MUFAP Quarterly Newsletter
October - December 2014
EDITORIAL
Dear Readers
It is my great pleasure to bring you the December edition of our Quarterly
e-Newsletter.
Our new Board started its term on October 1, 2014.The new Board plans
to engage itself in developing the best international practices and promote
the interests of investors in the mutual funds industry. Considering the
tasks previously assigned to technical committees, the Board decided to
keep the structure of technical committees unchanged. The Board and
technical committees held various meeting to discuss the industry issues
and came up with prudent suggestions. The Board is quite optimistic
about meeting all challenges.
I do hope you enjoy this issue and find it interesting and informative. I
would like to thank all the participants who have contributed towards the
final publication of this newsletter. I am looking forward to receive recommendations / feedback from all of you for further improving our newsletter.
Shoaib Umer Farooq
The calendar year 2014 has been an action-packed year. Pakistan’s politics
witnessed unforgettable long sit-in by one of the main political parties.
The long protest activity affected country’s economy to a great extent
including postponement of Chinese President’s visit which was reportedly
being titled a game-changing visit for Pakistan’s currently distressed
economy. However, business community managed to rebuild its confidence and it observed capital market’s stellar performance. Moreover, the
government of Pakistan succeeded in raising $ 1billion through sukuk
bonds at profit rate of 6.75%.
During the quarter, MUFAP published its 2014 edition of the Yearbook.
The yearbook features various important facets of the Pakistan mutual
fund market, including industry statistics, recent developments, articles
focusing on industry issues and a detailed performance review of the
mutual funds. Our aim is to create public awareness and improve their
understanding of our industry. We hope that this Yearbook continues to
fulfill its purpose and provide the first hand industry information to the
readers.
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00 CONTENT
01 02 03 04
MFUAP Activities - Overview
- Reconstruction of the Board
- Election of Chairman, Senior Vice
Chairman and Vice Chairman
MUFAP
- Meetings of the Board of Directors
- Recognition of outgoing Board
Member
- Board of Directors’ Technical
Committee
- Resolution of Taxation issues &
Creation of Mutual Fund awareness
- AGM, Meeting of Committee and
Draft Revised NBFC Rules & Reg.
SECP Updates
- Deduction of Withholding Tax on the
Amount of Dividend.
- Determination of New SECP Chairman
- SECP Halts Trading Facilities of KASB
Securities
- Successful Settlement of Outstanding
Trades of KSL
Market Developments
- Equity Market
- Money Market
- Mutual Funds Market
Industry Statistics
- Net Assets
- Sales
- Redemption
- Net Sales
- Returns
THE TEAM
Editor
Shoaib Umer
Researchers
Siraj Ali
Concept & Designing
Siraj Ali
For any comments and feedback
info@mufap.com.pk
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01 MUFAP ACTIVITIES - Overview
Reconstitution of the Board
Meeting of the Board of Directors
The term of the Board of Mutual Funds Association of Pakistan (MUFAP)
ended on September 30, 2014 and a new Board was constituted from
October 1, 2014. The Members of the MUFAP elected five new Directors
on the Board of Directors against the vacancies arising from the rotational
retirement of some of the Directors.
In order to ensure that the Board of Directors fulfills the duties and
responsibilities conferred by the members of MUFAP, the Board conducts
meetings on a regular basis to make immediate and prudent decisions. The
Board of Directors held three meetings during the quarter
October-December 2014. List of No. of Board Meetings held and
attended during the quarter October-December 2014:
We would like to thank the outgoing Chairman Dr.Amjad Waheed,
Senior Vice Chairman Mr. Muhammad Shoaib, Vice Chairman Mr. Farid
Ahmed Khan and the outgoing Directors who retired from the MUFAP's
Board of Directors on 30th of September, 2014 for their valuable and
dedicated services extended to MUFAP during their term office. Secondly,
we would like to welcome the five new Directors elected to the MUFAPs
Board of Directors for the 2014/ 2015 term.
Election of Chairman, Senior Vice Chairman and Vice Chairman
MUFAP
At the first meeting of the elected Board of Directors elected. Mr.
Muhammad Shoaib as Chairman MUFAP, Mr. Shahid Ghaffar as Senior
Vice Chairman and Mr. Yasir Qadri as Vice Chairman for the year
2014-15.
Mr. Mohammad Shoaib expressed his gratitude to all board members for
their trust and confidence reposed in him as new Chairman of MUFAP.
He shown his firm commitment towards accomplishment of the
challenges faced by MUFAP and lead it to new heights of recognition.
Dates
S.No.
Name of Directors
1
2
3
4
5
6
7
8
9
10
11
12
Mr. Mohammad Shoaib
Mr. Shahid Ghaffar
Mr. Yasir Qadri
Dr. Amjad Waheed
Mr. Farid Ahmed Khan
Mr. Habib-ur-Rahman
Mr. Enamullah Khan
Mr. Ahmed Ateeq
Mr. Baber Ali Lakhani
Mr. Imran Azim
Mr. Mir Muhammad Ali
Ms. Mashmooma Z. Majeed
2-Oct-14 6-Nov-14
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Total No.
of Meetings
5-Dec-14 Attended
(Out of 3)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
3
3
3
3
2
1
Nil
2
Nil
2
Nil
3
The activities undertaken by the Board are as follows:
Recognition of outgoing Board Members
The Board members appreciated Dr. Amjad Waheed’s efforts as Chairman
MUFAP for the resolution of issues Mutual Fund industry faced during
his tenure. The Board also praised the valuable contribution of the
outgoing Senior Vice Chairman Mr. Mohammad Shoaib, Vice Chairman
Mr. Farid Ahmed Khan and the outgoing directors.
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01 MUFAP ACTIVITIES - Overview
Board of Directors’ Technical Committees
committees.
Committee
The Board decided that the same committees shall be retained with the
same persons continuing as the Chairmen
Name of Committee
Technical Committee- Mutual Funds
Chairman of the Committee
Mr. Yasir Qadri
Technical Committee - Retirement Schemes Mr. M. Habib ur Rahman
Capital Protected Preservation Funds
2
Mutual Funds
6
Accounts & Taxation
1
Accounts and Taxation Committee
Mr. M. Habib ur Rahman
Draft of Revised NBFC Rules & Regulations
Shariah Compliant Funds Committee
Mr. Mohammad Shoaib, CFA
The proposed revised NBFC rules and regulation was brought to
discussion. The Board shared their views on proposed changes in the
regulation and their implication on the industry. However, since the
proposal is in its early phase, more developments are expected.
Development of guidelines for the Capital Protected Funds
The need for development of guidelines for the Capital Protected Funds
was discussed in detail and suggestions were obtained from the members.
Designated members are actively working on the development of the
same.
Resolution of Taxation issues & Creation of Mutual Fund awareness
The Board again emphasized the need of early resolution of the WWF,
FED, and Income distribution matters and shown their commitment on
the matter. Moreover, the Board also set the mutual fund awareness
programs as its priority for FY 14-15.
Annual General Meeting of MUFAP
The 13th Annual General Meeting of MUFAP was held on October 24,
2014 to consider and approve the audited Financial Statements of
MUFAP for the year ended June 30, 2014.The members at the meeting
unanimously decided on reappointing A.F. Ferguson & Co. Chartered
Accountants as Auditors for the upcoming Financial year.
Meeting of the Committees
Continuing the efforts towards the betterment of the industry, the
technical committees held various meetings during the quarter
October-December 2014.
