FUND MANAGER REPORT - AWT InvestmentsFund Manager Report - April 2016 CEO Comment 2 of 12 MUFAP’s...
Transcript of FUND MANAGER REPORT - AWT InvestmentsFund Manager Report - April 2016 CEO Comment 2 of 12 MUFAP’s...
FOR THE MONTH APRIL 2016
FUND MANAGER REPORT
Fund Manager Report - April 2016
CEO Comment
2 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
The market continued its upward trajectory in Apr’16, as the KSE100 index gained 4.8% MoM. The rally was primarily driven by continued uptrend in oil prices and a positive result season further improved the sentiments at the bourse. On the �ip side, volatility in domestic politics and continued foreign selling limited the full scale recovery in the market. NBFCs and Banks remained on the buying front to absorb the net foreign selling largely concentrated in Banks and Fertilizers.
During the month under review, the yields of �xed income instruments remained volatile as uncertainties in the market regarding oil and a higher expected CPI going forward further dampened investor sentiment. Also, the monetary policy was announced on 9th April 2016 with the SBP maintaining a status quo.
With a cumulative return of +11% over the last two months coupled with the usual pre-budget dullness expected in the PSX during the month of May, the market may potentially remain range bound during May’16. However, given the excitement surrounding potential re-clas-si�cation of Pakistan into Emerging Markets (MSCI EM) in the 2016 semiannual review of MSCI (due on 12th May’16), we do not rule out continued uptrend in the market in May’16 as well.
Sector wise analysis revealed that major appreciation was recorded in Oil & Gas (Apr’16: +12.4%), Health Care (+7%), Banks (+4.3%) and Autos (+3%). In the meantime, major decline were observed in Telecom (-6%), Non-life Insurance (-2%) and Cements sector (-1%) respectively, during the period under review.
Pakistan:The month began with the announcement of the CPI for the month of March which was recorded at at 4.2%. During the month an FBR o�cial also con�rmed reduction in corporate tax rate by 1% in the upcoming budget.
On the international front:The global equity markets witnessed a mixed sentiment in the outgoing month as the Dow Jones and S&P 500 recorded a return of 0.50% and -0.04% respectively, Stoxx Europe 600 increased by 1.75%, and the Shanghai Composite slumped by -2.18%.
Crude oil prices (WTI) increased by 19.77% MoM in April as US crude supplies have been declining for 7 straight weeks and weakness in the USD supported the upward trend of the black gold.
Key factors to monitor in the short term:The major factors that will in�uence the capital markets in the near term remain 1) MSCI Upgrade, 2) Monetary Policy & In�ation and 3) Direction of International Oil Prices.
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 changing times.
When you invest with PRIMUS, you invest with con�dence. We believe in a disciplined and methodical approach to investing. It is the founda-tion 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 environ-ment for you by maintaining a higher degree of operational agility and a solid dose of resilience.
Fund Manager Report - April 2016
Key Economic Indicators
3 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
n.a.=Not AvailableSource: SBP, MoF, PBS
External Sector IndicatorsOverall Balance of Payments USD million Current Account Balance USD million Exports USD million Imports USD million Worker's Remittances USD million Foreign Direct Investment USD million -7 90 97 Foreign Portfolio Investment USD million 42 43 56 Forex Reserves USD billion Exchange Rate against PKRUSD Period End Inflation IndicatorsGeneral CPI YoY changeFood CPI YoY changeCore (NFNE) YoY changeCore (Trimmed) YoY changeInterest RatesSBP Policy Rate Current6 Month KIBOR Month Avg.12 Month KIBOR Month Avg.3 Month T-Bill Yield Month Avg.6 Month T-Bill Yield Month Avg.12 Month T-Bill Yield Month Avg.10 Year PIB Yield Month Avg.
(1,244) 411 1 (621) 415306 (416) (216) (279) (610)
1,732 1,729 1,662 1,788 1,7723,485 3,926 3,917 3,843 3,5091,776 1,540 1,592 1,637 1,463
135 157 84 24(27) (21) (26) (45) (72)
18.5 19.9 19.8 21.1 21.1
104.4 104.6 105.5 104.8 104.90 104.64
1.30% 1.60% 2.70% 3.20% 3.30% 4.00%-0.10% 0.50% 2.20% 2.70% 2.50% 3.70%3.40% 3.40% 4.00% 4.10% 4.30% 4.50%2.80% 2.80% 2.90% 2.70% 3.00% 3.60%
6.00% 6.00% 6.00% 6.00% 6.00% 6.00%6.81% 6.58% 6.46% 6.52% 6.42% 6.36%7.11% 6.87% 6.76% 6.81% 6.70% 6.66%6.70% 6.42% 6.29% 6.38% 6.21% 6.22%6.71% 6.43% 6.30% 6.39% 6.22% 6.22%6.73% 6.45% 6.33% 6.43% 6.23% 6.22%
Mar-16 Apr-16
2157
1,7913,3041,516
103 (34)20.3
104.72 104.74
3.90%3.70%4.70%3.80%
6.00%6.36%6.65%6.19%6.20%6.20%8.23%
4.20%4.70%4.40%3.80%
6.00%6.36%6.66%5.98%5.98%6.00%8.18%
Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16
(905) 526 (1,047) (267) 274275 -473 (343) (159) (240)
1,995 1,953 2,016 1,598 1,8353,851 3,847 4,394 3,371 3,8231,641 1,663 1,821 1,664 1,527
115 (94) 75 741 (5) 17.7 17.5 18.2 18.5 18.5
101.8 102.0 101.9 101.8 102.4
2.11% 3.20% 3.20% 1.80% 1.70%0.00% 3.00% 3.20% 0.60% 0.40%5.40% 4.90% 4.60% 4.10% 4.00%3.10% 3.90% 3.80% 2.80% 2.80%
8.00% 6.50% 6.50% 6.50% 6.50%7.88% 7.04% 6.88% 7.37% 7.06%8.12% 7.30% 7.26% 7.04% 7.35%7.38% 6.61% 6.86% 6.90% 6.94%7.30% 6.64% 6.94% 6.92% 6.94%7.22% 6.72% 6.97% 6.95% 6.94%9.31% 8.85% 9.79% 9.85% 9.40% 9.34% 9.10% 9.15% 9.10% 8.85% 8.25%
n.a.n.a.n.a.n.a.n.a.n.a.n.a.20.8
(104)239
1,7423,5941,469
162(502)20.9
Market ReviewFund Manager Report - April 2016
Going forward, we anticipate the market to remain range bound mainly on the upcoming Budget-FY17 along with the ending result season that may likely bring some corrections in the index in the month ahead. Furthermore, semi- annual review of the MSCI index (as Pakistan is to be reclassi�ed in the MSCI EM) will likely be a key trigger for the index to correct itself on intra-day basis. Furthermore, the recent announce-ment by the PM on reducing the sales tax on petroleum products will likely support the OMCs margins in the next quarter. Moreover, the market direction is highly dependent on movement in international crude prices.
