Monthly Fund Performance Review
Wednesday, 18 November 2015
October 2015
Contents
Asset Management Industry Update ........................................................................... 2
Monthly Performance Review ...................................................................................... 2
Market Review ............................................................................................................... 3
Equity Market ............................................................................................................... 3
Money Market .............................................................................................................. 6
Monthly Macro Snapshot.............................................................................................. 7
Asset under Management............................................................................................. 8
Categorized by Fund Type .......................................................................................... 8
Categorized by Asset Management Company ............................................................ 9
Top Performers ........................................................................................................... 10
Categorized on Month-to-date (MTD) basis ............................................................... 10
Categorized on Year-to-date (YTD) basis.................................................................. 11
Fund in Spotlight ......................................................................................................... 12
United Growth & Income Fund .................................................................................. 12
BMA Chundrigar Road Savings Fund ........................................................................ 13
Performance Summary ............................................................................................... 14
Contact ......................................................................................................................... 19
Disclaimer .................................................................................................................... 19
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Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Asset Management Industry Update
Monthly Performance Review
AUMs: Total AUMs Increased On Improving Equity Outlook
Apropos of the data compiled by the Mutual Funds Association of Pakistan (MUFAP), the
industry’s Asset-Under Management (AUM) increased by 26.7bn (+6%MoM) to 463.3bn.
During Oct-15, equity sector AUMs increased by PKR 12.2bn to PKR 161.6bn, whereas
income fund AUMs increased by PKR 13.7bn to PKR 141.5bn.
Conventional Funds: Increased Equity Exposure Led To Better Returns during the
Month
In line with the Karachi Stock Exchange (KSE) 100 Index performance over the 30-day
period (+6%MoM), majority of equity-based mutual funds performance rebounded during
the month. Returns on equity funds varied from 3.0% to 8.0% on a month-on-month basis.
Whereas, returns on income based funds ranged between a negative 9% to a max positive
15% on a month-on-month basis.
Shariah Compliant Funds: Performance Tooted Market Rebound
Shariah compliant equity fund performance also picked up during the month, with returns of
13 funds varying in range of 2.0%-6.0% on a month-on-month basis. In terms of Shariah
income funds, returns ranged from a negative 0.1% to a positive 9.0%.
LIPI Activity: Cement Sector Continue to Shine
For the month ended Oct-15, Mutual funds were net buyers on the KSE (Karachi Stock
Exchange) with a total net buying value of USD 44.1mn. Amongst the sectors, Cement
attracted the largest buy value, followed by Power and Oil & Gas Exploration companies
with a net buy value of USD 15.9mn, USD 6.1mn and USD 5.8mn respectively, making up
almost ~63% of the total net value during the month.
Exhibit: Sector-wise Portfolio Investments by Mutual Funds (USDmn)
USDmn
Buy Value
Sell Value
Net Value
Exhibit: Sector-wise Portfolio Investments by Mutual Funds (USDmn)
Total
Cement
26.1
(10.3)
15.9
Cement
Pow er
7.8
(1.7)
6.1
Power
13.2
(7.4)
5.8
Oil & Gas
OMCs
8.6
(4.1)
4.5
OMCs
Food
6.7
(2.2)
4.5
Food
Banks
10.2
(6.4)
3.9
Banks
Textile
6.8
(3.1)
3.7
Textile
21.8
(18.7)
3.1
Fertilizers
Tech.
1.4
(1.2)
0.2
Tech.
Others
29.7
(33.2)
(3.5)
Others
Total
132.4
(88.3)
44.1
Oil & Gas
Fertilizers
(10.0)
-
10.0
20.0
30.0
40.0
50.0
Source: IGI Fund Select, NCCPL
Page | 2
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Market Review
Equity Market


After experiencing a rough patch in Sep-15, long
term economic growth trend, and clarity on global
market indices, the benchmark index gained nearly
1,974 points (~6%) to reach index level of 34,621
by Oct-15 end.
Commercial Banks by far contributed the largest
(+1.8%) to KSE100 market capitalization, followed
by E&Ps (+10.4%), Fertilisers (+3.9%), Cement
(+5.1%) and Power and distribution (+4.5%).
Exhibit: KSE weekly performance
KSE 100
Avg. Vol. (mn) RS
34,300.0
185.0
34,200.0
180.0
34,100.0
175.0
34,000.0
170.0
33,900.0
165.0
33,800.0
160.0
33,700.0
155.0
33,600.0
150.0
Week 1
Week 2
Week 3
Week 4
Source: IGI Fund Select, Bloomberg
KSE-100: Cheaper Market Valuations led to investors shifting focus to Long-Term play
After experiencing a rough patch in Sep-15, the KSE100 experienced lower volatility during
the month of Oct-15, as investors focus shifted towards long term economic growth trend,
State Bank of Pakistan monetary policy outlook and emerging clarity on global market
indices. This was despite a slowdown in Sep-15 ending corporate earnings, declining by
~14%QoQ. The benchmark index gained nearly 1,974 points (~6%) to reach index level of
34,621 by Oct-15 end. On regional front, major global equity indices and regional indices
also rebounded sharply during the month of Oct-15.
Exhibit: Regional Market Indices performance during Oct-15
China
10.8%
Hong Kong
8.6%
Pakistan
6.1%
Indonesia
5.5%
Taiwan
4.6%
Philippines
3.5%
Thailand
3.4%
India
0.0%
1.9%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Source: IGI Fund Select, Bloomberg
Page | 3
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Volumes Unsurprisingly Fading Away
Average market volumes remained rather dull averaging 173.6mn shares compared to
183.5mn shares in Sep-15, a decline of ~5%MoM. A possible factor for low volumes could
be increased SECP market vigilance and changes in brokerage companies’ capital
requirement.
As investors seek clarity on long-term economic PKR and possible changes in
monetary policy
Amongst the major news PKR depreciated against the USD reaching 106.1 in open
market, diluting sentiments of further rating easing by State Bank of Pakistan (SBP), due
for monetary policy review by mid Nov-15. Further strong probability of USD ~506mn
th
disbursements by International Monetary Fund (IMF) in its 9 review held by month end,
also made news headlines.
On economic front, CPI based inflation edged up +0.5%MoM to 1.61%YoY during the
month of Oct-15, led by quarterly revision in house rental index and growth of +3.2%MoM
in perishable food items – incorporating lag effect of Eid-ul Adha and Muharram.
International Oil prices (Arab Light) range bounded in the region of USD ~46/bbl during the
month, subsequently dictated oil sector stocks. Further neutrality on rate easing kept
commercial banks in limelight. On small sectors, better volumes in auto sector and OMCs
kept the sector performance upbeat.
Sector-Wise Contributions: Banks Led the Rally
Commercial Banks by far contributed the largest (+1.8%) to KSE100 market capitalization.
Sector’s Market Capitalization during the month increased by +7.1%MoM. This was
followed by E&Ps (+10.4%), Fertilisers (+3.9%), Cement (+5.1%) and Power and
distribution (+4.5%). Amongst the laggards, top was Food and Personal Care contributing 0.2% to KSE100 Market Capitalization.
