Market Review - JS Investments · Market Review April 2017 ... by PACRA Investment Committee...

Market Review April 2017

ECONOMY Headline Inflation during the month of April 2017 stood at 4.8%YoY compared to 4.9%YoY recorded in March 2017, higher than street consensus. On a MoM basis CPI recorded an increase of 1.40%. The sequential rise was largely attributable to food inflation, up by 10% MoM, while education and house rent index recorded 6.5% and 1.5% MoM rise. State Bank of Pakistan reported 1%YoY decline in foreign remittances during March 2017 to clock in at USD 1,694mn compared to USD 1,711mn last year. This translates to a 2.3%YoY drop in remittances during 9MFY17 compared to the same period last year. In March 2017, foreign reserves saw an outflow of USD 567mn to stand at USD 21.0bn, a drop of 2.6% owing to continued payments on account of external debt servicing and import payments. Current account deficit (CAD) for 9MFY17 clocked in at USD 6,130mn scaling up by USD 3,779mn against a deficit of USD 2,351mn in the same period last year. This was attributable to import bill ballooning (up 14.2% YoY) on the back of import of machinery and higher energy bill while exports saw a decline of 1.4% YoY on the back of suppressed commodity prices in the international market. Weakened remittances (down 2.3% YoY) also contributed to bleak current account position. Going forward, unprecedented change in global political scenario would play important role in determining worldwide economic landscape. Multilateral agencies have instilled faith in the country’s progress however flags have been raised on account of worsening CAD while overall economic growth is projected to stand over 5% during the year, higher than previous year’s GDP growth at 4.7%. MONEY MARKET REVIEW In April, SBP borrowed funds worth PKR 643.18bn in the two T-bill auctions against the month target of 550bn while maturity of PKR 527.09bn and the bidding pattern skewed towards 3 month T- bill. In the first auction, SBP borrowed PKR 267.16bn against the target of PKR 250bn and maturity was PKR 227.40bn having cut-off at 5.9910% for 3 month while rejected the bids for 6 and 12 month respectively and in the second auction borrowed amount was PKR 376.02bn against the maturity of PKR 299.69bn and target of PKR 300bn having cut-off at 5.9910%, 6.0109% and 6.0273% for 3, 6 and 12 month respectively Furthermore, SBP rejected the auction while the market participation was PKR 30.85bn less than the target amount of PKR 50bn. Going forward the worsening current account deficit with rising challenges of external sector and possible reversal of inflation trajectory provide little room for downward adjustment of policy rate. EQUITY MARKET REVIEW Trumping over a turbulent month, the market rose by 1.5%MoM in April’17 as participants took respite from political noise on the back of a the decision of the apex court on the Panama Case against the Premier of the country. Average daily volume decreased by 2% MoM to clock in at 241mn shares, whereas average daily traded value was up to USD 124mn (up 9%MoM). During Apr’17, FIPI depicted an outflow of USD 36mn vs. USD 23mn in the previous month. Local individuals also emerged as net sellers with USD 53mn outflow. The liquidity was absorbed by domestic mutual funds emerging as net buyers worth USD 108mn. Peeking into sectors, Autos (+20.3%), Utilities (+11.8%) and Pharma (+5.3%), outperformed the index while Fertilizers (-5.6%), Power (-1.8%) and Food (-0.5%) underperformed the benchmark.

Monthly YoY Inflation

0.0%

4.0%

8.0%

12.0%

16.0%

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Dec

-13

Apr

-14

Aug

-14

Dec

-14

Apr

-15

Aug

-15

Dec

-15

Apr

-16

Aug

-16

Dec

-16

Apr

-17

Interbank rates KIBOR (Average) Apr ’17 vs. Mar ’17

6.28

6.14

6.16 6.

43

6.47 6.

56 6.70

6.26

6.08 6.13 6.

40

6.41 6.

54 6.68

5.50

6.00

6.50

7.00

7.50

8.00

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

April '17 March '17

Market activity Daily volume vs. KSE-30 movement

23,500 24,000 24,500 25,000 25,500 26,000 26,500 27,000

-20 40 60 80

100 120 140 160

3-Ap

r

7-Ap

r

13-A

pr

19-A

pr

25-A

pr

Shrs in mnVolume (L.H.S) KSE-30 (R.H.S)

Unit Trust of Pakistan (UTP) April 2017

MUFAP Recommended Format

Investment philosophy UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income. Key information Fund type Open endCategory Balanced SchemeFund launch date 27 October, 1997Net Assets (PKR mn) 1,742.23NAV (PKR) 198.16Benchmark BM #Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%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 KPMG Taseer Hadi & Co.Risk profile MediumListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO / Fund ManagerMr. Khawar Iqbal - CFO Mr. Yousuf Muhammad Farooq - Head of ResearchMr. Syed Ali Turab Alvi-CSO

Fund manager's review For the month of April, 2017, your fund returned 3.22 percent, taking your YTD return to 27.71 percent. The benchmark of your fund returned 1.41 percent and 16.40 percent for these durations, respectively.

Major equity allocation of your fund remained centered around cements, commercial banks, cable and electrical goods, and oil and gas exploration sectors. A significant portion of the equity portfolio also comprises selected companies where your fund manager and our research analysts anticipate significant value.

It is very difficult to form any material view on the direcion of the stock market or of our selected stocks in the short run. We also believe that commenting on the short term market movements or briefing our unit holders on what has already happened is of no value. The real value comes from thorough fundamentals research, a commitment to wait out till the future unfolds, and then repeat this process over. We believe that there is no value either in trading or booking meager gains. We try to keep trading costs to a minimum and participate only when we see a value in doing so. We believe that our unit holders are long term investors and that we are in the business of managing your investments over the same period.

Non Compliant Investments under Circular 07/2009 Name ofInvestment Type Value before

provision

Provision held

(if any)

Value after provision

% of Net Assets

% of Gross Assets

Agritech Ltd. Sukuks 112,298,115 112,298,115 - 0.00 0.00Azgard Nine Ltd.a PPTFC 31,980,766 (31,980,766) - 0.00 0.00Agritech Ltd.b PPTFC - - - 0.00 0.00Azgard Nine Ltd.c PPTFC - - - 0.00 0.00

(a) 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. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000. # Effective from 01-Sep ‘16: Rate of return of KSE-30 Index and six (6) month KIBOR, for any period of return, on the basis of actual proportions of the portfolio. Previously 50% 6M KIBOR & 50% KSE 30 Index.

