Company’s Message - AWT Investments Manager Report...Exports USD million 1,844 2097 1900 1886 2195...

Company’s MessageFund Manager’s Report - November 2014

Economic Snapshot

Key

Econ

omic

Indi

cato

rs

Equity Market Review

Money Market ReviewThe month started with conclusion of IMF’s review and its decision to release 4th and 5th tranches of loan in December 2015. After the successful conclusion government has carried out their planned privatization of 10% stake in OGDC, which was scrapped as investors only subscribed to 52% of the total 311mn shares. However, USD denominated Pakistan Sukuk Bond issued during the month was subscribed around �ve times the original target. The issue was concluded at USD1bn against a target of USD 500mn. Other important development witnessed during the month was consistent decline in international oil prices, due to which government also reduced petrol & diesel prices in the domestic market as well.CPI in�ation clocked in at 3.96% during the month, leading to average 5MFY15 CPI of 6.45% primarily due to high base e�ect coupled with lower transport & perishable food prices. CPI index fell by 0.51% on MoM basis mainly due to lower transport & food prices led by reduced fuel prices. CPI in�ation was also on lower side in the previous month (5.8% YoY), which resulted in 50bps cut in policy rate announced during the month. Due to persistence of soft CPI numbers, we are anticipating continuation of monetary easing cycle and another cut of 50bps in upcoming policy.Impact of lower oil prices is yet to re�ect on external account as current account de�cit of the country increased to USD 347mn in Ocober’14 against de�cit of USD 79mn in September’14. Similarly, the current account de�cit for the period 4MFY15 widened to USD 1.76bn against de�cit of USD 1.36mn in the corresponding period last year.We expect policy reforms to continue as scheduled by the government and macroeconomic situation to improve ahead of stable domestic currency and lower oil bills, which will re�ect not only in external account of the country but also fuel cost of industries. Moreover, recent issuance of Sukuk and upcoming loan tranche of USD 1.1bn from the IMF will improve foreign exchange reserves and provide stability to the local currency. We are positive on the overall economic situation in near future.

SBP conducted two t-bill auctions during the month. Target for the �rst auction held on November 13, was PKR 260bn, against which the SBP generated PKR 322.6bn. Cuto� yields for 3 month, 6 month and 1 year were 9.9291%, 9.9791% and 9.99% respectively. Target for the second auction held on November 27th, was PKR 260bn, against which the government raised 200bn. Cuto� yields for 3 month and 6 month and 1 year were 9.4568%, 9.4940% and 9.4951 respectively. SBP also conducted PIB auction on November 20th, in which the government borrowed PKR 147.692bnagainst the target of PKR 15bn. Cut o� yield set for 3yr, 5yr and 10yr PIBs were 10.8986%, 11.1003% and11.9986% respectively.

KSE -100 index gained 2.7% MoM during November 2014 due to investor’s rising con�dence in country’s macroeconomic outlook. The index closed at 31,197.98 points and posted a growth of 23.5% during 11MCY14 and 5.21% during 5MFY15. Trading volumes of the market also increased signi�cantly by 44% over the previous month. Major macroeconomic developments occurred during the month include successful review of IMF to release the 4th & 5th tranche of the loan, successful issuance of USD denominated Pakistan Sukuk Bond by GoP in international market, initiation of monetary easing by central bank with policy rate cut of 50bps in the monetary policy announced during the month.Oil price decline was another very important development witnessed during the month which dragged the oil & gas sector down in the equity market but is expected to re�ected well on external account of the country.Portfolio investment from foreigners recorded a net in�ow USD 36.33mn during the month as compared to out�ow of USD 31mn in the previous month. On the local front Mutual funds were net buyers of USD 16.16mbn where as banks remained net sellers of USD 27.6mn.Sector wise performance of the market shows that Pharma (17% MoM),cements (+10.9% MoM) and Electricity (+8% MoM) were the top performers while oil & gas (-5.1% MoM), banks (-2.2% MoM) posted negative returns during the month.We anticipate another 50bps cut in the next monetary policy ahead of soft CPI numbers and lower oil prices, which will provide another impetus to equity market specially leveraged companies.

