aim fmr - may 2015

May 2015

Askari Investment Management will soon be on 1-Link

An industry rst initiative in bringing ease and convenience to investors

Fast & secure ways of Investment through mobile/internet banking and ATM

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

May, 2015 MUFAPs Recommended Format

ECONOMIC REVIEW

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units

and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

May15 witnessed the CPI edge up to 3.16% compared to a low of 2.11% in the previous month. Average 11MFY15 CPI stood at 4.65%

compared to 8.66% in its comparable period last year. On a Year-on-Year basis major increase was witnessed in food items (non

perishable) as well as the housing and electricity index.

On the other hand, 11MFY15 SPI averaged at 1.80% whereas WPI averaged at -0.14%.

In the bi-monthly Monetary Policy statement announced in May15, SBP decided to slash benchmark policy rate by 100bps to 7%. The

decision was broadly in line with market expectations on the back of declining inflation (10MFY15 average CPI at 4.81% pre MPS), soft

international commodity prices, stability in exchange rate, hike in foreign exchange reserves and improving trade deficit. In addition to a cut

of 100bps in the discount rate, SBP also decided to reduce the interest rate corridor by 50bps by setting floor rate at 200bps below ceiling

rate. A target rate which is set at 50bps below discount rate was also introduced.

On the external front, current account continued its positive trajectory and reported a surplus of $275 million in the month of April15 against

a deficit of $20 million in Mar15 (revised figures). 10MFY15 current account balance currently stands at $ 1,364 million against $2,931

million in its comparable period last year. During the month of April, positivity on the external front is primarily attributed to a decline in

imports by approximately 9.7% to $ 2,984 million against $3,304 million in the previous month. During the month oil imports, agriculture

products and machinery which contribute about 22%, 18% and 16% (collectively 56%) registered decline of 9.75%, 4.13% and 1.94%

respectively. On the other hand, exports showed negligible increase of 0.39% and stood at $2,059 million against $2,059 million. Overseas

workers remittances in May stood at $ 1,641 million against 1,578 million, improving by approximately 4% on a MoM basis.

On the revenue side, FBR provisional tax collection for the month of April15 stood at PKR 200 billion. Cumulative tax collection for

10MFY15 now stands at PKR 1.745 trillion substantially below the governments target of PKR 2.691 trillion.

Other major macro-economic developments during May include S&Ps upgrade on Pakistan sovereign credit rating to Positive from

Stable and successful completion of IMFs 7th review. The upcoming Budget FY16 (due on 5th June) will crystalize governments dual

focus on improving fiscal imbalance (Rs200bn new tax measures) and outlining its policies on promoting medium-term growth via

investment.


EQUITY MARKET REVIEW



FIXED INCOME REVIEW

During the month of May, State Bank of Pakistan announced its bi-monthly monetary policy slashing the discount rate by 100bps to a 42

year low of 7 %. This decision was based on declining headline inflation (10MFY15 average CPI at 4.81%-Pre MPS), soft international

commodity prices, stability in exchange rate, increasing foreign exchange reserves and improving trade deficit. SBP also decided to narrow

the interest rate corridor by 50bps by setting the floor rate at 5%. Another initiative taken by SBP includes introduction of a target rate at

50bps below discount rate which will effectively be treated as an OMO rate. These initiatives taken by SBP are aimed at reducing short term

volatility in the money market.

During the month of May15, yields across short term papers witnessed sharp decline of 66bps, 36bps and 22bps and stood at 6.60%,

6.67% and 6.81% for 3 month, 6 month and 12 month paper respectively. Yields across longer tenor instruments closed the month at

7.38%, 8.12% and 9.21%, fluctuating by, -6 bps, 18 bps and 17 bps for 3 year, 5 year and 10 year bond respectively.

In the bi-monthly T-bill auctions conducted during May SBP raised an aggregate of PKR 211 billion against the target of PKR 425 billion

with last cut-off yield settling at 6.61%, 6.65% and 6.75% for 3 month, 6 month and 12 month paper respectively. In addition to this SBP

also raised a total of PKR 61 billion through PIBs against a target of PKR 50 billion. The last cut-off yields settled at 7.55%, 8.10% and

9.25% for the 3 year, 5 year and 10 year bond respectively.

KSE 100 index yielded a negative return of 2% in the month of May 2015 dragging the YTD return to 11.48%.

The month started with the index under pressure ignoring encouraging macroeconomic data including upgrade of the countrys sovereign

credit rating to Positive from Stable by Standard and Poor. Political tensions kept investors at bay as they remained skeptical regarding

election tribunals decision regarding the Lahore elections. Too add fuel to the fire was news regarding National Accountability Bureaus

(NAB) investigations which kept activity subdued. Investor sentiment was also hurt by the approval of Gas Infrastructure Development Cess

(GIDC).