The following table represents the number of meetings held by MUFAP
page 2 of 18
No. of Meetings
Held
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02 SECP UPDATE
Deduction of Withholding Tax on the Amount of Dividend
The Securities and Exchange Commission of Pakistan (SECP) has issued a
Circular No 19/2014, prescribing different rates for deduction of
withholding tax on the amount of dividend. Two categories have been
stated in the circular as Filer of income tax return with tax rate at 10% and
non-filer of income tax returns with tax rate at 15%. SECP has directed all
listed companies to check the status of their respective shareholders (filer
or non filer) from the Active tax payer list.
sub-accounts under the KSL’s control were secure and the investors could
easily transfer their securities by following the procedures prescribed by the
CDC. Accordingly, all requests for transfer of shares by the investors were
facilitated and completed in a timely manner. It was acknowledged that
the KSL’s management was fully cooperating with the regulators.
Determination of New SECP Chairman
Mr. M. Zafar-u-Haq Hijazi took over as the SECP chairman on Friday,
December 19, 2014. In his message to the SECP employees, he said that
he has accepted the responsibility with a determination and commitment
that with the help of brother commissioners and well-trained human
capital, he would be able to restore the past glory of the apex regulator.
SECP Halts Trading Facilities of KASB Securities
In order to maintain the confidence of the investors in the securities
market and to ensure adequate protection for such investors, the Securities
& Exchange Commission of Pakistan has issued directives to halt the
trading facilities of KASB Securities Limited (KSL) at the Karachi Stock
Exchange Ltd (KSE) and Pakistan Mercantile Exchange Ltd (PMEX).
Explaining the purpose of closing the doors of business on KSL, the SECP
said that It has been done after the State Bank of Pakistan (SBP) imposed
a six-month moratorium on KASB Bank Limited (KBL) effective Nov 14,
2014. The brokerage house is a majority owned subsidiary of KBL and it
uses the bank as the ‘settling bank’ for the purpose of settlement of
transactions executed at KSE.
Successful Settlement of Outstanding Trades Of KSL
The Securities and Exchange Commission of Pakistan (SECP) noted with
satisfaction that all the outstanding trades of the KASB Securities Limited
(KSL) in the ready market segment were successfully settled. Likewise, all
the outstanding contracts in the deliverable futures market have been
closed out in close coordination with the KSL.
The SECP also observed that the securities of the investors held in the
page 3 of 18
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03 MARKET DEVELOPMENT
EQUITY MARKET REVIEW
The quarter slowly started its march towards stability in political situation
after remaining quite tense in previous two months. Improvement in
different macro-economic numbers was observed during December 14
quarter. Year-on-Year CPI inflation touched the lowest single digit of last
eleven years at 3.96 % in the month on November 14. The international
oil prices declined sharply over the quarter. This has favorable implications
for the External Account due to lower oil import bill and for inflation due
to lower transportation and electricity generation costs. Successful issuance
of International Sukuk worth USD 1 billion against a target of USD 0.5
billion by Pakistan during the month of November is another indication
that the External Account situation is improving.
KSE was ranked the third best performing market after China (+48%YoY)
and Venezuela (+41%YoY) in 2014 and stood out among the 10 top
markets around the globe. Among the Asian frontier markets (as
categorized by Morgan Stanley Capital International, MSCI), Pakistan
stood out as the top performer, outpacing Sri Lanka, Vietnam and
Bangladesh.
The Karachi Stock Exchange’s main 100-share index continued its stellar
performance in CY-14, posting return of 27 percent during year. KSE
benchmark 100 index increased by 6,870 points and closed at 32,131.28
points in December 2014 against 25,261.14 points in December 31,
2013. During the period Foreign Investors Portfolio Investment (FIPI)
remained at $385.92 million, slightly below to $397.50 million same
period last year.
Some of the major national developments took place during the quarter.
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but there was also a cold response to the offer, as 311 million shares were
put for sale by government, but offers for only 162 million were received
during 3-day bidding.
Another major step by GOP was to raise $ 1 billion through sukuk bonds.
It decided to raise $1 billion to offset impacts of the failed OGDCL
transaction on foreign currency reserves. The government decided to
accept offers of $1 billion for a five-year tenor at a profit rate of 6.75%,
which is half percentage points lower than the price at which the five-year
Euro bond was sold in April 2014 and is 5.17 % over and above the
benchmark five-year US Treasury rate.
DEBT MARKET REVIEW
The table below summarizes the trades of TFCs/Sukuk on during
Q2-FY15
No. of
Trans.
1
1
1
1
13
1
10
3
The Pakistan government indefinitely postponed the sale of a stake in the
country’s largest energy firm, Oil and Gas Development Co Ltd OGDC.
It is worth noting here that Government of Pakistan had previously
announced the sale of 10 percent shares through capital market. The
Government officials had confirmed that out of 322 million shares for sale
311 million would be offered to institutional investors while out of the
remaining 11 million shares two thirds would be offered to general public
and one third to OGDCL employees.
2
6
5
1
3
5
7
Pakistani officials cited falling global oil prices as the reason for the
postponement of the deal on the London and Karachi stock exchanges,
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1
TFCs / Sukuks
Al Baraka Bank (Pakistan) Ltd - SUKUK
(26/9/2014)
Allied Bank Ltd. - TFC (28/08/2009)
Askari Bank Ltd. - TFC (23/12/2011)
Askari Bank Ltd. - TFC (30/06/2014)
Bank Alfalah Ltd. - TFC (20/02/2013)
BRR Guaradian Modaraba - SUKUK (07/07/2008)
Engro Coporation Ltd (3-Years) - SUKUK
(10/07/2014)
Engro Coporation Ltd (5-Years) - SUKUK
(10/07/2014)
Engro Fertilizer Limited - PPTFC1 (18/03/2008)
Engro Fertilizer Limited - SUKUK (09/07/2014)
Engro Fertilizer Limited - TFC (30/11/2007)
Engro Fertilizer Limited - TFC (17/12/2009)
K Electric (3-Years) - SUKUK (19/03/2014)
K Electric (5-Years) - SUKUK (19/03/2014)
NIB Bank Ltd. - TFC (19/06/2014)
Standard Charterd Bank Pakistan - TFC
(29/06/2012)
WAPDA - TFC (27/09/2013)
Face Value Trade Value
(PKR million) (PKR million) Trade Price Range
15.0000
15.0000
100.0000 - 100.0000
9.9800
9.7938
98.1339 - 98.1339
11.9880
11.9880
100.0000 - 100.0000
40.0000
40.0000
100.0000 - 100.0000
191.8848
190.9749
99.0000 - 100.7500
13.6226
11.5792
85.0000 - 85.0000
288.6000
304.2811
104.0000 - 106.3500
40.0250
42.4265
105.9736 - 106.0000
150.0000
149.7500
99.5000 - 100.5000
190.0000
195.5475
100.8500 - 102.0000
224.7641
253.2298
99.4417 - 100.3000
63.8586
60.6657
95.0000 - 95.0000
180.0000
185.3200
102.275 - 103.5000
145.4000
152.5796
103.4397 - 105.0000
393.2450
339.2542
98.0000 - 99.2667
10.0000
9.7000
97.0000 - 97.0000
25.0000
25.0000
100.0000 - 100.0000
newsletter
03 MARKET DEVELOPMENT
MONEY MARKET REVIEW
With the political pressure subsiding in 2Q’FY15, Pakistan’s economy
started to show signs of improvement. Benign inflation outlook on the
back of plunging international commodities specially Oil, comfortable
external account position, restrained government borrowing, rising
foreign reserves underpinned by healthy inflows leading to stable currency
and reinitiating of monetary easing were the eye catching highlights of
2QFY’15.
The State Bank of Pakistan in November slashed the policy rate by 50 bps
to 9.5% after maintaining it at 10% in its last seven monetary policies.
This change in monetary stance was facilitated by falling inflation, swift
recovery in macroeconomic indicators, depressed commodity prices and
limited impact of floods on agriculture production.