On the economic front, overall balance of payments has declined by ~5.61%YoY to USD1,145mn in the period of 9MFY16 when compared to the same levels of the previous year of USD1,213mn on account of decline in the portfolio investments which declined by ~137%YoY to USD404mn in the period of 9MFY16 when compared to the 9MFY15.
Moreover, CAD also shrunk by ~18.53%YoY to USD1,606mn in the period of 9MFY16 against 9MFY15, mainly due to decline in country’s imports, that shrunk by ~1.46%YoY to USD32.51bn in the period of 9MFY16. The notable decline in country’s imports is attributable to decline in petroleum imports (down by~37.24%YoY to USD5.58bn amid falling crude oil prices) in the period of 9MFY16 against 9MFY15. Furthermore, in�ow through foreign remittances in the country has surged by ~4.14%YoY to USD14.15bn in the period of 9MFY16 in comparison to USD13.59bn reported in 9MFY15.
Headline in�ation for the month of April 2016 increased to 4.17% from 3.94% in the preceding month, mainly on the back of 2.53% surge in food index as prices of perishable food item sky-rocketed to 12.3%, 0.86% hike in housing index, and 5% upward revision of Education index. On a MoM basis, prices rose 1.55% in April’16. Average in�ation for the 10MFY16 period now stands at 2.79% compared to 4.81% a year earlier.
During the month of April’16, Pakistan Stock Exchange (PSX) benchmark index has marked remarkable increase of ~1,580 points. The bench-mark KSE-100 index has shown a return of ~4.77%MoM to 34,719 points in the in the month of April’16 – thus, taking 4MCY16 return to 6% compared to 5% in 4MCY15. Moreover, All- share index has remarkably grown by ~4.62%MoM to 23,954 points in the month of Apil’16. The average daily turnover has risen by ~62%MoM to 235.27mn to USD98mn when compared to the average daily turnover of 145.58mn in the month of March’16. Despite political uncertainty witnessed during the month of April’16, the benchmark index managed to post robust returns mainly on account of recovery in the international crude oil prices, as Arab Light prices increased by ~22.40%MoM to ~USD42.02/bbl in the month of April’16 as compared to USD34.33/bbl recorded in the month of March’16. Moreover, the rise in petrol prices by ~PkR1.50/liter along with SBP’s stance to keep its benchmark rate unchanged have embarked the MoM gain in the benchmark index, during the period under review. During Apr’16, the participation in the market signi�cantly improved – showing 67%MoM and 35%MoM uptick in average daily turnover and average daily traded value to 235mn shares and USD98mn, respectively.
Furthermore, the 3QFY16/1QCY16 corporate result season – witnessing pro�tability on YoY basis – also supported the benchmark index return in the month of April’16. Cement was the only sector which posted higher pro�tability in its latest result (+44%Y/Y) while Fertilizer (-46%), E&P (-26%), OMC (-13%) and Banks (-7%) witnessed decline in their earnings during the period.
Furthermore, during the month of April’16, the sectors that contributed towards the rise in the benchmark index include Oil & Gas sector (up by ~12.4%MoM), Health Care (up by~7%MoM), Banks (rose by ~4.3%MoM) and Autos (up by ~3%MoM). However, despite improved �nancial results, cements sector and telecom sector witnessed negative performance, down by ~1% and ~6% respectively in the month of April’16.
On the other hand, Foreign Investors Portfolio Investment (FIPI) proved to be net sellers of USD23.21mn, showing ~74%MoM decline in the month of April’16 in comparison to the net selling of USD13.35mn the previous month of month of March’16.
Market Outlook:
Economic Review:
Going forward, we believe the economy of the country to recover from the crisis like circular debt, and power outages due to stabilized crude oil prices along with the major developments in the energy and power sector. Moreover, developments on the CPEC front along with the positivity in the Budget- FY17 will likely enhance the foreign investment in the country in the year ahead. Furthermore, the upcoming mone-tary policy will also going to be a crucial factor in determining the future direction of the capital market.
