FUND MANAGER S REPORT - JS Investments 11.pdf · Growth Stability Performance Trust Experience FUND...

Growth

Stability

Performance

Trust

Experience

FUND MANAGER’S REPORT SDSAD

SEPTEMBER 2011

Market Review

Unit Trust of Pakistan (UTP)

JS Large Cap. Fund (JS LCF)

JS Islamic Fund (JS ISF)

JS Aggressive Asset Allocation Fund (JS AAA)

JS Fund of Funds (JS FoF)

JS KSE-30 Index Fund (JS KSE30 Index)

JS Income Fund (JS IF)

JS Aggressive Income Fund (JS AIF)

JS Cash Fund (JS CF)

JS Principal Secure Fund I (JS PSF - I)

JS Growth Fund (JS GF)

JS Value Fund Ltd. (JS VFL)

JS Pension Saving Fund (JS PSF)

JS Islamic Pension Saving Fund (JS IPSF)

Sep‐11

Daily volume vs. KSE‐30 movement

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutualfunds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down basedon market conditions. Past performance is not necessarily indicative of future results.

Equity market review

Money market review Interbank ratesKIBOR (Average) Sep‐2011 vs. Aug‐2011

Market activity

The 1M, 3M and 6M KIBOR increased by 7.8bps, 2.7bps, and 1.0bps MoM on an averagebasis respectively. The Government borrowed PKR 312bn during September through twoT‐bill auctions conducted by SBP in order to meet its debt obligations. Meanwhile PKRremained under immense pressure during the month on account of double digit inflationand increasing dollar demand to cover higher import payment requirements and debtrepayments coupled with low economic growth. Resultantly, the Central Bank had tointervene by taking appropriate measures to restrain the downside of PKR after massivedepreciation against the USD.

Lately, the GoP has been making efforts to bring an improvement to the circular debtissue by mobilizing long term funds through Pakistan Investment Bonds (PIBs). However,as the situation stands, reduced foreign inflows, weak revenue generation andcontinuously increasing expenditures are compelling the Government to constantlyborrow funds in order to pay off its deficit. Consequently, the Government intends toborrow PKR 1.07tr through PIBs & Tbills during 2QFY12, which would keep the liquidityconditions tight going forward.

KSE displayed range bound fluctuations during the month mainly on account ofincreasing tensions around Pak‐US relations, concerns regarding European debt crisisand gloomy economic outlook statements by the heads of IMF resulting in confusedinvestor sentiments. This led to a USD 4.9mn outflow during September (as against USD11.6n outflow during the previous month). However, relations gradually improvedbetween Pak and USA which coupled with hopes of monetary easing in the upcomingpolicy review meeting helped restore investor confidence resulting in 6.4% and 6.2%MoM increase in KSE‐30 & 100 indices respectively. The improvement sparked bettervolumes at the bourses as well, which averaged 40.5mn depicting a 38% monthlyincrease.

On the macro economic front, the Current Account posted a deficit of USD 189mnduring 2MFY12 as against a deficit of USD 1.0bn last year depicting an 81% YoY decline.This was mainly due to increased remittances of USD 2.4bn during 2MFY12 as againstUSD 1.7bn received in the previous year. CPI however, eased to 10.46% inSeptember’11 versus 11.56% in the preceding month owing primarily to the change inthe base‐year for inflation calculations.

Going forward, we believe key policy decisions with regards to SBP’s bimonthlymonetary policy statement, developments in Pak‐US relations and talks of Pakistan withthe IMF, would influence the investor sentiment and derive FIPI direction.

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20

40

60

80

05-Sep-11 09-Sep-11 15-Sep-11 21-Sep-11

Shares in Millions

10,000

10,400

10,800

11,200

11,600

12,000

Volume (L.H.S) KSE-30 (R.H.S)

13.52

13.31

13.38

13.67

13.71

13.78

13.86

13.44

13.28

13.37 13.67

13.72

13.80

13.88

12.00

13.00

14.00

15.00

1M 3M 6M 9M 1Y 2Y 3Y

Sep Aug

Market Review

Performance data and analytics Investment philosophy Asset allocation (%)

Sep-11 Aug-11Cash 4.49 3.90 Equity 65.86 65.36 TFCs / Sukkuks 4.66 7.79 Government Securities 24.00 22.23 Other including receivables 0.99 0.72

Key information Total 100.00 100.00 Fund type Open endCategory Balanced Scheme Equity sector breakdown (%)Fund launch date 27 October, 1997 Sep-11 Aug-11Net Assets (PKR mn) 1,633.55 Oil & Gas 21.97 21.67 NAV (PKR) 101.33 Chemicals 13.18 13.64 Benchmark1 50% 6M KIBOR & 50% KSE 30 Index Electricity 9.62 9.57 Management fee 2.00% Personal Goods 8.06 7.57 Front-end Load 3.00% Industrial Transportation 4.87 5.24 Back-end Load NIL Others 8.17 7.66 Pricing mechanism Forward Total 65.86 65.36 Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Top holding (%age of total assets)Auditor Ernst & Young Ford Rhodes Sidat Hyder Pakistan Oilfields Ltd. 9.80 Risk profile Medium Pakistan Petroleum Ltd. 9.54 Listing LSE Fauji Fertilizer Co. Ltd. 6.91 Leverage NIL Nishat Mills Ltd. 5.87 AMC Rating AM2- (By JCR-VIS) The Hub Power Co. Ltd. 5.06

Pakistan International Container Terminal Ltd. 4.87 Performance (%) Cumulative return2 MCB Bank Ltd. 3.49

1M 1Y 3Y 7Y Launch ICI Pakistan Ltd. 2.66 Fund 4.13 14.70 16.38 82.47 599.59 Nishat Chunian Power Ltd. 2.48 Benchmark 3.77 15.65 26.68 102.14 444.67 D. G. Khan Cement Co. Ltd. 2.23 Difference 0.36 -0.95 -10.30 -19.67 154.92

Asset quality (%age of total assets)Monthly performance (%)

FY12 FY11 FY10 FY09 FY08Jul -0.15 4.22 5.69 -13.87 -1.87Aug -1.21 -3.10 9.51 -10.12 -7.59Sep 4.13 0.40 8.26 0.19 5.21Oct 3.57 -1.36 n/a* 2.43Nov 4.13 0.95 n/a* -0.41Dec 4.58 1.23 n/a* 0.75Jan 2.08 0.52 -1.84 2.36Feb -4.30 -1.39 3.95 5.36Mar 7.85 0.20 13.98 3.66 Statistical analysisApr -0.45 0.25 -0.66 2.73 Fund BenchmarkMay -3.29 -7.73 3.79 -11.06 Beta 0.5 1.0Jun -2.40 -1.72 -1.49 2.73 Standard Deviation 15.4% 24.2%YTD 2.72 13.23 14.05 -31.95 2.89 Largest Month Gain 14.0% 19.3%Benchmark 0.24 18.08 25.07 -32.19 -7.69 Largest Month Loss -24.0% -33.8%Difference 2.48 -4.85 -11.02 0.24 10.58 % Positive Months 73.2% 63.1%* No dealing in units during this period

Investment Committee MembersNon Compliant Investments under Circular 07/2009

Agritech Ltd. Sukuk 117,617,549 (117,617,549) - 0.00 0.00

Azgard Nine Ltd* PPTFC 75,000,000 (75,000,000) - 0.00 0.00

Fund manager's review Contact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected]: www.jsil.com

Sep-11

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject tomarket risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance isnot necessarily indicative of future results.