CPI inflation fell to 4.7% in 2Q’FY15, almost half of 9.8% recorded in
same period last year. In December alone, it clocked in at 4.3% YoY,
resultantly making the average CPI reading to stick to 6.1% YoY. This is
well below the target of 8% announced by SBP at the start of fiscal year.
This disinflationary trend was also witnessed in other measures of
inflation, where core inflation (NFNE) slowed to 6.7% YoY. Steep fall in
inflationary pressure is attributed to crude oil prices (with its trickle down
impact on Food and Transport) which have been slumping since June’14
on the back of OPEC’s decision to maintain the production level and
phenomenal growth of US shale Oil and fracturing technology which has
resulted in supply to outpace demand.
The current account balance improved in 2Q’FY15 posting a deficit of
US$ 715mn, against US$ 1,647mn recorded in previous quarter. This is
mainly attributed to Trade deficit which contracted by 38% QoQ,
(primarily helped by Petroleum imports which have plunged by 30%).
Remittances on the other hand experienced a fall of 9% on account of
lower inflows from Saudi Arabia and Middle East region both of which are
oil exporting nations. In December alone, the current account registered a
surplus of US$ 76mn against deficit of US$ 568 mn in previous month.
This was possible due to lower trade and service deficit, down by 14%. On
the back of robust financial inflows from the issuance of sukuk in
international debt markets (US$ 1bn at 6.75%), overall balance turned
into surplus of US$ 1,386mn against deficit of US$ 258 registered in
November 2014. On cumulative basis, Current account deficit
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deteriorated to US$ 2,362mn, increasing by US$ 360mn in 1H’FY15.
Primary contributor behind this surge was trade deficit which worsened by
US$ 1,131 or 13% YoY.
The Government successfully concluded its talks with IMF over fourth
and fifth tranche of extended fund facility and thereby received US$1.1bn.
This provided some respite to foreign exchange reserves which crossed
US$15 bn mark in December, up by 13% against September end level of
US$ 13.5 bn. The SBP reserves strengthened by 18% to US$ 10.5 bn as
compared to US$ 8.9 bn in September while exchange reserves with banks
nudged up by mere 4% to US$ 4.75 bn. Consequently, PKR appreciated
by ~2% in 2Q’FY15.
Money market was short of liquidity due to usual year end trends and
excess bond buying by banks. Short term PKRVs were under pressure due
to high deposit rates offered by banks to meet year end targets and most of
the trades were witnessed above discount rate. Central bank also
conducted several OMO injections to ease off the market. T-bills auctions
held during the month attracted participation of PKR179 billion against
monthly target of PKR175 billion, whereas PKR112 billion worth of bids
were accepted (largely tilted towards one year paper) at slightly lower cut
offs. On the other hand, market seems to be convinced on 50-100bps
discount rate cut in next MPS due to overall improvement in
macro-economic landscape (soft CPI and easing BoP position due to
subdued oil prices) which has leveled yields on fixed income before the
actual MPS announcement. Thus, long term papers remained investor’s
favorite, which was also evident from hefty participation of PKR354
billion in PIB auction held during the month (last auction before next
MPS). However, SBP accepted bids of PKR158.5 billion, while cut-off
yields of 3, 5 and 10 year papers slid down to 10.59%, 10.79% and
11.70% respectively. Low acceptance by SBP was expected as demand for
PIBs far exceeded the borrowing targets for meeting December end IMF
performance criteria for NDA and Govt. borrowing from SBP. Looking
ahead, as MPS approaches, PKRVs are expected to remain volatile and any
unexpected outcome may result in significant adjustments in yields.
newsletter
03 MARKET DEVELOPMENT
INCOME (Open-End Funds)
MUTUAL FUNDS REVIEW
The total net assets grew from PKR 422.60 billion to PKR 458.37 billion,
an Increase of 8.47% over the quarter. The net assets in open-end funds
went up by 8.53% to PKR 428.79 billion, pension funds went up by
12.51% to PKR 10.06 billion and closed-end increased by 5.05% to PKR
19.52 billion.
Calendar Yar Returns
Open End Funds (CalendarYear Returns)
EQUITY (Open-End Funds)
Inception
Date
Fund Name
ABL Stock Fund
AKD Opportunity Fund
Alfalah GHP Alpha Fund
IGI Stock Fund
Askari Equity Fund
Atlas Stock Market Fund
First Capital Mutual Fund
First Habib Stock Fund
HBL Stock Fund
JS Growth Fund
JS Large Cap Fund
JS Value Fund
Crosby Dragon Fund
Lakson Equity Fund
Pakistan Stock Market Fund
Pakistan Strategic Allocation Fund
National Investment Unit Trust
NAFA Stock Fund
PICIC Energy Fund
PICIC Stock Fund
United Stock Advantage Fund
Jun 28, 2009
Mar 31, 2006
Sep 09, 2008
Jul 15, 2008
Mar 30, 2012
Aug 24, 2004
May 24, 1995
Oct 08, 2009
Aug 23, 2007
Jun 06, 2006
May 15, 2004
Jun 28, 2013
Dec 15, 2003
Nov 13, 2009
Mar 11, 2002
Aug 25, 2004
Nov 12, 1962
Jan 22, 2007
Jan 20, 2006
Sep 26, 2011
Aug 04, 2006
NAVs
Dividends
Dec 31, Dec 31,
(PKR)
2013
2014
12.6754 13.0215
3.2571
57.7436 65.6837
15.0000
64.6100 66.2200
15.9323
130.3723 117.3209
45.4591
114.3440 120.7647
17.9035
467.4803 488.0450
75.0000
10.8506 12.1922
1.4581
113.5261 111.7515
20.0000
127.0500 108.8339
36.0000
157.8000 158.5600