Last month, the month of thanksgiving, was indeed kind enough for the people to be really thankful for. The month was full of activities and festivities both in general and in the �nancial sector giving relief to the public.

During the month under review there was a massive decline in oil and commodity prices in the global markets which led to the reduction of prices of petroleum products at home. This together with weak food prices has dragged down the in�ation to the 11 year low of 3.96%. The trickle down a�ect of price reduction to other commodities and end user items like, grocery items, utilities, transport fares etc is yet to be seen and remains a challenge for the government.

The ambiguity about the reduction in discount rate is �nally over. The SBP, as anticipated by the market, reduced the rates by 50 basis points to 9.50%. The trend of drop in yield is visible in many countries. Part of the cause of lower yield around the world is slower economic growth, now a global phenomenon. The Organi-zation for Economic Co-operation and Development (OECD) recently lowered its global GDP growth forecast for 2015, from 3.9% to 3.7%.

The risk assets enjoyed a positive month as KSE made higher highs and higher lows before making its all time high. Supported by low in�ation and cut in discount rate the market encouraged investors to take risk in the segments like cement, auto and textiles.

One of the few �nancial correlation relationships to survive is the negative correlation between equity risk and interest rate risk. Bond allocations have been and should continue to be natural and e�cient diversi�ers across a broad range of asset allocation strategies. Although diversi�cation does not ensure against loss, investors who focus only on comparing a bond to an equity dividend will likely miss out on one of the best investment opportunities and thus could also lose out on higher risk-adjusted returns.

On the international front, mixed bag of data out of U.S. showing steady recovery in the U.S. kept the oil, commodities, currencies and precious metals under pressure. A fascinating dynamic of US dollar strength and commodity price weakness is having a profound in�uence on the in�ation in US.

Going forward, the U.S. economy recovery will bene�t with holiday season in sight as most traders will start squaring their positions before Christmas, putting further pressure on commodities. This will also support our domestic economy and we expect low in�ation level in the remaining period of 2014, supported by stable PKR coupled with lower commodity prices.

Executing a �exible strategy takes signi�cant resources, including the right people and capabilities around the world as well as tools that can analyze diverse exposures on a risk-factor level and aggregate them across the portfolio.

We believe it’s our responsibility to help investors of all sizes, to succeed in the New World of Investing. We were built to provide the global market insight, breadth of capabilities, unbiased investment advice and deep risk management expertise these times require. Investing with PRIMUS gives you access to every asset class and investment style, as well as extensive market intelligence and risk analysis, to help build the dynamic, diverse portfolios �exible with the chang-ing times.When you invest with PRIMUS, you invest with con�dence. We believe in a disciplined and methodical approach to investing. It is the foundation of everything we do and the best way to create long term value for investors. PRIMUS is one of the top mutual fund companies in Pakistan whose strength and credibility have made it one of the most respected �nancial institutions.We will do our best to re�ect all this in positioning the savings and investments you have entrusted to us to manage. We will be emphasizing the importance of economic growth and work very hard to identify opportunities that remain attractive. We will seek to navigate this environment for you by maintaining a higher degree of operational agility and a solid dose of resilience.Thank you for the trust you have placed in us. We value your con�dence, and will continue to work diligently to meet your expectations. If you have any query regarding any of your PRIMUS funds investments please contact your account manager at 0092-213-529-0006. We also invite you to visit our website www.prim-usinvestments.com to learn more about our fund, views and thought leadership.

