Kenanga Syariah Growth Fund
3-Years Fund Volatility Score - 8.5 (High Risk/High Return)
Market Review
The International Monetary Fund (IMF) lowered its 2015 global economic forecastto 3.3%(previous:3.5%) but maintained 2016 GDP forecastat3.8%. The US economy continues to serve as the leading driver of the global economy, with real GDP expanding by 2.3% QoQ in 2Q15(consensus forecast:2.5% QoQ) after a slow start to2015 (1Q15 real GDP:0.6% QoQ) but the fears of a Fed interest rate hike were the dominant concerns.On the regional front,MSCI Asia Pacific ex-Japan entered a sharp correction in July, down 5.3% in USD term, primarily driven by fears of a potential Fed hike in the horizon, as well as China A-shares correction. Shanghai Composite index (SHCOMP) was down 14% during the month, andwas down 30% at one point from its recent peak-to-trough level. As a result, MSCI China followed suit, and was down 11%, representing the worst performing country in July.
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