Month ended proved to be a positive surprise as the State Bank slashed the policy rate by 100bps to 7%. This however failed to garner

investor interest as pre budget speculation about a proposed hike in the capital gain tax (CGT) acted as a dampener with the index closing

the month at 33,056.79.

During May, KSE 100 index witnessed net buying of USD 14.955mn compared to a net buy of USD 33.926mn in the previous month.

Banks/DFIs made a net buy of USD 25.351mn whereas mutual funds were net sellers of USD 29.414mn, respectively. Average traded

volume in the month declined to 168.37mn shares compared to 275.92mn in the previous month.

MSCI Indices during May also remain subdued. MSCI Frontier Market Index and MSCI Emerging Market index posted a decline of 4.1%

and 3.7% respectively.

KEY STATISTIC

Apr-15 May-15

NAV* 107.5818 108.2406

Net Assets (million) 2,889 2,409

Duration (Years) 0.10 0.09

Since Inception* 10.02%




PORTFOLIO QUALITY (% OF TOTAL ASSETS)

AAA, 65.64% AA+,

9.30%

AA, 25.06%

ASSET ALLOCATION (% OF TOTAL ASSETS)

FUND PERFORMANCE

Period ASCF* ASCF** Benchmark

Month to Month 7.21% 7.45% 6.67%

Year to Date 8.37% 8.39% 8.52%

365 day 8.37% 8.37% 8.57%

ASSET ALLOCATON (% OF TOTAL ASSETS)

ASSETS Apr-15 May-15

Treasury Bill 71.20% 65.63%

Placements / TDRs 26.91% 17.60%

Cash 1.63% 16.52%

Other Including Receivables 0.26% 0.25%

STATTIC INFORMATION

Fund Objective:

The objective of the Fund is to provide investors a money market instrument with high level of

liquidity, stability in earning and very high level of credit. The Fund will target to deliver rolling

returns closer to a mix of Treasury Bills (70%) + Bank Deposits (30%) - fund expenses on short

term basis. The Fund would AIM to achieve top quartile performance in its category through

active fund management.

Investment Committee Member:

Saqib Mukhtar CEO

Mustafa Iqbal CIO Equities

Mustafa Kamal SVP Fund Management

Adeel Shahid CFO (Acting)

Sumaira Shaukat Asst. Manager Fixed Income

Minimum Investment 5,000.00

Sales Load Nil

Management Fee 1.0%

Fund Stability rating AAA by PACRA

Management Co. Rating AM3+ (Positive Outlook) by PACRA

Price Mechanism Backward

Benchmark 70% 3 month T-bill's + 30% Average 3-month deposit rate of

at least 3 banks (AA and above)

Dealing day and Cutoff times Monday Friday 10.00 am

Fund Manager Mustafa Kamal

Fund type Open End

Category Money Market Fund

Fund Launch Date September 18, 2009

Risk Low

Registrar Askari Investment Management Ltd.

Trustee Central Depository Company of Pakistan Ltd. (CDC)

Auditors A. F. Ferguson & Company

5 YEAR RETURN

FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010

Return 8.37% 8.07% 9.24% 11.47% 12.26% 10.67%

Benchmark 8.52% 8.88% 8.87% 10.66% 11.32% 10.66%

HISTORIC

RETURNS

*Morning Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15

Return 8.12% 8.60% 8.72% 8.63% 8.91% 8.71% 8.34% 11.13% 7.45% 7.34% 7.48% 7.45%

Benchmark 9.23% 9.23% 9.24% 9.24% 9.20% 9.03% 8.95% 8.53% 7.68% 7.89% 7.67% 6.67%

WORKERS WELAFRE FUND (WWF)

The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 60.39 million, if the same were not made the NAV per unit and (YtD) return of

the Scheme would be higher by Rs. 2.7133 and 294bps respectively enhancing

the YtD return to 11.31%. For details investors are advised to read the Note: 12.1of

the latest Financial Statements of the Scheme.

RISK GRID

Low High

MONTHLY REVIEW

*Annualized **Morning Star

*Adjusted for Dividend

71.2

0%

26.9

1%

1.6

3%

0.2

6%

65.6

3%

17.6

0%

16.5

2%

0.2

5%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

T. Bills Placements/TDRs Cash Other Receivables

Apr-15

May-15

Weighted Average Rating: AAA

Leverage Nil

In the month of May15, ASCF delivered a return of 7.21% against the

benchmark return of 6.67%, outperforming its benchmark by 54bps. By

the end of the month, asset under management of the fund stood

declined by approximately 17% and stood at PKR 2.409 billion against

PKR 2.889 billion in previous month.