Cumulative return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y 5Y Launch Avg. Ann.*

Fund 3.22 30.31 54.79 167.45 2061.10 17.05Benchmark 1.41 21.21 32.37 88.62 1013.99 13.14Difference 1.81 9.10 22.42 78.83 1047.11 3.91

* Average Annualized Return since inception as per Morning Star formula

Monthly performance (%) FY17 FY16 FY15 FY14 FY13

July 3.34 2.89 2.42 5.47 3.57August 1.82 -0.90 -6.41 -5.57 5.07September 3.28 -4.24 3.76 -0.66 -0.06October -2.91 5.66 3.43 2.44 1.64November 5.75 -2.36 5.31 6.40 4.01December 6.69 2.10 3.88 4.53 1.89January 3.26 0.99 4.50 1.18 2.37February 0.09 -4.01 -1.95 -0.19 4.73March 0.54 2.85 -8.59 4.49 1.70April 3.22 2.25 8.55 4.07 1.64May 1.84 -2.10 1.18 9.46June 0.20 1.35 -1.36 -0.08YTD 27.71 6.98 13.52 23.56 42.01Benchmark 16.40 3.84 7.85 18.21 22.77Difference 11.31 3.14 5.67 5.35 19.24

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. Asset allocation (%)

Apr-17 Mar-17Cash 22.75 11.00 Placement with Banks and DFIs - - Equity 68.22 65.43 TFCs / Sukkuks 7.50 15.18 PIBs - - T Bills - - MTS / Spread Transactions 0.12 1.28 Other including receivables 1.41 7.12 Total 100.00 100.00

Asset quality (%age of total assets)

AA22.16%

AA+0.05%

A+0.54%

* Govt. securities (0.00%)

Equity sector breakdown (%) Apr-17 Mar-17

Cement 12.63 12.88 Cable & Electrical Goods 9.81 6.69 Commercial Banks 9.33 10.43 Textile Composite 4.58 5.02 Oil & Gas Exploration Companies 4.03 0.89 Others 27.83 29.52 Total 68.22 65.43

Top holding (%age of total assets) Pak Elektron Ltd. 8.07 D. G. Khan Cement Co. Ltd. 6.65 Nishat Mills Ltd. 4.58 Century Paper & Board Mills Ltd. 3.81 Thatta Cement Co. Ltd. 3.61 Synthetic Products Enterprises Ltd. 3.53 Kot Addu Power Co. Ltd. 3.46 Pakistan State Oil Co. Ltd. 3.42 Pakistan National Shipping Corporation Ltd. 3.36 Mari Petroleum Co. Ltd. 3.14

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 10,186,214/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.16/0.58%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

Statistical analysis Fund Fund BM

Information Ratio 0.23 Beta 0.5 1.0Correlation 0.74 Largest Month Gain 14.0% 19.3%Standard Deviation 14.5% Largest Month Loss -24.0% -33.8%Expense Ratio* 3.26% % Positive Months 72.8% 65.5%

* For FY17

EQU

ITY

SCH

EME

JS Growth Fund (JS GF) April 2017


Investment philosophy

The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management. Key information Fund type Open endCategory Equity SchemeFund launch date 06 June, 2006 *Net Assets (PKR mn) 2,910.82NAV (PKR) 240.29Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Grant Thorton Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi-CSOMr. Zahid Ullah Khan - CIO / Fund Manager Mr. Yousuf Muhammad Farooq - Head of ResearchMr. Khawar Iqbal - CFO

Fund manager's review Your fund returned 2.78 percent during the month of April 2017 and on YTD basis, your fund returned 45.58 percent. In comparison, the benchmark portfolio returned 2.04 percent for the month and 25.38 percent for the YTD period. Commercial banks, insurance, cements, cable & electric goods, and sugar and allied formed a major portion of your fund's portfolio. Several other selected stocks from other sector are also part of your portfolio.





July 3.46 3.44 2.92 11.41 3.80August 3.45 -2.40 -9.21 -8.85 5.36September 3.02 -6.80 4.22 0.45 -0.71October 0.94 6.53 1.46 1.83 2.34November 10.55 -4.82 3.53 15.14 6.32December 9.87 3.81 8.28 4.63 1.24January 7.16 -0.79 8.17 1.43 2.12February -1.51 -4.46 -5.12 0.06 7.11March -0.73 4.74 -11.16 6.43 2.25April 2.78 3.49 11.54 3.18 3.00May 1.02 -2.67 1.78 14.87June 1.06 2.53 -1.28 -0.87YTD 45.58 3.88 12.42 40.12 56.91Benchmark 25.38 0.37 5.67 25.96 35.95Difference 20.20 3.51 6.75 14.16 20.96


Apr-17 Mar-17Cash 10.62 9.56Equity 88.24 88.97Other including receivables 1.14 1.47Total 100.00 100.00 Equity sector breakdown (%)

Apr-17 Mar-17Commercial Banks 16.17 16.96Insurance 14.97 15.66Cement 8.69 9.20Cable & Electrical Goods 8.32 5.79Sugar & Allied Industries 8.23 8.36Others 31.85 33.00Total 88.24 88.97 Top holding (%age of total assets) Adamjee Insurance Co. Ltd. 7.55IGI Insurance Ltd. 7.42Pak Elektron Ltd. 7.43Shahtaj Sugar Mills Ltd. 7.24D. G. Khan Cement Co. Ltd. 6.49MCB Bank Ltd. 5.16United Bank Ltd. 4.63Pakistan State Oil Co. Ltd. 4.59Nishat Mills Ltd. 3.70Rafhan Maize Products Ltd. 3.13 Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 22,246,740/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.84/0.76%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 19 July, 2013.

Cumulative return is based as per MUFAP stated methodology.