33.0000
91.8800 102.1400
20.8000
176.8200 182.5100
30.6000
116.3000 108.9700
24.2500
137.8379 127.6112
46.2157
67.9700 73.5400
16.7100
11.1100 10.5900
2.5700
49.7400 66.0300
4.1000
10.2248 12.1763
1.6345
13.4775 11.2762
3.4500
136.2524 125.0487
48.0000
51.3500 55.2800
11.0400
CY 2014
Returns
32.78%
45.68%
31.09%
30.09%
22.44%
22.48%
28.04%
17.60%
15.34%
24.01%
40.20%
22.38%
16.91%
33.61%
37.35%
20.86%
42.37%
38.92%
9.17%
31.46%
33.10%
Fund Name
Inception
Date
NAVs
Dec 31,
2013
Dec 31,
2014
Dividends
(PKR)
ABL Government Securities Fund Nov 29, 2011 10.006
10.898
ABL Income Fund
Sep 19, 2008
10.008
10.750
Alfalah GHP Sovereign Fund
May 10, 2014 new fund 109.047
IGI Income Fund
Apr 14, 2007 100.546
106.818
Askari Sovereign Yield Enhancer
May 07, 2012 100.340
106.387
Atlas Income Fund
Mar 22, 2004 513.215
538.143
Faysal Financial Sector Opportunity
Jul
05,
2013
101.100
105.220
Fund
Faysal Savings Growth Fund
May 11, 2007 102.560
108.340
First Habib Income Fund
May 29, 2007 100.082
105.586
HBL Income Fund
Feb 19, 2007 102.804
107.909
JS Income Fund
Aug 26, 2002
87.750
91.980
Lakson Income Fund
Nov 13, 2009 100.496
106.786
MCB Dynamic Cash Fund
Jan 03, 2007 101.074
108.280
MetroBank Pakistan Sovereign Fund Mar 01, 2003
50.030
54.500
(Perpetual)
Pakistan Income Fund
Mar 11, 2002
51.900
55.360
NIT - Government Bond Fund
Nov 18, 2009 10.413
10.884
NIT - Income Fund
Feb 19, 2010
10.570
11.037
NAFA Financial Sector Income Fund Oct 28, 2011
10.503
10.703
NAFA Government Securities Savings Jul 03, 2014 new fund
10.747
Fund
NAFA Income Fund
Mar 29, 2008
9.470
10.020
NAFA Income Opportunity Fund Apr 22, 2006
10.611
11.165
(Formerly: NAFA Cash Fund)
NAFA Saving Plus Fund
Nov 21, 2009 10.045
10.492
Pak Oman Government Securities
Jul 28, 2011
10.274
10.552
Fund
PICIC Income Fund
Jul 24, 2010 100.488
106.967
UBL Financial Sector Bond Fund
Mar 29, 2013 100.908
105.929
UBL Government Securities Fund
Jul 27, 2011 100.441
108.965
AGGRESSIVE INCOME (Open-End Funds)
Fund Name
Inception
Date
AKD Aggressive Income Fund
Mar 22, 2007
(Formerly: AKD Income Fund)
Alfalah GHP Income Multiplier Fund Jun 15, 2007
IGI Aggressive Income Fund
Oct 25, 2007
Askari High Yield Scheme
Mar 16, 2006
BMA Chundrigar Road Savings Fund Aug 23, 2007
Faysal Income & Growth Fund
Oct 10, 2005
KASB Income Opportunity Fund May 09, 2006
Pakistan Income Enhancement Fund Aug 28, 2008
United Growth & Income Fund
Mar 02, 2006
NAVs
Dec 31,
2013
48.7675
Dec 31,
2014
0.522
0.451
1.164
4.245
5.190
31.750
5.720
6.070
3.850
7.250
5.300
4.945
6.623
2.960
2.200
0.750
0.720
0.770
1.193
0.391
0.552
4.750
4.250
5.320
Dividends
(PKR)
CY 2014
Returns
14.71%
12.32%
N/A
10.76%
11.62%
11.59%
10.11%
12.06%
9.62%
12.61%
11.33%
11.58%
14.27%
15.47%
11.23%
12.28%
11.78%
9.73%
N/A
5.81%
17.47%
8.58%
8.31%
11.55%
9.45%
14.34%
CY 2014
Returns
52.1033
2.5500
12.59%
49.6507 51.6021
42.9301 43.1605
103.3935 106.7488
8.0416
8.7650
106.1600 111.9000
71.5637 72.2329
50.8200 55.0000
82.6120 82.8511
5.0445
1.8591
10.7965
0.3850
6.4300
14.2500
2.3700
12.5200
15.00%
4.94%
14.46%
14.31%
11.96%
22.83%
13.35%
16.28%
Source: MUFAP
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03 MARKET DEVELOPMENT
MONEY MARKET (Open-End Funds)
Inception
Date
Fund Name
ABL Cash Fund
Jul 31, 2010
AKD Cash Fund
Jan 20, 2012
Alfalah GHP Cash Fund
Mar 13, 2010
IGI Money Market Fund
May 27, 2010
Askari Sovereign Cash Fund
Sep 30, 2009
Atlas Money Market Fund
Jan 20, 2010
Atlas Sovereign Liquid Fund
Dec 01, 2014
BMA Empress Cash Fund
Nov 10, 2009
Faysal Money Market Fund
Dec 13, 2010
First Habib Cash Fund
Mar 10, 2011
HBL Money Market Fund
Jul 15, 2010
JS Cash Fund
Mar 29, 2010
KASB Cash Fund
Aug 12, 2009
Lakson Money Market Fund
Nov 13, 2009
MCB Cash Management Optimizer Oct 01, 2009
Pakistan Cash Management Fund Mar 19, 2008
NAFA Government Securities Liquid May 16, 2009
Fund
NAFA Money Market Fund
Feb 24, 2012
PICIC Cash Fund
Dec 13, 2010
PIML Income Fund (Formerly: Primus Aug 08, 2012
Cash Fund)
PIML Daily Reserve Fund (Formerly: Jan 02, 2013
Primus Daily Reserve Fund)
UBL Liquidity Plus Fund
Jun 21, 2009
UBL Money Market Fund (Formerly: Oct 13, 2010
UBL Savings Income Fund)
NAVs
Dec 31,
2013
Dec 31,
2014
BALANCED (Open-End Funds)
Dividends
(PKR)
CY 2014
Returns
10.0049
50.0359
500.5200
100.5406
100.7994
502.7511
new fund
10.1137
101.7200
100.1038
101.0903
102.3500
102.2740
100.0905
100.0513
50.0251
10.4611
52.3090
524.1200
105.3080
104.7943
524.5213
100.6814
10.5899
105.2500
104.4551
104.6727
106.7800
106.3912
104.4257
104.3180
52.1608
0.3917
2.5089
18.3678
3.8098
4.3901
21.2500
0.4500
5.1500
4.0500
4.7900
5.0500
4.7400
4.0769
4.1835
2.1374
8.72%
9.90%
8.62%
8.77%
8.58%
8.82%
N/A
9.45%
8.85%
8.64%
8.59%
9.57%
8.94%
8.66%
8.70%
8.81%
10.0423
10.4929
0.4047
8.77%
10.0118 10.4565
100.6636 104.7340
0.4106
4.8000
8.80%
9.12%
100.0791 108.7400
4.1518
13.23%
100.1111 104.8300
4.3380
9.32%
100.5746 104.6855
4.3100
8.63%
100.7079 104.7264
4.1839
8.39%
ASSET ALLOCATION (Open-End Funds)
Fund Name
Inception
Date
Alfalah GHP Value Fund
Oct 28, 2005
Askari Asset Allocation Fund
Sep 13, 2007
Faysal Asset Allocation Fund
Jul 24, 2006
JS Aggressive Asset Allocation
Jun 28, 2005
KASB Asset Allocation Fund
Dec 31, 2007
Lakson Asset Allocation Developed Oct 10, 2011
Markets Fund
Lakson Asset Allocation Emerging Oct 10, 2011
Markets Fund
Lakson Asset Allocation Global
Oct 10, 2011