Exposure against Treasury bills closed at 65.63% against 71.20% in

previous month. Approximately 7.24% of the funds were invested as

Term deposits with commercial banks while money market placements

constituted 10.86% of the fund size. Remaining funds which constitutes

about 16.52% of the fund size were invested as cash with AA and

above rated banks.

KEY STATISTIC

Apr-15 May-15

NAV (PKR per unit) 112.7839 112.9159

Net Assets (PKR million) 4,021 4,187







AAA, 49.49%

AA+, 7.79%

AA, 4.20%

AA-, 12.98%

A, 3.84%

A+, 16.25%

A-, 0.01%

BBB, 2.82% Non-Inv Grade/un-

Rated, 2.63%


32.1

4%

1.6

9%

2.4

0%

50.1

2%

6.0

4%

0.5

8%

4.5

2%

0.0

8%

0.2

1%

2.2

2%

26.8

4%

1.6

3%

2.3

5%

46.5

2%

7.0

7%

5.8

9%

0.5

6%

6.0

2%

0.0

7%

0.1

1%

2.9

4%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

TF

Cs/S

ukuk T

ier-

1

TF

Cs/S

ukuk T

ier-

2

T.

Bill

s

PIB

TF

C S

uku

k -

IP

O

TF

C P

re-I

PO

Pro

pert

ies

Cash

Ord

inary

Share

s

MT

S

O.

Receiv

able

s

Apr-15 May-15

FUND PERFORMANCE

Period AHYS* AHYS** Benchmark

Month to Month 1.47% 1.48% 7.07%

Year to Date 14.80% 14.89% 9.17%

180 day 16.35% 17.35% 8.42%

Top Exposures

Exposure

(% Total

Assets)

Valued At

PKR

YTM

(%)

Bank Al Falah Ltd (20-02-13) 6.28% 100.8681 7.94%

NIB Bank TFC (19-06-14)* 6.15% 98.5516 8.26%

Engro Chemical PRP-I (18-03-08) 2.46% 102.25 8.48%

Engro Fertilizer Sukuk (09-07-14) 3.15% 103.625 7.245

Maple Leaf Cement Sukuk (3-12-07) 1.63% 84.6803 14.31%

Faysal Bank Ltd (27-12-10) 2.41% 102.55 7.69%

Engro Chemical PRP-II (18-03-08)* 1.75% 93.9383 11.53%

Bank Al-Habib Ltd. TFC (30-06-11) 1.58% 111.8883 12.46%

K-Electric Ltd (19-03-14) 1.33% 102.6053 7.52%

Al Baraka Bank (Pak) Ltd (26-09-14)* 0.83% 99.3618 8.42%

STATTIC INFORMATION

Fund Objective:

The objective of the Fund is to provide investors an opportunity to make competitive returns from

fixed income securities while targeting a portfolio duration of six months. In addition to accruing

benefits from fixed income securities, the Fund would target capitalizing on yield enhancing

opportunities available in the market using its proprietary investment efficiency tools. The Fund

would aim to achieve top quartile performance in its category.


Saqib Mukhtar CEO






Sales Load Up to 2.0% Front End

Up to 1.0% Back End

Management Fee 2.0%

Fund Stability rating A by PACRA


Price Mechanism Forward

Benchmark Average 6 month KIBOR

Dealing day and Cutoff times Monday Friday 9.00 am to 4.30 pm


Fund type Open End

Category Aggressive Fixed Income Scheme

Fund Launch Date March 16, 2006

Risk Moderate




5 YEAR RETURN

FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010

Return 14.80% 11.63% 1.61% -0.03% 5.40% -7.09%

Benchmark 9.17% 9.83% 9.93% 12.37% 14.77% 12.33%

HISTORIC

RETURNS

*Moring Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15

Return 24.18% 9.41% 8.29% 10.38% 17.24% 17.26% 27.84% 19.59% 13.40% 12.61% 27.91% 1.48%

Benchmark 10.17% 10.17% 10.18% 10.18% 10.19% 9.87% 9.65% 9.20% 8.49% 8.18% 7.88% 7.07%


The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of Rs. 22.67 million, if the same were not made the NAV per unit/ year to date (YtD) return of the Scheme

would be higher by Rs. 0.6114/0.67bps enhancing the YtD return to 15.47%. For details investors

are advised to read the Note: 13.1 of the latest Financial Statements of the Scheme.

RISK GRID

Low High

MONTHLY REVIEW


*Discretion Applied

Weighted Average Rating: AA

Leverage Nil

In the month of May15, AHYS posted a return of 1.47% against the benchmark return of 7.07%, underperforming its benchmark by 560bps.