*For FY17

JS Value Fund (JS VF) April 2017



The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in listed equity securities with better-than-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in cash and near cash instruments (excluding TDR) which may include Government securities not exceeding ninety (90) days maturity. Key information Fund type Open endCategory Equity SchemeFund launch date 14 January, 1996 *Net Assets (PKR mn) 1,364.00NAV (PKR) 269.74Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIO / Fund ManagerMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi-CSOMr. Yousuf Muhammad Farooq - Head of Research Fund manager's review Your fund returned 3.38 percent over the month of April and has attained a YTD return of 33.01 percent. In comparison, the benchmark of your fund returned 2.04 percent and 25.38 percent over the same periods, respectively. Cements, commercial banks, cable and electrical goods, and oil and gas explorations sectors were the major plays in your fund's portfolio. Besides these, a significant portion of your fund is invested in selected stocks from several other sectors. Your fund was approximately 90 percent invested towards the end of the month.

Performance (%) 1M 1Y 3Y 5Y 10Y Avg. Ann.*


* Average Annualized Return since last ten year as per Morning Star formula Monthly performance (%)

FY17 FY16 FY15 FY14 FY13July 2.99 5.69 2.04 8.16 3.57August 3.04 -2.69 -6.80 -7.20 5.88September 2.65 -5.87 4.69 -0.82 1.11October -1.84 7.55 1.33 3.02 4.23November 6.48 -3.25 2.17 12.94 4.98December 11.35 4.21 5.83 4.30 1.86January 3.18 0.09 6.26 0.57 1.37February -0.75 -5.23 -2.35 0.73 7.90March -0.90 5.88 -10.97 6.46 2.58April 3.38 3.44 10.44 2.87 3.74May 1.74 -3.52 2.13 14.40June 2.49 2.16 -1.00 -0.16YTD 33.01 13.72 9.72 35.52 64.30Benchmark 25.38 0.37 5.67 25.96 35.95Difference 7.63 13.35 4.05 9.56 28.35



Apr-17 Mar-17Cement 18.58 18.73Commercial Banks 12.79 13.04Cable & Electrical Goods 9.35 6.31Oil & Gas Exploration Companies 7.63 2.81Sugar & Allied Industries 6.15 6.52Others 35.89 38.71Total 90.38 86.12 Top holding (%age of total assets) Pak Elektron Ltd. 7.93D. G. Khan Cement Co. Ltd. 7.31Al-Abbas Sugar Mills Ltd. 6.15Pakistan State Oil Co. Ltd. 5.06Mari Petroleum Co. Ltd. 4.82Thatta Cement Co. Ltd. 4.65Nishat Mills Ltd. 4.27United Bank Ltd. 3.98Pakistan National Shipping Corporation Ltd. 3.94Kot Addu Power Co. Ltd. 3.28 Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 9,999,639/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.98/0.73%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

* Converted into open end scheme on 27 June, 2013. Cumulative return is based as per MUFAP stated methodology.



*For FY17

EQU

ITY

SCH

EME

JS Large Cap. Fund (JS LCF) April 2017



JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity.

Key information Fund type Open endCategory Equity SchemeFund launch date 14 May, 2004 *Net Assets (PKR mn) 926.55NAV (PKR) 162.34Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%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 Deloitte Yousuf Adil Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi-CSOMr. Zahid Ullah Khan - CIO Mr. Yousuf Muhammad Farooq - Head of ResearchMr. Khawar Iqbal - CFO Mr. Syed Sanakhawan - Fund Manager

Fund manager's review Your fund returned 5.35 percent during the month and 47.31 percent on YTD basis. In comparison, the benchmark index returned 2.04 percent and 25.38 percent, respectively. Major equity allocation of your fund remained centered around cements, electrical goods, automobiles, and oil and gas marketing sectors. The portfolio is positioned in a manner that your fund manager believes is suited for a broad based uptick in economic activity led CPEC related projects. It is pertinent to note that it is very difficult to form any material view on the direction of the stock market or on our selected stocks in the short run. We also believe that commenting on the short term market movements is of limited value. The real value comes from thorough fundamentals research and diligent process of evaluating discrepancy between price and value. We try to keep trading costs to a minimum and participate only when we see a value in doing so. We believe that our unit holders are long term investors and that we are in the business of managing your investments over the same period. We remain highly convinced on the equity market’s performance for the upcoming quarters and remain invested in the undervalued scrips and believe the out-performance will be delivered to our investors on a consistent basis. Statistical analysis

Fund Fund BMInformation Ratio 0.21 Beta 0.7 1.0Correlation 0.66 Largest Month Gain 14.7% 25.2%Standard Deviation 22.2% Largest Month Loss -30.8% -45.0%Expense Ratio* 3.51% % Positive Months 61.5% 61.5% *For FY17





July 6.71 6.07 3.43 12.94 4.07August 2.91 -3.30 -10.37 -8.41 4.39September 5.10 -7.28 8.70 -1.23 -1.16October -2.91 7.83 6.87 3.16 1.89November 9.81 -5.91 7.34 12.98 6.40December 8.99 4.67 9.16 5.55 1.40January 6.12 -0.49 8.86 4.48 2.87February -1.70 -5.33 -3.83 -6.70 7.98March -0.04 6.35 -9.81 8.30 3.96April 5.35 2.23 12.66 3.63 0.66May -0.21 -3.00 3.40 12.08June 1.50 1.18 -1.79 0.52YTD 47.31 4.77 31.74 39.64 54.57Benchmark 25.38 0.37 5.67 25.96 35.95Difference 21.93 4.40 26.07 13.68 18.62



Apr-17 Mar-17Cement 15.20 15.50Cable & Electrical Goods 9.06 6.52Automobile Assembler 8.58 7.99Oil & Gas Marketing Companies 8.08 8.55Commercial Banks 6.36 6.90Others 40.82 45.93Total 88.09 91.38 Top holding (%age of total assets) D. G. Khan Cement Co. Ltd. 8.11Pak Elektron Ltd. 7.23Pakistan State Oil Co. Ltd. 5.00Agriautos Industries Ltd. 4.70Mari Petroleum Co. Ltd. 4.58Thal Ltd. 4.46Pak Suzuki Motor Co. Ltd. 4.38HinoPak Motors Ltd. 4.20Century Paper & Board Mills Ltd. 3.96Kohat Cement Ltd. 3.84

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 7,094,438/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.24/0.77%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 26 September, 2010.

JS Islamic Fund (JS ISF) April 2017



JS Islamic Fund [JS ISF] aims to grow investor’s capital in the long term in adherence with 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 the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance.

