corp 90.1 98.2 18% 55.5 16% 70.9 0% 28.6 11% 95.3 16% 25.0 23% 96.0 17%

83 Intuit Inc 98.7 53.1 18% 64.8 16% 89.8 0% 70.5 11% 94.7 16% 87.5 23% 87.9 17%

84 Biogen Idec Inc 99.4 48.0 12% 86.9 20% 78.7 0% 99.7 21% 95.4 18% 62.5 17% 90.0 11%

85 Imperial Oil Ltd 100.0 65.6 18% 83.2 17% 91.9 0% 80.7 19% 89.5 14% 66.7 18% 89.0 15%

86 Hubbell Inc B 96.4 73.1 37% 66.8 0% 90.8 5% 74.5 14% 80.1 9% 75.0 18% 82.9 18%

87 Home Depot Inc 98.8 85.8 20% 38.1 7% 80.5 0% 87.3 29% 72.6 7% 33.3 12% 96.4 25%

88 Hershey Foods Corp 96.6 39.7 0% 23.9 17% 83.5 4% 95.1 0% 90.4 27% 100.0 39% 91.4 14%

89 Grainger, W.W. Inc 91.1 54.4 37% 74.0 0% 97.8 5% 95.7 14% 96.8 9% 62.5 18% 80.3 18%

90 Graco Inc 55.3 69.9 37% 35.8 0% 26.6 5% 21.0 14% 99.8 9% 25.0 18% 56.5 18%

91 Gartner Inc 98.2 23.8 18% 93.2 16% 93.8 0% 27.5 11% 97.8 16% 100.0 23% 88.9 17%

92 Freeport McMoRan Copper & Gold 68.6 97.1 15% 56.3 0% 23.7 6% 20.2 13% 97.1 19% 57.1 26% 47.5 21%

93 Forest Laboratories 54.3 62.7 12% 68.7 20% 56.8 0% 13.0 21% 60.1 18% 37.5 17% 97.0 11%

94 Exxon Mobil Corp 97.8 94.0 15% 62.8 17% 86.0 3% 71.8 19% 87.9 6% 75.0 23% 99.2 17%

95 Estee Lauder Cos. 92.2 18.1 0% 81.7 17% 44.4 4% 73.3 0% 93.0 27% 87.5 39% 41.0 14%

96 Equifax Inc 90.1 55.3 37% 68.3 0% 98.5 5% 68.2 14% 75.2 9% 75.0 18% 90.7 18%

97 Eastman Chemical Co 98.6 73.6 15% 64.1 0% 60.7 6% 94.8 13% 90.7 19% 85.7 26% 62.4 21%

98 EMC Corp 97.4 47.8 18% 78.3 16% 75.5 0% 76.2 11% 62.1 16% 100.0 23% 81.3 17%

99 Donaldson Co 74.9 38.6 37% 79.0 0% 61.2 5% 71.5 14% 95.1 9% 75.0 18% 76.2 18%

100 Dollar Tree Inc 91.9 6.6 20% 69.8 7% 78.4 0% 93.4 29% 90.7 7% 33.3 12% 98.0 25%

Value rank is Low, but it is not considered important for this sector

The overall result is a high overall Cognition Score for Next

Quality and Price Momentum rank High, and importance of these styles is High for the sector.




WSF Reliance Global Shariah Growth Fund – Portfolio Stock Ratings

The table above is reproduced for illustration purposes only Source: Reliance Asset Management (Malaysia) Sdn. Bhd., Data as at month end Sept 2012

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Wtd. Average 86.2 53.0 13% 65.2 14% 63.3 9% 69.8 15% 85.6 12% 69.8 23% 85.9 12%

Highest 100.0 98.9 43% 100.0 25% 98.9 27% 100.0 30% 100.0 35% 100.0 31% 100.0 26%