However in 11MFY15, the fund delivered a return of 14.80%, significantly

outperforming its benchmark by 563bps. Underperformance during the month was due to volatility in prices of Pakistan Investment Bonds as the

fund has significant exposure against this asset class.

During the month, assets under management of the fund increased by

approximately 4% and stood at PKR 4.187 billion against PKR 4.02 billion in

previous month.

By month end, allocation against Treasury Bills and Pakistan Investment

Bonds stood at 2.35% and 45.52% respectively. Exposure in Tier-1 TFC(s)

was realigned during the month as fresh exposure of approximately 12.96%

was built against Soneri Bank TFC together with K-Electric Sukuk to increase

funds recurring return. Few corporate and banking sector TFCs were also sold by the fund to realize capital gains. This movement resulted in the

reduction of the overall exposure against Tier 1 TFC(s) by 5.25% closing at 26.84% against 32.14% in previous month. Cash of approximately 6.02% of

the funds were invested with A and above rated banks.

The cycle of providing against non-performing assets under regulations has

virtually been completed. One significant aspect of the fund is that the return

of the fund could substantially improve going forward once some of these

assets are classified as performing again.

KEY STATISTIC

Apr-15 May-15

NAV (Rs/unit)* 106.4520 106.9789

Net Assets (million) 505 520







A-, 0.12%

A+, 18.25%

AA, 60.25%

AA+, 9.45%

AAA, 1.56%

A, 9.70%

Other, 0.39%


1.6

1%

27.8

3%

69.2

3%

0.0

0%

1.3

3%

1.5

6%

27.0

8%

60.3

6%

9.4

3%

1.5

7%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

Ijara Sukuk CorporateSukuk

Cash K-ElectricSukuk (Pre-

IPO)

OtherReceivables

Apr-15

May-15

FUND PERFORMANCE

Period AIIF* AIIF** Benchmark

Month to Month 6.23% 6.41% 5.81%

Year to Date 6.97% 6.99% 6.51%

90 day 6.07% 6.15% 5.80%

TOP EXPOSURES

EXPOSURE

(% TOTAL

ASSETS)

VALUED

AT PKR

YTM

(%)

Engro Fertilizer Sukuk (9-7-14) 13.63% 103.6250 7.24%

Al Barka Bank Sukuk (26-9-14)* 9.57% 99.3618 8.42%

K-Electric Sukuk (19-3-14) 3.87% 102.6053 7.52%

Ijara Sukuk (18-09-12) 1.56% 100.8800 6.07%

STATTIC INFORMATION

Fund Objective:

The objective of the Fund is to provide investors a Shariah compliant product with stable halal

income. The fund would target on capitalizing available opportunities in the Shariah compliant

income generating instruments. The Fund will focus on superior quality portfolio compared with

average portfolio quality of Islamic income funds in the industry and enhanced returns over a 3

month horizon. The Fund would AIM to achieve top quartile performance in its category.


Saqib Mukhtar CEO






Sales Load Up to 1.0% Front End

Up to 1.0% Back End

Management Fee 1.10%

Fund Stability rating A+ by PACRA



Benchmark Average 3-month Placement (Deposit) rate of 3 Islamic Banks


Fund Manager Faisal Raza

Fund type Open End

Category Shariah Compliant Islamic Income Fund


Risk Low


Trustee MCB Financial Services Ltd


5 YEAR RETURN

FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010

Return 6.97% 7.93% 8.74% 12.06% 12.24% 8.35%

Benchmark 6.51% 7.34% 6.65% 7.74% 8.24% 7.79%

HISTORIC

RETURNS


Return 4.02% 0.37% 6.15% 7.83% 6.20% 9.69% 10.98% 9.51% 7.26% 3.85% 8.59% 6.41%

Benchmark 7.94% 7.99% 7.99% 6.98% 6.30% 6.30% 6.23% 6.23% 6.23% 5.85% 5.73% 5.81%


The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 5.60 million, if the same were not made the NAV per unit and (YtD) return of the

Scheme would be higher by Rs. 1.1518 and 125bps respectively, enhancing the

YtD return to 8.22%For details investors are advised to read the Note: 12.1 of the

latest Financial Statements of the Scheme.

RISK GRID

Low High

MONTHLY REVIEW


*Discretion Applied

*Adjusted for Dividend

Weighted Average Rating: AA

Leverage Nil

During the month of May15, AIIF delivered a return of 6.23% against

the benchmark return of 5.81%, outperforming its benchmark by 42bps.

Fund size increased by approximately 4% and closed the month at

PKR 520 million against PKR 504 million in previous month.