Exhibit: Positive Contributing Sector
Exhibit: Negative Contributing Sector
%MoM - Contribution
%MoM - Contribution
Banks
E&Ps
1.0%
Fertilizer
Cement
OMC
0.0%
Synthetic
1.9%
0.8%
0.5%
Modarabas
0.0%
REITs
0.0%
Textile Spinning
0.5%
0.5%
0.0%
Food
1.0%
1.5%
2.0%
2.5%
-0.3%
0.0%
-0.2%
-0.2%
-0.2%
-0.1%
-0.1%
0.0%
Source: IGI Research, KSE, Bloomberg
Page | 4
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Performing Sectors: Beyond Main Board
Apart from main-board sectors, Pharmaceutical (+13%MoM), Auto Assemblers (+11.2%)
and OMC’s (+13.1%) overshoot market performance. Similarly volumes in Technology
(USD 14mn), Cement (USD 12mn) and Power Generation and Distribution (USD 11mn)
also showed increased activity in respective sectors.
Exhibit: Volume Leaders – with their respective performance
Exhibit: Volume Leaders
%MoM - Performance
Vol. (mn)
Tech.
Tech.
14.0
Cement
Cement
12.5
Power
Power
11.1
Cable/Elec.
Banks
OMCs
8.3
3.1
Textile Composite
2.9
-
5.0
7.6%
Fertilizer
4.8%
OMCs
7.0
E&Ps
6.8%
Banks
9.9
9.3
Finan. (x-banks)
5.1%
3.4%
Cable/Elec.
10.4
Fertilizer
4.8%
13.1%
Finan. (x-banks)
20.0%
E&Ps
Textile Composite
10.0
15.0
0.0%
9.8%
4.2%
5.0%
10.0%
15.0%
20.0%
25.0%
Source: IGI Research, KSE, Bloomberg
FIPI: Food Sector remain favorable
During the month of Oct-15, Foreign Investment Portfolio witnessed a net sell of USD
48.2mn, where Banks, Fertilizers and Textile Composite sectors depicted the highest
amount of selling of USD 15.5mn, USD 13.9mn and USD 10.8mn respectively. Food sector
witnessed a net buy, amounting to USD 1.5mn.
Exhibit: Sector-wise Foreign Portfolio Investments (USDmn)
USDmn
Buy Value
Sell Value
Exhibit: Sector-wise Foreign Portfolio Investments (USDmn)
Net Value
Total
Food
11.6
(10.2)
1.5
Food
Others
28.7
(27.9)
0.9
Others
OMCs
4.7
(5.4)
(0.7)
OMCs
Tech.
7.5
(8.6)
(1.2)
Tech.
Pow er
6.2
(7.7)
(1.5)
Power
Oil & Gas
20.2
(22.1)
(1.9)
Oil & Gas
Cement
23.5
(28.7)
(5.2)
Cement
Textile
1.2
(12.0)
(10.8)
Textile
Fertilizers
24.1
(38.0)
(13.9)
Fertilizers
Banks
38.3
(53.8)
(15.5)
Banks
Total
166.0
(214.3)
(48.2)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
Source: IGI Fund Select, NCCPL
Page | 5
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Market Review
Money Market

Exhibit: Yield Curve
Yield curve shifted lower on expectation of
possible rate cut, following lower inflation reading
31-Oct-14
30-Sep-15
31-Oct-15
13.0%
12.0%

During the month, SBP conducted two Treasury
Bills (T-bill) auctions, accepting a total amount of
PKR 416bn against the target of PKR 425bn. One
th
PIB auction conducted on 27 Oct-15 attracted
PKR 197.1bn worth of bids.
11.0%
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
O/N
3M
6M
12 M
3 YR
5 YR
7 YR
10 YR
Source: IGI Fund Select, Bloomberg
Yield Curve Shifted Further Lower On Rate Cut Expectations
During the month of Oct-15, yield curve shifted lower on expectation of possible rate cut,
following lower inflation reading of +1.6% in Sep-15. Overall market liquidity remained
stable as State Bank of Pakistan (SBP) mopped up excess liquidity amounting of PKR
28.0bn during the month. However, in order to reduce OMO volatility SBP injected a
cumulative of PKR 6.7trn during the month.
During the month, SBP conducted two Treasury Bills (T-bill) auctions, accepting a total
amount of PKR 416bn against the target of PKR 425bn, with month-end 3M, 6M and 12M
cut-off yields settling at 6.30%, 6.33%, and 6.33% respectively.
th
One PIB auction conducted on 27 Oct-15 attracted PKR 197.1bn worth of bids, against
which SBP acceptance ratio was 68% to PKR 94.1bn. Participation was mainly skewed to
3Yr and 5Yr tenure bonds, roughly attracting 45% and 52% of the total participation value
respectively. Yields for 3/5/10 Yr settled at 7.20% and 8.18% and 9.23% respectively.
Page | 6
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Monthly Macro Snapshot
September, 2015
Pakistan Economics
Unit
Sep-14
Oct-14
Nov -14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15 May -15
Jun-15
Jul-15
Aug-15
Sep-15
Current Acc. Bal.
(USDmn)
(148)
(275)
(223)
(334)
276
(74)
265
(20)
(275)
(336)
(175)
(240)
306
Ex ports
(USDmn)
2,164
2,090
1,867
2,249
1,974
1,864
2,030
2,072
1,883
2,100
1,765
1,773
1,883
Imports
(USDmn)
4,115
3,532
3,080
3,477
2,929
2,793
3,447
3,069
3,419
3,550
3,551
3,169
3,223
Trade Balance
(USDmn)
(1,951)
(1,442)
(1,213)
(1,229)
(955)
(929)
(1,417)
(997)
(1,536)
(1,450)
(1,786)
(1,396)
(1,340)
Remittances
(USDmn)
1,748
1,409
1,344
1,634
1,404
1,421
1,609
1,640
1,663
1,822
1,664
1,527
1,776
Portfolio Inv est.
(USDmn)
56
5
36
950
15
11
(106)
735
49
33
(25)
(57)
(27)
FDI
(USDmn)
90
262
35
113
9
88
107
127
(6)
(83)
75
44
97
LSM
(%YoY)
5.1
4.1
7.3
2.2
2.9
3.2
7.3
7.7
7.2
5.6
5.2
4.8
-
FX Reserv es
(USDbn)
13.5
13.4
13.0
15.3
15.2
16.1
16.7
17.7
17.0
18.7
18.8
18.5
18.3
FX Reserv es: SBP
(USDbn)
8.9
8.6
8.2
10.5
10.4
11.2
11.6
12.5
11.9
13.5
13.8
13.5
13.4
FX Reserv es: Banks
(USDbn)
4.6
4.8
4.8
4.8
4.8
4.9
5.0
5.2
5.1
5.2
5.0
5.0
4.9
Tax Collections
(PKRbn)
234.7
182.9
180.9
270.3
173.4
192.7
237.1
198.5
234.5
381.8
-
-
-
CPI
%YoY
7.7
5.8
4.0
4.3
3.9
3.2
2.5
2.1
3.2
3.2
1.8
1.7
1.3
Food CPI
%YoY
8.0
6.3
5.4
4.9
4.5
4.0
3.9
3.7
3.3
3.2
2.7
2.7
(0.1)
Non-Food
%YoY
7.2
5.2
2.1
3.4
3.0
2.1
0.6
0.0
3.0
3.2
0.6
0.4
2.4
CORE (NFNE)
%YoY
8.0
7.6
7.4
7.3
7.0
6.8
6.4
6.3
5.2
4.8
4.5
4.4
3.4
Banks: Deposits
(PKRbn)
8,037
8,160
8,150
8,342
8,464
8,490
8,508
8,747
8,912
9,141
9,107
9,020
9,021
ADR %
%
53.3
52.9
54.0
53.4
52.7
52.3
52.1
51.1
51.6
50.1
50.3
50.6
50.6
IDR %
%
55.6
55.1
59.3
61.2
64.1
65.8
67.0
65.8
62.8
63.6
66.7
69.8
71.5
Banks: Deposit Rate (WA)
%
5.9
6.0
5.6
6.0
5.8
5.4
5.2
5.2
4.8
4.6
5.9
5.4
4.9
Banks: Lending Rate (WA)
%
10.3
10.5
10.4
10.3
10.3
9.5
9.3
8.9
8.6
8.2
10.4
10.3
7.8
Banks: Spread
M2
%
(PKRbn)
4.4
4.5
4.8
4.3
4.6
4.1
4.1
3.7
3.8
3.6
4.4
5.0
2.9
9,797
9,852
9,846
10,182
10,146
10,221
10,322
10,430
10,645
11,022
10,974
10,936
11,227
M2 Grow th
%YoY
12.6
11.2
10.2
10.6
11.6
11.9
12.5
13.4
13.6
12.7
13.4
13.1
14.6
Credit to Gov t.