Nov-13 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14External Sector IndicatorsOverall Balance of Payments USD million (529) 507 348 379 -394 n.a n.aCurrent Account Balance USD million (575) -89 -773 -560 -79 -347 n.aExports USD million 1,844 2097 1900 1886 2195 2090 n.aImports USD million 3,177 3317 4002 3906 4002 3630 n.aWorker's Remittances USD million 1130 1166 1649 1329 1717 1383 n.aForeign Direct Investment USD million 47 188.6 24 63 82 254 n.aForeign Portfolio Investment USD million - 403 67 19 56 5 n.aForex Reserves USD billion 8.24 13.57 14.30 13.58 13.51 13.44 13.21Exchange Rate against PKRUSD Month Avg. 108.70 98.75 98.65 101.86 102.63 102.82 101.88Inflation IndicatorsGeneral CPI YoY change 10.9% 8.2% 7.9% 7.0% 7.7% 5.8% 4.0%Food CPI YoY change 13.0% 7.4% 7.0% 5.6% 7.2% 5.2% 2.1%Core (NFNE) YoY change 8.5% 8.7% 8.3% 7.9% 8.0% 7.8% 6.9%Core (Trimmed) YoY change 9.2% 7.9% 7.6% 7.1% 7.1% 6.0% 5.3%Monetary GrowthBroad Money (M2) YoY growth 14.2% 12.3% 15.6% 10.6% 10.0% 11.2% 9.8%GoP's Borrowing from SBP YoY growth 78.0% 19.2% 14.5% -12.3% -24.6% - -23.7%Pvt. Sector Credit YoY growth 1.0% 7.9% -0.8% 11.6% 11.2% - 9.9%Interest RatesSBP Policy Rate Current 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 9.50%6 Month KIBOR Month Avg. 9.78% 10.17% 10.17% 10.18% 10.18% 10.19% 9.86%12 Month KIBOR Month Avg. 10.19% 10.45% 10.45% 10.48% 10.50% 10.50% 10.14%3 Month T-Bill Yield Month Avg. 9.44% 9.95% 9.94% 9.96% 9.95% 9.94% 9.64%6 Month T-Bill Yield Month Avg. 9.62% 10.00% 10.00% 10.01% 10.01% 9.97% 9.64%12 Month T-Bill Yield Month Avg. 9.84% 10.05% 10.06% 10.07% 10.07% 10.02% 9.68%10 Year PIB Yield Month Avg. 12.90% 13.01% 13.10% 13.28% 13.39% 13.10% 11.84%

Source: SBP, MoF, PBSn.a.=Not Available

Fund Manager’s Review

Portfolio Allocation (as % of total assets)Fund Objective

Fund Details

Investment Committee Members

Fund TypeCategoryFund Stability RatingBenchmark

Inception DateDealing DaysCut-o� TimePricing MechanismManagement FeeLoadRisk Pro�leListing

Trustee

AuditorLegal AdvisorFund Manager

Open End

Management Co. Rating AM3 by JCR-VIS

Money Market

Portfolio Allocation (as % of total assets)

Nov’14

Cash at BanksPlacements with DFIsPlacements with Banks

Total

T-Bills

Others including receivables

Nov‘1446.11%14.55%0.00%

100.00%

30.42%

0.53%

Credit Quality of Portfolio (as % of total assets)

AAA (Government Securities)AAAAA+

NR (Others including receivables)Total

Nov‘1430.42%39.20%21.46%

0.53%100.00%

AA 8.39%

Reverse Repo against Govt. Securities 8.39%

Oct‘145.90%

25.95%9.33%

100.00%

49.72%

0.36%

Oct‘1449.72%

9.40%24.49%

0.36%100.00%

16.03%

8.74%

AA+ by PACRA50% 3 months PKRV + 3 months average

Ahmed AteeqRahaila AleemM. Ali KazmiSalman Kazmi

CEOCFO & Company SecretaryChief Investment O�cerFund Manager

Waqas Ahmad KhanAli Kamal

Head of RiskHead of Research

Fund StatisticsNet Asset (PKR mn)

WWF Disclosure

NAV per Unit (PKR)Weighted Average Maturity (days)Sharpe Ratio *

3,549.955104.040335

-0.3351Information RatioStandard Deviation ** Annualized

0.52850.395%

deposit rate of AA & above rated Banks

1st January 2013Daily (days when Banks are open for business)

4.00 pmForward0.45%0% (Front-end) 0% (Back-end)Low RiskIslamabad Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.

Mohsin Tayebaly & Co.Salman Kazmi

PRIMUS Daily Reserve Fund generated an annualized return of 9.30% versus the benchmark return of 8.61% for the month of November, outperforming the benchmark return by 69 basis points. Also the fund recorded 9.73% return since inception outperforming the benchmark return by 1.34%.The performance was mainly attributed by the gains from government securities and cash deposits. Also the placement with Banks and DFIs (at attractive rates) supported the fund’s performance.At the month end, net assets were recorded at 3.550 billion. The weighted average time to maturity of the portfolio is 35 days.We intend to reposition the portfolio and increase exposure in government securities, seeking opportunities to accomplish higher returns.