By month end, allocation against GoP Ijarah Sukuk stood at 1.56%

whereas Corporate Sukuk constituted 27.08% of the fund size.

Approximately 9.43% of the funds were invested in fresh Sukuk issue

of Karachi Electric offering attractive accounting yield. The remaining

funds constituting 60.36% of the fund size were invested as cash with

Islamic Banking windows of commercial banks.

KEY STATISTIC

Apr-15 May-15

NAV (PKR per unit) 111.3524 111.9196

Net Assets (PKR million) 1,047 1,053







AAA, 73.96%

AA+, 1.04%

AA, 6.34%

A+, 9.13%

AA-, 8.11%

Non-Rated, 1.42%


13.2

7%

45.1

5%

34.7

5%

4.7

0%

0.7

9%

1.3

4%

13.1

4%

40.4

3%

33.5

0%

4.6

8%

6.4

0%

1.8

6%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

TCFs T. Bills PIB TFC Pre-IPO

Cash OtherReceivables

Apr-15

May-15

FUND PERFORMANCE

Period ASYE* ASYE** Benchmark

Month to Month 6.41% 6.60% 6.62%

Year to Date 12.98% 13.06% 8.48%

120 day 11.59% 12.05% 7.51%

TOP EXPOSURES

EXPOSURE

(% TOTAL

ASSETS)

VALUED

AT PKR

YTM

(%)

NIB Bank Limited (19-06-14)* 4.61% 98.5516 8.26%

Bank Al Falah Ltd. TFC (20-02-13) 4.67% 100.8681 7.94%

Faysal Bank Ltd. TFC (27-12-10) 2.87% 102.5500 7.69%

Bank Al-Habib Ltd. TFC (30-06-11) 0.99% 111.8883 12.46%

STATTIC INFORMATION

Fund Objective:

The objective of the Fund is to generate relatively higher yield than the conventional bank

deposits, from a portfolio constituted of credit worthy sovereign instruments and banking sector

fixed income instruments and deposits.


Saqib Mukhtar CEO






Sales Load Front End 1.25%

Back End - Nil

Management Fee 1.10%

Fund Stability rating AA- by PACRA



Benchmark 70% Average 6 month PKRV plus 30% three month average

deposit rate of 3 Banks having A+ or above rating.



Fund type Open End

Category Income Scheme


Risk Low


Trustee Central Depository Company of Pakistan ltd. (CDC)


5 YEAR RETURN

FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010

Return 12.98% 8.83% 10.98% 10.32% - -

Benchmark 8.48% 8.90% 8.92% 10.58% - -

HISTORIC

RETURNS


Return 8.59% 8.61% 9.70% 11.42% 17.30% 16.01% 14.66% 18.79% 11.11% 9.29% 20.89% 6.60%

Benchmark 9.24% 9.23% 9.21% 9.22% 6.99% 8.99% 8.93% 8.20% 7.65% 7.81% 7.60% 6.62%


The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 7.92 million, if the same were not made the NAV per unit and (YtD) return of the

Scheme would be higher by Rs. 0.8414 and 0.93bps respectively, enhancing the

YtD return to 13.91%. For details investors are advised to read the Note: 12.1 of the

latest Financial Statements of the Scheme.

RISK GRID

Low High

MONTHLY REVIEW


Weighted Average Rating: AA+

Leverage Nil

*Discretion Applied

In the month of May15, ASYE delivered a return of 6.41% against the

benchmark return of 6.62 resulting in underperformance of 21bps. This

was attributed to volatility in the price of Pakistan Investment Bonds.

Assets under management saw a negligible increase and closed the

month at PKR 1.053 billion against PKR 1.048 billion in the previous

month.

By month end, allocation against PIB(s) and Treasury Bills stood at

33.50% and 40.43% against 34.75% and 45.15% respectively in

previous month. Banking Sector TFC(s) closed the month at 13.14%.

Approximately 4.68% of the funds were diverted towards a fresh TFC

issue of Soneri Bank to increase funds recurring return. The remaining

funds, constituting about 6.40% of the fund size, were invested as cash

with AA ad above rated banks.

