Funds Performance Report - IGI Lifeigilife.com.pk/wp-content/uploads/2017/03/FMR... · average...

IGI Life Insurance Limited

IGI|Life

Funds Performance ReportFebruary 2017

July 2015

Source: SBP, PBS, Bloomberg

KSE 100KSE100 index posted a decrease of 0.5% M/M in Feb-17For the month of Feb-17, the benchmark KSE100 index was down by ~223 points (0.5%MoM), to close at 48,534 points. Average trading volumes of the market were recorded at 354mn shares, down by 20%MoM as compared to average 443mn shares registered in Jan-17. Political uncertanity emanating from panama leaks hearing, default of few brokers and SECP strict stance on in-house finacing hurt investors. However mutual funds and insurance companies continued to obsorb selling from individuals and foreign institutional investors.

The prime outperformers in the market during the month were Oil & Gas marketing and cements sectors, followed by Commercial Banks, Oil & Gas Exploration, Automobile Assemblers, Chemicals, Pharmaceuticals,Power Generation & Distribution sectors.

Key global and domestic news during the month- Federal Reserve will likely need to raise interest rates at an upcoming meeting, Fed Chair Janet Yellen.- The Supreme Court completed hearing on Panama Leaks case and reserved its verdict, which it maintained will be announced at a later date.- Pakistan Army launched 'Operation Radd-ul-Fasaad' across the country will aim at indiscriminately eliminating the "residual/latent threat of terrorism" from county to ensuring the security of Pakistan's borders.

Money Market Review and Outlook:Markets remain well-liquid, Yield curve moved up slightlyMoney market remained fairly liquid owing to regular OMO injections (6x) from SBP and market traded close to policy rate. Two T-Bills auction was conducted during the month with acceptance of PKR 752bn against participation of PKR 1,494bn. On PIBs front, auction was accepted by SBP against initial target of PKR 59bn and participation of PKR 115bns citing higher bids by participants. The cutoff yields for 3 and 6 months’ tenor instruments were 5.95% and 5.99% while PIBs cut-off yield for 3years and 5years were 6.38% and 6.90%, respectively.

Yield Curve

FUND MANAGER REPORT

For the month of February 2017

Macro Review and Outlook:

Equity Market Review and Outlook:

CPI InflationMonthly Inflation edged up on account of higher POL pricesFor the month of Feb-17, general inflation level as measured by CPI clocked in at +4.2%YoY compared to +3.7%YoY last year, up by 0.3%MoM. Increase in CPI was driven by food inflation (+3.1%YoY/0.3%MoM) and increase in Housing Rent (+4.8%YoY/0.0%MoM). Core inflation clocked in at +5.3%YoY (+0.2%MoM) compared to +4.5% (+0.2%MoM) in previous year. Going forward, we expect the CPI will increase due to government recent decision of increases in price for POL products. Exports remain shyPressure on external front remain intact, with current account deficit deteriorating to extend 7MFY17 deficit to USD 4.7bn compared to USD 2.5bn in 7MFY16. For Jan-17 month alone current account recorded a deficit of USD 1.2bn compared to a deficit of USD 1.0bn in Dec-16. Deterioration in current account deficit is mainly on the back of slowdown in export due to low international prices and demand, increase in capital goods import as investment cycle has upticked and increasing service defict owing to lack of Coalition Support Fund.

FX Reserves deterioratesCountry's foreign exchange reserves stand at USD 22.2bn by the end of Feb-17, down by USD ~1bn on account of external debt servicing.

Tax Collection slipsOn fiscal front, provisionally tax collection stood at PKR 1,910bn during 8MFY17 against a target of PKR 2,064bn, falling short by PKR 154bn.

External Account

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

3M 6M 1 YR 3YR 5YR 7YR 10YR

28-Feb-17 31-Jan-17 29-Feb-16

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Feb‐17 Jan‐17 MoM %

NAV per Unit (PKR) 330.1 331.5 ‐0.45%

Net Assets Value (PKR '000) 382,815 373,089 2.61%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Aggressive Fund ‐ IAF ‐0.45% 1.92% 10.97% 18.18% 39.53% 11.86% 14.44%

During the month the fund generated an

absolute return of ‐0.45% against its last

month absolute return of 2.37%.