Economic Outlook:
Equity Market Review
4 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Performance 7.77% 5.82% 6.37% 5.83% 7.14% 5.36% 6.83% 5.99% 6.46% 5.81%Benchmark 6.47% 6.39% 5.85% 5.87% 5.60% 5.47% 5.43% 5.48% 5.28% 5.28%
5.11%5.27%
5.33%5.06%
The objective of the fund is to generate consistent returns with minimal risk by investing primarily in Government Securities, cash and near cash instruments
Fund Objective
Fund Manager’s Review
Investment Committee Members
Ahmed Ateeq
Hamza Saboor
M. Samir Malik, CFA
Salman Kazmi
Chief Executive O�cer
Chief Financial O�cer
Chief Investment O�cer
Rida Jiwani Chief Strategy O�cer
Fund Manager
Asif Iqbal
Syeda Rabia Ahmed
Head of Compliance and Risk
Head of Research
Credit Quality of Portfolio (as % of T.A.) Apr. ‘16
*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 a provision gainst Worker's Welfare Fund's liability to the tune of Rs9,286,816, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.1.5505/ 0.18% enhancing the YTD return to 5.72% p.a for details investors are advised to read the Note 9 of the latest Financial Statements of the Scheme.
WWF Disclosure
Fund Performance PIML - DRF
PIML Daily Reserve Fund
5 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Fund Stability Rating
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee Load
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Money Market
AA(f ) by PACRA (29 January 2016)
50% 3 months PKRV + 3 monthsaverage deposit rate of AA &above rated Banks
Management Co. Rating AM3+ by JCR-VIS (04 May 2016)
1st January 2013
Daily (days when Banks are open for business)
4.00 pm
Forward
0.45%
0% (Front-end) 0% (Back-end)
Low Risk
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
M.Yousuf Adil Saleem & Co.‘Chartered Accountants’
Mohsin Tayebaly & Co.
Salman Kazmi
Fund Manager Report - April 2016
In the outgoing month, the fund generated a return of 5.33% compared to its benchmark return of 5.06%, outperforming its benchmark by 27bps. During the month, the weight in government securities increased by 12% of net assets while placement with DFI was increased by 24% of net assets. The fund remained second performing fund in its respective category on YTD basis. The fund intends to increase exposure in government securities and avail trading opportunities, going forward.
Fund Statistics
* Annualized
Portfolio Allocation (as % of T.A.) Apr. ‘16 Mar. ‘16
Fund Performance May‘15 June‘15 July‘15 Aug.‘15 Sep. ‘15 Oct. ‘15 Nov. ‘15 Dec. ‘15 Jan. ‘16 Feb. ‘16 Mar. ‘16 Apr. ‘16
Fund returns are calculated NAV with dividends reinvested (excluding sales load)
Period FY13 FY14 FY15
PDRF* PDRF** Benchmark***FYTD 6.15% 6.19% 5.39%CYTD 5.72% 5.83% 5.20%12M Trailing 6.33% 6.33% 6.33%Since Inception 9.49% 8.60%
0.00%0.00%
7.31%AAR-Since Inception 10.43% 8.91%Last 3Yrs 9.15% 7.35%
5.11% 5.23% 5.27%Mar'16Apr'16 5.33% 5.46% 5.06%
Performance 9.87% 8.91% 9.58%Benchmark 7.93% 8.43% 7.77%
Net Assets (PKR mn) 626.45 NAV per Unit (PKR) 104.59Weighted Average Maturity (days) 52Sharpe Ratio* 0.03Information Ratio 0.43Standard Deviation 0.35%
Placements with BanksPlacements with DFIsT-Bills
Others including receivables (NR)Total
Others including receivables (NR)
0.84%
Cash at Bank60.06%
T-Bills 34.94%
Placements With Banks 4.75%
AAA (Government Securities)AAAAA+AAOthers including receivables (NR)Total 100.00%
46.04%0.01%
35.75%17.35%
0.84%
Mar. ‘1634.94%0.01%4.75%
60.05%0.25%
100.00%
Portfolio Allocation (as % of total assets) Apr. ‘16
4.75%0.00%
34.94%
0.25%100.00%
12.43%23.30%46.04%
Cash at Bank 60.06%17.38%0.84%
100.00%
Cash17.38%
Placements With Banks
12.43%
Placements With D�is23.30%
Tbills46.04%
Others Including Receivables
0.84%
LOP 150,000,000 - 150,000,000 10.00% 23.30% 23.94%
Limit % of Gross Asset
% of Net Asset
Name of Non-CompliantInvestment
Pak Brunei Investment Company
* Note: The non-compliance is due to a redemption.
Type of Investment
Value of Investment Before Provisioning
Value of Investment After Provisioning
Provisioningheld (if any)
TDR 80,000,000 - 80,000,000 10.00% 12.43% 12.77%Allied Bank Limited
*Simple Annualized **Morning Star***Average of reporting period
Others including receivables (NR)
0.25%
Cash at Bank60.06%
T-Bills 34.94%
Placements With Banks 4.75%
Portfolio Allocation (as % of total assets) Mar. ‘16
Performance 3.20% -13.74% 14.55% 13.76% 8.71% 12.50% 0.34% 10.27% 13.95% 19.72% 7.88%Benchmark 6.77% 6.64% 6.40% 6.41% 6.14% 5.99% 5.92% 5.97% 5.82% 5.78% 5.78%
Period FY13 FY14 FY15
The scheme has maintained a provision gainst Worker's Welfare Fund's liability to the tune of Rs13,862,057, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.0.2542/ 0.12% enhancing the YTD return to 11.90% p.a for details investors are advised to read the Note 10 of the latest Financial Statements of the Scheme.