KEY STATISTIC

Apr-15 May-15

NAV (PKR per unit) 57.9209 56.3422

Net Assets (PKR million) 341.492 333.403

Credit Quality AA -

Since Inception* 4.32% *Annualized return for year since inception




TOP HOLDINGS (% OF TOTAL ASSETS)

EFERT, 7.35%

POL, 7.08%

PPL, 6.27%

MTL, 6.04%

FECTC, 5.99%

UBL, 5.18%

JSCL, 5.17%

KTML, 4.02%

BAFL, 3.79%

ICL, 2.98%


80.8

9%

16.3

7%

2.7

4%

67.3

0%

31.1

9%

1.5

1%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

Equity Cash Other Receivables

Apr-15

May-15

FUND PERFORMANCE

Period AAAF Benchmark KSE-100

Month on Month -2.73% -1.32% -2.00%

Quarter on Quarter -3.51% -1.08% -1.71%

Year to Date 10.19% 6.02% 11.48%

SECTOR ALLOCATION (% OF TOTAL ASSETS)

SECTOR Apr-15 May-15

Oil & Gas Exploration Companies 13.08% 13.35%

Oil & Gas Marketing Companies 7.07% 7.17%

Cement 10.16% 7.87%

Textile Composite 8.19% 4.03%

Commercial Bank 11.33% 8.97%

Chemicals 2.95% 2.98%

Automobile Parts & Accessories 0.99% 0.96%

Automobile Assembler 5.92% 6.04%

Power Generation & Distribution 3.47% -

Fertilizer 4.52% 8.17%

Technology & Communication 3.50% 2.59%

Insurance 3.96% -

Inv.Banks/Inv.Cos./Securities Cos. 5.75% 5.17%

STATTIC INFORMATION

Fund Objective:

The objective of the Fund is to provide investors an investment solution through disciplined and

structured investment techniques. The Fund shall target capitalizing on opportunities available in

both fixed income and equity markets using in-house research and proprietary investment matrix.


Saqib Mukhtar CEO




Komal Niazi Asst. Manager Equities


Front End Load 2.5%

Back End Load 2.5%

Management Fee 2.0%

Fund Performance Ranking Short term - 2 Star, Long term 4 Star by PACRA



Benchmark 50% KSE-30 Index + 50% 6 months KIBOR.


Fund Manager Mustafa Iqbal

Fund type Open End

Category Asset Allocation Fund


Risk Moderate


Trustee Central Depository Company of Pakistan ltd. (CDC)


5 YEAR RETURN

FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010

Return 10.19% 19.31% 39.87% 12.12% 13.47% 7.61%

Benchmark 6.02% 18.24% 22.73% 8.35% 17.78% 35.74%

HISTORIC

RETURNS


Return 0.12% 1.75% -5.00% 4.55% 2.16% 3.10% 2.97% 5.85% -1.58% -11.77% 12.43% -2.73%

Benchmark 0.60% 2.02% -2.40% 1.31% 0.17% 0.96% 1.54% 4.00% -0.51% -5.91% 6.53% -1.32%


The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 4.88 million, if the same were not made the NAV per unit and (YtD) return of the Scheme would

be higher by Rs. 0.8248 enhancing the absolute YtD return to 11.80%. For details

investors are advised to read the Note: 6.1 of the latest Financial Statements of the Scheme.

RISK GRID

Low High

MONTHLY REVIEW

For the month of May 2015, Askari Asset Allocation Fund (AAAF)

posted a negative return of 2.73% compared to its benchmark return of

negative 1.32%.The underperformance was mainly attributed to Bank

Al Falah delivering a MTD negative return of 12.76% and United Bank

Limited depreciating by 9.59% Month end assets under management

stood at PKR 333.403 million versus PKR 341.492 million last month.

During the month, equity exposure reduced drastically from 80.89% to

67.30% as capital gains were booked. Exposure in Cements reduced

considerably from 10.16% to 7.87%. Allocation in Commercial banks

was decreased from 11.33% to 8.97%.On the other hand Fertilizer

sector allocation was increased from 4.52% to 8.17% as the fund

participated in SPO (Secondly Public Offering) of Engro Fertilizer. Cash

and bank balances at month end stood at 31.19% compared to 16.37%

last month.

KEY STATISTIC

Apr-15 May-15

NAV (Rs/unit)* 121.7183 118.2575

Net Assets (Rs/million) 152.594 131.467

Credit Quality (Debt Instrument) AAA -






MTL, 9.48%

EFERT, 9.26%

POL, 8.87%

PSO, 8.23%

NML, 8.16%

PPL, 7.77%

LUCK, 6.62%

FECTC, 4.38%

DGKC, 4.27%

PTC, 3.07%


69.2

9%

19.9

4%

4.3

4%

6.4

3%

70.0

9%

27.4

4%

2.4

7%

0.0

0%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

Equity Cash Other Receivables Ijara Sukuk

Apr-15

May-15

FUND PERFORMANCE

Period AIAAF Benchmark* RFR+3%

Month on Month -2.84% -0.32% 0.80%

Quarter on Quarter -1.98% 1.65% 2.65%

Year to Date 8.38% 9.65% 11.71%


SECTOR Apr-15 May-15



Cement 23.67% 15.27%



Technology & Communication - 3.07%


STATTIC INFORMATION

Fund Objective:

The objective of the Fund is to provide investors a unique AIM Based Shariah compliant

Investment solution focused on a Total Return based philosophy. The Fund AIMs to provide

Risk free rate + 3% returns on rolling period of two years, targeting to capitalize on opportunities available in equity and debt markets based on in-house research and proprietary investment

techniques.