Value of 100 Rupees invested 5 years ago

Fixed Income / Equity

IGI Aggressive Fund‐IAF


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by equity

with a proportion of fixed income & money market instruments.

FUND INFORMATION: RETURNS:

Note: Fund returns are gross of management fee.

High

Daily Forward Pricing

Monday to Friday

1.5%

25‐Apr‐08

ASSETS UNDER MANAGEMENT:

IGI Aggressive Fund ‐ IAF BID PRICE:

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:

Absolute Return Annualized Return

236.55246.25 253.83 259.76 266.25

277.51 279.30 284.13 282.12297.44

323.86 331.54 330.07

150.00

200.00

250.00

300.00

350.00

Feb‐16 Mar‐16 Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17

Cash47%TFC's /

Sukuk1%

T‐Bills1%

PIB's2%

Stock47%

DFI & Others2%

Cash7%

TFC's / Sukuk3%

T‐Bills4%

PIB's1%

Stock72%

DFI & Others5%

98

148

198

248

298

348

398

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 284.1 282.3 0.63%




IGI Balanced Fund ‐ IBF 0.63% 3.48% 9.06% 13.92% 27.07% 21.51% 12.52%


absolute return of 0.63% against its last




IGI Balanced Fund‐IBF


INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument.

This fund is suited for investors with moderate risk tolerance.



Moderate


Monday to Friday

1.5%

25‐Apr‐08


IGI Balanced Fund ‐ IBF BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash54%

TFC's / Sukuk1%

T‐Bills4%

TDR7% Stock

29%

DFI & Others5%

Cash15%

TFC's / Sukuk6%T‐Bills

7%

TDR15%Stock

44%

DFI & Others10%

98

118

138

158

178

198

218

238

258

278

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

223.58 229.29 233.57 237.43 241.22247.77 249.40 252.30 252.01

260.50274.56

282.34 284.11

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 195.7 195.3 0.22%

Net Assets Value (PKR '000) 582,068 582,934 ‐0.15%



IGI Conservative Fund ‐ ICF 0.22% 1.58% 2.87% 4.46% 7.52% 9.76% 7.88%





Fixed Income

IGI Conservative Fund ‐ ICF


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Conservative Fund ‐ ICF BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash62%

TFC's / Sukuk6%

T‐Bills2%

TDR10%

PIB's4%

DFI & Others8%Cash

19%

TFC's / Sukuk14%

T‐Bills9%

TDR22%PIB's

4%

Stock15%

DFI & Others17%

98

108

118

128

138

148

158

168

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

182.06 183.01 183.43 184.64 185.44 186.87 187.38 188.14 188.61 190.28192.71

195.31 195.75

150.00

160.00

170.00

180.00

190.00

200.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 143.3 143.0 0.27%




IGI Islamic Fund ‐ IIF 0.27% 0.85% 1.15% 2.52% 5.44% 5.27% 4.15%





Islamic Fixed Income

IGI Islamic Fund ‐ IIF


INVESTMENT OBJECTIVE:To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt

securities having good credit quality rating and liquidity.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Islamic Fund ‐ IIF BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash46%

TFC's / Sukuk18%

TDR34%

DFI & Others2%

Cash30%

TFC's / Sukuk31%

TDR37%

DFI & Others2%

80

90

100

110

120

130

140

150

160

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

135.94136.76 137.21

137.79138.41

139.13139.81

140.39141.06

141.71 142.12142.95 143.33

132.00

134.00

136.00

138.00

140.00

142.00

144.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 443.1 446.3 ‐0.71%




IGI FS Aggressive Fund ‐ IHA ‐0.71% 2.18% 11.17% 18.16% 40.53% 13.47% 23.64%






IGI FutureSecure Adventurous Fund‐ IHA


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed

income & money market instruments.