WWF Disclosure
Fund Manager’s Review
Portfolio Allocation (as % of T.A.) Apr. ‘16
Top TFCs Holdings (as % of T.A.)Fund Statistics
* Annualized ^Excluding Govt. Securities
Fund Performance PIML -IF
*Simple Annualized **Morning Star***Average of reporting period
PIML Income Fund
6 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Fund Stability Rating
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Income Scheme
A+ (f ) by PACRA (21 December 2015)
70% 6 month Kibor & 30% average of 6 month depositrate of 3 banks rated AA- and above
Management Co. Rating
9th August 2012
Daily (days when Banks are open for business)
5.00 pm
Forward
1.00%
1% (Front-end) 0% (Back-end)
Low to Moderate Risk
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
M.Yousuf Adil Saleem & Co.‘Chartered Accountants’
Mohsin Tayebaly & Co.
Salman Kazmi
The objective of PIML - Income Fund (formerly Primus Cash Fund) is to generate competitive returns by invest-ing in short to long term debt instruments and securities.
Fund Objective
Portfolio Allocation (as % of total assets) Apr. ‘16
Fund Manager Report - April 2016
In the outgoing month, the fund generated a return of 5.76% compared to its benchmark return of 5.72%. However on FTYD and CYTD basis, the fund outperformed its benchmark return by signi�cant margins (on an average of around 6%) at 11.17% and 11.90%, respec-tively. Also the fund remained the top performing fund on YTD and MTD basis. During the month exposure in government securities was reduced by 2% at 53% from 55% of net assets owing to sudden jump in the PKRV during the last week of the month, in anticipation of high CPI. We are closely monitoring the market and are geared to avail trading opportunities, going forward.
Investment Committee Members
Ahmed Ateeq
Hamza Saboor
M. Samir Malik, CFA
Salman Kazmi
Chief Investment O�cer
Rida Jiwani Chief Strategy O�cer
Fund Manager
Asif Iqbal
Syeda Rabia Ahmed
Head of Compliance and Risk
Head of Research
Fund Performance May‘15 June‘15 July‘15 Aug.‘15 Sep. ‘15 Oct. ‘15 Nov. ‘15 Dec. ‘15 Jan. ‘16 Feb. ‘16 Mar. ‘16
5.76%5.72%
Apr. ‘16
Note: Category of PIML IF has been changed from money market to income fund w.e.f. 17th April 2014.
Apr. ‘16
PIML-IF* PIML-IF** Benchmark***FYTD 11.11% 11.27% 5.97%CYTD 11.90% 12.38% 5.80%12M Trailing 8.37% 8.37% 6.25%Since Inception 13.20% 11.33% 7.52%AAR-Since Inception 12.01% -
-8.88%
Last 3 Yrs 14.35% 8.12%Mar'16 7.88% 8.17% 5.78%Apr'16 5.76% 5.91% 5.72%
Performance 8.72% 8.24% 16.96%Benchmark 9.46% 9.46% 8.35%
Net Assets (PKR mn) 6,097.2 NAV per Unit (PKR) 111.82^Weighted Average Maturity (days) 73Sharpe Ratio* 3.03Information Ratio 0.16Standard Deviation 1.68%
BAFL TFC-V 20-Feb-13 - 20-Feb-21 2.17%AKBL TFC-IV 23-Dec-11 - 23-Dec-21 1.24%
Mar. ‘16
2.13%1.22%
Placements with BanksPlacements with DFIsCommercial PaperTFCs / SukuksPIBs
Cash at BankOthers including receivables (NR)Total 100.00% 100.00%
16.59%
1.27%3.40%
48.34%T-Bills
0.00%
3.98%24.85%
1.57%
Mar. ‘16
25.10%
1.24%3.35%
53.08%
0.00%
1.51%14.20%
1.52%
Chief Executive O�cer
Chief Financial O�cer
Cash24.85%
Placements With Banks
16.59%
Tfcs/Sukkuks3.40%
Pibs48.34%
Tbills3.98%
Commercial Papers1.27%
Others Including Receivables
1.57%
Credit Quality of Portfolio (as % of T.A.) Apr. ‘16AAA (Government Securities)AAAAA+AA
Others including receivables (NR)Total 100.00%
52.32%0.00%6.83%
14.30%
1.57%
Mar. ‘1654.59%0.02%6.71%0.04%
AA- 3.40% 12.14%A+ 9.76% 9.59%AA-
10.54% 14.14%1.27% 1.24%
1.52%100.00%
AM3+ by JCR-VIS (04 May 2016)
Performance -1.69% 3.94% 2.05% -0.07% -4.54% 4.20% -4.37% 2.44% 0.02% -1.49%Benchmark -1.18% 2.86% 2.78% -1.77% -4.45% 4.17% -3.67% 1.33% -2.91% 0.31%
5.14%4.07%
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
The scheme has maintained a provision gainst Worker's
Welfare Fund's liability to the tune of Rs1,311,997, if the same
were not made the NAV per unit/year to date (YTD) return of
the scheme would be higher by Rs.0.4805/ 0.40% enhancing
the YTD return to 5.04% p.a for details investors are advised to
read the Note 11 of the latest Financial Statements of the
Scheme.
WWF Disclosure
3M PKRV yield used as Risk‐Free rate. * Annualized
**R‐Square measures the correlation between the benchmark and the funds return
Fund Statistics
Top 10 Equty Holdings (as % of T.A.) Symbol Apr. ‘16
Fund Performance PIML - SMAF
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.