(PKRbn)
6,196
6,292
6,309
6,407
6,582
6,565
6,634
6,812
7,015
7,260
7,346
7,262
7,304
Pv t. Sect Credit Grow th
%YoY
11.8
10.7
8.2
8.5
7.3
8.0
7.9
7.6
7.9
8.0
7.6
7.2
6.2
SBP Rev erse Repo Rate
%
10.0
10.0
9.5
9.5
8.5
8.5
8.0
8.0
7.0
7.0
7.0
7.0
6.5
O/N Rates
%
10.33
10.08
8.25
10.13
8.75
8.45
8.13
7.50
6.25
6.25
6.88
6.63
6.20
6M KIBOR
%
9.94
9.91
9.42
9.38
8.33
8.19
7.73
7.14
6.51
6.79
6.79
6.83
6.37
6M T-BILL
%
10.02
9.91
9.43
9.45
8.43
8.23
8.00
7.43
6.57
6.94
6.92
6.93
6.93
5YR PIB
%
12.88
11.54
10.84
9.85
9.04
8.88
8.62
7.91
8.12
8.91
8.65
8.28
8.23
(415)
(604)
(1,161)
(2,148)
(3,007)
(2,728)
(4,291)
(3,751)
(3,325)
(2,460)
(4,031)
(4,554)
(5,818)
Net Inj/Mop-up
(PKRbn)
USD
PKR
102.34
102.75
101.79
100.82
100.68
101.37
101.76
101.70
101.80
101.77
101.72
102.34
104.46
EURO
PKR
132.11
130.40
126.92
124.20
117.09
115.05
110.19
109.69
113.54
113.96
111.97
113.90
116.74
JPY
PKR
0.955
0.953
0.874
0.845
0.851
0.854
0.845
0.851
0.844
0.824
0.826
0.832
0.871
WTI - USD
(bbl)
97.5
89.8
74.8
64.8
60.5
67.5
60.2
69.3
67.4
65.2
53.6
55.0
45.1
Gold - USD
(ounce)
1,208
1,173
1,167
1,184
1,284
1,213
1,184
1,184
1,191
1,172
1,096
1,135
1,115
Copper - USD
(M.T)
6,667
6,695
6,351
6,300
5,495
5,895
6,041
6,335
6,015
5,765
5,230
5,135
5,379
Cotton - USd
(lb)
63.7
66.6
64.4
64.4
62.8
65.9
64.3
66.6
64.6
67.9
64.2
63.0
63.0
Page | 7
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Asset under Management
Categorized by Fund Type
PKRbn
Asset Class
No. of
Funds
Fund Size
Oct-15 Sep-15
MoM
Industry Share
MoM (%)
(PKRbn)
(%)
Conservative
Money Market
22
65.7
65.6
0.1
Shariah Compliant Money Market
3
13.4
15.1
(1.7)
0.2%
14.2%
-13.0%
Shariah Compliant Capital Protected Fund
2
3.0
2.9
2.9%
0.1
2.7%
Capital Protected
2
2.6
2.6
0.6%
(0.0)
-1.2%
0.6%
Income
28
117.3
Shariah Compliant Income
14
24.2
103.8
13.5
11.5%
25.3%
24.0
0.2
0.8%
Shariah Compliant Fund of Funds - CPPI
11
5.2%
20.4
20.8
(0.4)
-1.8%
Shariah Compliant Fund of Funds
4.4%
5
5.7
5.5
0.2
3.0%
1.2%
Fund of Funds - CPPI
2
3.3
3.3
0.0
0.6%
0.7%
Fund of Funds
4
1.0
0.9
0.1
11.0%
0.2%
Equity
21
105.9
98.8
7.1
6.7%
22.9%
Shariah Compliant Equity
13
55.7
50.6
5.1
9.2%
12.0%
Aggressive Fixed Income
8
14.2
14.0
0.2
1.4%
3.1%
Asset Allocation
12
9.3
8.6
0.7
7.6%
2.0%
Shariah Compliant Asset Allocation
6
7.3
6.7
0.6
8.2%
1.6%
Balanced
7
5.3
5.0
0.3
5.5%
1.1%
Shariah Compliant Balanced Fund
2
4.7
4.5
0.2
4.0%
1.0%
Shariah Compliant Aggressive Fixed Income
3
2.6
2.2
0.4
13.7%
0.6%
Shariah Compliant Index Tracker
1
0.9
0.8
0.1
6.7%
0.2%
Index Tracker
1
0.4
0.4
-
0.0%
0.1%
Commodities
2
0.3
0.3
-
0.0%
0.1%
Shariah Compliant Commodities
1
0.1
0.1
-
0.0%
0.0%
463.3
436.6
5.8%
100%
Moderate
Aggressive
Total
170
Exhibit: Changes in Funds Asset Allocation
Oct-15
26.7
Exhibit: Asset Allocation - Categorized by Risk
Sep-15
140.0
120.0
Conservative
18%
100.0
80.0
Aggressive
45%
60.0
40.0
Moderate
37%
20.0
Inco me
Equ ity
Money
Market
Sha riah
Compliant
Equ ity
Sha riah
Compliant
Inco me
Others
Source: MUFAP / FMRs, OEF=Open-Ended Funds, MoM=Month on Month
Includes impact of Fund of Funds / CPPI of Rs. 30.4bn
Page | 8
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Asset under Management
Categorized by Asset Management Company
PKRbn
Asset Management Company
Fund Size
Oct-15
Sep-15
Rating
No. of
Funds
National Investment Trust Limited
AM2
4
79.1
76.0
3.1
3.9%
17.1%
Al Meezan Investment Management Limited
AM2+
15
73.4
69.7
3.7
5.1%
15.8%
UBL Fund Managers Limited
AM2+
19
60.3
56.4
3.9
6.5%
13.0%
MCB-Arif Habib Savings and Investments Limited
AM2+
13
52.2
47.6
4.7
8.9%
11.3%
NBP Fullerton Asset Management Limited
AM2+
17
44.3
43.0
1.3
2.8%
9.6%
ABL Asset Management Company Limited
AM2
8
30.7
27.7
3.1
9.9%
6.6%
Alfalah GHP Investment Management Limited
AM2-
14
21.5
20.7
0.8
3.8%
4.6%
HBL Asset Management Limited
AM2-
7
19.5
18.9
0.6
3.1%
4.2%
Atlas Asset Management Limited
AM2-
7
18.3
16.8
1.5
8.1%
3.9%
Lakson Investments Limited
AM2-
6
11.1
10.9
0.3
2.3%
2.4%
Askari Investment Management Limited
AM3+
7
9.7
9.1
0.6
6.2%
2.1%
Faysal Asset Management Limited
AM3+
8
9.3
8.2
1.1
11.9%
2.0%
JS Investments Limited
AM2-
11
8.8
8.5
0.3
3.9%
1.9%
Primus Investment Management Limited
AM3
6
8.4
8.2
0.2
1.9%
1.8%
PICIC Asset Management Company Limited
AM2-
6
7.3
7.2
0.1
1.4%
1.6%
Habib Asset Management Limited
AM3
4
4.6
3.1
1.5
32.6%
1.0%
AKD Investment Management Limited
AM3
4
2.5
2.4
0.1
2.8%
0.5%
KASB Funds Limited
AM3
5
1.1
1.1
-
0.0%
0.2%
Pak Oman Asset Management Company Limited
AM4+
4
0.4
0.4
-
0.0%
0.1%
BMA Asset Management Company Limited
AM3
2
0.3
0.4
(0.1)
-16.7%
0.1%
National Asset Management Company Limited
AM4+
2
0.3
0.3
-
0.0%
0.1%
First Capital Investments Limited
AM4+
1
0.2
0.2
-
0.0%
0.0%
463.3
436.6
5.8%
100%
Total
170
Exhibit: Changes in Funds Asset Allocation
Oct-15
MoM
Industry Share
MoM (%)
(PKRbn)
(%)
26.7
Exhibit: Asset Allocation - Categorized by Industry Share
Sep-15
100.0
Lakson Inv.