The objective of the fund is to generate consistent returns with minimal risk by investing primarily in Government Securities, cash and near cash instru-ments

* Please note that WWF liability for PRIMUS Daily Reserve Fund till the close of �nancial year ended June 30, 2013 since inception will be borne by the management company *The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs.11,216,862, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.3287/ 0.75% enhancing the YTD return to 9.95% p.a”

M.Yousuf Adil Saleem & Co. ‘Chartered Accountants’

Fund PerformanceSince Inception 9.73% 9.34% 8.39% 9.19% 8.74%

*Simple Annualized**Morning Star

***Average of reporting period n.a = not applicable

PDRF* PDRF** Benchmark***

-

PDRFFYTD

-9.30% 9.71% 8.61%Nov-149.13% 9.52% 8.75%Oct-14 - -

BenchmarkFYTD

Fund Manager’s Report -November 2014PRIMUS Daily Reserve Fund

“MUFAP’s Recommended Format”

Portfolio Allocation (as % of total assets) Oct’14Placements with

Banks9.33%

Placements with DFIs

25.95%

Reverse Repo against Govt.

Securities8.74%

T-Bills49.72%

Cash at Bank5.90%

Others including receivables (NR)

0.36%


14.55%

Reverse Repo against Govt.

Securities8.39%

T-Bills30.42%

Cash at Bank46.11%


0.53%

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%

Benchmark PDRF


Portfolio Allocation (as % of total assets)Fund Objective

Fund Details


Fund TypeCategoryFund Stability Rating

Benchmark


Trustee


Open EndIncome Scheme


Placements with Banks

Cash at Bank

T-Bills

Total

Nov‘14

Nov‘14

Nov‘14

0.00%

1.79%

57.84%Others including receivables (NR) 1.44%

100.00%


AAA (Government Securities) 79.58%

AA+ 11.09%

Total 100.00%

Placements with DFIs 9.46%

AA 0.01%

Others including receivables (NR) 1.44%

PIBs 21.74%TFCs / Sukuks 7.72%

AA- 7.72%A- 0.00%

AAA 0.15%

Oct‘14

Oct‘14

0.00%

2.08%

23.51%2.67%

100.00%

82.05%

5.55%

100.00%

5.55%

0.01%

2.67%

58.54%7.65%

7.65%2.01%

0.05%

A+70% 6 month Kibor & 30% average of 6 month depositrate of 3 banks rated AA- and above






Fund Statistics

WWF Disclosure

NAV per Unit (PKR)Net Asset (PKR mn)

Weighted Average Maturity (days)Sharpe Ratio *

5,141.023106.52883.4072

Information RatioStandard Deviation ** Annualized

0.16661.831%

17th April 2014Daily (days when Banks are open for business)

4.00 pmForward1.00%0% (Front-end) 0% (Back-end)Low RiskKarachi Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.M.Yousuf Adil Saleem & Co. ‘Chartered Accountants’

Mohsin Tayebaly & Co.Salman Kazmi

Again, this month, the fund generated extraordinary return of 17.45% and outperformed the benchmark return by a substantial margin of 8.31%. Moreover the fund on FYTD basis outperformed the benchmark by 5.70 percentage points (October: 4.85%) at 15.06% (October: 14.28%).The performance was mainly attributed by the shift in the exposure from longer term government securities to a shorter period, realizing sizeable mark-to-market gains. Due to the cut in the discount rate by 50 basis points in the latest monetary policy, the exposure in PIBs was decreased from 59% of net assets to 22% of net assets in the outgoing month.At the month end, net assets were recorded at 5.141 billion where government securities constituted major allocation of 80% (T-bills: 58% & PIBs: 22%). The portfolio duration of the fund is 482 days.We intend to remain vigilant and reposition the portfolio in accordance with the market, while maintaining greater exposure in the government securities, seeking opportunities to maximize the returns.

The objective of PIML - Income Fund (formerly Primus Cash Fund) is to gener-ate competitive returns by investing in short to long term debt instruments and securities.