Key information Fund type Open endCategory Shariah Compliant Islamic - Equity SchemeFund launch date 27 December, 2002Net Assets (PKR mn) 1,718.50NAV (PKR) 157.28Benchmark KMI-30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%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 A. F. Ferguson & Co.Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) LimitedRisk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIO / Fund ManagerMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi-CSOMr. Yousuf Muhammad Farooq - Head of Research

Fund manager's review During the month of April 2017, your fund returned 6.12 percent, while on YTD basis your fund returned 52.60 percent. The benchmark index returned 3.23 percent and 27.67 percent for these durations, respectively. Your fund maintained an average investment level of 82.73 percent towards the end of the month. Your fund was primarily invested in cement, cable and electrical goods, oil and gas marketing, auto assembler and automobile parts and accessories sectors. Besides, your fund also carry selected exposures in other sectors.

Performance (%)

1M 1Y 3Y 5Y Launch Avg. Ann.*Fund 6.12 59.04 134.31 390.47 1147.13 19.22Benchmark 3.23 39.54 83.25 248.67 845.09 16.94Difference 2.89 19.50 51.06 141.80 302.04 2.28



July 9.76 2.96 3.79 15.35 3.24August 1.98 -4.33 -11.70 -11.98 6.71September 7.51 -6.10 9.19 1.59 0.11October -2.04 5.97 8.71 1.02 -0.36November 10.44 -5.64 7.98 10.07 1.40December 8.12 4.56 8.68 4.84 1.89January 3.13 0.54 7.41 5.64 3.05February -1.21 -5.20 -1.86 -3.33 7.08March 0.27 7.66 -10.57 7.37 2.83April 6.12 2.37 13.79 3.46 2.07May 1.85 -1.15 0.81 11.39June 2.33 5.55 0.67 -0.64YTD 52.60 5.88 42.90 38.43 45.51Benchmark 27.67 15.53 20.10 29.89 54.41Difference 24.93 -9.65 22.80 8.54 -8.90



Apr-17 Mar-17Cement 19.24 22.48Cable & Electrical Goods 9.39 6.72Oil & Gas Marketing Companies 7.62 9.26Automobile Assembler 6.65 7.10Automobile Parts & Accessories 5.13 4.12Others 34.69 38.73Total 82.73 88.40 Top holding (%age of total assets) D. G. Khan Cement Co. Ltd. 9.18Pak Elektron Ltd. 7.48Pakistan State Oil Co. Ltd. 5.56Agriautos Industries Ltd. 5.13Mari Petroleum Co. Ltd. 4.77Nishat Mills Ltd. 4.50Kot Addu Power Co. Ltd. 3.62Pak Suzuki Motor Co. Ltd. 3.40Thatta Cement Co. Ltd. 3.33Thal Ltd. 3.26 Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 13,212,369/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.21/0.77%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology.



*For FY17

JS Fund of Funds (JS FoF) April 2017



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

Key information Fund type Open endCategory Fund of Fund SchemeFund launch date 31 October, 2005Net Assets (PKR mn) 645.88NAV (PKR) 62.06Benchmark BM FOF#

Management fee 1.00% (Exclusive of SST & FED)Front-end Load 3.00%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 KPMG Taseer Hadi & Co.Risk profile MediumListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIO / Fund ManagerMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi-CSOMr. Yousuf Muhammad Farooq - Head of Research Fund manager's review During April 2017, your fund returned 3.95 percent while the benchmark index returned 2.27 percent. In comparison, the YTD return of your fund stood at 25.15 percent versus the benchmark return of 21.26 percent. Your portfolio of funds slightly changed during the month as your fund manager reduced exposure towards the fixed income category. As always, your fund manager strives to keep your portfolio concentrated towards the best performing funds in the industry and takes a rather long term outlook on the skill of the investee fund managers. Statistical analysis

Fund Fund BMInformation Ratio 0.12 Beta 0.9 1.0Correlation 0.81 Largest Month Gain 13.6% 11.0%Standard Deviation 15.9% Largest Month Loss -13.7% -25.1%Expense Ratio* 1.60% % Positive Months 67.6% 69.1%

*For FY17



* Average Annualized Return since inception as per Morning Star formula Monthly performance (%)

FY17 FY16 FY15 FY14 FY13July 1.09 2.66 4.88 13.60 0.36August 0.94 -2.28 -7.37 -8.62 3.11September 2.85 -6.25 3.52 6.78 -0.38October -3.09 5.78 2.93 -0.05 1.52November 5.77 -2.97 4.47 7.87 3.20December 8.27 3.78 5.34 4.63 1.07January 4.48 -1.11 5.35 3.32 2.31February -0.28 -3.30 -0.95 -2.52 4.35March -0.78 6.21 -7.01 5.38 1.20April 3.95 3.63 10.03 4.43 2.59May 3.71 -1.97 1.77 11.12June -0.24 1.01 -0.67 -10.01YTD 25.15 9.08 20.44 40.09 21.01Benchmark 21.26 3.98 21.16 19.79 26.91Difference 3.89 5.10 -0.72 20.30 -5.90


Apr-17 Mar-17Open-end 95.80 93.23 Close-end - - T Bills - - Cash 4.14 6.68 Other including receivables 0.06 0.10 Total 100.00 100.00 Top holding (%age of total assets) JS Large Cap. Fund 32.17JS Islamic Fund 14.44National Investment Trust 10.68Atlas Stock Market Fund 10.64NAFA Stock Fund 10.64ABL Stock Fund 10.60JS Growth Fund 6.63

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2,858,177/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.27/0.44%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology. # 'Weighted Average of "Three (3) months PKRV rates", "Six (6) months KIBOR rates" and "KSE-100 Index", on the basis of actual investment in money market, income and equity schemes '. "

JS Cash Fund (JS CF) April 2017



JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity. Key information Fund type Open endCategory Money Market SchemeFund launch date 29 March, 2010Net Assets (PKR mn) 429.47NAV (PKR) 107.49Benchmark BM CF1

Management fee 0.50% (Exclusive of SST & FED)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 KPMG Taseer Hadi & Co.Risk profile Extremely LowListing PSXFund stability rating (JCR-VIS) AA+ (f)Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi-CSOMr Asim Ilyas - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Fund manager's review JS Cash Fund reported an annualized return of 4.43% for the month of April 2017, as compared to the annualized benchmark return of 5.28%, underperforming by 85basis points.The fund outperforming its benchmark by 55basis points in FYTD having return of 5.81% as compared to annualized benchmark return of 5.26%. During the month, fund manager decreased exposure towards T-bills and continue to negotiate for better bank rates.