Name of Investment

% of Net

Assets

% of GrossAssets

TypeValue before

provision

Provision held

(if any)

Value after

provision

*The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund.

UTP is a balanced fund that aims to preserve and grow investor’s capital in the long termwhile providing a regular stream of current income on an annual basis. The fund operatesa diverse portfolio of equity and fixed income investments whereby the equity componentis meant to provide the growth in capital while dividends on the equity component alongwith the fixed income investments help generate the current income.

Unit Trust of Pakistan (UTP)

1 From July 2006, benchmark's equity portion switched from KSE-100 to KSE-30 index. From the month of Jan 2010 onwards, the benchmark for the UTP fund has switched from 70% 6M KIBOR & 30% KSE 30 Index to 50% 6M KIBOR & 50 % KSE 30 Index.2 Cumulative return is based as per MUFAP stated methodology.

A, 2.50%

A+, 0.02%

AA, 2.14%

AAA, 24.00%

Mr. Rashid Mansur - Chief Executive OfficerDr. Ali Akhtar Ali - Chief Investment OfficerMr. Suleman Lalani - Executive Director & CFOMr. Assad Hameed Khan, Head of BPD Mr. Muhammad Salman Siddiqui, Head of Research & RMMr. Zahid Ullah Khan - Fund Manager

During September 2011, the fund generated returns of 4.13 percent; outperforming thebenchmark by 0.36 percent. On YTD basis, the fund has out-performed the benchmarkby 2.48 percent by generating returns of 2.72 percent. There has been no major shift infund's equity holdings during the month. However, the fund has reduced exposure infloating rate instruments in its fixed income portfolio in the light of expected drop ininterest rates in the near future.


Sep-11 Aug-11Cash 7.16 10.62 Equity 92.09 88.49 Other including receivables 0.75 0.89

Total 100.00 100.00

Key informationFund type Open endCategory Equity Scheme Equity sector breakdown (%)Fund launch date 14 May, 2004 Sep-11 Aug-11Net Assets (PKR mn) 1,373.21 Oil & Gas 31.16 28.73 NAV (PKR) of Unit "A" 52.05 Chemicals 13.38 13.57 Benchmark KSE30 Index Banks 12.41 12.46 Management fee 2.00% Electricity 10.27 10.91 Front-end Load 3% of NAV (Applicable to Class "A") Personal Goods 11.09 8.81 Back-end Load 20% of NAV (Applicable to Class "B") Others 13.79 14.02 Pricing mechanism Forward Total 92.09 88.49 Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor M. Yousuf Adil Saleem & Co.Risk profile High Top holding (%age of total assets)Listing LSE Pakistan Petroleum Ltd. 8.65 Leverage NIL Pakistan Oilfields Ltd. 8.63 AMC Rating AM2- (By JCR-VIS) Pakistan State Oil Co. Ltd. 8.26

Nishat Chunian Power Ltd. 5.92 Nishat (Chunian) Ltd. 5.71

Performance (%) Cumulative return1 Engro Corporation Ltd. 5.69 1M 1Y 2Y 3Y Launch National Refinery Ltd. 5.62

Fund 6.94 35.65 15.73 5.89 69.31 Nishat Mills Ltd. 5.37 Benchmark 6.40 15.99 11.85 11.49 n/a National Bank of Pakistan 4.95 Difference 0.54 19.66 3.88 -5.60 n/a EFU Life Assurance Ltd. 4.48

Monthly performance (%)FY12 FY11 FY10 FY09 FY08 Statistical analysis

Jul -1.09 5.36 8.33 -18.57 -1.20 Fund BenchmarkAug -6.17 -4.36 6.80 -12.18 -9.86 Beta 0.7 1.0Sep 6.94 0.48 7.34 -0.47 8.20 Standard Deviation 23.8% 32.4%Oct 11.10 -1.81 -0.12 6.27 Largest Month Gain 14.7% 25.2%Nov 8.58 -0.53 0.12 -0.41 Largest Month Loss -30.8% -45.1%Dec 5.52 0.66 -30.81 2.88 % Positive Months 57.3% 58.4%Jan 2.06 -0.26 -9.73 -0.24Feb -6.34 -1.97 3.02 10.51Mar 12.22 -1.34 14.68 5.22Apr -0.39 -0.14 -0.48 2.89 Investment Committee MembersMay 0.62 -9.13 4.50 -15.91 Mr. Rashid Mansur - Chief Executive OfficerJun -0.14 -2.10 -4.00 1.88 Dr. Ali Akhtar Ali - Chief Investment OfficerYTD -0.74 38.38 4.65 -47.56 8.28 Mr. Suleman Lalani - Executive Director & CFO Benchmark -3.16 21.24 26.22 -47.15 -15.70 Mr. Assad Hameed Khan, Head of BPDDifference 2.42 17.14 -21.58 -0.41 23.98 Mr. Muhammad Salman Siddiqui, Head of Research & RM

Mr. Arslan Asif Soomro - Fund Manager Non Compliant Investments under Circular 07/2009

Agritech Ltd. Sukuk 4,992,117 (4,992,117) - 0.00 0.00


Sep-11

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject tomarket risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performanceis not necessarily indicative of future results.

Value after

% of Net Assets

% of Gross

Name of Investment

TypeValue before

Provision held

JS LCF is an open-end Equity Scheme that aims to benefit from an attractive CapitalMarket in an economy with growth potential, to maximize the total investment returnconsisting of a combination of capital appreciation income. Consistent with itsInvestment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remainingFunds shall be invested in Authorized Investments including cash and/or near cashinstruments which include cash in bank accounts, and Government securities notexceeding ninety (90) days maturity.

In the month of September 2011, JS Large Cap Fund delivered returns of 6.94% ascompared to the benchmark's return of 6.40%, thereby outperforming by 0.54%. TheYTD return of JS Large Cap Fund stands at -0.74%, as compared to the benchmark'sreturn of -3.16%, thereby out-performing by 2.42%.

JS Large Cap. Fund (JS-LCF)

1 Cumulative return is based as per MUFAP stated methodology.

Performance data and analytics

Investment philosophy Asset allocation (%)Sep-11 Aug-11

Cash 6.48 7.32 Equity 91.96 90.92 Other including receivables 1.56 1.76

Total 100.00 100.00

Key informationFund type Open endCategory Shariah Compliant Islamic - Equity Scheme Equity sector breakdown (%)Fund launch date 27 December, 2002 Sep-11 Aug-11Net Assets (PKR mn) 228.80 Oil & Gas 37.34 39.24 NAV (PKR) 41.88 Chemicals 32.45 30.60 Benchmark1 KMI-30 Index Banks 11.24 11.22 Management fee 2.00% Construction & Materials 4.90 3.75 Front-end Load 3.00% Fixed Line Telecommunication 6.03 6.11 Back-end Load NIL Others - - Pricing mechanism Forward Total 91.96 90.92 Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile High Top holding (%age of total assets)Listing LSE Fauji Fertilizer Bin Qasim Ltd. 13.46 Leverage NIL Pakistan Oilfields Ltd. 11.96 AMC Rating AM2- (By JCR-VIS) Pakistan Petroleum Ltd. 10.83

Fauji Fertilizer Co. Ltd. 10.51 Performance (%) Cumulative return2 ICI Pakistan Ltd. 8.48

1M 1Y 2Y 3Y Launch National Refinery Ltd. 7.94 Fund 7.38 41.35 35.95 37.28 124.75 BankIslami Pakistan Ltd. 7.76 Benchmark 6.24 35.90 59.96 82.86 n/a Pakistan State Oil Co. Ltd. 6.61 Difference 1.14 5.45 -24.01 -45.58 n/a Pakistan Telecommunication Co. Ltd. 6.03