The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs. 15,377,954, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.3186/ 0.71% enhancing the YTD return to 15.78% p.a”

Fund PerformanceSince Inception 10.40% 9.77% 9.40%



PIML IF* PIML IF** Benchmark***PIML IFFYTD

- -17.45% 18.92% 9.14%Nov-1422.74% 25.27% 9.42%Oct-14 - -

15.06% 9.37%

BenchmarkFYTD

Fund Manager’s Report - November 2014PIML Income Fund (PIML-IF) (formerly; PRIMUS Cash Fund PCF)


Portfolio Allocation (as % of total assets) Oct‘14


5.55%

TFCs / Sukuks7.65%

PIBs58.54%

T-Bills23.51%

Cash at Bank2.08%


2.67%


9.46%

TFCs / Sukuks7.72% PIBs

21.74%

T-Bills57.84%

Cash at Bank1.79%


1.44%

-15.0%-10.0%

-5.0%0.0%5.0%

10.0%15.0%20.0%25.0%30.0%

Benchmark PIFTop 10 TFCs / Sukuks Holdings (as % of T.A.) Nov' 14 Oct' 14AKBL PPTFC-V 30-Sep-14 - 30-Sep-24 7.72% 7.65%

Nov‘14

M.Yousuf Adil Saleem & Co. ‘Chartered Accountants’

Fund Performance

Since Inception 19.31% 25.45%**

5.15% 2.22%**Nov-142.86% 1.72%**Oct-14

*Absolute Returns**Weighted Average Returns

PSMAF* Benchmark9.18%

PSMAFFYTD

- -- -

4.78%

BenchmarkFYTD



Fund Objective

Fund Details




Trustee


Open EndBalanced Fund


Equity Securities

Others Including Receiveables (NR)Total

Total

Cash at Bank

Nov‘1460.49%

9.05%100.00%

16.85%

Nov‘14

Sector Allocation (as % of Total Assets)


AAA (Government Securities)AAA

NR (includes equity investments)

13.62%0.49%

69.54%100.00%

PIB 13.62%

AA & Above 10.11%AA- 6.25%

Oct‘1465.51%

8.62%100.00%

11.75%

Oct‘1414.11%

0.01%

74.14%100.00%

14.11%

10.46%1.29%

N/A


Ahmed Ateeq CEORahaila Aleem CFO & Company SecretaryM. Ali Kazmi Chief Investment O�cerM. Samir Malik, CFA Head of EquityWaqas Ahmad Khan Head of RiskAli Kamal Head of Research


WWF Disclosure

NAV per Unit (PKR)Sharpe Ratio ^^

145.447114.200.2527

Treynor Ratio^^Standard Deviation *^^

3M PKRV yield used as Risk‐Free rate. ^^ The look back period is 250 working days (Since inception).* Annualized.**^R‐Square measures the correlation between the benchmark and the fund

0.0269Beta^^ 0.9763R-Square**^^^ 64.72%Value at Risk 1.08%

10.37%

23rd August 2013Daily (days when Banks are open for business)

4.00 pmForward2% p.a.2% (Front-end) 0% (Back-end)Moderate to HighKarachi Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.

Mohsin Tayebaly & Co.M. Samir Malik, CFA

The Fund generated a return of 5.15% compared to its benchmark return of 2.22% for the month of November, outperforming its benchmark for the month by 293 bps. The equity market continued to perform and the KSE100 index earned a return of 2.7% due to cut in discount rate by 50 basis points in the latest monetary policy, successful conclusion of the fourth and �fth tranche of the IMF stand-by loan agreement of $1.1 billion, lower reported in�ation �gures of 5.82%, expectations of continued lower in�ation �gure due to contin-ued slide in crude oil prices globally and lower current account de�cit going forward. The Fund exposure in equities decreased from 67.26% of net assets to 62.25% of net assets in the outgoing month.

The objective of PIML-SMAF, an open-end balanced scheme, is o�ering retail and institutional clients a product that aims to maximize return and minimize risk. For this purpose, a balanced portfolio is created that has an optimal mix of equity, debt securities and commodity.