Commodities Fund
MCB Dynamic Allocation Fund
Mar 17, 2008
NAFA Asset Allocation Fund
Aug 20, 2010
Pak Oman Advantage Asset Allocation
Oct 30, 2008
Fund
UBL Asset Allocation Fund
Aug 20, 2013
page 7 of 18
mufap
NAVs
Dec 31,
2013
Dec 31,
2014
Dividends
(PKR)
CY 2014
Returns
59.5200 60.3800
50.5012 56.0457
68.0600 73.2800
15.9600 15.1900
46.2700 44.1500
112.3330 109.9157
9.9448
5.0557
9.0000
4.4000
13.1500
7.3744
19.91%
22.02%
21.63%
24.96%
26.98%
4.61%
105.8532 106.3787
2.3877
2.80%
103.6758 104.6895
74.3738 79.2385
12.0686 13.4693
55.2700 54.0800
100.9826 121.7042
4.2376 5.25%
8.0011 18.42%
0.9052 20.24%
4.6196 6.76%
5.2700 26.78%
quarterly
Fund Name
Inception
Date
Faysal Balanced Growth Fund
HBL Multi Asset Fund
Unit Trust of Pakistan
Pakistan Capital Market Fund
NAFA Multi Asset Fund
Primus Strategic Multi Asset Fund
Apr 19, 2004
Nov 08, 2007
Oct 27, 1997
Jan 24, 2004
Jan 22, 2007
Aug 23, 2013
NAVs
Dec 31,
2013
Dec 31,
2014
Dividends
(PKR)
61.5400 66.9900
113.6200 96.3178
138.6000 148.7700
9.2300 10.3600
12.6749 14.1643
103.0009 119.7500
7.5000
29.8000
19.5000
1.5100
1.9054
3.8200
CY 2014
Returns
21.99%
11.54%
23.35%
31.07%
29.37%
19.21%
CAPITAL PROTECTED (Open-End Funds)
Inception
Date
Fund Name
Pakistan Sarmaya Mehfooz Fund
22-Dec-14
NAVs
Dec 31,
2013
Dec 31,
2014
new fund 100.8712
Dividends
(PKR)
-
CY 2014
Returns
N/A
COMMODITIES (Open-End Funds)
Fund Name
Atlas Gold Fund
UBL Gold Fund
Inception
Date
Jul 15, 2013
Feb 13, 2013
NAVs
Dec 31,
2013
Dec 31,
2014
94.4509
82.5309
96.5282
81.7531
Dividends
(PKR)
3.7500
7.0800
CY 2014
Returns
5.94%
7.25%
FUND OF FUNDS (Open-End Funds)
Fund Name
Inception
Date
NAVs
Dec 31,
2013
Dec 31,
2014
Alfalah GHP Capital Preservation Fund Oct 29, 2014 new fund 103.6927
JS Fund of Funds
Oct 31, 2005 47.6400 49.9300
UBL Principal Protected Fund II
Jul 23, 2013 103.6400 117.1000
UBL Principal Protected Fund III
Mar 06, 2014 new fund 114.5000
Dividends
(PKR)
CY 2014
Returns
N/A
9.4000 27.63%
7.7300 21.28%
1.3000
N/A
INDEX TRACKER (Open-End Funds)
Fund Name
AKD Index Tracker Fund
JS KSE 30 Index Fund
Inception
Date
NAVs
Dec 31,
2013
Oct 11, 2005 12.6655
May 29, 2006 27.7000
Dec 31,
2014
14.3081
30.1700
Dividends
(PKR)
1.2500
0.8000
CY 2014
Returns
23.80%
11.94%
Source: MUFAP
newsletter
03 MARKET DEVELOPMENT
ISLAMIC AGGRESSIVE INCOME (Open-End Funds)
ISLAMIC EQUITY (Open-End Funds)
Fund Name
Inception
Date
NAVs
Dec 31,
2013
Dec 31,
2014
ABL Islamic Stock Fund
Jun 11, 2013 10.9377 11.5455
Al Meezan Mutual Fund
Jul 13, 1995 14.2800 15.4300
Meezan Islamic Fund
Aug 08, 2003 51.1200 55.2000
Atlas Islamic Stock Fund
Sep 12, 2006 420.9103 435.5387
HBL Islamic Stock Fund
May 09, 2011 151.4660 138.9226
JS Islamic Fund
Dec 27, 2002 72.9900 88.5100
PICIC Islamic Stock Fund
May 29, 2014 new fund 118.6615
PIML Islamic Equity Fund
Mar 04, 2014 new fund 110.4100
UBL Shariah Stock Fund (Formerly: Dec 24, 2006 108.0600 111.9600
United Composite Islamic Fund)
ISLAMIC INCOME (Open-End Funds)
Fund Name
ABL Islamic Income Fund (Formerly:
ABL Islamic Cash Fund)
Meezan Islamic Income Fund
Meezan Sovereign Fund
IGI Islamic Income Fund
Askari Islamic Income Fund
Atlas Islamic Income Fund
Faysal Islamic Savings Growth Fund
JS Islamic Government Securities Fund
MCB Islamic Income Fund
NAFA Riba Free Savings Fund
Pak Oman Advantage Islamic Income
Fund
PICIC Islamic Income Fund
UBL Islamic Sovereign Fund
(Formerly: UBL Islamic Savings Fund)
Inception
Date
Jul 31, 2010
Aug 08, 2003
Feb 10, 2010
Dec 03, 2009
Sep 30, 2009
Oct 14, 2008
Jun 16, 2010
Jun 05, 2013
Jun 19, 2011
Aug 20, 2010
Oct 28, 2008
NAVs
Dec 31,
2013
10.0090
50.7800
50.4000
100.4903
100.6269
513.3540
102.3700
new fund
100.0992
10.0955
52.4119
Dec 31,
2014
10.4755
52.1700
51.7900
104.3563
104.0378
521.3123
106.0900
101.9200
102.6640
10.4812
53.0974
Dividends
(PKR)
1.5909
2.4000
7.6500
45.0000
38.5000
14.5000
1.2700
CY 2014
Returns
22.15%
27.05%
24.69%
15.14%
18.94%
46.97%
N/A
N/A
23.7500 29.70%
Dividends
(PKR)
0.4324
3.7800
1.9500
2.6886
4.0325
28.5000
5.1700
5.9500
3.9198
0.3774
1.7270
May 29, 2014 new fund 104.1415
0.7800
Nov 07, 2010 100.9555 103.6404
4.3820
CY 2014
Returns
9.24%
10.67%
6.77%
6.63%
7.60%
7.39%
8.99%
N/A
6.62%
7.76%
4.70%
N/A
7.20%
ISLAMIC MONEY MARKET (Open-End Funds)
Fund Name
Inception
Date
Meezan Cash Fund
Jun 15, 2009
HBL Islamic Money Market Fund May 09, 2011
PIML Islamic Money Market Fund Mar 04, 2014
UBL Islamic Cash Fund
Sep 19, 2012
page 8 of 18
mufap
NAVs
Dec 31,
2013
Dec 31,
2014
50.0882 51.9059
100.7307 103.9747
new fund 103.0800
100.6799 103.8780
Dividends
(PKR)
1.6600
3.8000
1.6400
3.4300
Fund Name
Inception
Date
NAVs
Dec 31,
2013
Dec 31,
2014
KASB Islamic Income Opportunity Fund Jun 07, 2008 100.0600 104.2923
NAFA Islamic Aggressive Income Fund
9.1272
9.7590
(Formerly: NAFA Islamic Income Fund) Oct 29, 2007
United Islamic Income Fund
Oct 20, 2007 101.4000 99.3000
Dividends
(PKR)
CY 2014
Returns
3.7200
8.16%
0.6592
14.49%
13.9400
12.53%
ISLAMIC ASSET ALLOCATION (Open-End Funds)
Fund Name
Inception
Date
NAVs
Dec 31,
2013
Dec 31,
2014
Alfalah GHP Islamic Fund
Sep 03, 2007 64.8300
58.6800
Askari Islamic Asset Allocation Fund Sep 30, 2009 109.7028 114.7585
Pakistan Int'l Element Islamic Asset Apr 22, 2006 49.9800
58.4300
Allocation Fund
Pak Oman Islamic Asset Allocation Fund Oct 28, 2008 57.3600
56.7700
Al Ameen Islamic Asset Allocation
Dec
11,
2013
100.0708
113.1067