D. G. Khan Cement Co. Ltd. 4.90 Monthly performance (%)

FY12 FY11 FY10 FY09 FY08 Statistical analysisJul 2.57 7.66 7.45 -15.51 1.45 Fund BenchmarkAug -4.25 -4.86 10.19 -15.58 -12.99 Beta 0.8 1.0Sep 7.38 2.14 6.86 0.04 6.39 Standard Deviation 22.4% 27.3%Oct 3.67 -0.94 n/a* 5.57 Largest Month Gain 11.9% 20.2%Nov 7.66 1.75 n/a* 0.57 Largest Month Loss -28.7% -37.1%Dec 6.59 0.71 n/a* -2.99 % Positive Months 67.0% 62.5%Jan 6.00 0.37 -0.43 2.13Feb -6.44 -0.33 -0.62 3.53Mar 10.77 4.13 9.95 4.46Apr 2.67 0.06 1.50 -1.15May 0.31 -12.64 4.33 -15.41Jun -0.43 -0.55 -0.32 1.07 Investment Committee MembersYTD 5.46 40.23 16.31 -43.05 -9.70 Mr. Rashid Mansur - Chief Executive OfficerBenchmark 1.80 43.66 41.98 -36.54 0.92 Dr. Ali Akhtar Ali - Chief Investment OfficerDifference 3.66 -3.43 -25.67 -6.51 -10.62 Mr. Suleman Lalani - Executive Director & CFO * No dealing in units during this period Mr. Assad Hameed Khan, Head of BPD

Mr. Muhammad Salman Siddiqui, Head of Research & RMFund manager's review Mr. Arslan Asif Soomro - Fund Manager

Contact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected]: www.jsil.com

Sep-11


JS Islamic Fund [JS ISF] aims to grow investor’s capital in the long term in adherencewith principles of Shariah compliance as advised by the Shariah Advisory Council(SAC) of this fund. The fund investments are limited to asset classes approved by theShariah Advisory Council (SAC) and all companies under investment consideration aresemiannually screened for Shariah compliance.

In the month of September 2011, the JS Islamic Fund produced returns of 7.38% ascompared to the benchmark’s return of 6.24%, outperforming the benchmark by1.14%.The cumulative Fiscal Year 2012's YTD return stands at 5.46%, as compared tothe benchmark returns of1.80%, implying an out-performance of 3.66% .

JS Islamic Fund (JS-ISF)

1 From January 2010, benchmark'switched from DJIMPK to KMI-30 index.2 Cumulative return is based as per MUFAP stated methodology.



Cash 13.04 19.07 Equity 84.40 78.23 Government Securities - - Other including receivables 2.56 2.70

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Sep-11 Aug-11Category Asset Allocation Scheme Oil & Gas 30.10 27.35 Fund launch date 28 June, 2005 Chemicals 3.90 8.42 Net Assets (PKR mn) 119.49 Electricity 14.49 16.23 NAV (PKR) 22.72 Construction & Materials 9.01 12.53 Benchmark KSE30 Index Personal Goods 8.53 6.68 Management fee 2.00% Others 18.36 7.01 Front-end Load 3.00% Total 84.40 78.23 Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co. Top holding (%age of total assets)Risk profile High Pakistan Petroleum Ltd. 8.79 Listing LSE Nishat Mills Ltd. 8.53 Leverage NIL Pakistan Oilfields Ltd. 7.63 AMC Rating AM2- (By JCR-VIS) Nishat Chunian Power Ltd. 6.24

National Bank of Pakistan 5.97 Performance (%) Cumulative return1 Pakistan State Oil Co. Ltd. 5.66

1M 1Y 2Y 3Y Launch Pakistan Telecommunication Co. Ltd. 4.90 Fund 4.89 14.00 4.31 -23.58 1.01 Attock Cement Pakistan Ltd. 4.83 Benchmark 6.40 15.99 11.85 11.49 12.20 The Hub Power Co. Ltd. 4.77 Difference -1.51 -1.99 -7.54 -35.07 -11.19 Attock Petroleum Ltd. 4.58

Monthly performance (%)FY12 FY11 FY10 FY09 FY08 Statistical analysis

Jul -0.27 7.66 6.89 -21.51 -3.46 Fund BenchmarkAug -3.56 -5.10 9.38 -17.66 -11.86 Beta 0.8 1.0Sep 4.89 1.01 8.26 -0.18 2.88 Standard Deviation 28.4% 32.6%Oct 4.42 -3.41 n/a* 0.63 Largest Month Gain 21.0% 25.2%Nov 4.13 0.19 n/a* -2.13 Largest Month Loss -36.8% -45.1%Dec 4.38 2.92 n/a* 0.88 % Positive Months 64.5% 57.9%Jan 2.12 0.04 -13.66 2.21Feb -7.32 -1.92 1.82 7.42Mar 8.59 3.74 4.68 5.37 Investment Committee MembersApr 0.34 -1.25 -3.60 3.43 Mr. Rashid Mansur - Chief Executive OfficerMay 0.09 -11.60 5.62 -12.79 Dr. Ali Akhtar Ali - CIO/Fund ManagerJun -3.55 0.16 0.06 2.63 Mr. Suleman Lalani - Executive Director & CFO YTD 0.89 16.62 12.20 -62.65 -6.86 Mr. Assad Hameed Khan, Head of BPDBenchmark -3.16 21.24 26.22 -47.16 -15.70 Mr. Muhammad Salman Siddiqui, Head of Research & RMDifference 4.05 -4.62 -14.02 -15.49 8.84* No dealing in units during this period

Fund manager's review


Sep-11


JS AAA Fund is a dynamic asset allocation fund that aims to achieve superior riskadjusted growth in investor’s capital over the long term. The fund operates a diverseportfolio of equity, fixed income and money market investments and it may constantlyadjust the asset mix as equity markets rise or fall and the economy strengthens orweakens. The fund is allowed to invest up to 100% of net assets in any one type ofasset class.

During the month, the fund return 4.89% and underperformed its benchmark by -1.51%. YTD return of the fund stood at 0.89%, yielding an outperformance of 4.05%against the benchmark. The fund maintained significant investments in high dividendyielding value stocks and we maintained our stance of not reducing weights in our keyholdings.

JS Aggressive Asset Allocation Fund (JS AAA)




Open-end 41.04 63.30 Close-end 25.58 29.07 T Bills 28.20 6.70 Cash 1.97 0.90 Other including receivables 3.21 0.03 Total 100.00 100.00

Key information Statistical analysisFund type Open end Fund BenchmarkCategory Fund of Fund Scheme Beta 0.8 1.0Fund launch date 31 October, 2005 Standard Deviation 16.5% 18.5%Net Assets (PKR mn) 788.60 Largest Month Gain 12.8% 11.0%NAV (PKR) 88.67 Largest Month Loss -13.7% -25.1%Benchmark BM FoF1 % Positive Months 66.7% 68.1%Management fee 1.00%Front-end Load 3.00% Investment Committee MembersBack-end Load NIL Mr. Rashid Mansur - Chief Executive OfficerPricing mechanism Forward Dr. Ali Akhtar Ali - Chief Investment OfficerTrustee Central Depository Company of Pakistan Ltd. Mr. Suleman Lalani - Executive Director & CFO Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Mr. Assad Hameed Khan, Head of BPDAuditor M. Yousuf Adil Saleem & Co. Mr. Muhammad Salman Siddiqui, Head of Research & RMRisk profile Medium Mr. Zahid Ullah Khan - Fund Manager Listing LSELeverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Cumulative return2