High


Monday to Friday

1.5%

25‐Feb‐10


IGI FutureSecure Aggressive Fund ‐ IHA BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash63%

TFC's / Sukuk1%

T‐Bills1%

PIB's1% Stock

32%

DFI & Others2%

Cash‐8%

TFC's / Sukuk3%

T‐Bills4%

TDR8%

PIB's1%

Stock72%

DFI & Others4%

95

145

195

245

295

345

395

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

315.30 328.30 338.19 346.08 356.48 372.48 375.01 381.22 378.52 398.59433.66 446.25 443.10

0.00

100.00

200.00

300.00

400.00

500.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 253.7 254.2 ‐0.22%




IGI FS Balanced Fund ‐ IHB ‐0.22% 2.02% 7.65% 12.40% 26.58% 12.52% 14.15%






IGI FutureSecure Balanced Fund‐ IHB


INVESTMENT OBJECTIVE:

The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook.



Moderate


Monday to Friday

1.5%

18‐Feb‐10


IGI FutureSecure Balanced Fund ‐ IHB BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash74%

T‐Bills3%

Stock22%

DFI & Others1%

Cash14%

TFC's / Sukuk6%

T‐Bills7%

TDR15%

PIB's3%

Stock45%

DFI & Others10%

95

115

135

155

175

195

215

235

255

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

200.41 206.14 210.20 213.90 217.97 224.32 225.68 228.20 227.98 235.63248.64 254.22 253.67

0.00

50.00

100.00

150.00

200.00

250.00

300.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 153.9 153.5 0.26%




IGI FS Cautious Fund ‐ IHC 0.26% 2.26% 3.75% 5.38% 8.27% 13.99% 6.39%





Fixed Income

IGI FutureSecure Cautious Fund‐ IHC


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Cautious Fund ‐ IHC BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash57%

TFC's / Sukuk7%

T‐Bills3%

TDR10%

PIB's4%

DFI & Others9%Cash

20%

TFC's / Sukuk14%

T‐Bills9%

TDR21%PIB's

4%

Stock15%

DFI & Others17%

95

105

115

125

135

145

155

165

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

142.13 142.94 143.07143.97 144.60

145.51 146.03 146.64 147.17148.31

150.48

153.49 153.88

135.00

140.00

145.00

150.00

155.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 193.2 192.4 0.41%



IGI FS Secure Fund ‐ IHS 0.41% 1.64% 1.75% 2.48% 7.74% 10.14% 9.93%





Govt. Securiities

IGI FutureSecure Fund‐ HIS



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Secure Fund ‐ IHS BID PRICE:



ASSET ALLOCATION:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash11%

PIB's89%

Cash11%

PIB's89%

95

105

115

125

135

145

155

165

175

185

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

179.35180.88 180.76

183.93

187.00188.24 188.55 188.93 189.31 189.91 190.11

192.45 193.23

170.00

175.00

180.00

185.00

190.00

195.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 175.4 174.9 0.30%




Sarmaya Pakistan Income ‐ SPI 0.30% 2.79% 3.24% 4.77% 7.07% 17.25% 8.87%





Fixed Income

IGI Sarmaya Pakistan Income Fund ‐ SPI


INVESTMENT OBJECTIVE:The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive

risk. The fund Is suited for investors with low risk tolerance.


Sarmaya Plus 1.5% / Sarmaya Premium 2.4%


Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Pakistan Income Fund ‐ SPI BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash33%

TFC's / Sukuk22%

T‐Bills5%

TDR14%

PIB's1%

DFI & Others25%

Cash35%

TFC's / Sukuk22%

T‐Bills4%

TDR11%

PIB's1%

DFI & Others28%

95

105

115

125

135

145

155

165

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

163.84 164.55 164.78 165.67 166.24 166.92 167.43 168.37 169.19 169.91 170.66

174.90 175.42

155.00

160.00

165.00

170.00

175.00

180.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 136.0 135.3 0.45%




Sarmaya United Growth ‐ SUG 0.45% 1.16% 1.48% 2.19% 9.82% 7.18% 4.78%





Fixed Income

IGI Sarmaya United Growth & Income Fund ‐ SUG


INVESTMENT OBJECTIVE:Invest in medium to long‐term fixed income instruments as well as short‐tenor money market instruments to generate superior, long‐term, risk‐adjusted

returns while preserving capital over the long‐term.