Fund (Formerly: UBL Islamic Asset
Allocation Fund)
ISLAMIC BALANCED (Open-End Funds)
Fund Name
Inception
Date
NAVs
Dec 31,
2013
Meezan Balanced Fund
Dec 20, 2004 14.2000
First Habib Islamic Balanced Fund Nov 09, 2012 107.5439
NAFA Islamic Asset Allocation Fund
(Formerly: NAFA Islamic Multi Asset Oct 29, 2007 12.9412
Fund)
Dec 31,
2014
Dividends
(PKR)
CY 2014
Returns
14.9910
6.2512
5.0000
9.0720
15.74%
10.63%
28.87%
15.88%
2.6500
15.97%
Dividends
(PKR)
CY 2014
Returns
14.3500
105.9650
2.2500
11.0000
18.29%
9.19%
14.9597
1.5419
29.82%
ISLAMIC CAPITAL PROTECTED (Open-End Funds)
Fund Name
NAFA Islamic Principal Protected Fund I
NAFA Islamic Principal Protected Fund II
Inception
Date
NAVs
Dec 31,
2013
Dec 31,
2014
Mar 06, 2014 new fund
111.9224
Jun 30, 2014
109.0792
new fund
Dividends
(PKR)
CY 2014
Returns
0.9300
-
N/A
N/A
ISLAMIC INDEX TRACKER (Open-End Funds)
Fund Name
KSE Meezan Index Fund
Inception
Date
May 28, 2012
NAVs
Dec 31,
2013
65.5800
Dec 31,
2014
65.9300
Dividends
(PKR)
CY 2014
Returns
9.8000
16.50%
CY 2014
Returns
7.12%
7.20%
N/A
6.75%
quarterly
Source: MUFAP
newsletter
03 MARKET DEVELOPMENT
ISLAMIC FUND OF FUNDS (Open-End Funds)
Inception
Date
Fund Name
NAVs
Dec 31,
2013
Dec 31,
2014
Dividends
(PKR)
CY 2014
Returns
Pension Funds PENSION
(Calendar
Year(Conventional
Returns) Schemes)
FUNDS
Fund Name
Sub Fund
Inception
Date
NAVs
CY 2014
Returns
ABL Islamic Principal Preservation Fund Dec 24, 2013 10.0191
10.8478
0.3708
12.26%
ABL Islamic Principal Preservation Fund II Mar 31, 2014 new fund
10.8018
0.1346
N/A
Meezan Capital Preservation Fund II
Meezan Capital Preservation Fund III
Meezan Financial Planning Fund of
Funds (Aggressive)
Meezan Financial Planning Fund of
Funds (Conservative)
Meezan Financial Planning Fund of
Funds (MCPP I)
Meezan Financial Planning Fund of
Funds (MCPP II)
Meezan Financial Planning Fund of
Funds (Moderate)
Al Ameen Islamic Principal Preservation
Fund I (Formerly: UBL Islamic Principal
Preservation Fund)
Al Ameen Islamic Principal Preservation
Fund II (Formerly: UBL Islamic
Principal Preservation Fund)
Al Ameen Islamic Principal Preservation
Fund III
Al Ameen Islamic Principal Preservation
Fund IV
Al Ameen Islamic Principal Preservation
Fund V
Jun 28, 2014 new fund
Jan 31, 2014 new fund
53.1100 55.7700 0.5300
N/A
N/A
ABL Pension Fund
Debt
Aug 20, 2014
new fund 109.0974
N/A
Apr 12, 2013 58.5100
64.5400
4.2500
18.19%
ABL Pension Fund
Equity
Aug 20, 2014
new fund 111.8134
N/A
ABL Pension Fund
Money Market Aug 20, 2014
new fund 102.3731
N/A
Apr 12, 2013 54.4100
57.9400
2.0500
10.44%
Atlas Pension Fund
Debt
Jun 27, 2007
173.1003 193.7040
11.90%
Sep 01, 2014 new fund
52.2500 -
N/A
Atlas Pension Fund
Equity
Jun 27, 2007
280.5499 350.1064
24.79%
Dec 19, 2014 new fund
50.0700 -
N/A
Atlas Pension Fund
Gold
Jul 16, 2013
Atlas Pension Fund
Money Market Jun 27, 2007
176.6218 191.5748
8.47%
HBL Pension Fund
Debt
Dec 15, 2011
117.8207 130.9178
11.12%
HBL Pension Fund
Equity
Dec 15, 2011
210.4855 260.9283
23.96%
HBL Pension Fund
Money Market Dec 15, 2011
117.0407 125.7413
7.43%
JS Pension Savings Fund
Debt
Jun 25, 2007
179.5200 199.9100
11.36%
60.95%
Apr 12, 2013 55.9500
59.8900
3.9000
14.48%
Apr 27, 2013 117.3900 122.6600 13.2100
16.88%
Nov 07, 2013 105.7600 115.3600
7.1100
16.45%
5.35%
JS Pension Savings Fund
Equity
Jun 25, 2007
254.4400 409.5100
Oct 16, 2014 new fund 106.4793 -
N/A
JS Pension Savings Fund
Money Market Jun 25, 2007
153.9700 164.8300
7.05%
Dec 26, 2014 new fund 100.3749 -
N/A
Pakistan Pension Fund
Debt
Jun 27, 2007
166.9300 193.1100
15.68%
Pakistan Pension Fund
Equity
Jun 27, 2007
226.3000 322.7100
42.60%
Pakistan Pension Fund
Money Market Jun 27, 2007
173.5900 187.0400
7.75%
NAFA Pension Fund
Debt
Jul 02, 2013
104.6443 120.2989
14.96%
NAFA Pension Fund
Equity
Jul 02, 2013
118.4053 179.5157
51.61%
NAFA Pension Fund
Money Market Jul 02, 2013
104.6080 113.4887
8.49%
UBL Retirement Saving Fund
Debt
May 19, 2010
141.1000 164.6900
16.72%
UBL Retirement Saving Fund
Equity
May 19, 2010
277.5000 459.3400
65.53%
UBL Retirement Saving Fund
Money MarketMay 19, 2010
138.1900 148.9200
7.76%
UBL Retirement Saving Fund
Commodities Apr 21, 2014
new fund
Inception
Date
NAVs
Dec 31,
2013
Dec 31,
2014
May 10, 2007 10.8300 11.0100
EQUITY (Closed-End Funds)
Fund Name
99.8815
N/A
INCOME (Closed-End Funds)
Pak Oman Advantage Fund
94.8091
Dec 31,
2014
Jun 20, 2014 new fund 110.2900 -
Closed End Funds (CalendarYear Returns)
Fund Name
Dec 31,
2013
Inception
Date
NAVs
Dec 31,
2013
Golden Arrow Selected Stock Fund May 09, 1983 12.0600
PICIC Growth Fund
Jul 31, 2004 37.4400
PICIC Investment Fund
Jun 07, 2004 16.9200
Dec 31,
2014
12.3200
40.3500
17.9800
Dividends
(PKR)
0.7660
Dividends
(PKR)
4.3000
4.5000
2.2000
CY 2014
Returns
8.83%
CY 2014
Returns
46.96%
20.30%
19.93%
98.2400
N/A
Source: MUFAP
page 9 of 18
mufap
quarterly
newsletter
03 MARKET DEVELOPMENT
PENSION FUNDS (Shariah Compliant)
Fund Name
Sub Fund
ABL Islamic Pension Fund
ABL Islamic Pension Fund
ABL Islamic Pension Fund
Debt
Equity
Money Market
Meezan Tahaffuz Pension Fund Debt
Meezan Tahaffuz Pension Fund Equity
Meezan Tahaffuz Pension Fund Money Market
Atlas Pension Islamic Fund
Debt
Atlas Pension Islamic Fund
Equity
Atlas Pension Islamic Fund
Money Market
HBL Islamic Pension Fund
Debt
HBL Islamic Pension Fund
Equity
HBL Islamic Pension Fund
Money Market
JS Islamic Pension Savings Fund Debt