1M 1Y 2Y 3Y LaunchFund 6.18 30.01 18.76 38.59 57.12Benchmark 2.96 14.21 20.54 25.17 25.09Difference 3.22 15.80 -1.78 13.42 32.03

Monthly performance (%)FY12 FY11 FY10 FY09 FY08

Jul 0.03 3.52 5.74 -11.31 0.71Aug -3.49 -1.08 8.60 -8.22 -4.07Sep 6.18 1.41 12.84 1.24 4.27Oct 1.88 -0.36 n/a* 2.58Nov 10.27 0.57 n/a* 1.37Dec 6.45 -0.83 n/a* 0.34Jan 2.53 0.45 1.04 2.31Feb -4.80 -2.38 -2.88 4.14Mar 6.70 0.34 4.21 0.93Apr 3.55 -1.96 -1.64 1.84May 0.01 -10.60 3.67 -6.93Jun -1.68 2.65 -0.69 3.16YTD 2.51 31.70 13.99 -25.79 10.52Benchmark 0.69 18.27 21.18 -32.64 -8.60Difference 1.82 13.43 -7.19 6.85 19.12* No dealing in units during this period



Sep-11


JS FoF is a fund of funds that aims to grow investor’s capital in the long term whilediversifying the asset manager risk bundled together with the benefits of an assetallocation fund. The fund operates a diverse portfolio of equity, balanced, fixedincome and money market funds (both open and closed ended) with the option toadjust the asset mix as equity markets rise or fall and the economy strengthens orweakens.

JS FoF depicted a monthly performance of 6.18 percent in September 2011 ascompared to the benchmark return of 2.96 percent, thereby outperforming thebenchmark by 3.22 percent. On YTD basis the fund gave an absolute return of2.51percent outperforming its benchmark by 1.82 percent.

JS Fund of Funds (JS FoF)

1 Average of asset allocation funds returns.2 Cumulative return is based as per MUFAP stated methodology.



Cash 1.22 2.63 Equity 97.98 96.45 Other including receivables 0.80 0.92

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Sep-11 Aug-11Category Index Tracker Scheme Oil & Gas 35.78 35.70 Fund launch date 29 May, 2006 Banks 20.56 20.14 Net Assets (PKR mn) 57.23 Chemicals 22.97 21.90 NAV (PKR) 29.56 Electricity 7.00 6.95 Benchmark KSE30 Index Construction & Materials 2.34 2.34 Management fee 1.50% Others 9.32 9.42 Front-end Load 2.00% Total 97.98 96.45 Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Top holding (%age of total assets)Auditor KPMG Taseer Hadi & Co. Oil & Gas Development Co. Ltd. 14.03 Risk profile High Fauji Fertilizer Co. Ltd. 12.71 Listing LSE MCB Bank Ltd. 9.75 Leverage NIL Pakistan Petroleum Ltd. 8.69 AMC Rating AM2- (By JCR-VIS) Pakistan Oilfields Ltd. 6.69

The Hub Power Co. Ltd. 5.66 Performance (%) Cumulative return1 Engro Corporation Ltd. 4.27

1M 1Y 2Y 3Y Launch Pakistan State Oil Co. Ltd. 3.33 Fund 6.71 19.53 19.95 25.93 6.47 Fauji Fertilizer Bin Qasim Ltd. 3.23 Benchmark 6.40 15.99 11.85 11.49 -6.53 United Bank Ltd. 3.10 Difference 0.31 3.54 8.10 14.44 13.00

Monthly performance (%) Statistical analysisFY12 FY11 FY10 FY09 FY08 Fund Benchmark

Jul -0.53 9.14 7.88 -15.53 -4.16 Beta 1.0 1.0Aug -8.19 -5.76 13.68 -15.17 -11.36 Standard Deviation 32.9% 32.8%Sep 6.71 0.77 8.23 -0.56 10.13 Largest Month Gain 25.5% 25.2%Oct 5.22 -3.26 n/a* 6.32 Largest Month Loss -43.9% -45.1%Nov 6.46 0.50 n/a* -3.12 % Positive Months 61.5% 56.9%Dec 7.04 1.75 n/a* 0.02Jan 3.24 1.78 -5.21 -0.44Feb -8.72 0.20 13.64 9.91 Investment Committee MembersMar 7.52 5.69 25.48 0.89 Mr. Rashid Mansur - Chief Executive OfficerApr 1.13 0.68 4.91 -1.07 Dr. Ali Akhtar Ali - Chief Investment OfficerMay 0.46 -12.86 2.47 -22.51 Mr. Suleman Lalani - Executive Director & CFO Jun -0.62 3.50 -2.47 2.28 Mr. Assad Hameed Khan, Head of BPDYTD -2.54 27.12 28.52 -43.64 -16.56 Mr. Muhammad Salman Siddiqui, Head of Research & RMBenchmark -3.16 21.24 26.22 -47.16 -15.70 Mr. Arslan Asif Soomro - Fund Manager Difference 0.62 5.88 2.29 3.52 -0.86* No dealing in units during this period

JS KSE-30 Index Fund vs. KSE 30


Sep-11


JS KSE-30 Index Fund is an index fund that aims to track the performance of the KSE-30 Index by investing in constituent companies of the index in proportion to theirweighting. The fund targets sophisticated investors who can time their entry and exitfrom the fund in accordance with the expected performance of the equity market orfor investors who seek long term exposure to the equity market.

JS KSE-30 Index Fund (JS KSE-30)

1 Cumulative return is based as per MUFAP stated methodology.-60%

-40%

-20%

0%

20%

40%

May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11

JS KSE-30 Index Fund KSE-30 Index


Sep-11 Aug-11Cash 0.71 2.60T Bills 66.19 50.70TFCs / Sukkuks 31.61 32.28Other including receivables 1.49 14.42

Key information Total 100.00 100.00Fund type Open endCategory Income Fund Scheme TFCs/Sukuks allocation - Top Ten HoldingFund launch date 26 August, 2002Net Assets (PKR mn) 694.32NAV (PKR) 86.35Benchmark BM IF1

Management fee 1.50%Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Ernst & Young Ford Rhodes Sidat HyderRisk profile Low To MediumListing LSEFund stability rating A+(F) PACRA RatingLeverage NILAMC Rating AM2- (By JCR-VIS) Asset quality (%age of total assets)

Performance (%) Annualised performance 2

1M 6M 1Y 3Y LaunchFund 13.33 -4.28 4.83 2.38 10.28Benchmark 13.26 13.96 11.91 12.75 11.73Difference 0.06 -18.24 -7.08 -10.37 -1.45

Monthly performance (%) Annualised performance 2

FY12 FY11 FY10 FY09 FY08Jul 11.58 9.22 9.32 13.22 9.96Aug 22.81 18.44 10.48 11.26 9.58Sep 13.33 12.32 13.41 13.88 8.94Oct 14.29 37.73 14.68 10.09Nov 23.38 -0.12 -27.24 8.86 Statistical analysisDec 15.66 0.57 14.41 8.56 Fund BenchmarkJan 1.70 4.78 12.43 10.09 Standard Deviation 5.3% 1.2%Feb 15.43 11.66 15.08 8.43 Largest Month Gain 3.7% 1.2%Mar 17.44 -23.36 38.90 9.32 Largest Month Loss -10.3% 0.0%Apr 11.52 17.69 9.58 9.84 % Positive Months 90.9% 100.0%May -79.51 -72.06 15.35 9.58 Duration (Yr) 0.46Jun -1.28 -36.52 15.62 10.48 Weighted Avg. Maturity (Yr) 1.20YTD 16.14 3.95 -8.47 11.58 9.64Benchmark 13.47 10.02 9.94 14.23 10.61 Investment Committee MembersDifference 2.67 -6.07 -18.41 -2.65 -0.97 Mr. Rashid Mansur - Chief Executive Officer