Performance (%) Annualized performance2 1M 1Y 3Y 5Y Launch

Fund 4.43 5.74 7.64 9.09 11.75Benchmark 5.28 5.25 7.05 8.74 10.81Difference -0.85 0.49 0.59 0.35 0.94 Monthly performance (%) Annualized performance2

FY17 FY16 FY15 FY14 FY13July 5.51 5.87 8.62 7.28 10.42August 5.37 5.72 8.69 7.24 13.78September 5.06 6.94 8.68 5.83 8.35October 4.99 5.66 9.05 7.27 9.77November 4.90 4.54 9.34 7.65 7.65December 5.28 5.61 8.33 8.04 7.97January 10.85 5.70 10.03 8.06 7.72February 4.91 5.47 7.62 8.17 7.10March 5.41 5.54 7.17 8.86 7.79April 4.43 5.35 8.93 8.88 8.29May 5.38 6.65 8.91 8.17June 4.95 14.10 8.84 7.70YTD 5.81 5.71 9.30 8.21 9.11Benchmark 5.26 5.74 8.20 8.73 8.98Difference 0.55 -0.03 1.10 -0.52 0.13


Apr-17 Mar-17Cash 29.58 17.34 Placement with Banks and DFIs - - T Bills 70.29 82.52 Other including receivables 0.13 0.15 Total 100.00 100.00 Asset quality (%age of total assets)

AAA70.29%

AA29.39%

AA+0.01%

A+0.18%

* Govt. securities (70.29%)


1. 70% three (3) months PKRV rates + 30% three (3) months average

deposit rate of three (3) “AA” rated scheduled Banks as selected by MUF AP

2. Annualized return is based as per MUFAP stated methodology.

Statistical analysis Fund BM Fund BM

Standard Deviation 0.8% 0.6% Largest Month Gain 1.2% 0.9%Expense Ratio* 1.09% Largest Month Loss 0.0% 0.0%Duration (Days) 46 % Positive Months 100.0% 100.0%WAM (Days) 46

* For FY17

JS Income Fund (JS IF) April 2017



JS IF is an income fund that aims to preserve investor’s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintain liquidity in the form of spread transactions and bank deposits. Key information Fund type Open endCategory Income Fund SchemeFund launch date 26 August, 2002Net Assets (PKR mn) 2,724.83NAV (PKR) 101.22Benchmark BM IF #Management fee 0.75% (Exclusive of SST & FED)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 Grant Thorton Anjum Rahman & CoRisk profile Low To MediumListing PSXFund stability rating (PACRA) A+ (f)Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr Asim Ilyas - Fund ManagerMr. Syed Ali Turab Alvi-CSOMr. Yousuf Muhammad Farooq - Head of Research

# The performance benchmark of the Fund shall be 'Average Return of Six (6) months KIBOR for any period of return. Effective from September 01 2016: Previously 40% 1Year PKRV rate + 60% 6M kibor. Fund manager's review For the month of April 2017, JSIF yielded an annualized return of 4.10% as compared to the benchmark of 6.16%, underperforming by 206basis points while the outperforming its benchmark by 71basis points in FYTD having return of 6.94% as compared to annualized benchmark return of 6.23%. During the month, fund maintained the exposure in TDRs while no exposure in T-Bills as prevailing yields are not attractive and while no exposure in T-Bills as prevailing yields are not attractive. Going forward, on the back of macroeconomic outlook we will rebalance the allocation towards other investment avenue to enhance the fund’s return that can generate consistently higher returns for our investors Non Compliant Investments under Circular 07/2009 Name ofInvestment Type Value before

provisionProvision held

(if any)Value after provision

% of Net Assets

% of Gross Assets

Azgard Nine a TFC 6,661,110 (6,661,110) - - -

Azgard Nine b PPTFCs 31,980,766 (31,980,766) - - -

Agritech Ltd. c Sukuk 59,572,782 (59,572,782) - - -

Agritech Ltd.d PPTFC - - - - -

Dewan Cement e TFC 50,000,000 (49,990,000) 10,000 0.00 0.00

Azgard Nine f PPTFC - - - - - a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limited’s Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limited’s PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limited’s Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000.

Performance (%) Annualized performance1 1M 1Y 3Y 5Y Launch

Fund 4.10 7.23 8.42 10.22 14.42 Benchmark 6.16 6.28 8.27 10.49 16.19 Difference (2.06) 0.95 0.15 (0.27) (1.77)

Monthly performance (%) Annualized performance1 FY17 FY16 FY15 FY14 FY13

July 13.78 11.50 7.44 4.86 11.24August 5.72 5.82 9.04 6.71 20.78September 7.13 3.69 9.55 -0.15 11.71October 5.17 3.31 8.90 5.81 11.72November 9.04 5.95 14.85 12.33 5.78December 6.66 6.58 20.84 7.77 23.72January 5.32 3.76 16.64 10.36 6.49February 4.82 9.81 7.55 7.29 -0.85March 5.75 6.23 5.65 12.38 7.00April 4.10 0.86 17.17 13.93 8.69May 11.44 2.59 -0.41 7.67June 4.86 1.75 8.34 6.40YTD 6.94 6.33 10.65 7.67 10.60Benchmark 6.23 6.70 9.35 10.30 10.38Difference 0.71 -0.37 1.30 -2.63 0.22


Apr-17 Mar-17Cash 67.92 65.35 Placement with Banks and DFIs 23.39 22.38 Equity* 0.42 0.46 T Bills - - PIBs - - TFCs / Sukkuks 6.08 5.89 MTS / Spread Transactions 0.19 0.80 Other including receivables 2.00 5.12 Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided.

List of Holdings (%) Apr-17

Ghani Gases Ltd 2.56 Byco Petroleum Pakistan Ltd. 2.38 NRSP Microfinance Bank 1.15


A+49.31%

AA17.45%

A-217.10%

A5.64%

A-33.65%

AAA2.38%

A-1.86%

* Govt. securities (0.00%) Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 3,759,588/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.14/0.14%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme. 1 Annualized performance return is based as per MUFAP stated methodology.