Lowest 39.3 2.0 0% 0.7 0% 7.1 0% 13.8 0% 13.3 0% 25.0 9% 7.8 3%

1 3M Co 97.8 64.9 20% 56.7 0% 71.4 15% 63.5 18% 94.5 9% 66.7 21% 96.3 17%

2 Agrium Inc 100.0 85.5 17% 90.1 0% 79.2 8% 98.4 18% 81.5 22% 100.0 18% 91.5 17%

3 Allergan Inc 98.3 43.9 17% 86.7 19% 39.2 0% 49.4 17% 93.3 16% 100.0 27% 96.7 3%

4 Anite Plc 61.8 32.4 8% 18.8 21% 61.8 0% 58.6 17% 82.4 17% 85.7 25% 58.8 12%

5 Ansell Ltd 93.9 89.1 19% 37.8 16% 50.8 0% 52.8 9% 83.3 26% 77.8 14% 95.1 18%

6 ANSYS Inc 98.3 22.6 7% 98.3 22% 87.4 9% 67.2 11% 75.8 12% 75.0 28% 82.8 12%

7 Apple Inc. 95.1 69.1 7% 100.0 22% 98.9 9% 98.5 11% 85.9 12% 25.0 28% 88.6 12%

8 ASML Holding NV 99.1 40.0 15% 73.7 12% 52.8 12% 84.9 10% 93.1 16% 100.0 19% 80.0 16%

9 AstraZeneca Plc 91.7 75.0 15% 83.3 25% 16.7 15% 58.3 14% 100.0 0% 100.0 18% 91.7 14%

10 Atlas Copco AB A 93.4 41.3 19% 85.7 17% 52.3 3% 65.4 16% 99.2 21% 88.9 16% 52.1 8%

11 BHP Billiton Ltd 72.8 37.7 18% 37.5 9% 44.2 2% 60.7 12% 92.4 20% 25.0 14% 97.8 26%

12 BHP Billiton Plc 72.8 90.6 16% 53.6 19% 30.3 0% 39.4 3% 84.4 26% 25.0 25% 68.8 12%

13 BIC 92.3 23.9 19% 64.5 17% 79.3 3% 89.9 16% 88.7 21% 88.9 16% 90.1 8%

14 Biogen Idec Inc 96.9 40.2 17% 87.1 19% 91.8 0% 95.8 17% 96.2 16% 62.5 27% 89.3 3%

15 Black Diamond Group Ltd 66.0 56.1 43% 73.7 0% 38.0 17% 26.7 4% 65.9 5% 100.0 20% 41.7 11%

16 Bristol-Myers Squibb 97.7 94.1 17% 77.7 19% 15.8 0% 39.6 17% 91.8 16% 75.0 27% 97.5 3%

17 CA Inc 99.1 98.4 7% 83.4 22% 77.6 9% 60.2 11% 87.3 12% 75.0 28% 92.2 12%

18 Carsales.com Ltd 91.7 27.1 25% 89.0 9% 89.2 7% 80.0 0% 99.1 21% 62.5 25% 97.1 12%

19 CF Industries Holdings 94.5 39.3 20% 89.1 0% 60.6 15% 88.5 14% 95.0 6% 100.0 31% 46.6 14%

20 Church & Dwight Co 100.0 37.5 0% 92.5 20% 40.9 4% 69.9 13% 74.8 18% 100.0 30% 86.0 15%

21 Cintas Corp 80.9 49.8 20% 37.2 0% 68.9 15% 23.2 18% 60.3 9% 88.9 21% 94.5 17%

22 Coca-Cola Co 93.1 54.5 0% 69.8 20% 54.8 4% 40.8 13% 89.2 18% 71.4 30% 96.0 15%

23 Coloplast AS B 100.0 46.7 11% 77.8 18% 63.2 0% 94.4 27% 96.6 9% 88.9 25% 92.1 11%

24 Constellation Software Inc. 100.0 68.4 0% 82.4 5% 90.5 16% 76.2 17% 94.7 35% 85.7 9% 100.0 19%

25 Continental Resources Inc/OK 71.5 20.7 15% 0.7 14% 83.2 19% 73.5 19% 89.5 1% 87.5 24% 61.4 8%