JS Islamic Pension Savings Fund Equity
JS Islamic Pension Savings Fund Money Market
Pakistan Islamic Pension Fund Debt
Pakistan Islamic Pension Fund Equity
Pakistan Islamic Pension Fund Money Market
NAFA Islamic Pension Fund
Debt
NAFA Islamic Pension Fund
Equity
NAFA Islamic Pension Fund
Money Market
Al Ameen Islamic Retirement
Savings Fund(Formerly: UBL Islamic Debt
Retirement Saving Fund)
Al Ameen Islamic Retirement
Savings Fund(Formerly: UBL Islamic Equity
Retirement Saving Fund)
Inception
Date
NAVs
Dec 31,
2013
CY 2014
Returns
Dec 31,
2014
Aug 20, 2014
Aug 20, 2014
Aug 20, 2014
Jun 28, 2007
Jun 28, 2007
Jun 28, 2007
Sep 15, 2007
Sep 15, 2007
Sep 15, 2007
Dec 15, 2011
Dec 15, 2011
Dec 15, 2011
Mar 17, 2008
Mar 17, 2008
Mar 17, 2008
Nov 02, 2007
Nov 02, 2007
Nov 02, 2007
Jul 02, 2013
Jul 02, 2013
Jul 02, 2013
new fund
new fund
new fund
177.3800
285.2200
177.0600
161.3409
372.1930
170.1459
116.8589
213.9512
116.2001
168.3300
331.9400
146.4100
163.3900
228.0800
151.4800
104.7830
117.1374
104.1143
101.8609
111.8756
102.0231
188.3200
376.5700
187.7000
170.9734
438.7089
180.5925
122.9623
299.4680
121.2962
173.9100
510.3100
153.7300
172.1600
328.4000
158.3100
111.2110
175.6651
111.1177
N/A
N/A
N/A
6.17%
32.03%
6.01%
5.97%
17.87%
6.14%
5.22%
39.97%
4.39%
3.31%
53.74%
5.00%
5.37%
43.98%
4.51%
6.13%
49.96%
6.73%
May 19, 2010
134.8800 142.8500
5.91%
May 19, 2010
274.6500 417.8500
52.14%
Al Ameen Islamic Retirement
Savings Fund(Formerly: UBL Islamic Money Market May 19, 2010
Retirement Saving Fund)
130.8700 138.1000
5.52%
Source: MUFAP
page 10 of 18
mufap
quarterly
newsletter
04 INDUSTRY STATISTICS
Industry-wide - Net Assets (PKR million)
FY10
FY11
FY12
FY13
FY14
Open End Funds
Schemes
167,462
222,366
354,278
325,292
386,800
396,106
429,714
Closed End Funds
30,723
23,917
23,486
31,554
21,415
18,584
19,523
1,301
1,558
2,742
4,822
8,150
8,941
10,060
199,486
247,841
380,505
361,668
416,365
423,632
459,297
FY12
52,249
86,441
150,508
7,862
3,145
2,861
853
867
343
8,103
29,942
7,762
688
1,120
799
443
289
354,278
FY13
61,711
55,299
120,575
10,130
4,289
3,150
605
140
641
315
15,349
39,807
7,538
1,178
870
791
506
1,497
901
325,292
FY14
89,177
64,952
114,531
12,345
6,407
3,731
304
2,447
419
27,604
36,783
5,300
2,253
1,673
2,263
2,973
12,460
1,176
386,800
Pension Funds
Total
FY15Q1
FY15Q2
Net Assets - OpenEnd Funds (PKR million)
Schemes
Equity
Income
Money Market
Aggressive Income
Asset Allocation
Balanced
Capital Protected
Commodity
Fund of Funds
Index Tracker
Islamic Equity
Islamic Income
Islamic Money Market
Islamic Aggressive Income
Islamic Asset Allocation
Islamic Balanced
Islamic Capital Protected
Islamic Fund of Funds
Islamic Index Tracker
Total
FY10
39,150
46,481
32,046
15,003
1,552
5,182
7,147
837
223
4,601
5,930
5,224
1,360
1,178
911
637
167,462
FY11
52,084
37,988
77,304
9,344
2,277
3,525
3,368
789
375
5,320
20,885
6,353
725
1,263
767
222,366
FY15Q1
91,565
70,129
114,671
13,211
6,042
5,232
330
2,482
418
29,231
31,910
6,509
2,582
1,868
2,312
2,959
13,398
1,256
396,106
FY15Q2
104,488
89,245
107,207
12,474
6,292
5,381
686
333
4,376
440
36,807
25,878
6,286
2,790
2,453
2,656
3,085
17,578
1,257
429,714
Source: MUFAP
page 11 of 18
mufap
quarterly
newsletter
04 INDUSTRY STATISTICS
Net Assets - Closed End Funds (PKR million)
Schemes
FY10
FY11
FY12
FY13
FY14
FY15Q1
FY15Q2
Equity
24,036
17,810
19,099
27,191
20,290
17,430
18,422
Income
1,111
1,125
1,142
1,125
1,125
1,154
1,101
-
-
-
-
-
-
-
Money Market
Aggressive Income
-
-
-
-
-
-
-
Asset Allocation
-
-
-
-
-
-
-
Balanced
1,144
1,317
1,286
942
-
-
-
Capital Protected
1,404
-
-
-
-
-
-
-
-
-
-
Commodity
Fund of Funds
345
435
424
549
-
-
-
-
-
-
-
-
-
-
1,404
1,707
-
-
-
-
-
Islamic Income
-
-
-
-
-
-
-
Islamic Money Market
-
-
-
-
-
-
-
Index Tracker
Islamic Equity
Islamic Aggressive Income
-
-
-
-
-
-
-
Islamic Asset Allocation
-
-
-
-
-
-
-
1,278
1,523
1,535
1,747
-
-
-
Islamic Capital Protected
-
-
-
-
-
-
-
Islamic Index Tracker
-
-
-
-
-
-
-
30,723
23,917
23,486
31,554
21,415
18,584
19,523
Islamic Balanced
Total
Net Assets - Pension Schemes (PKR million)
Schemes
FY10
FY11
FY12
FY13
FY14
FY15Q1
FY15Q2
Pension
572
655
1,101
1,865
3,238
3,596
4,165
Islamic Pension
729
902
1,641
2,958
4,912
5,345
5,895
1,301
1,558
2,742
4,822
8,150
8,941
Total
10,060
Source: MUFAP
page 12 of 18
mufap
quarterly
newsletter
04 INDUSTRY STATISTICS
Sales (PKR million)
Schemes
FY10
FY11
FY12
FY13
FY14
FY15Q1
FY15Q2
Equity
11,774
13,146
13,796
15,822
30,770
4,595
8,754
Income
87,514
42,014
117,494
208,127
62,137
17,293
36,184
Money Market
84,831
133,516
275,029
226,538
208,433
41,708
36,673
Aggressive Income
25,008
3,596
2,451
7,736
6,304
1,521
1,132
Asset Allocation
204
851
2,402
3,674
6,093
907
1,557
Balanced
627
165
263
335
1,033
494
585
2,848
-
381
-
-
-
681
-
-
-
260
322
61
3
Fund of Funds
257
20
358
165
2,084
27
1,638
Index Tracker
52
141
67
129
13
1
-
Islamic Equity
764
1,167
2,294
8,874
12,981
6,944
9,205
Capital Protected
Commodity
Islamic Income
7,356
35,007
38,205
58,779
49,305
14,280
4,985
13,094
5,352
12,829
9,467
12,767
5,288
4,949
1,753
85
60
676
2,302
1,347
794
Islamic Asset Allocation
387
154
204
485
740
362
802
Islamic Balanced
526
123
64
577
7,193
247
345
-
-
396
Islamic Money Market
Islamic Aggressive Income
Islamic Capital Protected
Islamic Fund of Funds
Islamic Index Tracker
-
2,423
535
-
1,554
11,094
4,538
1,851
-
-
297
759
547
163
15
Pension
42