The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs. 360,775 if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.2833 / 0.25% enhancing the YTD return to 9.18% p.a”

Fund Manager’s Report - November 2014Strategic Multi Asset Fund


KSE 100 index, 3 month PKRV and Daily Closing Pakistan Rupee Spot Gold Prices at the Pakistan Mercantile Exchange Limited (PMEX) based on the weighted average exposure of the scheme to eqquity, debt and gold future contracts during the period under review

Equity Securities60.49%

PIB13.62%

Cash at Bank16.85%


9.05%

Top 10 Equity Holdings (as % of T.A.) Nov '14Pakistan State Oil Co. Ltd. PSO 7.28%D.G. Khan Cement Co. Ltd. DGKC 6.17%Kot Addu Power Co. Ltd. KAPCO 4.75%Fauji Cement Co. Ltd. FCCL 3.81%National Bank of Pakistan NBP 3.34%Nishat Chunian Power Ltd. NCPL 3.25%Pak Suzuki Motor Co. Ltd. PSMC 3.01%Lucky Cement Ltd. LUCK 2.87%Maple Leaf Cement Factory Ltd. MLCF 2.82%Lafarge Pakistan Cement Ltd. LPCL 2.46%

Sector Allocation (as % of T.A.) Nov '14 Oct '14Const. & Materials (Cement) 18.13% 20.48%Oil and Gas 9.40% 12.81%Comm. Banks 10.83% 11.68%Electricity 9.92% 9.74%Automobile and Parts 4.25% 3.83%Personal Goods (Textile) 2.93% 2.32%Chemicals 1.98% 1.71%Pharma & Bio Tech 1.08% 1.12%Non Life Insurance 0.95% 0.96%Household Goods 1.03% 0.87%Total 60.49% 65.51%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%Benchmark PSMAF

Fund Manager’s ReviewThe Fund generated a return of 4.64%, compared to its benchmark return of 2.23%, outperforming its benchmark return for the month of October by 241 bps. The equity market continued to perform and the KSE100 index earned a return of 2.7% due to cut in discount rate by 50 basis points in the latest monetary policy, successful conclusion of the fourth and �fth tranche of the IMF stand-by loan agreement of $1.1 billion, lower reported in�ation �gures of 5.82%, expectations of continued lower in�ation �gure due to continued slide in crude oil prices globally and lower current account de�cit going forward. The Fund exposure in equities decreased from 88.84% of net assets to 81.85% of net assets in the outgoing month.

Fund Manager’s Report - November 2014Islamic Equity Fund

Nov‘14Portfolio Allocation (as % of total assets)

Fund Objective

Fund Details




Trustee


Open EndIslamic Equity Scheme


Equity Securities

Others Including ReceiveablesTotal

Total

Cash at Bank

Shariah Compliant Govt. Securities

Sector Allocation (as % of Total Assets)


AAAAANR (includes equity investments)

Nov‘14

80.50%0.00%

6.02%100.00%

13.48%

Nov‘148.95%4.53%

86.52%100.00%

Oct‘14

87.65%0.00%

7.35%100.00%

5.00%

Oct‘144.66%0.35%

95.00%100.00%

N/AKMI - 30 Index


Ahmed Ateeq CEORahaila Aleem CFO & Company SecretaryM. Ali Kazmi Chief Investment O�cerM. Samir Malik, CFA Head of EquityWaqas Ahmad Khan Head of RiskAli Kamal Head of Research


WWF Disclosure

NAV per Unit (PKR)Sharpe Ratio ^^

114.432107.08

-0.0814

Treynor Ratio^^Standard Deviation *^^

3M PKRV yield used as Risk‐Free rate. ^^ The look back period is 182 working days (Since inception).* Annualized.**^R‐Square measures the correlation between the benchmark and the fund

-0.0136Beta^^ 0.8044R-Square**^^^ 66.19%Value at Risk 1.40%

13.46%

4th March 2014Daily (days when Banks are open for business)

4.00 pmForward2% p.a.2% (Front-end) 0% (Back-end)Moderate to HighKarachi Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.KPMG Taseer Hadi & Co.Mohsin Tayebaly & Co.M. Samir Malik, CFA

The objective of PIML-IEF is to achieve long term capital growth by invest-ing mainly in Shariah Compliant listed equity securities.