Fund Objective
Portfolio Allocation (as % of total assets) Apr. ‘16
Fund Manager’s Review
PIML Strategic Multi Asset Fund
7 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Performance RankingBenchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Balanced Fund
4 Star by PACRA (13 August 2015)
Management Co. Rating AM3+ by JCR-VIS (04 May 2016)
23rd August 2013
Daily (days when Banks are open for business)
4.00 pm
Forward
2% p.a.
2% (Front-end) 0% (Back-end)
Moderate to High
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
M.Yousuf Adil Saleem & Co. ‘Chartered Accountants’
Mohsin Tayebaly & Co.
M. Samir Malik, CFA
Fund Manager Report - April 2016
In the outgoing month, the fund earned a return of 1.39% while the benchmark increased by 3.46%. The funds exposure in equities was reduced to 68.95% of the net assets.During month the under review, the fund also took an exposure in T-Bill due to which our total exposure in Government Securities at the end of the month stood at 19.23% of the net assets. The remaining assets are held as cash at bank.
Portfolio Allocation (as % of T.A.) Apr. ‘16
Fund Performance May‘15 June‘15 July‘15 Aug.‘15 Sep. ‘15 Oct. ‘15 Nov. ‘15 Dec. ‘15 Jan. ‘16 Feb. ‘16 Mar. ‘16
1.39%3.46%
Apr. ‘16
Sector Allocation (as % of T.A.) Apr. ‘16Credit Quality of Portfolio (as % of T.A.) Apr. ‘16
Stocks / Equities 68.01%PIBs 3.84%Cash at Bank 9.43%Others including recievables (NR) 3.59%
Mar. ‘16
69.27%3.82%
23.07%3.84%
Total 100.00% 100.00%
Cement 21.53%Power Generation & Distribution 7.17%Fertilizer 6.82%Oil & Gas Marketing Companies 5.53%Cable & Electrical Goods 6.29%Other Sectors 4.28%Insurance 4.23%Commercial Banks 3.83%Textile Composite 3.88%Automobile Assembler 2.28%Pharmaceuticals 2.17%
Mar. ‘1621.34%7.20%6.96%5.92%5.06%4.35%4.11%3.75%3.51%2.47%2.34%
Fauji Cement Co. Ltd. FCCL 6.32%D.G. Khan Cement Co. Ltd. DGKC 5.77%Pakistan State Oil Co. Ltd. PSO 5.09%Pak Elektron Ltd. PAEL 6.29%Adamjee Insurance Co. Ltd. AICL 3.85%Engro Corp. Ltd. ENGRO 4.08%Maple Leaf Cement Factory Ltd. MLCF 3.92%Nishat Mills Ltd. NML 3.44%Kot Addu Power Co. Ltd. KAPCO 2.56%Hub Power Co. Ltd. HUBC 2.50%
AAA (Government Securities)AAA AA & aboveAA-(NR) (includes equity investments)
18.96%0.65%7.73%1.06%
71.60%
Mar. ‘16
3.92%0.34%
22.82%0.51%
72.41%Total 100.00% 100.00%
PIML-SMAF* Benchmark**FYTD 4.38% 2.32%CYTD 5.04% 4.59%12M Trailing 6.66% 14.11%Since Inception 46.72% 40.61%AAR-Since Inception 15.46% 12.79%Mar'16 5.14% 4.07%Apr'16 1.39% 3.46%
Net Assets (PKR mn) 325.57NAV per Unit (PKR) 119.24Sharpe Ratio* 0.01Standard Deviation* 13.21%Treynor Ratio 0.001Beta 1.21R - Square** 65.56%Value at Risk 1.37%
Investment Committee Members
Ahmed Ateeq
Hamza Saboor
M. Samir Malik, CFA Chief Investment O�cer &
Rida Jiwani Chief Strategy O�cer
Fund Manager
Asif Iqbal
Syeda Rabia Ahmed
Head of Compliance and Risk
Head of Research
Chief Executive O�cer
Chief Financial O�cer
Cash9.43%
Stocks / Equities68.01%
Pibs3.84%
Tbills15.12%
Others Including Receivables
3.59%
Period FY14 FY15
Performance 9.27% 28.64%Benchmark 18.80% 13.40%
*Simple Annualized **Average of reporting period Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
Performance -1.74% 5.88% 1.87% -0.17% -5.42% 5.25% -6.08% 3.24% -0.16% -2.75% 7.28%Benchmark -1.03% 4.76% 2.24% -1.23% -6.48% 6.06% -6.76% 3.97% -3.18% -0.15% 8.30%
The scheme has maintained a provision gainst Worker's
Welfare Fund's liability to the tune of Rs441,196, if the same
were not made the NAV per unit/year to date (YTD) return of
the scheme would be higher by Rs. 0.2325/ 0.19% enhancing
the YTD return to 5.47% p.a for details investors are advised to
read the Note 10.1 of the latest Financial Statements of the
Scheme.
WWF Disclosure
Portfolio Allocation (as % of T.A.) Apr. ‘16Sector Allocation (as % of T.A.) Apr. ‘16
Top 10 Equty Holdings (as % of T.A.) Symbol Apr. ‘16
Credit Quality of Portfolio (as % of T.A.) Apr. ‘16
3M PKRV yield used as Risk‐Free rate. * Annualized
**R‐Square measures the correlation between the benchmark and the funds return
Fund Statistics
The objective of PIML-IEF is to achieve long term capital growth by investing mainly in Shariah Compliant listed equity securities.