2.4%
Others
11.4%
NIT
17.1%
80.0
Atlas Asset
3.9%
60.0
40.0
20.0
-
Al Meezan
15.8%
HBL Asset
4.2%
Alfalah GHP
4.6%
UBL-FM
13.0%
ABL-AMC
6.6%
NAFA
9.6%
MCB-AH
11.3%
Source: MUFAP / FMRs, OEF=Open-Ended Funds, MoM=Month on Month
Includes impact of Fund of Funds / CPPI of Rs. 30.4bn
Page | 9
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Top Performers
Categorized on Month-to-date (MTD) basis
Category
Return %
MTD 180D 365D
Fund Name
NAV
Money Market
PICIC Cash Fund
102.5
6.5
9.7
9.6
Shariah Compliant Money Market
Al Ameen Islamic Cash Fund (Formerly: UBL Islamic Cash Fund)
101.9
4.8
4.6
5.9
Shariah Compliant Capital Protected Fund
NAFA Islamic Principal Protected Fund II
118.9
3.1
1.7
17.3
Capital Protected
Pakistan Sarmaya Mehfooz Fund
106.7
2.0
0.7
N/A
Income
Askari Sovereign Yield Enhancer
106.0
14.8
7.8
11.4
Shariah Compliant Income
Meezan Islamic Income Fund
52.0
9.0
6.7
7.8
Fund of Funds
JS Fund of Funds
50.4
6.4
(1.0)
17.2
Shariah Compliant Fund of Funds
Al Ameen Islamic Active Allocation Plan I
101.0
5.1
N/A
N/A
Shariah Compliant Fund of Funds - CPPI
Meezan Capital Preservation Fund III
59.7
4.4
3.6
12.3
Fund of Funds - CPPI
UBL Principal Protected Fund III
116.3
2.8
2.8
11.9
Aggressive Fixed Income
United Grow th & Income Fund
84.1
21.7
6.7
12.8
Balanced
Faysal Balanced Grow th Fund
73.0
19.1
17.0
36.6
Asset Allocation
Faysal Asset Allocation Fund
72.8
9.1
5.3
23.4
Shariah Compliant Aggressive Fixed Income
Al Ameen Islamic Aggressive Income Fund
99.7
8.7
6.8
7.4
Equity
MCB Pakistan Stock Market Fund
82.1
8.3
1.9
31.1
Shariah Compliant Equity
Meezan Islamic Fund
60.5
6.6
5.6
21.1
Index Tracker
AKD Index Tracker Fund
14.2
5.9
0.2
10.7
Shariah Compliant Index Tracker
KSE Meezan Index Fund
71.4
5.9
2.4
15.5
Shariah Compliant Asset Allocation
Faysal Islamic Asset Allocation Fund
102.8
5.6
N/A
N/A
Shariah Compliant Balanced Fund
Meezan Balanced Fund
15.0
3.7
4.5
15.1
Commodities
Atlas Gold Fund
97.6
2.6
(0.5)
0.6
Shariah Compliant Commodities
Meezan Gold Fund
49.8
2.6
N/A
N/A
Category
Fund Nam e
NAV
MTD
180D
365D
Aggressive Fixed Income
United Grow th & Income Fund
84.1
21.7
6.7
12.8
Conservative
Moderate
Aggressive
STAR FUND
Source: FMRs / MUFAP / IGI Fund Select, MTD=Month to Date
Page | 10
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Top Performers
Categorized on Year-to-date (YTD) basis
Category
Return %
Fund Name
NAV
Money Market
Atlas Money Market Fund
514.7
6.5
7.1
7.9
Shariah Compliant Money Market
Al Ameen Islamic Cash Fund (Formerly: UBL Islamic Cash Fund)
101.9
4.8
4.6
5.9
Capital Protected
HBL Mustahekum Sarmaya Fund 1
102.0
1.6
2.5
N/A
Shariah Compliant Capital Protected Fund
NAFA Islamic Principal Protected Fund I
120.3
0.4
2.1
16.8
Income
Askari Sovereign Yield Enhancer
106.0
13.1
7.8
11.4
Shariah Compliant Income
Meezan Islamic Income Fund
Fund of Funds - CPPI
UBL Principal Protected Fund III
Shariah Compliant Fund of Funds
YTD 180D 365D
Conservative
Moderate
52.0
6.8
6.7
7.8
116.3
5.7
2.8
11.9
Meezan Financial Planning Fund of Funds (Moderate)
66.2
2.9
4.8
14.3
Shariah Compliant Fund of Funds - CPPI
Meezan Financial Planning Fund of Funds (MCPP I)
55.0
2.1
3.4
9.1
Fund of Funds
Alfalah GHP Prosperity Planning Fund (Moderate Allocation Plan)
101.0
1.0
N/A
N/A
8.5
14.5
7.3
12.1
Aggressive
Aggressive Fixed Income
BMA Chundrigar Road Savings Fund
Balanced
Faysal Balanced Grow th Fund
73.0
14.0
17.0
36.6
Equity
AKD Opportunity Fund
81.3
12.8
35.0
46.8
Shariah Compliant Aggressive Fixed Income
NAFA Islamic Aggressive Income Fund
9.7
7.8
8.6
8.6
Shariah Compliant Equity
PICIC Islamic Stock Fund
123.7
6.2
8.6
23.5
Shariah Compliant Asset Allocation
Pak Oman Islamic Asset Allocation Fund
57.6
5.0
8.9
17.8
Asset Allocation
Alfalah GHP Value Fund
64.1
4.7
6.4
28.7
Shariah Compliant Balanced Fund
Meezan Balanced Fund
15.0
2.4
4.5
15.1
Commodities
UBL Gold Fund
81.1
(0.1)
(0.1)
(0.3)
Shariah Compliant Commodities
Meezan Gold Fund
49.8
(0.4)
N/A
N/A
Shariah Compliant Index Tracker
KSE Meezan Index Fund
71.4
(0.4)
2.4
15.5
Shariah Compliant Index Tracker
KSE Meezan Index Fund
71.4
(0.4)
2.4
15.5
Category
Fund Nam e
NAV
YTD
180D
365D
Aggressive Fixed Income
BMA Chundrigar Road Savings Fund
8.5
14.5
7.3
12.1
STAR FUND
Source: FMRs / MUFAP / IGI Fund Select, YTD=Year to Date
Page | 11
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Fund in Spotlight
United Growth & Income Fund
By UBL Fund Managers Limited
United Growth & Income Fund (UGIF) is an open end Aggressive Fixed Income
Fund, investing in medium to long term fixed income instruments as well as short
tenor money market instruments and seeks to generate superior, long term, risk
adjusted returns while preserving capital over the long term.