Standard Deviation 4.3% 1.0% Largest Month Gain 3.7% 1.2%Expense Ratio* 1.27% Largest Month Loss -10.3% 0.0%Duration (Yr) 0.07 % Positive Months 92.7% 100.0%WAM (Yr) 0.36

* For FY17

JS Islamic Government Securities Fund (JS IGSF) April 2017



JS Islamic Government Securities Fund (JS IGSF) is an open end 'Shariah Compliant Sovereign Income Scheme' which aims at generating a stable stream of current HALAL income while ensuring low risk (volatility) and capital preservation in the medium to long term by investing primarily in Shariah Compliant Government Securities. Key information Fund type Open endCategory Shariah Compliant Income Scheme Fund launch date 5 June, 2013Net Assets (PKR mn) 242.87NAV (PKR) 102.48Benchmark # BM IGSF1

Management fee 0.75% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) LimitedRisk profile Low to MediumListing PSXFund stability rating (PACRA) AA- (f)Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi-CSOMr Asim Ilyas - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

# Due to unavailability of benchmark as per SECP Direction No.27 of 2016, we have used previous month methodology for the working of benchmark of this month. Fund manager's review The fund recorded annualized return of 1.90% for the month of April 2017, as compared to the benchmark return of 4.09% an underperformance of 219basis points The underperformance is mainly attributable to significant decline across GOP Ijara Sukuk prices while fund exposure in the floater sukuks higher than fixed rental sukuks and prices declined more than the floater on the back of market expectations toward bottoming of interest rates. However we expect demand for GOP ijara will remain on the upper end going forward while lack of availability will increase prices once again in the near future.

Performance (%) Annualized performance2 1M 6M 1Y 2Y Launch

Fund 1.90 0.14 2.85 3.36 5.79Benchmark 4.09 4.16 4.29 10.40 6.83Difference -2.19 -4.02 -1.44 -7.04 -1.03 Monthly performance (%) Annualized performance2

FY17 FY16 FY15 FY14 FY13July 4.22 4.58 2.42 6.83 n/aAugust 4.20 3.98 3.13 6.91 n/aSeptember 4.69 -0.12 4.26 7.88 n/aOctober 9.15 2.33 6.45 6.81 n/aNovember 9.62 1.56 5.54 12.54 n/aDecember -6.16 6.75 5.80 9.47 n/aJanuary -2.06 -1.27 12.25 6.55 n/aFebruary -0.13 3.34 5.95 11.28 n/aMarch -1.95 7.50 8.08 13.07 n/aApril 1.90 4.03 7.13 6.10 n/aMay 6.06 7.42 10.17 n/aJune 4.33 4.05 4.19 6.03YTD 2.35 3.66 6.22 8.80 6.03Benchmark 4.20 5.49 7.62 7.16 6.70Difference -1.84 -1.83 -1.41 1.64 -0.67

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. Asset allocation (%age of total assets)

Apr-17 Mar-17Cash 10.92 15.36Placement with Banks and DFIs - - TFCs / Sukkuks 86.86 82.89Other including receivables 2.22 1.76Total 100.00 100.00


A+10.76%

AA+0.15%

AAA86.86%

AA0.01%

* Govt. securities (86.86 )%)

Sukuks allocation - Top Ten Holding

86.86%

0.0%

25.0%

50.0%

75.0%

100.0%

125.0%

GoP Ijara Sukkuks


1. The benchmark of the scheme shall be the average 6 month Placement (Deposit)

rate of 3 Islamic Banks (including Islamic windows of Commercial Banks) 2. Annualized return is based as per MUFAP stated methodology.


Standard Deviation 1.2% 0.5% Largest Month Gain 1.1% 0.7%Expense Ratio 2.52% Largest Month Loss -0.5% 0.0%WAM (Yr) 1.42 % Positive Months 87.5% 100.0%

* For FY17

JS Capital Protected Fund V (JSCPF_V) April 2017



JS Capital protected Fund V aims at protecting investor capital through the investment structure by placing 88% of the Fund’s Deposited property as term deposit(s) with Bank Alfalah Limited, having rating of “AA” with a positive outlook (Capital Protected Portion). The remaining Investment Portion of the Fund shall be invested in equity market or any other Authorized Investment instrument.

Key information Fund type Open endCategory Capital Protected SchemeFund launch date 30 May, 2016Net Assets (PKR mn) 306.65NAV (PKR) 105.57Benchmark BM1

Management fee 1.00% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILContingent Load Up to 2.0% of NAV during the first 12 months and three weeks

Up to 1.0% of NAV during the last 12 months and three weeksPricing mechanism Forward Trustee MCB Financial Services LimitedDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Grant Thornton Anjum Rahman Chartered AccountantsRisk profile Very LowListing PSXLeverage NILCapital Protection Rating CP2+ (CP Two plus) by PACRAManagement Quality Rating AM2 by JCR-VISInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi-CSOMr. Zahid Ullah Khan - CIO Mr. Yousuf Muhammad Farooq - Head of ResearchMr. Khawar Iqbal - CFO Mr. Syed Sanakhawan - Fund Manager

Fund manager's review During the month, your fund returned 0.63 percent outperforming the benchmark by 0.03 percent. On YTD basis, your fund performed 5.57 percent underperforming the benchmark by 0.20 percent. Your fund manager is focused on providing superior risk adjusted returns over the designated time period. Based on our research and due diligence, your fund manager has increased exposure to Cable & Electrical goods as we see improved demand in this particular segment led by higher consumer spending and improved law and order situation. Your Fund manager views the economy favorably and has positioned the portfolio is a manner to benefit from improved economic activity reflected in both in macro and micro data. Your Fund manager is cognizant of the risks of equity investing and is actively monitoring risk that could erode performance.