Dr. Ali Akhtar Ali - Chief Investment OfficerNon Compliant Investments under Circular 07/2009 Mr. Suleman Lalani - Executive Director & CFO

Mr. Assad Hameed Khan, Head of BPDMr. Muhammad Salman Siddiqui, Head of Research & RMMs. Nazia Enam Siddiqui- Fund Manager

Azgard Nine Ltd. TFC 16,255,565 (16,255,565) - - - Azgard Nine Ltd.* PPTFCs 75,000,000 (75,000,000) - - - Agritech Limited Sukuk 59,580,585 (59,580,585) - - - Contact usDewan Cement Ltd TFC 50,000,000 (49,990,000) 10,000 - - JS Investments LimitedMaple leaf Cement Sukuk 7,419,344 7,419,344 1.07 1.06 Toll Free: 0800 - 00887

E-mail: [email protected]: www.jsil.com


*The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund.

Sep-11


Value after

provision

% of Net Assets

% of GrossAssets

Name of Investment

TypeValue before

provision

Provision held

(if any)

JS IF is an income fund that aims to preserve investor’s capital while providing a regularstream of current income on an annual basis which is higher than that offered bycommercial banks on deposits of a similar liquidity profile as this fund. The fund operates adiverse portfolio of investment-grade debt securities, government securities and moneymarket instruments. The fund may maintains liquidity in the form of spread transactions andbank deposits.

JS Income Fund reported an annualized return of 13.33% for the month of September2011 as compared to the annualized benchmark return of 13.26%, The Fund’s YTDannualized return was 16.14% as compared to the bench mark of 13.47% i.e 2.67%higher.

JS Income Fund (JS IF)

7.33%

4.88%

4.30%

4.05%

1.30%

1.04%

0.00%

8.69%

0% 2% 4% 6% 8% 10% 12% 14%

United Bank Ltd

Jahangir Siddiqui Co Ltd TFC-IV

Orix Leasing Pakistan

NIB Bank Ltd

Optimus Ltd

Jahangir Siddiqui Co Ltd - V

Maple Cement Ltd - Sukuks

Dewan Cement

AAA, 66.19%A, 4.30%

"<BBB", 1.04%

A+, 4.88%

AA, 8.69%

AA+, 12.68%

1 From Feb'11, the benchmark was changed from Average of most recent published 3-month deposit rates of top 3 scheduled Commercial Bank by deposit size to 60% 1Year PKRV Rate , 40% 6-M KIBOR Rate2 Annualized performance return is based as per MUFAP stated methodology.


Sep-11 Aug-11Cash 1.57 2.86TFCs / Sukkuks 64.74 67.07T Bills 26.71 24.18Other including receivables 6.98 5.89

Key informationFund type Open endCategory Aggressive Fixed Income Scheme Total 100.00 100.00Fund launch date 22 January, 2008Net Assets (PKR mn) 61.37NAV (PKR) 87.03 TFCs/Sukuks allocationBenchmark BM AIF1

Management fee 1.50%Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor M. Yousuf Adil Saleem & Co.Risk profile Medium Listing LSEFund stability rating BBB-(f)Leverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Annualised performance2 Asset quality (%age of total assets)1M 6M 1Y 3Y Launch

Fund 12.71 -8.03 -1.51 1.53 3.22Benchmark 13.26 13.96 11.91 12.75 13.72Difference -0.55 -22.00 -13.43 -11.22 -10.49

Monthly performance (%) Annualised performance2

FY12 FY11 FY10 FY09Jul 28.90 11.26 26.11 11.91Aug 13.55 10.63 -2.25 9.07Sep 12.71 33.28 6.67 13.75Oct -9.29 -31.52 14.41Nov 8.74 -5.54 -31.48Dec 51.31 -6.30 17.38 Statistical analysisJan -60.02 0.00 13.61 Fund BenchmarkFeb 29.14 10.37 15.08 Standard Deviation 9.1% 1.0%Mar 26.56 -31.12 14.81 Largest Month Gain 3.6% 1.2%Apr 33.08 12.73 12.43 Largest Month Loss -13.1% 0.0%May 31.61 -4.91 35.60 % Positive Months 76.1% 100.0%Jun -159.51 13.20 -18.87 Duration (Yr) 0.03YTD 18.71 -1.99 -2.72 7.72 Weighted Avg. Maturity (Yr) 0.38Benchmark 13.47 10.02 9.94 14.23Difference 5.24 -12.01 -12.67 -6.51 Investment Committee Members

Mr. Rashid Mansur - Chief Executive OfficerDetail of Non Compliant Investment Dr. Ali Akhtar Ali - Chief Investment Officer

Mr. Suleman Lalani - Executive Director & CFO Mr. Assad Hameed Khan, Head of BPDMr. Muhammad Salman Siddiqui, Head of Research & RMMs. Nazia Enam Siddiqui- Fund Manager

Contact usJS Investments LimitedToll Free: 0800 - 00887

Fund manager's review E-mail: [email protected]: www.jsil.com

Sep-11


JS AIF aims at generating current income on investments while maintaining theprospects of capital appreciation by investing in a diversified portfolio of money marketand fixed income instruments. The fund may aggressively adjust asset weightings totake advantage of directional macro and micro economic trends and may hold some oreven all of its assets in cash to either provide liquidity or for defensive purposes.

JS Aggressive Income Fund reported an annualized return of 12.71% for the month ofSeptember 2011 as compared to the annualized benchmark return of 13.26%,underperforming the benchmark by 0.55%. the YTD annualized return of JSAIF outperformed the bench mark by 5.24% by giving a return of 18.71%.

JS Aggressive Income Fund (JS AIF)

64.72%

0.02%0%

20%

40%

60%

80%

Optimus Ltd Dewan Cement

AAA, 64.74%

"<BBB", 0.02%A, 64.72%

1 From Feb'11, the benchmark was changed from Average of most recent published 3-month deposit rates of top 3 scheduled Commercial Bank by deposit size to 60% 1Year PKRV Rate , 40% 6-M KIBOR Rate2 Annualized performance return is based as per MUFAP stated methodology.

*Investmnent in optimus Ltd. Is more than ten percent of funds' net assets, as required nder Regulation 55(5)

Optimus Ltd* PPTFC 40,942,600 - 40,942,600 69.25 67.06

Dewan Cement Ltd TFC 50,000,000 49,990,000 10,000 0.02 0.02

Value after

provision

% of Net

Assets

% of GrossAssets

Name of Investment

TypeValue before

provision

Provision held

(if any)Optimus Ltd* PPTFC 40,942,600 - 40,942,600 66.72 64.72

Dewan Cement Ltd TFC 50,000,000 49,990,000 10,000 0.02 0.02

Value after

provision

% of Net

Assets

% of GrossAssets

Name of Investment

TypeValue before

provision

Provision held

(if any)



Cash 0.11 0.51 Placement with Banks and DFIs 13.21 11.92 T Bills 86.43 87.46 Other including receivables 0.25 0.11 Total 100.00 100.00

Key informationFund type Open endCategory Money Market Scheme Asset quality (%age of total assets)Fund launch date 29 March, 2010Net Assets (PKR mn) 1,504.44NAV (PKR) 101.47Benchmark BM CF1