Asset Class
Allocation (PKR bn) Top Ten Holdings
Total Assets (%)
Cash
0.29
MAPLE LEAF SUKUK (03-12-07)
7.5%
PIBs
0.67
Soneri Bank Limited (08-JUL-15)
6.8%
TFCs / Sukuks
0.55
WAPDA (27-SEP-13)
6.4%
Others
0.11
BAFL-TFC (20-02-13)
6.0%
Source: MUFAP / FMRs
PMCL-TFC (18-04-12)
2.3%
Exhibit: Assets Allocation
SCB (PAK) LTD TFC (29-06-12)
1.6%
Engro Fertilizer Ltd (09-JUL-14)
1.1%
ENGRO FERT TFC (18-03-08) II
1.0%
ENGRO FERT TFC (18-03-08) I
0.5%
NIB Bank Limited (19-JUN-14)
0.4%
Others, 7%
TFCs /
Sukuks,
34%
Source: MUFAP / FMRs
Cash, 18%
Exhibit: Portfolio Quality (% of Total Assets)
A+
19%
AA
7%
PIBs, 41%
NAV per Unit (PKR)
84.08
Net Assets (PKR mn)
1,625
Load (Income Units)
Management Fee
A8%
Un-Rated
7%
AAA
49%
Fund Information
Minimum Investment
AA10%
Rs. 500
Return (Annualized)
UGIF
3 Months
8.76%
1.50% (Front‐end) 6 Months
6.68%
1.50% 1 Year
12.77%
Moderate 3 Year
14.56%
Rating
BBB+ (JCR ‐VIS) 5 Year
3.78%
Fund Manager
Usama Bin Razi Since Inception
5.97%
Risk Profile
Source: MUFAP / FMRs
Source: MUFAP / FMRs
Page | 12
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Fund in Spotlight
BMA Chundrigar Road Savings Fund
By BMA Asset Management Company Limited
Fund Snapshot
The BMA Chundrigar Road Savings Fund seeks to provide its investors with an
attractive rate of return by investing in all fixed income and money market
instruments of medium risk and short duration. The fund will seek to maintain a
rupee weighted average maturity for the investment portfolio of not more than 5
years.
Asset Class
Allocation (PKR mn) Portfolio Quality
Total Assets
Cash
21.5
AAA
130.0
TFCs / Sukuk
11.1
AA+
21.5
PIBs
87.7
A+
11.1
T Bills
42.3
Accruals
Accruals
3.5
3.5
Source: MUFAP / FMRs
Source: MUFAP / FMRs
Exhibit: Assets Allocation
Exhibit: Portfolio Quality (% of Total Assets)
T Bills, 25%
Accruals, 2%
AA+, 13%
Cash, 13%
AAA, 78%
PIBs, 53%
A+, 7%
TFCs / Sukuk,
7%
Accruals, 2%
Fund Information
NAV per Unit (PKR)
8.46
Net Assets (PKR mn)
166
Return (Annualized)
Weighted Average Maturity
1 Yr
MTD
21.00%
Management Fee
1.5% YTD
14.50%
Risk Profile
Rating
Fund Manager
Source: MUFAP / FMRs
Moderate
BCRSF
1 Year
13.57%
AM3 3 Year
11.61%
Syed Qamar Abbas 5 Year
2.37%
Vijay Kukreja Since Inception
4.26%
Source: MUFAP / FMRs
Page | 13
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Performance Summary
Fund Name
NAV Rating
YTD MTD
90 D 180 D 365 D
Money Market (Annualized Return)
ABL Cash Fund
10.22
AA(f)
6.0
5.9
6.0
8.1
8.4
AKD Cash Fund
51.09
AA+(f)
5.8
5.3
5.7
6.3
7.5
Alfalah GHP Cash Fund
510.38
AA(f)
5.6
5.4
5.6
6.7
7.7
Alfalah GHP Money Market Fund (Formerly: IGI Money Market Fund)
102.80
AA(f)
5.9
5.6
5.9
6.8
7.8
Askari Sovereign Cash Fund
102.91
AAA(f)
6.1
5.6
5.9
7.5
8.0
Atlas Money Market Fund
514.66
AA(f)
6.5
6.1
6.5
7.1
7.9
Atlas Sovereign Liquid Fund
102.17
AA(f)
6.3
5.8
6.2
7.8
N/A
BMA Empress Cash Fund
10.43
AA+(f)
5.4
4.6
5.4
5.5
7.2
Faysal Money Market Fund
103.04
AA+(f)
5.7
5.6
5.7
6.5
7.6
First Habib Cash Fund
102.65
AA(f)
5.8
5.7
5.8
6.3
7.4
HBL Money Market Fund
103.05
AA(f)
5.6
5.5
5.7
7.3
7.9
JS Cash Fund
104.49
AA+(f)
6.1
5.7
6.2
7.6
8.3
KASB Cash Fund
104.86
AA(f)
5.4
4.6
5.3
5.6
7.0
Lakson Money Market Fund
102.14
AA(f)
5.6
5.4
5.7
6.3
7.5
MCB Cash Management Optimizer
102.17
AA(f)
6.2
6.1
6.3
7.2
8.0
NAFA Government Securities Liquid Fund
10.33
AAA(f)
5.6
5.2
5.5
6.0
7.3
NAFA Money Market Fund
10.04
AA(f)
6.4
5.7
5.9
7.3
8.1
Pakistan Cash Management Fund
51.18
AAA(f)
6.0
6.0
6.0
7.5
8.0
PICIC Cash Fund
102.51
AA(f)
6.4
6.5
6.5
9.7
9.6
PIML Daily Reserve Fund (Formerly: Primus Daily Reserve Fund)
101.56
AA+(f)
6.2
5.4
6.2
6.5
8.6
UBL Liquidity Plus Fund
102.38
AA(f)
5.6
5.5
5.7
6.5
7.5
UBL Money Market Fund (Formerly: UBL Savings Income Fund)
102.19
AA(f)
5.4
5.2
5.6
5.6
7.0
HBL Mustahekum Sarmaya Fund 1
102.03
N/A
1.6
0.7
0.9
2.5
N/A
Pakistan Sarmaya Mehfooz Fund
106.73
N/A
(0.8)
2.0
(2.1)
0.7
N/A
Alfalah GHP Capital Preservation Fund
105.88
N/A
2.1
2.0
0.4
3.4
11.9
UBL Principal Protected Fund III
116.27
N/A
5.7
2.8
(0.1)
2.8
11.9
ABL Government Securities Fund
10.41
A+(f)
11.2
11.8
11.3
6.9
14.6
ABL Income Fund
10.32
A+(f)
8.8
8.9
8.6
7.0
13.5
Alfalah GHP Income Fund (Formerly: IGI Income Fund)
108.48
A+(f)
8.9
8.0
8.6
6.2
11.5
Alfalah GHP Sovereign Fund
105.77
AA-(f)
8.6
9.3
8.8
5.9
13.8
Askari Sovereign Yield Enhancer
105.96
AA-(f)
13.1
14.8
12.8
7.8
11.4
Atlas Income Fund
527.29
AA-(f)
10.0
12.2
10.5
8.2
11.4
Faysal Financial Sector Opportunity Fund
103.71
AA-(f)
10.4
10.5
10.6
6.0
7.4
Faysal Savings Growth Fund
105.54
AA-(f)
11.6
9.1
10.9
8.1
13.0
First Habib Income Fund
104.68
AA-(f)
10.2
9.7
9.4
6.3
10.4
Capital Protected (Absolute Return)
Fund of Funds - CPPI (Absolute Return)