153
400
1,280
1,398
300
568
Islamic Pension
86
160
623
1,573
2,220
535
558
237,124
235,650
467,615
546,809
420,159
101,144
111,279
Total
Source: MUFAP
page 13 of 18
mufap
quarterly
newsletter
04 INDUSTRY STATISTICS
Redemptions (PKR million)
Schemes
Equity
FY10
FY11
15,556
FY12
15,217
FY13
13,991
FY14
26,730
FY15Q1
FY15Q2
35,682
9,345
7,259
Income
95,972
53,150
71,120
241,163
62,502
11,990
24,786
Money Market
57,790
101,027
211,461
276,193
227,315
43,112
46,840
Aggressive Income
37,270
9,435
3,863
5,717
5,097
1,221
2,093
929
659
1,699
3,103
4,644
1,259
1,095
3,605
1,918
1,272
993
888
123
837
233
3,540
750
75
641
-
-
-
-
-
91
188
7
4
Fund of Funds
236
293
535
580
853
7
45
Index Tracker
242
63
120
246
20
1
2
Islamic Equity
1,984
2,038
2,334
6,767
8,000
7,461
4,625
Islamic Income
7,092
12,337
30,540
56,450
49,406
19,791
10,902
Islamic Money Market
8,812
5,130
12,031
9,886
15,098
2,411
6,378
Islamic Aggressive Income
2,908
698
110
232
1,376
1,118
888
795
366
292
790
453
201
421
1,213
440
128
185
4,667
337
93
26
1,532
5
4
96
50
101
138
688
429
237
-
-
1
315
501
90
63
Pension
29
118
80
611
537
173
316
Islamic Pension
49
40
152
675
1,006
315
383
234,740
208,001
350,484
630,945
419,660
99,444
107,370
Asset Allocation
Balanced
Capital Protected
Commodity
Islamic Asset Allocation
Islamic Balanced
Islamic Capital Protected
Islamic Fund of Funds
Islamic Index Tracker
Total
Source: MUFAP
page 14 of 18
mufap
quarterly
newsletter
04 INDUSTRY STATISTICS
Net Sales (PKR million)
Schemes
FY10
FY11
FY12
FY13
FY14
FY15Q1
FY15Q2
Equity
(3,783)
(2,072)
(195)
(10,908)
(4,912)
(4,750)
1,496
Income
(8,458)
(11,136)
46,374
(33,036)
(365)
5,303
11,398
Money Market
27,042
32,489
63,568
(49,655)
(18,881)
(1,405)
(10,167)
(12,261)
(5,839)
(1,412)
2,019
1,207
300
(961)
Aggressive Income
Asset Allocation
Balanced
Capital Protected
Commodity
Fund of Funds
Index Tracker
Islamic Equity
(725)
192
703
571
1,448
(352)
461
(2,978)
(1,753)
(1,009)
(658)
144
372
(251)
2,614
(3,540)
(370)
(75)
(641)
-
681
-
-
-
168
134
54
(1)
21
(273)
(177)
(415)
1,231
19
1,593
(190)
77
(53)
(117)
(7)
0
(2)
(1,219)
(870)
(40)
2,107
4,980
(517)
4,579
264
22,670
7,666
2,328
(101)
(5,512)
(5,918)
4,282
222
798
(419)
(2,331)
2,877
(1,430)
(1,156)
(613)
(50)
444
926
229
(94)
Islamic Asset Allocation
(407)
(213)
(88)
(306)
287
161
381
Islamic Balanced
(687)
(317)
(65)
392
2,526
(91)
252
(26)
(1,532)
391
(4)
2,327
484
(101)
Islamic Fund of Funds
-
-
-
1,416
10,406
4,108
1,614
Islamic Index Tracker
-
-
296
444
46
73
(48)
13
36
320
669
861
127
252
Islamic Income
Islamic Money Market
Islamic Aggressive Income
Islamic Capital Protected
Pension
Islamic Pension
Total
37
121
471
898
1,214
220
174
2,383
27,650
117,131
(84,136)
499
1,700
3,908
Source: MUFAP
page 15 of 18
mufap
quarterly
newsletter
04 INDUSTRY STATISTICS
Open End Funds' Return**
FY10
FY11
Equity
Schemes
18.87%
24.53%
9.12%
56.29%
47.34%
2.87%
12.53%
Income
9.70%
9.35%
11.05%
9.33%
9.32%
10.36%
18.99%
10.68%
10.28%
11.15%
8.87%
8.18%
8.49%
8.64%
6.78%
-2.12%
1.45%
7.33%
5.88%
8.31%
17.91%
Money Market
Aggressive Income
Asset Allocation
FY12
FY13
FY14
FY15Q1
FY15Q2
6.66%
9.14%
6.75%
23.42%
14.78%
1.69%
8.43%
14.24%
16.38%
13.40%
36.65%
23.70%
1.13%
9.74%
8.96%
11.49%
3.27%
8.34%
0.00%
-
0.87%
-
-
-
-17.14%
0.00%
-6.09%
0.56%
Fund of Funds
13.99%
31.70%
14.08%
35.93%
9.93%
0.67%
7.71%
Index Tracker
29.80%
22.45%
7.33%
44.78%
35.37%
-0.23%
7.08%
Islamic Equity
29.34%
37.23%
19.97%
48.07%
28.72%
2.60%
8.43%
Islamic Income
6.34%
11.25%
10.98%
9.32%
8.74%
5.81%
6.49%
10.10%
10.98%
10.69%
7.97%
8.70%
6.71%
7.62%
Islamic Aggressive Income
2.61%
-0.53%
10.19%
7.81%
12.96%
8.22%
7.61%
Islamic Asset Allocation
6.93%
13.82%
8.33%
30.80%
16.01%
2.31%
10.50%
Islamic Balanced
16.83%
25.93%
16.24%
25.00%
28.25%
2.35%
4.64%
Islamic Capital Protected
13.62%
-
13.52%
15.19%
3.68%
1.65%
7.79%
Islamic Fund of Funds
-
-
-
6.90%
6.08%
0.96%
5.58%
Islamic Index Tracker
-
-
-2.34%
49.64%
26.49%
0.97%
15.57%
Balanced
Capital Protected
Commodity
Islamic Money Market
** Average for the Industry
Source: MUFAP
page 16 of 18
mufap
quarterly
newsletter
04 INDUSTRY STATISTICS
Closed End Funds' Return**
Schemes
Equity
Income
Money Market
Aggressive Income
Asset Allocation
Balanced
Capital Protected
Commodity
Fund of Funds
Index Tracker
Islamic Equity
Islamic Income
Islamic Money Market
Islamic Aggressive Income
Islamic Asset Allocation
Islamic Balanced
Islamic Capital Protected
Islamic Index Tracker
FY10
FY11
FY12
FY13
13.30% 18.38% 10.97% 57.71%
12.46% 11.67% 11.23% 7.84%
0.12% 13.15% 1.29% 20.86%
8.16%
26.44% 42.46% 21.34% 41.02%
31.40% 0.00%
22.81% 25.37% 16.81% 31.75%
-
Schemes
Equity
Debt
Money Market
Commodity
Gold
FY10
20.32%
7.67%
3.54%
-
General Pension Schemes Return**
Islamic Pension Schemes Return**
Schemes
Islamic Equity
Islamic Debt
Islamic Money Market
FY11
26.63%
10.68%
10.90%
-
FY14 FY15Q1 FY15Q2
36.74% -13.72% 6.68%
7.66% 29.15% 8.48%
-
FY12
FY13
FY14
FY15Q1 FY15Q2
17.56% 60.16% 42.44% 6.27% 19.86%
10.98% 9.79%
7.23%
9.88% 27.71%
10.92% 8.75%
7.32%
7.48% 7.81%
4.64% -5.55% 0.66%
-5.88% -0.11%
FY10
FY11
FY12
23.13% 33.17% 17.00%
8.87% 9.08% 8.66%
6.69% 8.57% 10.22%
FY13
52.70%
8.05%
7.54%
FY14
FY15Q1 FY15Q2
35.97%
4.41% 11.88%
8.01%
4.05%
4.43%
7.36%
3.74%
5.14%
** Average for the Industry
Source: MUFAP
page 17 of 18
mufap
quarterly
newsletter
COMICS
page 18 of 18
mufap
quarterly
newsletter