Management fee 1.00%Front-end Load 1.00%Back-end Load NILPricing mechanism BackwardTrustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Ernst & Young Ford Rhodes Sidat HyderRisk profile Extremely LowListing LSEFund stability rating AA+(f) - (By JCR-VIS)Leverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Annualised performance2 Statistical analysis1M 6M 1Y Launch Fund Benchmark

Fund 11.85 12.35 12.55 12.18 Standard Deviation 0.8% 0.7%Benchmark 10.32 10.50 10.77 10.81 Largest Month Gain 1.1% 0.9%Difference 1.53 1.85 1.78 1.37 Largest Month Loss 0.0% 0.0%

% Positive Months 100.0% 100.0%Monthly performance (%) Annualised performance2 Duration (Days) 66

FY12 FY11 FY10 Weighted Avg. Maturity (Days) 66Jul 12.15 11.00 n/aAug 13.06 10.88 n/aSep 11.85 10.89 n/aOct 12.32 n/aNov 11.43 n/aDec 13.16 n/aJan 10.76 n/aFeb 12.31 n/aMar 12.32 n/a Investment Committee MembersApr 12.61 10.74 Mr. Rashid Mansur - Chief Executive OfficerMay 11.28 8.99 Dr. Ali Akhtar Ali - Chief Investment OfficerJun 11.31 10.40 Mr. Suleman Lalani - Executive Director & CFO YTD 12.49 12.01 9.90 Mr. Assad Hameed Khan, Head of BPDBenchmark 10.28 10.65 9.85 Mr. Muhammad Salman Siddiqui, Head of Research & RMDifference 2.21 1.36 0.05 Ms. Nazia Enam Siddiqui- Fund Manager

Fund manager's reviewContact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected]: www.jsil.com

Sep-11


JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in lowrisk short-term fixed income instruments including money market instruments toprovide a regular and reasonable return to investors while ensuring high liquidity. TheFund shall invest primarily in short duration instruments and may even hold some or allof its assets in cash for the purpose maintaining liquidity.

In the month of September 2011, the JS Cash Fund generated returns of 11.85% ascompared to the benchmark return of 10.32%, thereby outperforming the benchmarkby 1.53%.Annulized return of JSCF out performed the bench mark by 2.21% by givinga return of 12.49%.

JS Cash Fund (JS CF)

1 50% Average return of 3-months deposit rates of AA and above rated scheduled commercial Bank(s), and 50% average 3-months T-Bill rate.2 Annualised return is based as per MUFAP stated methodology.3 NR= Non Rated.

AAA, 86.43%

AA, 0.11%



Cash 0.20 0.47 Equity - - Placement with Banks and DFI 74.58 75.15 Other including receivables 25.22 24.38

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Sep-11 Aug-11Category Capital protected scheme NIL - - Fund launch date 24 April, 2009Net Assets (PKR mn) 1,018.62NAV (PKR) 120.11Benchmark 69% TDR Rate & 31% KSE-30 IndexManagement fee 1.75%Front-end Load 3.50% Total - - Back-end Load 5.00%Pricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd. Statistical analysisDealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Fund BenchmarkAuditor M. Yousuf Adil Saleem & Co. Beta 0.5 1.0Risk profile Low Standard Deviation 5.8% 6.2%Listing LSE Largest Month Gain 7.5% 5.0%Fund stability rating AA (CP) PACRA Rating Largest Month Loss -2.6% -2.9%Leverage NIL % Positive Months 93.3% 80.0%AMC Rating AM2- (By JCR-VIS)

Performance (%) Cumulative return1 Investment Committee Members1M 1Y 2Y 3Y Launch Mr. Rashid Mansur - Chief Executive Officer

Fund 0.88 11.86 26.37 n/a 37.60 Dr. Ali Akhtar Ali - CIO/Fund ManagerBenchmark 2.73 14.90 24.73 n/a 40.96 Mr. Suleman Lalani - Executive Director & CFO Difference -1.85 -3.04 1.64 n/a -3.36 Mr. Assad Hameed Khan, Head of BPD

Mr. Muhammad Salman Siddiqui, Head of Research & RMMonthly performance (%)

FY12 FY11 FY10Jul 0.83 7.52 1.19Aug 0.82 1.60 4.21Sep 0.88 1.52 1.54Oct 0.84 0.94Nov 0.91 0.99Dec 1.73 1.39Jan 0.91 0.90Feb 0.82 0.60Mar 0.90 1.30Apr 1.08 0.82May 0.65 -2.60Jun 0.90 -2.40YTD 2.55 20.98 9.06Benchmark 1.39 16.50 18.07Difference 1.16 4.48 -9.01


Sep-11


The Fund aims at protecting investor capital through the investment structure byplacing a significant percentage of the Fund as term deposit(s) with ScheduledCommercial Bank(s) having a minimum long term rating of “AA” or in other returnbased fixed income instruments issued by the Government of Pakistan. The remainingfunds are used to gain exposure into equity markets or any other SECP permissibleinvestment instruments that the Management Company feels would be appropriate tomaximize return through an aggressive asset allocation strategy.

The JS Principal Secure Fund I delivered a return of 0.88% in the month of September2011 as compared to the benchmark return of 2.73%, depicting an outperformance of1.85%. On YTD basis the fund provided an absolute return of 2.55% and overperforming the benchmark by 1.16.We believe the fund shall continue to show a similarperformance and provide a stable return to its investors in this period of turmoil.

JS Principal Secure Fund I (JS PSF - I)



Sep-11 Aug-11Cash 12.10 20.50 Equity 84.96 78.40 Other including receivables 2.94 1.10

Key information Total 100.00 100.00 Fund type Closed end Category Equity Fund Equity sector breakdown (%)Fund launch date 06 June, 2006 Sep-11 Aug-11Net Assets (PKR mn) 2,995.30 Chemicals 9.93 10.03 NAV (PKR) 10.48 Oil & Gas 26.03 21.49 Benchmark KSE30 Index Banks 10.29 7.46 Management fee 2.00% Industrial Transportation 6.89 7.66 Trustee MCB Financial Services Ltd Electricity 8.54 9.01 Auditor M. Yousuf Adil Saleem & Co. Others 23.27 22.76 Risk profile High Total 84.96 78.40 Listing KSE, LSE & ISELeverage NILAMC Rating AM2- (By JCR-VIS)

Top holding (%age of total assets)Pakistan Petroleum Ltd. 9.25

Performance (%) Cumulative return1 Pakistan Oilfields Ltd. 8.34 1M 1Y 2Y 3Y Launch Pakistan International Container Terminal Ltd. 6.89

Fund 5.12 19.52 1.14 0.28 -15.37 Pakistan Telecommunication Co. Ltd. 6.06 Benchmark 6.40 15.99 11.85 11.49 -7.87 Nishat Chunian Power Ltd. 5.85 Difference -1.28 3.53 -10.71 -11.21 -7.50 Engro Corporation Ltd. 4.92

Pakistan State Oil Co. Ltd. 4.91 United Bank Ltd. 4.40

Monthly performance (%) National Bank of Pakistan 4.07 FY12 FY11 FY10 FY09 FY08 Nishat Mills Ltd. 3.63