Moderate


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Growth Income Fund ‐ SUG BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash36%

TFC's / Sukuk15%

T‐Bills5%

PIB's24%

DFI & Others20%

Cash43%

TFC's / Sukuk15%

T‐Bills2%

PIB's17%

DFI & Others18%

75

85

95

105

115

125

135

145

155

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

123.80125.65 125.81

127.73129.04

132.92 133.04 133.31 133.26 133.97 134.40 135.34 135.96

115.00

120.00

125.00

130.00

135.00

140.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 394.0 400.3 ‐1.56%




Sarmaya Pakistan Stock ‐ SPS ‐1.56% 2.07% 10.50% 16.07% 48.77% 12.83% 25.31%





Equity

IGI Sarmaya Pakistan Stock Fund ‐ SPS


INVESTMENT OBJECTIVE:The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for

investors with medium to long term horizon and high risk tolerance.




High


Monday to Friday

03‐Feb‐11


IGI Sarmaya Pakistan Stock Fund ‐ SPS BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash85%

T‐Bills1%

Stock14%

Cash13%

T‐Bills5%

Stock79%

100

150

200

250

300

350

400

450

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

264.84 278.67 292.11 307.50 313.41333.72 339.45 340.13 339.21 356.57

386.00 400.27 394.01

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

450.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 449.2 451.5 ‐0.51%




Sarmaya United Stock ‐ SUS ‐0.51% 0.36% 5.67% 12.64% 40.54% 2.22% 25.67%





Equity

IGI Sarmaya United Stock Fund ‐ SUS


INVESTMENT OBJECTIVE:The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term

capital gains and dividend yield potential.




High


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Stock Fund ‐ SUS BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash84%

Stock16%

Cash20%

Stock79%

DFI & Others1%

95

145

195

245

295

345

395

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

319.61 336.17 348.59 356.46 375.68399.79 398.77 405.77 397.35

425.09447.59 451.47 449.19

0.00

100.00

200.00

300.00

400.00

500.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 234.0 233.2 0.35%

Net Assets Value (PKR '000) 6,061,684 6,538,648 ‐7.29%


IGI Sarmaya Secure ‐ SSE 0.35% 1.66% 1.75% 2.74% 7.21% 10.29% 13.72%





Govt. Securiities

IGI Sarmaya Secure Fund ‐ SSE



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.




Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Secure Fund ‐ SSE BID PRICE:



ASSET ALLOCATION:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash5%

PIB's95%

Cash6%

PIB's94%

100

120

140

160

180

200

220

240

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

218.29219.98 220.16

223.03225.83

227.41 227.79 228.58 229.17 230.00 230.20233.20 234.03

210.00

215.00

220.00

225.00

230.00

235.00

240.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 136.9 136.5 0.29%




Sarmaya United Money ‐ SUI 0.29% 0.93% 1.31% 2.52% 5.09% 5.73% 7.04%




Value of 100 Rupees invested since inception

Fixed Income

IGI Sarmaya United Money Market Fund ‐ SUI


INVESTMENT OBJECTIVE:The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy

liquidity to its investors by investing more than 50% of the portfolio in short term government securities




Low


Monday to Friday

19‐Jul‐12


IGI Sarmaya United Money Market Fund ‐ SUI BID PRICE:



ASSET ALLOCATION *:

Feb‐17 Jan‐17

FUND PERFORMANCE:


Cash86%

T‐Bills10%

DFI & Others4%

Cash62.51%

T‐Bills29.11%

DFI & Others8.38%

100

102

104

106

108

110

112

114

116

118

120

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

130.27 130.77 131.21131.82

132.36132.95

133.54134.09

134.61135.14

135.65136.51 136.90

126.00

128.00

130.00

132.00

134.00

136.00

138.00


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