26 Croda Intl 100.0 15.6 16% 100.0 19% 66.7 0% 48.5 3% 93.8 26% 87.5 25% 87.5 12%

27 CSL Ltd 97.0 60.0 19% 57.8 16% 79.4 0% 100.0 9% 90.7 26% 66.7 14% 93.4 18%

28 Cyberonics Inc 82.5 36.8 17% 85.4 19% 96.2 0% 99.4 17% 97.5 16% 25.0 27% 84.8 3%

29 Daito Trust Construction Co 96.1 92.4 15% 41.9 24% 69.6 0% 21.7 7% 97.0 21% 100.0 22% 87.8 11%

30 Dassault Systemes SA 91.6 10.5 15% 80.8 12% 88.7 12% 69.7 10% 76.5 16% 62.5 19% 94.1 16%

31 Diamond Offshore Drilling 83.9 62.1 15% 65.4 14% 56.2 19% 67.2 19% 91.9 1% 62.5 24% 96.6 8%

32 Dollar Tree Inc 59.0 9.6 18% 51.9 0% 36.5 19% 98.5 23% 92.3 1% 33.3 24% 97.4 15%

33 Dollarama Inc 66.7 9.7 17% 50.0 1% 52.8 22% 85.7 30% 80.7 10% 33.3 10% 81.8 10%

34 Donaldson Co 85.3 11.4 20% 72.5 0% 49.3 15% 98.0 18% 92.3 9% 77.8 21% 88.1 17%

35 DuluxGroup Ltd 94.7 37.1 18% 50.0 9% 74.6 2% 68.4 12% 91.8 20% 62.5 14% 97.0 26%

36 Lilly, Eli & Co 90.5 98.4 17% 38.2 19% 75.2 0% 94.1 17% 95.9 16% 37.5 27% 98.8 3%

37 EMC Corp 99.6 52.8 7% 77.6 22% 69.5 9% 85.8 11% 64.0 12% 100.0 28% 83.1 12%

38 Equifax Inc 62.6 29.1 20% 53.5 0% 67.2 15% 23.9 18% 66.5 9% 77.8 21% 92.2 17%

39 Estee Lauder Cos. 99.1 15.2 0% 84.9 20% 68.7 4% 44.7 13% 97.3 18% 100.0 30% 43.0 15%

40 Exxon Mobil Corp 94.6 77.0 15% 61.4 14% 70.8 19% 92.1 19% 97.1 1% 75.0 24% 99.3 8%

41 First Resources Limited 83.8 46.0 0% 4.1 20% 67.7 15% 89.8 16% 96.8 26% 85.7 12% 62.3 11%

42 Freeport McMoRan Copper & Gold 73.3 75.0 20% 56.3 0% 66.2 15% 38.9 14% 92.8 6% 66.7 31% 47.4 14%

43 Gap Inc 89.6 30.7 18% 56.9 0% 92.5 19% 99.3 23% 85.7 1% 33.3 24% 77.9 15%

44 Garmin Ltd 66.3 47.7 18% 8.0 0% 49.8 19% 74.6 23% 71.6 1% 33.3 24% 90.0 15%

45 Gartner Inc 100.0 24.7 7% 92.9 22% 80.7 9% 67.8 11% 95.4 12% 100.0 28% 94.1 12%

46 Google Inc 98.5 39.9 7% 97.8 22% 70.6 9% 78.3 11% 87.8 12% 62.5 28% 94.9 12%

47 Graco Inc 40.8 21.9 20% 42.0 0% 86.1 15% 31.5 18% 99.3 9% 33.3 21% 71.6 17%

48 Hershey Foods Corp 97.4 31.3 0% 34.9 20% 61.7 4% 61.2 13% 85.6 18% 100.0 30% 94.0 15%

49 Home Depot Inc 92.5 34.5 18% 53.6 0% 86.0 19% 95.8 23% 75.7 1% 33.3 24% 97.8 15%

50 Horizon North Logistics Inc 98.0 78.1 43% 47.4 0% 92.0 17% 82.2 4% 87.8 5% 85.7 20% 47.9 11%




Portfolio Stock Ratings (continued)