Fund Objective
Portfolio Allocation (as % of total assets) Apr. ‘16
Fund Manager’s Review
PIML Islamic Equity Fund
8 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Performance Ranking
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Islamic Equity Scheme
3 Star by PACRA(17 November 2015)
KMI - 30 Index
Management Co. Rating AM3+ by JCR-VIS (04 May 2016)
4th March 2014
Daily (days when Banks are open for business)
4.00 pm
Forward
2% p.a.
2% (Front-end) 0% (Back-end)
Moderate to High
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
KPMG Taseer Hadi & Co.
Mohsin Tayebaly & Co.
M. Samir Malik, CFA
Fund Manager Report - April 2016
In the outgoing month, the fund earned a return of 1.24% while the benchmark increased by 3.98%. The funds exposure in equities was increased to 92.92% of the net assets. The remaining assets are held as cash at bank.
Fund Performance May‘15 June‘15 July‘15 Aug.‘15 Sep. ‘15 Oct. ‘15 Nov. ‘15 Dec. ‘15 Jan. ‘16 Feb. ‘16 Mar. ‘16
1.24%3.98%
Apr. ‘16
Stocks / Equities 91.60%Cash at Bank 4.52%Others including recievables (NR) 3.88%
Mar. ‘16
89.00%7.10%3.90%
Total 100.00% 100.00%
Cement 27.76%Power Generation & Distribution 12.03%Fertilizer 11.14%Other Sectors 10.17%Oil & Gas Marketing Companies 8.14%Cable & Electrical Products 7.83%Automobile Assembler 4.57%Pharmaceuticals 5.10%Textile Composite 4.88%
Mar. ‘16
26.07%11.24%10.85%9.29%8.16%5.91%4.61%5.33%4.19%
Pakistan State Oil Co. Ltd. PSO 7.59%
D.G. Khan Cement Co. Ltd. DGKC 6.40%
Fauji Cement Co. Ltd. FCCL 6.12%Pak Elektron Ltd. PAEL 5.33%Maple Leaf Cement Factory Ltd. MLCF 4.47%Pak Suzuki Motor Co. Ltd. PSMC 3.63%Kot Addu Power Co. Ltd. KAPCO 3.40%Cherat Cement Ltd CHCC 3.46%
AAA 0.08%AA 0.02%A 4.42%
NR (includes equity investments) 95.48%
Mar. ‘16
0.09%0.91%6.09%
92.90%Total 100.00% 100.00%
Net Assets (PKR mn) 233.81NAV per Unit (PKR) 123.23Sharpe Ratio -0.04Standard Deviation* 15.81%Treynor Ratio (0.01) Beta 0.89 R - Square** 78.67%Value at Risk 1.64%
Engro Corp. Ltd. ENGRO 6.95%
Hub Power Co. Ltd. HUBC 6.28%
Investment Committee Members
Ahmed Ateeq
Hamza Saboor
M. Samir Malik, CFA Chief Investment O�cer &
Rida Jiwani Chief Strategy O�cer
Fund Manager
Asif Iqbal
Syeda Rabia Ahmed
Head of Compliance and Risk
Head of Research
Chief Executive O�cer
Chief Financial O�cer
Fund Performance PIML - IEF
PIML-IEF* Benchmark**FYTD 3.53% 5.69%CYTD 5.47% 8.86%12M Trailing 7.71% 8.89%Since Inception 35.31% 40.46%AAR-Since Inception 14.97% 17.00%Mar'16 7.28% 8.30%Apr'16 1.24% 3.98%
Cash4.52%
Stocks / Equities91.60%
Others Including Receivables
3.88%
Period FY14 FY15
Performance 5.46% 24.96%Benchmark 10.70% 20.10%
*Simple Annualized **Average of reporting period Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
PerformanceBenchmark
Fund Manager’s Review
Investment Committee Members
Credit Quality of Portfolio (as % of T.A.) Apr. ‘16
The scheme has maintained a provision gainst Worker's Welfare Fund's liability to the tune of Rs151,739, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.0.0908 / 0.05% enhancing the YTD return to 7.25% p.a for details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme.
WWF Disclosure
PIML Islamic Income FundFormerly: PIML Islamic Money Market Fund
9 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Note: Category of PIML IIF has been changed from shariah compliant money market to shariah compliant income fund w.e.f. 2nd October 2015.
In the outgoing month, the fund generated a return of 5.43% compared to its benchmark return of 4.50%, outperforming its benchmark by 0.94%. Also, the fund outperformed the benchmark by 275bps on CYTD basis and remained top performing fund in its respective category on YTD and MTD basis. As stated earlier, the fund intends to increase exposure in shariah compliant instruments/securities and is geared to avail trading opportunities, going forward.
Fund Details
Fund Type
Category
Fund Stability Rating
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Islamic Income Scheme
A(f ) by PACRA (22 January 2016)
6 month deposit rate of three A and above ratedIslamic Banks
Management Co. Rating
4th March 2014
Daily (days when Banks are open for business)
5.00 pm
Forward
0.25%
2% (Front-end) 0% (Back-end)
Low to Moderate Risk
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
KPMG Taseer Hadi & Co
Mohsin Tayebaly & Co.
Salman Kazmi
The investment objective of the fund is to generate competitive risk adjusted returns by investing in short, medium and long-term Shariah Compliant Fixed Income Instruments.