Jul -1.13 6.80 7.80 -15.66 -1.08Aug -5.05 -7.98 9.99 -16.20 -11.36Sep 5.12 2.96 7.41 0.00 8.83 Statistical analysisOct 2.45 -0.95 -0.60 5.30 Fund BenchmarkNov 6.24 -1.48 -0.17 0.32 Beta 0.8 1.0Dec 9.50 0.44 -35.17 -2.03 Standard Deviation 27.3% 33.0%Jan 1.43 -0.62 -7.05 0.98 Largest Month Gain 18.9% 25.2%Feb -6.08 -2.13 5.44 8.95 Largest Month Loss -35.2% -45.1%Mar 8.54 1.15 18.86 4.85 % Positive Months 54.7% 56.3%Apr -0.09 -0.19 0.68 -1.89May 1.98 -12.65 4.65 -15.26Jun -3.54 -0.54 -1.41 -0.42 Investment Committee MembersYTD -1.32 22.56 6.51 -45.02 -5.60 Mr. Rashid Mansur - Chief Executive OfficerBenchmark -3.16 21.24 26.22 -47.15 -15.70 Dr. Ali Akhtar Ali - CIO/Fund ManagerDifference 1.84 1.32 -19.71 2.14 10.10 Mr. Suleman Lalani - Executive Director & CFO

Mr. Assad Hameed Khan, Head of BPDMr. Muhammad Salman Siddiqui, Head of Research & RM



Sep-11


The main objective of JSGF is to enable the Certificate Holders to participate in adiversified portfolio of high quality equity securities listed on the stock exchanges andto maximize the investment return, by prudent investment management.

During the month of September 2011, the JS Growth Fund delivered a return of5.12% as compared to the benchmark return of 6.40%, thereby underperforming by1.28%. On YTD basis, the fund outperforms the benchmark by 1.84%. We expect thefund to outperform the market based on its careful stock selection in light of changingsectorial and market dynamics.

JS Growth Fund (JSGF)



Sep-11 Aug-119.25 8.24

90.13 91.02 0.62 0.74

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Closed end Sep-11 Aug-11Category Equity Fund Oil & Gas 26.26 26.69 Fund launch date 14 January, 1996 Chemicals 15.24 15.67 Net Assets (PKR mn) 1,189.19 Food Producers 12.03 13.23 NAV (PKR) 10.03 Non Life Insurance 8.86 9.45 Benchmark1 KSE30 Index Electricity 7.08 7.41 Management fee 2.00% Others 20.65 18.58 Custodian MCB Financial Services Ltd Total 90.13 91.02 Auditor M. Yousuf Adil Saleem & Co.Risk profile HighListing KSELeverage NILAMC Rating AM2- (By JCR-VIS) Top holding (%age of total assets)

Rafhan Maize Products Ltd. 9.80 Pakistan Petroleum Ltd. 9.16 Pakistan Oilfields Ltd. 9.12

Performance (%) Cumulative return2 IGI Insurance Ltd. 8.86 1M 1Y 2Y 3Y 5Y Fauji Fertilizer Co. Ltd. 7.12

Fund 4.09 25.62 -3.09 -26.61 4.89 ICI Pakistan Ltd. 3.93 Benchmark 6.40 15.99 11.85 11.49 -14.20 EFU Life Assurance Ltd. 3.48 Difference -2.31 9.63 -14.94 -38.10 19.09 Pakistan State Oil Co. Ltd. 3.36

Nishat (Chunian) Ltd. 3.33 Nishat Mills Ltd. 3.10

Monthly performance (%) Statistical analysisFY12 FY11 FY10 FY09 FY08 Fund Benchmark

Jul -0.10 7.08 7.85 -14.29 1.03 Beta 0.6 1.0Aug -3.25 -6.28 0.80 -11.57 -4.91 Standard Deviation 23.0% 31.7%Sep 4.09 0.47 6.61 0.06 5.85 Largest Month Gain 21.4% 25.2%Oct 8.20 -0.33 -0.06 6.28 Largest Month Loss -24.4% -45.1%Nov 7.58 -2.57 -0.12 3.21 % Positive Months 62.0% 60.0%Dec 6.14 -0.19 -23.64 12.69Jan 1.14 -1.21 -24.38 4.16 Investment Committee MembersFeb -4.31 -2.45 -0.22 5.89 Mr. Rashid Mansur - Chief Executive OfficerMar 6.27 -2.22 11.32 12.36 Dr. Ali Akhtar Ali - Chief Investment OfficerApr 1.66 0.99 2.74 0.71 Mr. Suleman Lalani - Executive Director & CFO May -0.57 -14.59 4.19 -15.51 Mr. Assad Hameed Khan, Head of BPDJun -2.77 -2.87 -4.66 4.09 Mr. Muhammad Salman Siddiqui, Head of Research & RMYTD 0.61 25.89 -11.32 -48.91 39.87 Mr. Zahid Ullah Khan - Fund Manager Benchmark -3.16 21.24 26.22 -47.15 -15.70Difference 3.77 4.65 -37.55 -1.75 55.56



Sep-11


CashEquityOther including receivables

The fund maintains a mix of equities and debt instruments. Earnings comprise ofcapital appreciation, dividend income, and interest income. The portfolio seeks capitalgrowth through investments in marketable securities with better-than-averageappreciation potential and liberal dividend policies. To benefit from rising interestrates, high levels of bank deposits are maintained.

During the month, the fund returned 4.09 percent and underperformed its benchmarkby 2.31 percent. YTD return of the fund stood at 0.61 percent, depicting an out-performance of 3.77 percent against the benchmark. As per its mandate, the fundmaintains significant medium to long term exposure in high dividend yielding valuestocks.

JS Value Fund Ltd. (JSVFL)

1 From July 2006, benchmark's equity portion switched from KSE-100 to KSE-30 index.2 Cumulative return is based as per MUFAP stated methodology.

Performance data and analytics Sep-11Investment philosophy Asset allocation (%)

Equity Sep-11 Aug-11Cash 8.75 6.06 Equity 90.66 92.60 Other including receivables 0.59 1.34

Total 100.00 100.00

Key information Debt Sep-11 Aug-11Fund type Open end Cash 0.93 2.34 Category Pension Savings Fund TFCs / Sukkuks 1.90 1.92 Fund launch date 26 June, 2007 T Bills 97.00 95.59 Benchmark n/a Other including receivables 0.17 0.15 Management fee 1.50% Total 100.00 100.00 Front-end Load 3.00%Back-end Load NIL Money Market Sep-11 Aug-11Pricing mechanism Forward Cash 1.65 0.47 Trustee Central Depository Company of Pakistan Ltd. T Bills 98.20 99.39 Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Other including receivables 0.15 0.14 Auditor KPMG Taseer Hadi and CompanyRisk profile Investor dependent Total 100.00 100.00 Leverage NILAMC Rating AM2- (By JCR-VIS)

Net Assets (PKR mn) Equity sector breakdown (%)JS - PSF-Equity Sub Fund 30.53 Sep-11 Aug-11JS - PSF-Debt Sub Fund 77.88 Chemicals 13.78 17.42 JS - PSF-Money Market Sub Fund 70.73 Banks 19.05 17.51

Oil & Gas 9.21 9.40 NAV (PKR) Automobile & Parts 9.19 8.89 JS - PSF-Equity Sub Fund 93.99 Construction & Materials 7.05 6.41 JS - PSF-Debt Sub Fund 149.46 Others 32.37 32.97 JS - PSF-Money Market Sub Fund 124.22 Total 90.66 92.60

Performance (%)1M 1Y 2Y 3Y Launch

JS - PSF-Equity Sub Fund 5.83 24.18 21.59 30.11 -6.00 Top holding (%age of total assets)JS - PSF-Debt Sub Fund 12.00 11.80 18.58 38.88 49.47 New Jubilee Life Insurance Co. Ltd. 4.95 JS - PSF-Money Market Fund 11.07 11.60 3.28 15.95 24.23 Baluchistan Wheels Ltd. 4.93