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Average 86.2 53.0 13% 65.2 14% 63.3 9% 69.8 15% 85.6 12% 69.8 23% 85.9 12%

Highest 100.0 98.9 43% 100.0 25% 98.9 27% 100.0 30% 100.0 35% 100.0 31% 100.0 26%

Lowest 39.3 2.0 0% 0.7 0% 7.1 0% 13.8 0% 13.3 0% 25.0 9% 7.8 3%

51 Hubbell Inc B 88.4 50.3 20% 73.3 0% 47.5 15% 69.8 18% 77.0 9% 77.8 21% 90.4 17%

52 Husky Energy Inc 99.2 83.8 16% 72.1 12% 67.8 8% 89.7 27% 66.1 9% 88.9 18% 89.7 10%

53 Intl Business Machines Corp 97.2 78.8 7% 45.1 22% 60.1 9% 81.0 11% 88.7 12% 87.5 28% 99.2 12%

54 Imperial Oil Ltd 91.6 79.3 16% 83.7 12% 78.0 8% 50.0 27% 88.1 9% 66.7 18% 91.6 10%

55 Innophos Holdings Inc 66.4 62.9 20% 97.7 0% 11.3 15% 26.6 14% 82.7 6% 88.9 31% 80.2 14%

56 Intel Corp 62.5 98.9 7% 72.7 22% 22.2 9% 13.8 11% 93.8 12% 25.0 28% 94.5 12%

57 Intuit Inc 95.3 45.4 7% 67.3 22% 41.3 9% 48.8 11% 96.8 12% 87.5 28% 92.9 12%

58 Kaken Pharmaceutical 91.8 77.9 26% 69.4 24% 76.7 0% 20.0 4% 92.7 29% 37.5 13% 91.8 5%

59 Kone Corp B 93.8 13.1 19% 95.0 17% 86.1 3% 91.6 16% 92.6 21% 77.8 16% 74.3 8%

60 Linear Technology Corp 43.5 90.8 7% 29.5 22% 42.6 9% 53.2 11% 71.4 12% 25.0 28% 89.8 12%

61 L'Oreal 93.8 22.5 0% 41.3 18% 73.8 14% 97.2 22% 94.7 20% 75.0 13% 81.3 13%

62 Matsumotokiyoshi Co 97.0 89.5 0% 91.8 21% 93.1 16% 57.1 16% 72.6 22% 100.0 21% 79.7 5%

63 MAXIM INTEGRATED 54.8 91.7 7% 32.7 22% 30.7 9% 76.2 11% 82.7 12% 25.0 28% 89.8 12%

64 Mead Johnson Nutrition Co 61.2 17.0 0% 6.6 20% 58.3 4% 35.0 13% 62.2 18% 85.7 30% 63.0 15%

65 Merck & Co Inc 94.6 97.8 17% 41.8 19% 55.9 0% 51.5 17% 74.3 16% 87.5 27% 97.9 3%

66 Micro Focus International 100.0 73.5 8% 93.8 21% 70.6 0% 89.7 17% 100.0 17% 57.1 25% 64.7 12%

67 Microsoft Corp 95.9 97.9 7% 86.8 22% 76.0 9% 72.9 11% 98.6 12% 37.5 28% 97.3 12%

68 Mochida Pharmaceutical Co 80.8 41.2 26% 71.0 24% 49.3 0% 50.0 4% 79.4 29% 87.5 13% 86.9 5%

69 Monster Beverage Corp 81.9 7.1 0% 90.6 20% 27.0 4% 29.1 13% 87.4 18% 71.4 30% 29.0 15%

70 Moody's Corp 66.1 17.6 28% 13.5 6% 92.8 14% 97.4 19% 90.4 0% 55.6 21% 60.5 13%

71 National Oilwell Varco Inc 87.1 58.6 15% 80.4 14% 76.4 19% 56.5 19% 67.4 1% 62.5 24% 77.9 8%

72 Nestle SA Reg 92.6 42.5 0% 56.0 18% 53.8 14% 91.7 22% 93.4 20% 62.5 13% 100.0 13%

73 NeuStar 92.5 62.9 7% 70.7 22% 73.8 9% 72.0 11% 95.6 12% 50.0 28% 97.7 12%

74 NewMarket Corp 81.5 25.0 20% 81.3 0% 47.2 15% 77.7 14% 98.6 6% 88.9 31% 66.4 14%

75 Next 91.7 47.6 15% 57.8 10% 39.8 0% 96.4 25% 59.0 11% 28.6 23% 97.2 16%