Fund Objective
Portfolio Allocation (as % of T.A.) Apr. ‘16
Fund Statistics
* Annualized
Apr‘15
Fund Manager Report - April 2016
Ahmed Ateeq
Hamza Saboor
M. Samir Malik, CFA
Salman Kazmi
Chief Investment O�cer
Rida Jiwani Chief Strategy O�cer
Fund Manager
Asif Iqbal
Syeda Rabia Ahmed
Head of Compliance and Risk
Head of Research
Portfolio Allocation (as % of total assets) Apr. ‘16
Fund Performance
Top Sukuk Holdings (as % of T.A.) Mar.’16
Net Assets (PKR mn) 176.87 NAV per Unit (PKR) 105.89Weighted Average Maturity (days) 413Sharpe Ratio* 0.48 Information Ratio 0.16 Standard Deviation 0.84%
Sukkuks 19.71%Cash at Bank 76.21%Others including receivables (NR) 4.07%
Mar. ‘16
14.30%84.09%
1.62%Total 100.00% 100.00%
Fund Performance PIML - IIF
*Simple Annualized **Morning Star***Average of reporting period Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
PIML-IIF* PIML-IIF** Benchmark**FYTD 6.54% 6.58% 4.71%CYTD 7.25% 7.43% 4.50%12M Trailing 5.49% 5.49% 4.87%Since Inception 5.92% 5.73% 5.65%AAR-Since Inception 7.97% - 8.11%Mar’16 8.89% 9.26% 4.06%Apr’16 5.43% 5.57% 4.50%
HPL Sukuk 07-Jan-16 - 07-Jan-22 19.71% 14.30%
AAA 0.20%AAA (Government Securities) 0.00%
AA+ 0.00%AA 0.01%AA- 19.71%A+ 0.00%A 76.01%Others including receivables (NR) 4.07%
Mar. ‘16
0.04%0.00%
0.00%0.00%
14.30%0.00%
84.05%1.62%
Total 100.00% 100.00%
Chief Executive O�cer
Chief Financial O�cer
Cash76.21%
Tfcs/Sukkuks19.71%
Others Including Receivables
4.07%
Period FY14 FY15
Performance 5.46% 5.08%Benchmark 6.49% 6.18%
3.01% -2.62% 5.06% 4.47% 11.86% 3.46% 4.51% 5.49% 8.80% 5.52%5.91% 5.44% 4.94% 4.91% 4.91% 4.97% 4.47% 4.66% 4.77% 4.24%
8.89%4.06%
May‘15 June‘15 July‘15 Aug.‘15 Sep. ‘15 Oct. ‘15 Nov. ‘15 Dec. ‘15 Jan. ‘16 Feb. ‘16 Mar. ‘16
5.43%4.50%
Apr. ‘16
Sukuk 35,105,000 - 35,105,000 15.00% 19.71% 19.85%
Limit % of Gross Asset
% of Net Asset
Name of Non-CompliantInvestment
Hascol Petroleum Limited
* Note: The non-compliance is due to a redemption.
Type of Investment
Value of Investment Before Provisioning
Value of Investment After Provisioning
Provisioningheld (if any)
-
Apr. ‘16
AM3+ by JCR-VIS (04 May 2016)
PerformanceBenchmark
Portfolio Allocation (as % of T.A.) Apr. ‘16
The scheme has maintained a provision gainst Worker's
Welfare Fund's liability to the tune of Rs202,766, if the same
were not made the NAV per unit/year to date (YTD) return of
the scheme would be higher by Rs. 0.0974/ 0.09% enhancing
the YTD return to 5.21% p.a.
WWF Disclosure
3M PKRV yield used as Risk‐Free rate. * Annualized
**R‐Square measures the correlation between the benchmark and the funds return
Fund Statistics Sector Allocation (as % of T.A.) Apr. ‘16
Top 10 Equty Holdings (as % of T.A.) Symbol Apr. ‘16
Fund Performance PIML - VEF
The objective of PIML-Value Equity Fund is to achieve long term capital growth by investing mainly in listed equity securities.
Fund Objective
Portfolio Allocation (as % of total assets) Apr. ‘16
Fund Manager’s Review
PIML Value Equity Fund
10 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Fund Stability Rating
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Equity Scheme
N/A
KSE 100 Index
Management Co. Rating AM3+ by JCR-VIS (04 May 2016)
13th March 2015
Daily (days when Banks are open for business)
4.00 pm
Forward
2% p.a.
2% (Front-end) 0% (Back-end)
Moderate to High
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
KPMG Taseer Hadi & Co.
Mohsin Tayebaly & Co.
M. Samir Malik, CFA
Fund Manager Report - April 2016
In the outgoing month, the fund earned a return of 2.08% while the benchmark increased by 4.77%. The funds exposure in equities was increased to 92.24% of the net assets. The remaining assets are held as cash at bank.