Saqib Mukhtar CEO






Front End Load 2.5%

Back End Load Up to 5%

Management Fee 2.0%

Fund Performance Ranking Short term 2 star by PACRA



Benchmark The Benchmark of the fund is 50% three months average

deposit rate of 3 Islamic Banks + 50% KMI 30 Equity index.



Fund type Open End

Category Shariah Compliant Islamic Asset Allocation Fund


Risk Moderate


Trustee MCB Financial Services Ltd


5 YEAR RETURN

FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010

Return 8.38% 12.53% 30.80% 10.50% 11.77% 3.02%

Benchmark 9.65% 17.21% 27.51% 9.88% 16.65% 2.46%

HISTORIC

RETURNS


Return -0.25% 1.76% -4.18% 3.54% 0.71% 2.00% 1.41% 6.17% -0.98% -9.02% 10.89% -2.84%

Benchmark 0.99% 1.58% -2.31% 2.27% 0.53% 1.32% 1.18% 3.28% -0.08% -3.78% 6.01% -0.32%


The Scheme has maintained provisions against Workers Welfare Funds liability of Rs.2.11 million, if the same were not made the NAV per unit and (YtD) return of the

Scheme would be higher by Rs. 1.8981 enhancing the absolute YtD return to

10.12%. For details investors are advised to read the Note: 9.1 of the latest

Financial Statements of the Scheme.

RISK GRID

Low High

MONTHLY REVIEW

*50% KMI-30 + 50% 3m-deposit

For the month under review AIAAF posted an absolute return of -2.84%

against the benchmark return of -0.32%. The underperformance

primarily came from Lucky Cement, D.G. Khan Cement and Pakistan

Petroleum Limited shedding 7.65%, 6.02% and 5.73% respectively.

Month end net assets stood at PKR131.467mn as compared to PKR

152.594mn in the previous month. During the month, equity exposure

increased moderately to 70.09% from 69.29% as fresh exposure was

taken in the technology and communication sector. Exposure in cement

was reduced from 23.67% and to 15.27% on account of profit

realization.

By month end, the funds exposure in Ijara Sukuk was completely

eliminated from 6.43% last month, whereas cash balance stood at

27.44% of the fund size.

KEY STATISTIC

Apr-15 May-15

NAV (Rs/unit) 131.4354 126.6281

Net Assets (Rs. million) 160.622 127.336

Credit Quality - -







85.0

0%

12.3

8%

2.6

2%

73.5

9%

21.4

5%

4.9

6%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

Equity Cash Other Receivables

Apr-15

May-15

FUND PERFORMANCE

Period AEF KSE-30

Month on Month -3.66% -3.21%

Quarter on Quarter -3.30% -4.28%

Year to Date 12.05% 2.76%


SECTOR Apr-15 Mays-15



Commercial Banks 10.72% 7.87%


Cement 16.26% 10.48%


Automobile Parts Accessories 2.09% 2.50%

Power Generation & Distribution 0.45% -

Insurance 2.80% -

Inv.Banks/Inv.Cos./Securities Cos. 3.21% 3.53%

Technology & Communication 3.19% 3.64%

Miscellaneous 2.29% -


STATTIC INFORMATION

Fund Objective:

The objective of Askari Equity Fund (AEF) is to provide equity investors a vehicle for their long

term investment needs, capable of locking in capital appreciation and securing reasonable

dividends from listed equity securities. The Fund would seek to replicate benchmark returns and

reduce volatility compared with the benchmark through efficient equity allocations, enhancing

"Risk Adjusted Returns".


Saqib Mukhtar CEO






Front End Load 2.0%

Back End Load Nil

Management Fee 3.0%

Fund Performance Ranking Short term 2 star by PACRA



Benchmark KSE-30 Index



Fund type Open End

Category Equity Fund

Fund Launch Date March 30, 2012

Risk High




5 YEAR RETURN

FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010

Return 12.05% 28.73% 42.07% -0.31% - -

Benchmark 2.76% 25.96% 35.95% -1.58% - -

HISTORIC

RETURNS


Return 0.09% 2.27% -7.01% 4.97% 1.96% 2.60% 2.33% 6.10% 2.20% -10.96% 12.72% -3.66%

Benchmark 0.31% 3.26% -5.71% 1.69% -0.54% 1.13% 2.16% 7.32% -1.68% -12.25% 12.69% -3.21%


The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 1.70 million, if the same were not made the NAV per unit and (YtD) return of the Scheme would be higher by

Rs. 1.6880 enhancing the absolute YtD return to 13.55%. For details investors are advised to

read the Note: 7 of the latest Financial Statements of the Scheme.