76 Nippon Kayaku Co 98.6 45.1 12% 93.6 22% 75.9 13% 63.7 3% 96.5 17% 71.4 18% 97.0 16%

77 NOF CORP 89.7 71.8 12% 74.3 22% 46.2 13% 50.0 3% 87.3 17% 57.1 18% 96.0 16%

78 Northrop Grumman Corp 99.8 98.0 20% 62.3 0% 53.0 15% 77.3 18% 73.8 9% 77.8 21% 98.6 17%

79 Novo Nordisk AS B 99.0 42.2 11% 75.6 18% 51.6 0% 96.6 27% 100.0 9% 88.9 25% 82.9 11%

80 Occidental Petroleum 83.3 65.5 15% 55.6 14% 15.7 19% 85.3 19% 88.4 1% 87.5 24% 84.8 8%

81 Oceaneering Intl Inc 76.3 36.8 15% 75.8 14% 80.3 19% 53.7 19% 84.9 1% 50.0 24% 93.1 8%

82 Old Dominion Freight Line Inc 86.7 26.4 20% 79.1 0% 49.5 15% 96.0 18% 79.3 9% 88.9 21% 67.9 17%

83 Oracle Corp 99.8 75.6 7% 96.1 22% 44.8 9% 97.4 11% 94.9 12% 75.0 28% 86.3 12%

84 Orica Ltd 91.2 42.1 18% 75.0 9% 55.8 2% 62.4 12% 81.7 20% 50.0 14% 98.5 26%

85 Orion OYJ B 90.5 91.1 11% 41.1 18% 22.1 0% 62.9 27% 97.7 9% 77.8 25% 81.6 11%

86 OYO Geospace Corp 80.1 27.0 15% 66.0 14% 86.0 19% 43.5 19% 91.3 1% 87.5 24% 44.1 8%

87 Pfizer Inc 83.1 98.1 17% 15.5 19% 54.4 0% 34.8 17% 77.5 16% 87.5 27% 99.2 3%

88 PPG Industries Inc 93.2 42.9 20% 54.7 0% 91.6 15% 35.3 14% 89.2 6% 88.9 31% 86.2 14%

89 QUALCOMM Inc 81.2 55.1 7% 76.6 22% 87.0 9% 92.8 11% 58.4 12% 25.0 28% 90.2 12%

90 Questcor Pharmaceuticals 99.7 66.7 17% 100.0 19% 14.0 0% 98.8 17% 98.7 16% 75.0 27% 7.8 3%

91 Rightmove Group PLC 69.1 2.4 15% 83.1 10% 25.3 0% 69.9 25% 50.0 11% 57.1 23% 69.0 16%

92 Roche Hldgs AG Ptg Genus 88.4 80.0 11% 6.7 18% 76.8 0% 82.0 27% 98.9 9% 77.8 25% 98.7 11%

93 Ross Stores Inc 63.6 12.9 18% 59.1 0% 51.8 19% 91.8 23% 97.4 1% 33.3 24% 97.0 15%

94 Royal Dutch Shell PLC B 80.8 40.0 15% 50.0 20% 34.6 13% 76.0 11% 87.5 12% 100.0 16% 96.0 13%

95 Santos Ltd 74.6 62.7 18% 18.4 4% 35.8 8% 88.5 6% 57.6 17% 75.0 24% 82.3 23%

96 Sigma-Aldrich Corp 85.6 13.6 20% 64.1 0% 74.7 15% 43.9 14% 81.3 6% 100.0 31% 90.5 14%

97 Singapore Tech Engineering 90.1 47.9 14% 35.5 16% 79.0 4% 67.1 20% 92.1 18% 77.8 17% 94.5 11%

98 Smith & Nephew 50.0 58.3 15% 41.7 25% 83.3 15% 33.3 14% 75.0 0% 33.3 18% 83.3 14%

99 Statoil ASA 98.4 85.5 14% 65.3 22% 40.3 15% 83.3 11% 96.3 19% 100.0 11% 98.2 9%

100 Suncor Energy Inc 100.0 85.6 16% 84.9 12% 71.2 8% 94.0 27% 80.7 9% 100.0 18% 75.7 10%




Portfolio Stock Ratings (continued)


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Average 86.2 53.0 13% 65.2 14% 63.3 9% 69.8 15% 85.6 12% 69.8 23% 85.9 12%

Highest 100.0 98.9 43% 100.0 25% 98.9 27% 100.0 30% 100.0 35% 100.0 31% 100.0 26%