Fund Performance
Credit Quality of Portfolio (as % of T.A.) Apr. ‘16
Stocks / Equities 91.24%Cash at Bank 4.39%Others including recievables (NR) 4.37%
Mar. ‘16
89.64%5.42%4.94%
Total 100.00% 100.00%
CementFertilizerCommercial BanksOther SectorsPower Generation & DistributionOil & Gas Marketing CompaniesInsuranceCable & Electrical GoodsTextile CompositeAutomobile AssemblerPharmaceuticals
22.55%10.18%8.40%8.15%6.88%6.24%5.89%7.80%6.02%5.07%4.10%
Mar. ‘1621.85%
9.97%7.75%7.76%6.59%6.44%5.44%5.92%5.17%4.88%4.41%
Fauji Cement Co. Ltd. FCCL 6.57%Pakistan State Oil Co. Ltd. PSO 5.56%Pak Elektron Ltd. PAEL 7.80%Engro Corp. Ltd. ENGRO 5.68%Adamjee Insurance Co. Ltd. AICL 5.15%Nishat Mills Ltd. NML 5.27%D.G. Khan Cement Co. Ltd. DGKC 4.02%Cherat Cement Ltd. CHCC 4.30%
National Bank of Pakistan NBP 3.07%
AAA 0.55%AA & above 0.14%AA- 0.07%ANR (includes equity investments)
3.63%
Mar. ‘16
0.32%4.77%0.27%0.06%
95.61% 94.58%Total 100.00% 100.00%
PIML-VEF* Benchmark**FYTD 2.67% 0.93%CYTD 5.21% 5.80%12M Trailing 6.26% 2.94%Since Inception 12.02% 6.56%AAR-Since Inception 12.55% 9.11%
Apr'16 2.08% 4.77%Mar'16 6.63% 5.64%
Net Assets (PKR mn) 223.52NAV per Unit (PKR) 107.37Sharpe Ratio* -0.10Standard Deviation* 15.04%Treynor Ratio -0.02Beta 1.01R - Square** 82.22%Value at Risk 1.56%
Maple Leaf Cement Factory Ltd MLCF 2.93%
Investment Committee Members
Ahmed Ateeq
Hamza Saboor
M. Samir Malik, CFA Chief Investment O�cer &
Rida Jiwani Chief Strategy O�cer
Fund Manager
Asif Iqbal
Syeda Rabia Ahmed
Head of Compliance and Risk
Head of Research
Chief Executive O�cer
Chief Financial O�cer
-2.66% 6.32% 3.33% -0.73% -6.41% 5.57% -5.85% 2.26% -0.85% -2.52%-1.99% 4.06% 3.90% -2.84% -7.02% 6.11% -5.86% 1.74% -4.62% 0.23%
6.63%5.64%
May‘15 June‘15 July‘15 Aug.‘15 Sep. ‘15 Oct. ‘15 Nov. ‘15 Dec. ‘15 Jan. ‘16 Feb. ‘16 Mar. ‘16
2.08%4.77%
Apr. ‘16 Period FY15
Performance 9.11%Benchmark 4.64%
Cash5%
Stocks / Equities91%
Others Including Receivables
4%
*Simple Annualized **Average of reporting period Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
PerformanceBenchmark
Weighted average of 6-month KIBOR and KSE-100 index as per amount invested in equities and �xed income investments including cash & cash equivalent respectively
Fund Performance PIML - AAF
The investment objective of this fund is to earn competitive returns by investing in the various asset classes / instruments based on the market outlook.
Portfolio Allocation (as % of total assets) Apr. ‘16
Fund Manager’s Review
PIML Asset Allocation Fund
11 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Performance RankingBenchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Asset Allocation
Not Available
Management Co. Rating AM3+ by JCR-VIS (04 May 2016)
12th April 2016
Daily (days when Banks are open for business)
4.30 pm
Forward
2% p.a.
Front end 3%
Moderate to High
To be Listed
Leverage Nil
Central Depository Company of Pakistan Ltd.
KPMG Taseer Hadi & Co.
Mohsin Tayebaly & Co.
Haris Saeed Khan
Fund Manager Report - April 2016
The fund was launched on 12th April 2016 with an initial fund size of 2,271.84 million. In the outgoing month, the fund generated a return of -0.51% while the benchmark increased by 0.43%. During the month under review, the funds exposure in PIBs stood at 82.13% of the net assets. The fund underperformed its benchmark as PKRV rates in the latter half of the month witnessed a sharp hike in antici-pation of a higher CPI number. We are closely monitoring the market in order to avail any opportunity going forward and will strive to act in the best interest of the unit holder.
Portfolio Allocation (as % of T.A.) Apr. ‘16
Fund Performance
-0.51%0.43%
Apr. ‘16Credit Quality of Portfolio (as % of T.A.) Apr. ‘16
PIBs 81.79%Cash at Bank 16.25%Others including recievables (NR) 1.96%Total 100.00%
AAA (Government Securities) 81.79%AA- 0.01%A 16.24%Other including receivables (NR) 1.96%Total 100.00%
PIML-AAF* Benchmark**FYTD -0.51% 0.43%
0.43%1.72%0.43%0.43%
CYTD -0.51%-0.51%-0.51%-0.51%-0.51%
12M TrailingSince InceptionAAR-Since InceptionApr'16 0.43%
Investment Committee Members
Ahmed Ateeq
Hamza Saboor
M. Samir Malik, CFA
Haris Saeed Khan
Chief Investment O�cer
Rida Jiwani Chief Strategy O�cer
Fund Manager
Asif Iqbal
Syeda Rabia Ahmed
Head of Compliance and Risk
Head of Research
Chief Executive O�cer
Chief Financial O�cer
Fund Statistics
* Annualized
Net Assets (PKR mn) 2,014.62
NAV per Unit (PKR) 99.47
-0.26Sharpe Ratio*
2.99%
Information Ratio -4.302
Standard Deviation
Cash16.25%
Pibs81.79%
Others Including Receivables
1.96%
Fund Objective
*Simple Annualized **Average of reporting period Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
3M PKRV yield used as Risk‐Free rate.
Note: Management will not charge the management fee for the period of 30 days from the date of launch of the fund.
A Wholly Owned Subsidiary of Pak Brunei Investment Company Limited | 3rd Floor | Horizon Vista | Plot No. Commercial 10 | Block No.4 | Scheme No.5 | Clifton Karachi | Pakistan |
| Tel O� :- (+92-21) 37130165, 35307465 | Fax: (+92-21) 35290004