Bank Al - Habib Ltd. 4.92 Monthly performance (%) Annualised performance 2 The Hub Power Co. Ltd. 4.87

Meezan Bank Ltd. 4.79

FY12 FY11 FY12 FY11 FY12 FY11 Pakistan Telecommunication Co. Ltd. 4.78 Jul -1.73 6.88 9.66 9.32 10.23 9.77 Pakistan Petroleum Ltd. 4.76 Aug -4.66 -4.38 14.50 13.55 11.69 11.41 Attock Cement Pakistan Ltd. 4.76 Sep 5.83 0.52 12.00 8.80 11.07 9.25 MCB Bank Ltd. 4.75 Oct 4.37 9.95 9.31 Ghani Glass Ltd. 4.69 Nov 6.96 11.01 11.06Dec 6.58 10.82 10.92Jan 2.01 10.12 11.03 Investment Committee MembersFeb -3.73 12.15 11.64 Mr. Rashid Mansur - Chief Executive OfficerMar 5.44 11.96 11.64 Dr. Ali Akhtar Ali - CIO/Fund ManagerApr 1.95 11.38 11.29 Mr. Suleman Lalani - Executive Director & CFO May 0.13 10.25 11.12 Mr. Assad Hameed Khan, Head of BPDJun -0.42 10.84 11.38 Mr. Muhammad Salman Siddiqui, Head of Research & RMYTD -0.84 28.65 12.17 11.39 11.10 11.36

Fund manager's reviewContact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected]: www.jsil.com

Equity Debt Money market

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savingsand retirement income to individuals. JS PSF is a portable pension scheme allowingindividuals the flexibility of contributions and portfolio customization through allocationof such contributions among equity and fixed income investment avenues suited totheir specific needs and risk profile.

In the month of Sep 2011, JS Pension Savings Equity Sub Fund, Debt Sub Fund andMoney Market Sub Fund delivered returns of 5.83%, 12.00% p.a and 11.07% p.a.On YTD basis, the aforementioned funds delivered -0.84%, 12.17% p.a and 11.10%.This stock selection should reflect even stronger performance in the months to comeonce the stock market consolidates and regains its momentum

JS Pension Saving Fund (JS PSF)

Performance data and analytics Sep-11Investment philosophy Asset allocation (%)

Equity Sep-11 Aug-11Cash 6.45 4.38 Equity 92.89 94.51 Other including receivables 0.66 1.11

Total 100.00 100.00

Key information Debt Sep-11 Aug-11Fund type Open end Cash 8.31 8.35 Category Shariah Compliant Voluntary Pension Scheme IJARA Sukuk Bond 86.95 87.86 Fund launch date 16 June, 2008 Other including receivables 4.74 3.79 Benchmark n/aManagement fee 1.50% Total 100.00 100.00 Front-end Load 3.00%Back-end Load NIL Money Market Sep-11 Aug-11Pricing mechanism Forward Cash 48.97 44.94 Trustee Central Depository Company of Pakistan Ltd. IJARA Sukuk Bond 49.94 50.42 Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Other including receivables 1.09 4.64 Auditor KPMG Taseer Hadi and CompanyRisk profile Investor dependent Total 100.00 100.00 Leverage NILAMC Rating AM2- (By JCR-VIS)

Net Assets (PKR mn) Equity sector breakdown (%)JS - IPSF-Equity Sub Fund 40.86 Sep-11 Aug-11JS - IPSF-Debt Sub Fund 42.79 Chemicals 30.19 31.12 JS - IPSF-Money Market Sub Fund 38.12 Banks 26.16 26.10

Oil & Gas 8.58 8.35 NAV (PKR) Automobile & Parts 8.08 9.07 JS - IPSF-Equity Sub Fund 161.91 Construction & Materials 8.10 8.09 JS - IPSF-Debt Sub Fund 142.54 Others 11.79 11.78 JS - IPSF-Money Market Sub Fund 125.01 Total 92.89 94.51

Performance (%)1M 1Y 2Y 3Y Launch

JS - IPSF-Equity Sub Fund 5.82 42.68 39.43 72.08 61.23 Top holding (%age of total assets)JS - IPSF-Debt Sub Fund 14.95 13.68 23.76 39.27 41.94 Fauji Fertilizer Bin Qasim Ltd. 9.30 JS - IPSF-Money Market Sub F 11.99 8.80 15.16 22.15 24.49 Pakistan Oilfields Ltd. 8.98

Fauji Fertilizer Co. Ltd. 8.88 Monthly performance (%) Annualised performance 2 Pakistan Petroleum Ltd. 8.65

Meezan Bank Ltd. 8.58

FY12 FY11 FY12 FY11 FY12 FY11 The Hub Power Co. Ltd. 8.10 Jul 2.54 7.88 8.44 9.88 9.02 7.00 Rafhan Maize Products Ltd. 8.08 Aug -2.04 -3.05 27.20 15.65 13.76 9.03 ICI Pakistan Ltd. 7.97 Sep 5.82 0.23 14.95 11.26 11.99 6.92 Ghani Glass Ltd. 6.22 Oct 5.93 12.39 7.28 National Refinery Ltd. 5.82 Nov 8.64 12.29 8.00Dec 3.20 10.21 7.49Jan 5.38 21.61 7.84 Investment Committee MembersFeb -3.50 2.97 7.63 Mr. Rashid Mansur - Chief Executive OfficerMar 7.09 23.59 0.10 Dr. Ali Akhtar Ali - Chief Investment OfficerApr 4.48 15.39 10.36 Mr. Suleman Lalani - Executive Director & CFO May 0.29 -6.40 10.53 Mr. Assad Hameed Khan, Head of BPDJun -0.97 11.50 7.66 Mr. Muhammad Salman Siddiqui, Head of Research & RMYTD 6.30 40.70 17.10 12.39 11.70 7.74 Mr. Arslan Asif Soomro - Fund Manager


Equity Debt Money market

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and securesource of savings and retirement income to individuals according to the principles ofIslamic Shariah. JS IPSF is a portable pension scheme allowing individuals theflexibility of contributions and portfolio customization through allocation of suchcontributions among equity, fixed income and other Halal investment avenues suitedto their specific needs and risk profile.

In the month of Sep 2011, JS Islamic Pension Savings Equity Sub Fund, Debt SubFund and Money Market Sub Fund delivered returns of 5.82%, 14.95% p.a and11.99% p.a. On YTD basis, the aforementioned funds delivered 6.30%, 17.10% p.aand 11.70%. The Fund's composition is tilted towards investments avenues that offerhigher risk-adjusted returns to the valuable pension clients.

JS Islamic Pension Saving Fund (JS IPSF)

JS INVESTMENTS LIMITED Karachi 7th Floor, The Forum , Block 9, Clifton, Karachi, Pakistan UAN: 021 111 222 626 Lahore 1st Floor Plot # 4 Block R, MM Alam Road, Lahore, Pakistan UAN: 042 111 222 626 Islamabad Office # 413, 4th Floor, ISE Building, Jinnah Avenue Islamabad.

Tel: 051-2894423-6

CHANNEL PARTNERS Investments can also be made through branches of our following Channel Partners Standard Chartered Bank Toll free: 0800 66666 or UAN: 111 002 002 JS Bank UAN: 111 572 265 Barclays Bank PLC, Pakistan UAN: 111-225-587 MCB Bank Limited UAN: 111-000-622

For Further Information contact us

Toll Free: 0800 00887 E-mail: [email protected] Website: www.jsil.com

BRANCH DIRECTORY

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

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