Lowest 39.3 2.0 0% 0.7 0% 7.1 0% 13.8 0% 13.3 0% 25.0 9% 7.8 3%

101 Sundrug Co Ltd 100.0 48.4 0% 96.5 21% 79.2 16% 60.3 16% 95.8 22% 85.7 21% 78.0 5%

102 Telecom Corporation of New Zealand Limited 100.0 76.2 24% 11.1 0% 20.8 10% 25.0 8% 100.0 22% 100.0 29% 36.4 8%

103 Telecom Plus Plc 60.0 60.0 3% 100.0 7% 50.0 27% 50.0 0% 90.0 18% 60.0 23% 44.4 22%

104 TGS Nopec Geophysical Co ASA 95.2 72.7 14% 77.6 22% 88.7 15% 85.0 11% 83.3 19% 62.5 11% 53.6 9%

105 TJX Cos Inc 45.6 15.7 18% 59.6 0% 53.8 19% 62.9 23% 96.9 1% 33.3 24% 97.4 15%

106 Total System Services Inc 68.1 68.9 7% 18.8 22% 77.4 9% 32.0 11% 18.5 12% 87.5 28% 98.0 12%

107 TransGlobe Energy Corp 98.3 76.6 16% 90.7 12% 92.4 8% 93.1 27% 99.1 9% 66.7 18% 43.0 10%

108 United Therapeutics Corp 100.0 74.1 17% 93.5 19% 77.2 0% 81.0 17% 97.8 16% 87.5 27% 86.0 3%

109 US Cellular Corp 71.4 94.9 1% 52.8 22% 7.1 22% 64.1 10% 82.1 0% 83.3 31% 84.6 14%

110 USS Co Ltd 99.7 85.7 15% 76.0 14% 78.1 16% 63.9 8% 95.1 13% 75.0 11% 89.3 23%

111 Verisk Analytics Inc 63.5 2.0 20% 45.5 0% 45.8 15% 96.2 18% 13.3 9% 77.8 21% 96.8 17%

112 Viscofan-Envolturas Celul SA 100.0 51.3 0% 90.7 18% 57.5 14% 100.0 22% 97.4 20% 100.0 13% 70.3 13%

113 Western Union Co 97.9 94.7 7% 75.6 22% 66.1 9% 65.4 11% 46.2 12% 87.5 28% 91.8 12%

114 Grainger, W.W. Inc 52.9 26.6 20% 67.1 0% 35.6 15% 45.1 18% 93.0 9% 66.7 21% 83.9 17%

115 Yum! Brands Inc 39.3 10.9 18% 52.5 0% 73.5 19% 41.3 23% 96.2 1% 33.3 24% 94.4 15%




Disclaimer

This presentation has been prepared by Reliance Asset Management (Malaysia) Sdn Bhd (“RAMMy”) and is solely for informational purposes only. It may not be copied, published, circulated, reproduced or distributed in whole or part to any person without the prior written consent of RAMMy. In preparing this presentation, RAMMy has relied upon and assumed the accuracy and completeness of all information available from public sources or which was otherwise reviewed by RAMMy. Accordingly, whilst we have taken all reasonable care to ensure that the information contained in this presentation is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness and make no representation or warranty (whether express or implied) and accept no responsibility or liability for its accuracy or completeness. You should not act on the information contained in this presentation without first independently verifying its contents. Any opinion, management forecast or estimate contained in this presentation is based on information available as at the date of this presentation and reflects prevailing conditions and our views as of the date of this presentation, all of which are subject to change at any time without notice. Such opinions, forecasts and estimates as well as the information contained herein relating to the historical performance of various indices is for information only and is not indicative of the future or likely performance of an investment portfolio and should not be construed as such. RAMMy and its related and affiliated