Income (Annualized Return)
Page | 14
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Fund Name
HBL Income Fund
NAV Rating
YTD MTD
90 D 180 D 365 D
107.97
A(f)
8.8
7.2
8.7
8.3
11.8
96.16
A+(f)
6.2
3.3
4.3
4.9
9.7
Lakson Income Fund
104.83
A+(f)
11.7
11.1
10.3
10.2
14.3
MCB DCF Income Fund. (Formerly: MCB Dynamic Cash Fund)
108.66
A+(f)
8.7
10.5
8.8
7.0
11.4
MCB Pakistan Sovereign Fund (Formerly: MetroBank Pakistan Sovereign Fund)
54.96
A+(f)
10.4
12.3
11.0
9.7
15.4
NAFA Financial Sector Income Fund
10.71
A+(f)
6.9
6.1
6.7
7.7
9.6
NAFA Government Securities Savings Fund
10.57
AA-(f)
8.2
6.9
7.4
7.1
12.5
9.98
A-(f)
7.8
6.2
7.5
7.6
11.8
JS Income Fund
NAFA Income Fund
NAFA Income Opportunity Fund
11.02
A-(f)
9.1
8.3
8.1
9.8
12.2
NAFA Savings Plus Fund
10.34
AA-(f)
6.5
5.7
6.2
6.7
7.9
319.71
BB(f)
(7.4)
(9.2)
(6.7)
146.1
199.1
NIT − Government Bond Fund
10.35
AA-(f)
6.6
5.8
6.6
4.8
11.5
NIT − Income Fund
10.67
A+(f)
6.6
5.7
6.2
5.5
12.0
Pak Oman Government Securities Fund
10.59
AA-(f)
6.1
6.5
6.4
4.2
9.2
Pakistan Income Fund
55.07
A+(f)
9.2
8.5
9.5
7.3
10.3
PICIC Income Fund
105.97
A+(f)
8.7
11.3
8.9
6.1
10.6
PIML Income Fund
106.61
A+(f)
12.6
12.7
11.9
6.7
16.4
UBL Financial Sector Bond Fund
110.32
A+(f)
5.2
1.6
5.5
5.4
9.0
UBL Government Securities Fund
111.12
A+(f)
11.5
10.3
10.5
6.9
15.1
AKD Aggressive Income Fund (Formerly: AKD Income Fund)
51.98
BBB(f)
10.1
11.2
9.6
2.5
13.7
Alfalah GHP Income Multiplier Fund
52.24
A+(f)
9.5
11.4
9.6
5.6
13.3
105.92
A(f)
11.0
11.4
10.8
5.2
12.2
8.49
A+(f)
14.5
21.0
14.5
7.3
12.1
NAMCO Income Fund
Aggressive Fixed Income (Annualized Return)
Askari High Yield Scheme
BMA Chundrigar Road Savings Fund
Faysal Income & Growth Fund
109.67
A(f)
12.9
11.1
12.8
8.9
13.4
KASB Income Opportunity Fund
71.72
BB+(f)
8.2
(2.4)
(6.2)
6.1
2.0
Pakistan Income Enhancement Fund
55.42
A+(f)
13.7
15.3
12.6
8.2
13.8
United Growth & Income Fund
84.06 BBB+(f)
11.3
21.7
8.5
6.7
12.8
Faysal Balanced Growth Fund
72.97
3-Star
14.0
19.1
8.2
17.0
36.6
HBL Multi Asset Fund
96.76
1-Star
1.9
4.0
(0.4)
3.0
6.2
NAFA Multi Asset Fund
15.39
3-Star
0.6
3.2
(1.8)
1.9
19.8
NAMCO Balanced Fund
13.37
5-Star
9.2
1.1
(2.3)
38.3
65.4
Pakistan Capital Market Fund
10.50
4-Star
(0.5)
4.5
(1.9)
1.7
22.4
Primus Strategic Multi Asset Fund
115.89
4-Star
1.5
4.2
(0.6)
3.9
26.4
Unit Trust of Pakistan
152.96
2-Star
3.2
5.7
0.3
2.6
14.6
Alfalah GHP Value Fund
64.13
4-Star
4.7
5.5
0.0
6.4
28.7
Askari Asset Allocation Fund
49.91
2-Star
(2.2)
5.3
(4.0)
(0.4)
9.7
Faysal Asset Allocation Fund
72.76
3-Star
3.1
9.1
(2.4)
5.3
23.4
KASB Asset Allocation Fund
47.90
N/A
(0.5)
5.8
(1.7)
0.4
18.2
Balanced (Absolute Return)
Asset Allocation (Absolute Return)
Page | 15
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Fund Name
NAV Rating
YTD MTD
90 D 180 D 365 D
Lakson Asset Allocation Developed Markets Fund
119.94
1-Star
4.3
3.9
3.5
4.5
10.6
Lakson Asset Allocation Emerging Markets Fund
111.92
1-Star
2.2
0.8
1.7
2.1
6.2
Lakson Asset Allocation Global Commodities Fund
107.33
1-Star
3.2
1.1
2.4
2.9
9.4
MCB Pakistan Asset Allocation Fund (Formerly: MCB Dynamic Allocation Fund)
78.00
4-Star
0.8
2.3
(0.1)
1.2
15.4
NAFA Asset Allocation Fund
14.94
3-Star
1.1
2.9
(1.9)
3.0
21.2
Pak Oman Advantage Asset Allocation Fund
52.57
2-Star
3.0
4.0
(0.3)
5.4
14.7
121.06
4-Star
3.9
2.3
1.6
2.9
18.0
Alfalah GHP Prosperity Planning Fund (Alfalah GHP Active Allocation Plan)
100.73
N/A
0.7
0.7
N/A
N/A
N/A
Alfalah GHP Prosperity Planning Fund (Alfalah GHP Conservative Allocation Plan)
100.79
N/A
0.8
0.6
N/A
N/A
N/A
Alfalah GHP Prosperity Planning Fund (Alfalah GHP Moderate Allocation Plan)
100.96
N/A
1.0
0.8
N/A
N/A
N/A
50.43
N/A
0.0
6.4
(2.6)
(1.0)
17.2
14.17
N/A
(1.1)
5.9
(4.7)
0.2
10.7
Atlas Gold Fund
97.56
4-Star
(0.4)
2.6
4.7
(0.5)
0.6
UBL Gold Fund
81.14
N/A
(0.1)
2.5
4.7
(0.1)
(0.3)
49.79
N/A
(0.4)
2.6
N/A
N/A
N/A
ABL Stock Fund
13.71
4-Star
2.8
7.0
(1.0)
3.7
28.4
AKD Opportunity Fund
81.27
4-Star
12.8
7.2
(2.4)
35.0
46.8
Alfalah GHP Alpha Fund
68.54
4-Star
3.5
5.7
(1.0)
5.3
25.7
Alfalah GHP Stock Fund (Formerly: IGI Stock Fund)
121.47
2-Star
4.2
5.6
(0.9)
6.5
28.2
Askari Equity Fund
108.19
3-Star
(4.3)
5.2
(6.0)
(3.2)
11.4
Atlas Stock Market Fund
464.24
3-Star
(3.1)
7.1
(6.6)
(3.0)
11.6
Crosby Dragon Fund
118.44
4-Star
0.9
5.7
(1.1)
1.1
20.0
First Capital Mutual Fund
11.08
3-Star
0.5
6.0
(3.9)
1.4
11.7
First Habib Stock Fund
99.33
2-Star
(3.5)
4.4
(5.5)
(1.5)
7.4
HBL Stock Fund
103.26
2-Star
0.7
5.6
(2.1)
1.1
9.1
JS Growth Fund
160.48
2-Star
0.2
6.5
(3.1)
0.6
15.5
JS Large Cap Fund
108.84
4-Star
2.5
7.8
(2.8)
1.4
26.7
JS Value Fund
187.28
1-Star
4.1
7.6
(1.5)
3.0
15.3
Lakson Equity Fund
104.28
3-Star
(0.0)
5.8