Standard Deviation 1.5% Beta 0.8 1.0Expense Ratio* 1.54% Largest Month Gain 1.0% 1.3%

Largest Month Loss -0.2% 0.0%% Positive Months 83.3% 100.0%

* For FY17

Performance (%) 1M 6M 1Y 2Y Launch Avg. Ann.*

Fund 0.63 4.04 n/a n/a 5.68 6.20Benchmark 0.60 4.20 n/a n/a 5.93 6.48Difference 0.03 -0.16 n/a n/a -0.25 -0.27

* Average Annualized Return since inception as per Morning Star formula Monthly performance (%)

FY17 FY16July -0.20 n/aAugust 0.83 n/aSeptember 0.91 n/aOctober -0.08 n/aNovember 0.97 n/aDecember 0.83 n/aJanuary 0.89 n/aFebruary 0.24 n/aMarch 0.42 n/aApril 0.63 n/aMay n/aJune 0.10YTD 5.57 0.10Benchmark 5.77 0.15Difference -0.20 -0.05


Apr-17 Mar-17Cash 0.86 0.29Equity 5.61 6.06TDR 2.67 2.23Placement with Banks and DFIs 90.87 91.42Total 100.00 100.00 Equity sector breakdown (%)

Apr-17 Mar-17Glass & Ceramics 1.44 1.41Cable & Electrical Goods 1.38 0.00Oil & Gas Marketing Companies 0.98 0.96Cement 0.98 0.96Engineering 0.82 0.83Others 0.00 1.90Total 5.61 6.06 Top holding (%age of total assets) Pak Elektron Ltd. 1.38D. G. Khan Cement Co. Ltd. 0.98Pakistan State Oil Co. Ltd. 0.98Aisha Steel Mills 0.82Ghani Global Glass Ltd. 0.79Tariq Glass Industries Ltd. 0.66n/a n/a

1 The benchmark of the Fund for any period of return shall be the “Weighted Average Daily Return of KSE-100 Index and Three (3) Months Deposit Rate of a Double A minus (AA-) or above rated Bank based on the Fund’s actual Proportion in the Investment and Capital Protection Portions”.

“A statement on the specific terms of capital protection (e.g. capital protection only applies to unit holders who hold their investments until the maturity date)” “The guarantee is subject to the credit risk of the guarantor and it does not give any assurance to the future solvency of the guarantor” Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 336,354/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.12/0.11%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme.

JS Pension Savings Fund (JS PSF) April 2017



JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile. Key information Fund type Open endCategory Pension Savings FundFund launch date 26 June, 2007Benchmark n/aManagement fee 1.50% (Exclusive of SST & FED)Front-end Load 3.00%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 KPMG Taseer Hadi & CoRisk profile Investor dependent Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi-CSOMr. Syed Sanakhawan - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Net Assets (PKR mn)JS-PSF - Equity Sub Fund 232.79JS-PSF - Debt Sub Fund 149.22JS-PSF - MM Sub Fund 108.65

NAV (PKR)JS-PSF - Equity Sub Fund 584.87JS-PSF - Debt Sub Fund 227.29JS-PSF - MM Sub Fund 184.23 Fund manager's review The Debt and Money Market Sub Fund recorded return of 3.22 percent p.a. and 0.79 percent p.a. respectively for the month of April, 2017, return was on the lower end during the month as fund remained invested in T-bills while yields revised upward as SBP mopped up the amount at higher yields The Equity Sub Fund recorded a return of 3.81% in the month of April and on YTD basis the Equity Sub Fund has returned 44.08%. Your Fund manager made some changes to the portfolio to reflect his views backed by fundamental research. Overall exposure in Commercial Banks was reduced to 14.72% from 19.48% in the previous month; this reflects your fund manager’s approach towards rationalizing the portfolio and rotating into stocks that seem to provide better risk adjusted return going forward. Furthermore, exposure in Oil & Gas was increased and was primarily concentrated in Mari Petroleum. It is pertinent to note that it is very difficult to form any material view on the direction of the stock market or on our selected stocks in the short run. We also believe that commenting on the short term market movements is of limited value. The real value comes from thorough fundamentals research and diligent process of evaluating discrepancy between price and value. We try to keep trading costs to a minimum and participate only when we see a value in doing so. We believe that our unit holders are long term investors and that we are in the business of managing your investments over the same period. We remain highly convinced on the equity market’s performance for the upcoming quarters and remain invested in the undervalued scrips and believe the out-performance will be delivered to our investors on a consistent basis. Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2,189,803/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 4.39 (ESF), Rs. 0.40(DSF), Rs. 0.30 (MMF) / 0.75% (ESF), 0.18% (DSF), 0.16% (MMF). For details investors are advised to read the Note 8.1 of the latest Financial Statements of the Scheme. 1 Annualized performance return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y 5Y Launch

Equity Sub Fund 3.81 46.96 87.88 435.02 484.77Debt Sub Fund 1 3.22 5.25 22.40 43.31 127.27MM Sub Fund 1 0.79 4.80 17.01 39.90 84.21

Monthly performance (%) Annualized performance1

Equity Debt 1 MM 1

FY17 FY16 FY17 FY16 FY17 FY16July 3.67 2.86 7.38 6.81 10.72 7.76August 3.10 -0.49 3.43 8.91 3.03 3.44September 6.25 -5.79 3.25 4.57 3.47 3.19October -1.66 5.99 0.59 4.74 0.72 3.15November 8.43 -5.25 4.23 3.16 6.91 4.37December 9.81 3.21 3.61 3.93 3.46 4.76January 2.96 -0.08 13.90 4.47 12.87 2.44February 0.49 -4.95 3.30 5.41 2.49 4.12March 0.89 4.27 3.80 4.82 3.91 3.77April 3.81 2.38 3.22 0.45 0.79 3.61May 2.22 10.69 5.02June -0.21 3.80 2.62YTD 44.08 3.35 4.77 5.29 4.95 4.10

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. Asset allocation (%) Equity Apr-17 Mar-17Cash 17.11 6.85 Equity 82.21 92.58 Other including receivables 0.68 0.57 Total 100.00 100.00 Debt Apr-17 Mar-17Cash 10.09 6.49 Equity* 0.19 0.22 TFCs / Sukkuks - - T Bills & PIBs 89.63 93.17 Other including receivables 0.09 0.13 Total 100.00 100.00 Money Market Apr-17 Mar-17Cash 32.09 30.92 Placement with Banks - - Equity* 1.27 1.46 T Bills 66.09 67.03 Other including receivables 0.55 0.59 Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC, these PPTFCs in sub funds had been fully provided. Equity sector breakdown (%)