corporations together with their respective directors and officers may have or may take positions in the investments mentioned in this presentation and may also perform or seek to perform broking and other investment services for the corporations whose securities are mentioned in this presentation as well as other parties. This presentation is not an offer or solicitation by anyone in any jurisdictions or to any person to whom or to which it is unlawful to make such an offer or solicitation. The historical performances presented are not indicative of the future or likely performance of an investment portfolio and should not be construed as being indicative of or otherwise used as a proxy for future or likely performance of the investment portfolio. The price of units and distributions payable, if any, may go down as well as up.

Risk Statement

These are some of the major risks of investments a potential investor should consider carefully and the Reliance Global Shariah Strategy is not intended as a complete investment programme. The risks include but not limited to investment risk, stock specific risk, sector risk, country risk, currency risk, liquidity risk and risk of Shariah non-compliance. There is also a potential conflicts of interest risk: - i) Management

Reliance Asset Management (Malaysia) Sdn Bhd (“RAMMy”) provides management services to other clients. The investment strategies employed for other investment fund/portfolios could conflict with the investment fund/portfolio employing the Reliance Global Shariah Strategy. This may affect the prices and availability of the investments in the fund/portfolio using the Reliance Global Shariah Strategy. RAMMy has policies in place where participation in investment opportunities will be allocated on an equitable basis, taking into account such factors as the relative amounts of capital available for new investments, relative exposure to short-term market trends, and the respective investment policies of other investment portfolios. ii) RAMMy, Custodian, Administrator, Shariah Advisor

RAMMy, its officers, employees or associates, and the Custodian, Administrator and the Shariah Advisor may from time to time provide services to, or be involved with, other investment fund/portfolios established by parties other than RAMMy which may have similar objectives to those of the investment fund/portfolio employing the Reliance Global Shariah Strategy. As such, it is possible that any of them may, in the course of business, have potential conflicts of interest with the investment fund/portfolio using the Reliance Global Shariah Strategy. However, the Custodian, Administrator and Shariah Advisor will, at all times, uphold its obligation to act in the best interests of the investment fund/portfolio and RAMMy will ensure that all such potential conflicts of interest are resolved fairly and in the interests of investors/clients.

Reliance Global Market Report

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