(2.9)
1.1
17.1
MCB Pakistan Stock Market Fund (Formerly: Pakistan Stock Market Fund)
82.14
5-Star
(1.3)
8.3
(3.9)
1.9
31.1
NAFA Stock Fund
12.75
5-Star
0.3
5.3
(3.3)
2.2
26.6
National Investment Unit Trust
63.59
3-Star
(0.3)
6.4
(2.5)
3.6
10.2
PICIC Energy Fund
11.82
1-Star
(4.4)
4.1
(5.3)
(5.8)
6.4
PICIC Stock Fund
129.64
2-Star
3.9
3.2
(1.5)
4.8
11.9
PIML Value Equity Fund
105.99
N/A
1.4
5.6
(1.9)
5.3
N/A
59.38
3-Star
4.5
6.1
0.3
6.1
17.8
UBL Asset Allocation Fund
Fund of Funds (Absolute Return)
JS Fund of Funds
Index Tracker (Absolute Return)
AKD Index Tracker Fund
Commodities (Absolute Return)
Shariah Compliant Commodities (Absolute Return)
Meezan Gold Fund
Equity (Absolute Return)
United Stock Advantage Fund
Page | 16
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Fund Name
NAV Rating
YTD MTD
90 D 180 D 365 D
Shariah Compliant Money Market (Annualized Return)
Al Ameen Islamic Cash Fund (Formerly: UBL Islamic Cash Fund)
101.92
AA(f)
4.8
4.8
4.7
4.6
5.9
HBL Islamic Money Market Fund
101.98
AA(f)
4.7
4.4
4.8
4.7
5.7
50.89
AA(f)
4.8
4.4
4.6
5.2
6.7
NAFA Islamic Principal Protected Fund I
120.29
N/A
0.4
2.1
(1.0)
2.1
16.8
NAFA Islamic Principal Protected Fund II
118.91
N/A
0.1
3.1
(2.5)
1.7
17.3
ABL Islamic Principal Preservation Fund
11.28
N/A
0.2
2.2
(1.5)
0.2
13.0
ABL Islamic Principal Preservation Fund II
11.29
N/A
0.3
2.7
(1.5)
0.2
13.7
Al Ameen Islamic Principal Preservation Fund II (Formerly: UBL Islamic Principal Preservation Fund)
115.56
N/A
0.1
1.5
(2.0)
0.9
11.3
Al Ameen Islamic Principal Preservation Fund III
110.18
N/A
0.9
3.0
(1.4)
2.1
12.0
Al Ameen Islamic Principal Preservation Fund IV
106.12
N/A
0.5
2.6
(1.8)
1.5
11.0
Al Ameen Islamic Principal Preservation Fund V
99.63
N/A
1.4
0.3
0.5
(0.8)
N/A
Meezan Capital Preservation Fund II
56.17
N/A
1.8
3.3
(0.9)
3.3
10.4
Meezan Capital Preservation Fund III
59.73
N/A
2.0
4.4
(1.4)
3.6
12.3
Meezan Financial Planning Fund of Funds (MAAP I)
49.82
N/A
(0.4)
2.9
(0.4)
N/A
N/A
Meezan Financial Planning Fund of Funds (MCPP I)
55.04
N/A
2.1
3.4
(1.2)
3.4
9.1
Meezan Financial Planning Fund of Funds (MCPP II)
50.64
N/A
0.9
1.9
(1.3)
1.1
N/A
103.24
N/A
1.1
1.9
(0.5)
2.6
N/A
10.24
A(f)
6.3
6.5
5.8
6.4
8.0
Al Ameen Islamic Sovereign Fund (Formerly: UBL Islamic Sovereign Fund C)
102.19
AA-(f)
4.4
4.1
4.0
4.8
6.2
Alfalah GHP Islamic Income Fund (Formerly: IGI Islamic Income Fund)
102.01
A+(f)
4.5
4.9
4.5
4.8
6.5
Askari Islamic Income Fund
102.55
A+(f)
6.1
5.5
6.0
5.4
6.9
Atlas Islamic Income Fund
510.28
AA-(f)
5.3
4.6
4.9
5.6
6.8
Faysal Islamic Savings Growth Fund
103.20
A(f)
4.1
(0.1)
3.2
4.9
6.4
JS Islamic Government Securities Fund
101.10
AA-(f)
2.7
2.3
2.1
3.7
5.7
MCB Islamic Income Fund
101.95
AA-(f)
5.3
4.7
4.8
5.4
6.3
Meezan Islamic Income Fund
52.01
A-(f)
6.8
9.0
6.5
6.7
7.8
Meezan Sovereign Fund
51.20
AA(f)
4.5
4.2
3.6
5.1
6.6
NAFA Riba Free Savings Fund
10.35
A(f)
5.5
4.6
5.0
6.0
6.7
Meezan Cash Fund
Shariah Compliant Capital Protected Fund (Absolute Return)
Shariah Compliant Fund of Funds - CPPI (Absolute Return)
NAFA Islamic Principal Preservation Fund
Shariah Compliant Income (Annualized Return)
ABL Islamic Income Fund (Formerly: ABL Islamic Cash Fund)
Pak Oman Advantage Islamic Income Fund
52.22
AA-(f)
3.0
2.1
2.9
2.3
3.8
PICIC Islamic Income Fund
102.14
A(f)
5.2
5.4
5.0
6.5
7.4
PIML Islamic Income Fund (Formerly: PIML Islamic Money Market Fund)
102.46
AA(f)
6.1
3.5
6.4
4.2
5.2
Al Ameen Islamic Aggressive Income Fund (Formerly: United Islamic Income Fund Income)
99.73 BBB+(f)
5.4
8.7
6.6
6.8
7.4
KASB Islamic Income Opportunity Fund
85.15
1.4 (64.6)
(34.4)
(17.5)
NAFA Islamic Aggressive Income Fund
9.72
A-(f)
7.8
7.6
8.0
8.6
8.6
100.50
2-Star
(1.3)
2.1
(2.8)
1.0
0.9
Shariah Compliant Aggressive Fixed Income (Annualized Return)
BBB-(f) (49.9)
Shariah Compliant Balanced Fund (Absolute Return)
First Habib Islamic Balanced Fund
Page | 17
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Fund Name
NAV Rating
YTD MTD
90 D 180 D 365 D
Meezan Balanced Fund
15.02
N/A
2.4
3.7
(0.3)
4.5
15.1
Al Ameen Islamic Asset Allocation Fund (Formerly: UBL Islamic Asset Allocation Fund)
111.33
3-Star
2.7
1.5
0.7
4.7
15.2
Askari Islamic Asset Allocation Fund
103.92
2-Star
(3.6)
4.9
(3.4)
(3.0)
6.7
Faysal Islamic Asset Allocation Fund
102.83
N/A
2.8
5.6
N/A
N/A
N/A
NAFA Islamic Asset Allocation Fund
15.62
4-Star
2.9
3.1
(0.3)
6.0
29.5
Pak Oman Islamic Asset Allocation Fund
57.63
3-Star
5.0
4.9
2.1
8.9
17.8
Pakistan Int'l Element Islamic Asset Allocation Fund
58.86
4-Star
(3.4)
3.6
(4.9)
(1.4)
24.0
Al Ameen Islamic Active Allocation Plan I
101.03
N/A
1.2
5.1
(0.2)
N/A
N/A
Al Ameen Islamic Active Allocation Plan II
102.28
N/A
2.3
2.4
N/A
N/A