Fund Performance

Since Inception 8.42% 15.5%

4.64% 2.23%Nov-141.14% 0.66%Oct-14

*Absolute Returnsn.a=not applicable

PIML-IEF* Benchmark3.67%

PIML-IEFFYTD

- -- -

4.4%

BenchmarkFYTD

Equity Securities80.50%

Cash at Bank13.48%


6.02%

Top 10 Equity Holdings (as % of T.A.) Nov '14Pakistan State Oil Co. Ltd. PSO 12.68%D.G. Khan Cement Co. Ltd. DGKC 7.94%Lucky Cement Ltd. LUCK 6.96%Pakistan Oilfields Ltd. POL 6.91%Pakistan Petroleum Ltd. PPL 6.11%Nishat Mills Ltd. NML 5.51%Maple Leaf Cement Factory Ltd. MLCF 5.35%Oil & Gas Development Co. OGDC 5.31%Fauji Cement Co. Ltd. FCCL 4.90%Kot Addu Power Co. Ltd. KAPCO 4.58%

Sector Allocation (as % of T.A.) Nov '14 Oct '14Oil and Gas 31.41% 35.20%Const. & Materials (Cement) 28.32% 33.39%Electricity 6.12% 6.12%Personal Goods (Textile) 6.26% 4.70%Automobile and Parts 3.55% 3.37%Fixed Line Telecom 1.89% 1.86%Pharma & Bio Tech 1.39% 1.43%Comm. Banks 1.29% 1.29%Chemicals 0.27% 0.28%Total 80.50% 87.65%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00% Benchmark PIEF

Fund Performance

Since Inception 5.76% 5.81% 6.44%



PIMLIMMF*

PIMLIMMF** Benchmark***

PIML-IMMFFYTD

- -6.12% 6.30% 6.40%Nov-145.91% 6.07% 6.40%Oct-14 - -

5.89% 6.39%

BenchmarkFYTD


Fund Objective

Fund Details




Trustee


Open EndIslamic Money Market Scheme


Sukuk

Cash at Bank

Total

Nov‘14



AAA (Government Securities)AAAAA+

Total

GOP Ijara Sukuk - Govt. Backed

AAOthers including receivables (NR)

Nov‘14

Nov‘14

0.00%

96.00%4.00%

100.00%

0.00%95.28% 0.00%

100.00%

0.00%

Oct‘140.00%

96.64%3.36%

100.00%

0.00%

0.72%4.00%

Oct‘140.00%

95.53% 0.00%

100.00%

1.11%3.36%

AA(F)3 month deposit rate of three AA andabove rated Islamic Banks







WWF Disclosure

NAV per Unit (PKR)Weighted Average Maturity (days)Sharpe Ratio *

122.137102.611

-8.2898Information RatioStandard Deviation ** Annualized

0.19670.434%

4th March 2014Daily (days when Banks are open for business)

4.00 pmForward0.50%2% (Front-end) 0% (Back-end)Low RiskIslamabad Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.KPMG Taseer Hadi & CoMohsin Tayebaly & Co.Salman Kazmi

The objective of PIML-IMMF is to seek high liquidity, competitive return and maximum possible preservation of the capital for investors by investing in low risk Shariah Compliant securities.


Fund Manager’s Report - November 2014Islamic Money Market Fund

Fund Manager’s ReviewPIML Islamic Money Market Fund posted an annualized return of 6.12% against the benchmark return of 6.40% for the month of November, improving by 0.21% from the previous month’s performance. We intend to allocate the portfolio optimally; however, the fund is well placed with liquidity to cash in opportunities that may arise in Shariah complaint securities/instruments. The weighted average time to maturity of the portfolio is 01 day.


Portfolio Allocation (as % of total assets) Oct‘14

Cash at Bank96.64%


3.36%

Cash at Bank96.00%


4.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14

Benchmark IMMF

Company’s Message - AWT Investments Manager Report...Exports USD million 1,844 2097 1900 1886 2195...

Documents

Transcript of Company’s Message - AWT Investments Manager Report...Exports USD million 1,844 2097 1900 1886 2195...