RISK GRID

Low High

MONTHLY REVIEW

FECTC, 8.03%

EFERT, 7.96%

SSGC, 6.06%

MTL, 5.99%

POL, 5.45%

PPL, 4.69%

NML, 4.66%

UBL, 4.24%

KTML, 4.18% APL,

3.73%

For the month of April 2015, AEF recorded a negative return of 3.66%

compared to its benchmark negative return of 3.21%. The scripts which

dragged the funds return were Fecto Cement, Engro Fertilizer, United

Bank Limited and Nishat Mills Ltd. Net assets under management stood

at PKR 127.336 million compared to PKR 160.622 million in April 2015.

On a MoM basis, equity exposure decreased from 85% to 73.59%.

Allocation in Cements was decreased from 16.26% to 10.48% on

account of reduced exposure in Lucky Cement as capital gains were

realized. Allocations in Commercial Banks were also reduced from

10.72% to 7.87% on account of booking profits in Bank of Punjab and

decreasing allocation in National Bank of Pakistan. Month end, bank

deposits remained at 21.45% compared to 12.38% in the last month.


Below are the details of non-complaint exposure/assets in our funds. These non-compliant exposures/assets include non-performing assets

which have been classified in line with the applicable SECP circulars and the provisioning policy** (available on our web site) approved by

the Board of Directors of Askari Investment Management Limited.

Name Of Non Compliant

Investment

Type of

Investment

Value of

Investment

Before

Provisioning

Provision

held if any

Value of

Investment

After

Provisioning

Suspended

Markup

% of Net

Assets

% of Gross

Assets

Properties Held for Sale* Property 95,622,260 64,840,385 23,874,525 - 0.57% 0.56%

Saudi Pak Leasing TFA 15,000,000 15,000,000 - - 0% 0%

Trust Investment Bank TFA 129,111,798 129,111,798 - 46,037,504 0% 0%

Pace Pakistan Limited TFC 74,895,000 74,895,000 - 39,693,824 0% 0%

Agritech Limited (30-11-2007) TFC 59,952,000 59,952,000 - 29,617,996 0% 0%

Agritech Limited (01-01-2012) TFC 11,875,000 11,875,000 - 4,451,986 0% 0%

Azgard Nine Limited TFC 13,007,622 13,007,622 - 17,002,798 0% 0%

New Allied Electronics (LG) PPTFC 10,221,613 10,221,613 - 12,439,539 0% 0%

Trust Investment Bank

Limited TFC 18,742,500 18,742,500 - 7,791,160 0% 0%

Agritech Limited Ordinary

Shares 16,968,378 13,395,328 3,151,276 - 0.08% 0.07%

Deewan Cement Limited TFC 125,000,000 125,000,000 - 142,722,432 0% 0%

Worldcall Telecom Limited TFC 8,994,598 8,995,598 - - - -

Security Leasing Company

Limited TFC 12,322,907 12,922,307 - - 0% 0%

TOTAL 591,713,676 557,959,151 27,025,801 299,757,239 0.65% 0.63%

*Represents settlement value (together with related direct cost incurred) of four different properties situated in Karachi. The fair value of these five properties

have been assessed by independent valuators as at March 31, 2015 to be PKR 23,874,525 (Book value PKR 40,200,000 as at December 31,2014).

Non Compliant Exposures / Assets in Askari High Yield Scheme

CONTACT DETAILS

Mr. Moiz Ali [email protected]

NORTH REGION - Office 2/W, Kashmir Plaza, Jinnah Avenue, Blue Area Islamabad.

Saba Abid [email protected] 051-2801138

INVESTOR SERVICES - 20-C, Khayaban-e-Nishat, Ittehad Commercial Area, DHA Phase VI, Karachi.

BUSINESS DEVELOPMENT

Mr. Rehan-ur-Rehman [email protected] Cell : 0333-2343581

PABX: (021) 111-246-111 Ext.129

Wealth Management

Mr. Waqas Ahmed Sheikh(Central)

[email protected] Cell: 0345 430 0434

Mr. Zeeshan Younus [email protected] Cell : 0321-2421321

SOUTH REGION - 20-C, Khayaban-e-Nishat, Ittehad Commercial Area, DHA Phase VI, Karachi.

Ms. Zubdah Tun Nisa [email protected] PABX: (021) 111-246-111 Ext.129