N/A
Meezan Financial Planning Fund of Funds (Aggressive)
71.53
N/A
2.1
5.0
(0.7)
4.2
16.0
Meezan Financial Planning Fund of Funds (Conservative)
62.90
N/A
2.7
2.0
0.5
4.2
10.9
Meezan Financial Planning Fund of Funds (Moderate)
66.15
N/A
2.9
3.7
0.1
4.8
14.3
71.39
N/A
(0.4)
5.9
(2.6)
2.4
15.5
13.10
4-Star
1.4
5.2
(2.0)
2.7
28.1
116.68
3-Star
1.5
4.9
(2.1)
5.0
19.4
Al Meezan Mutual Fund
16.62
2-Star
2.1
6.5
(1.5)
4.1
19.6
Alfalah GHP Islamic Stock Fund (Formerly: Alfalah GHP Islamic Fund)
62.43
3-Star
4.1
5.9
(0.2)
6.6
27.3
Atlas Islamic Stock Fund
434.94
3-Star
(2.7)
5.5
(5.8)
(1.1)
16.6
HBL Islamic Stock Fund
125.29
1-Star
(2.3)
5.1
(3.6)
(0.7)
9.0
96.35
5-Star
(2.0)
6.0
(4.8)
2.3
30.3
Shariah Compliant Asset Allocation (Absolute Return)
Shariah Compliant Fund of Funds (Absolute Return)
Shariah Compliant Index Tracker (Absolute Return)
KSE Meezan Index Fund
Shariah Compliant Equity (Absolute Return)
ABL Islamic Stock Fund
Al Ameen Shariah Stock Fund (Formerly: UBL Shariah Stock Fund)
JS Islamic Fund
MCB Pakistan Islamic Stock Fund (Formerly: Pakistan Strategic Allocation Fund)
9.87
3-Star
(3.9)
4.9
(4.2)
(3.8)
10.2
Meezan Islamic Fund
60.49
2-Star
2.7
6.6
(1.3)
5.6
21.1
NAFA Islamic Stock Fund
11.13
N/A
2.2
5.7
(1.4)
5.3
N/A
NIT Islamic Equity Fund
10.16
N/A
(1.1)
3.8
(2.8)
N/A
N/A
PICIC Islamic Stock Fund
123.66
3-Star
6.2
2.1
0.0
8.6
23.5
PIML Islamic Equity Fund
120.49
N/A
1.2
5.3
(0.6)
5.7
28.5
Source: MUFAP / FMRs / IGI Fund Select
Page | 18
Monthly Fund Performance Review
Publishing Date: Wednesday, 18 November 2015
Contact
IGI Investment Bank Limited
UAN: (+92-21) 111-234-234
Website: www.igiinvestmentbank.com.pk
Investor Services
Muhammad Raza
UAN # 92-21-111-234-234 Ext: 897
Direct +9221-35368897
Email: muhammad.raza@igi.com.pk
Offices
Karachi
Suite No 701-713, 7th Floor, The Forum, G-20,
Khayaban-e-Jami, Block-09, Clifton, Karachi
UAN: (+92-21) 111-234-234 | (+92-21) 111-444-001
Fax: (+92-21) 35309169, 35301780
Lahore
5-F.C.C. Ground Floor, Syed Maratib Ali Road,
Gulberg II, Lahore.
Tel: (+92-42) 35777863-70, 35876075-76
Fax: (+92-42) 35763542
Islamabad
Mezzanine Floor, Office 5, 6 & 7, Kashmir Plaza,
Block- B, Jinnah Avenue, Blue Area, Islamabad.
Tel: (+92-51) 2604861-2, 2604864, 2273439
Fax: (+92-51) 2273861
Faisalabad
Room #: 515-516, 5th Floor, State Life Building,
2- Liaqat Road, Faisalabad
Tel: (+92-41) 2540843-45
Fax: (+92-41) 2540815
Rahim Yar Khan
Plot # 12, Basement of Khalid Market, Model Town,
Town Hall Road, Rahim Yar Khan
Tel: (+92-68) 5871653-6, 5871652
Fax: (+92-68) 5871651
Disclaimer
This document has been prepared by IGI Investment Bank Limited and all the information (including any comments, opinions and analyses) contained in this
document (the information) is for informational purposes only and should not be considered individual investment advice or recommendations to invest in any
security, fund or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, the information is rendered as of the date of
publication and may change without notice. The information is not intended as a complete analysis of every material fact regarding the country, region, market,
industry, investment or strategy. Whilst every effort has been made to ensure that the information is not misleading or unreliable, IGI Investment Bank Limited makes
no representation as to the accuracy, completeness or timeliness of the information. Neither IGI Investment Bank Limited nor any director, officer or employee of IGI
Investment Bank Limited shall in any manner be liable or responsible for any loss that may be occasioned as consequence of a party relying on the information. This
document takes no account of the investment objectives, financial situation and particular needs of investors, who shall seek further professional advice before
making any investment decision.
All investments in mutual funds are subject to market risk. The NAV, any dividends and/or returns have been provided by the asset Management Company/ (ies), and
are dependent on forces affecting the capital markets. Past performance is not necessarily indicative of future results. IGI Investment Bank Limited does not take any
responsibility for the financial soundness of any scheme or guarantee any returns on investment made in the products by users. The information, data, analysis and
opinions contained herein (1) include the confidential and proprietary information of IGI Investment Bank Limited, (2) may not be copied or redistributed, and (3) are
not warranted to be complete, accurate or timely. IGI Investment Bank Limited shall not be responsible for any trading decisions, damage or other losses resulting
thereof.
Page | 19