Apr-17 Mar-17Commercial Banks 14.72 19.48 Cement 14.41 15.32 Cable & Electrical Goods 8.73 6.95 Paper & Board 5.95 6.77 Oil & Gas Exploration Companies 5.66 - Others 32.74 44.05 Total 82.21 92.58

Top holding (%age of total assets) Pak Elektron Ltd. 5.99 Mari Petroleum Co. Ltd. 5.66 D. G. Khan Cement Co. Ltd. 4.99 Habib Bank Ltd. 4.95 United Bank Ltd. 4.96 MCB Bank Ltd. 4.78 Thal Ltd. 4.78 Pakistan National Shipping Corporation Ltd. 4.64 Tariq Glass Industries Ltd. 4.57 Cherat Cement Co. Ltd. 4.32

VPS

-SH

AR

IAH

C

OM

PLIA

NT

FUN

D JS Islamic Pension Savings Fund (JS IPSF)

April 2017 MUFAP Recommended Format


JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile. Key information Fund type Open endCategory Shariah Compliant Voluntary Pension SchemeFund launch date 16 June, 2008Benchmark n/aManagement fee 1.50% (Exclusive of SST & FED)Front-end Load 3.00%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 KPMG Taseer Hadi & CoShariah advisor M/s. Al Hilal Shariah Advisors (Pvt) LimitedRisk profile Investor dependent Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi-CSOMr. Syed Sanakhawan - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Net Assets (PKR mn)JS-IPSF - Equity Sub Fund 194.36JS-IPSF - Debt Sub Fund 67.31JS-IPSF - MM Sub Fund 52.63

NAV (PKR)JS-IPSF - Equity Sub Fund 834.54JS-IPSF - Debt Sub Fund 194.32JS-IPSF - MM Sub Fund 168.28 Fund manager's review In the month of April, 2017, JS Islamic Pension Savings Debt Sub Fund and Money Market Sub Fund delivered returns of 1.07 percent p.a. annualized and 2.39 percent p.a. annualized respectively. Lower return during the month is mainly attributable to decrease across GOP Ijara Sukuk prices.

JS Islamic Pension Saving Equity Sub Fund yielded a return of 4.49% in the month of April, taking YTD return to 45.22%. Overall exposure levels remained in line with the previous month, though higher weights in Automobiles were because of improved performance of the sector especially our picks, similar trend was observed in Cable & Electrical Goods. Your Fund manager views the economy favorably and has positioned the portfolio is a manner to benefit from improved economic activity reflected in both in macro and micro data. Your Fund manager is cognizant of the risks of equity investing and is actively monitoring risk that could erode performance.

It is pertinent to note that it is very difficult to form any material view on the direction of the stock market or on our selected stocks in the short run. We also believe that commenting on the short term market movements is of limited value. The real value comes from thorough fundamentals research and diligent process of evaluating discrepancy between price and value. We try to keep trading costs to a minimum and participate only when we see a value in doing so. We believe that our unit holders are long term investors and that we are in the business of managing your investments over the same period.

We remain highly convinced on the equity market’s performance for the upcoming quarters and remain invested in the undervalued scrips and believe the out-performance will be delivered to our investors on a consistent basis.

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,618,626/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 6.23 (ESF), Rs. 0.30 (DSF), Rs. 0.20 (MMF) / 0.75% (ESF), 0.16% (DSF), 0.12% (MMF). For details investors are advised to read the Note 8.1 of the latest Financial Statements of the Scheme. 1 Annualized performance return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y 5Y Launch

Equity Sub Fund 4.49 50.67 111.95 367.12 731.15Debt Sub Fund 1 1.07 4.76 12.74 31.69 93.47MM Sub Fund 1 2.39 3.47 12.38 28.25 67.55

Monthly performance (%) Annualized performance1

Equity Debt 1 MM 1

FY17 FY16 FY17 FY16 FY17 FY16July 4.52 1.17 8.31 6.74 2.96 5.24August 3.09 -1.58 4.94 5.08 2.73 4.85September 7.76 -6.20 4.57 2.54 3.11 0.23October -3.66 6.14 8.07 2.59 5.08 2.49November 10.64 -4.74 14.20 1.40 6.92 0.45December 7.42 3.41 -2.19 7.28 1.25 5.33January 3.64 1.24 8.66 -1.35 9.45 0.07February -1.11 -5.26 0.00 -0.89 1.71 -0.85March 2.01 3.61 -1.57 8.66 0.49 3.42April 4.49 3.41 1.07 4.02 2.39 2.25May 2.94 5.90 3.55June 0.80 3.79 1.19YTD 45.22 4.13 4.70 3.91 3.67 2.41

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. Asset allocation (%) Equity Apr-17 Mar-17Cash 16.40 8.41 Equity 83.04 91.03 Other including receivables 0.56 0.56 Total 100.00 100.00 Debt Apr-17 Mar-17Cash 19.42 16.77 IJARA Sukuk Bond 79.07 82.05 Other including receivables 1.51 1.18 Total 100.00 100.00 Money Market Apr-17 Mar-17Cash 43.46 42.25 IJARA Sukuk Bond 36.14 37.11 TDR 18.77 19.24 Other including receivables 1.62 1.40 Total 100.00 100.00 Equity sector breakdown (%)

Apr-17 Mar-17Cement 13.73 14.55 Automobile Assembler 9.50 5.45 Cable & Electrical Goods 9.41 7.30 Commercial Banks 6.42 6.37 Miscellaneous 5.64 5.25 Others 38.34 52.09 Total 83.04 91.03 Top holding (%age of total assets) Pak Elektron Ltd. 6.86 Meezan Bank Ltd. 6.42 Synthetic Products Enterprises Ltd. 5.64 D. G. Khan Cement Co. Ltd. 5.19 Pak Suzuki Motor Co. Ltd. 4.89 Packages Ltd. 4.76 Pakistan National Shipping Corporation Ltd. 4.70 Mari Petroleum Co. Ltd. 4.61 HinoPak Motors Ltd. 4.61 Thal Ltd. 4.57

Market Review - JS Investments · Market Review April 2017 ... by PACRA Investment Committee...

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Transcript of Market Review - JS Investments · Market Review April 2017 ... by PACRA Investment Committee...