funds performance report - igi lifeigilife.com.pk/.../09/igi-fund-management-report... · july 2015...

IGI Life Insurance Limited

IGI|Life

Funds Performance ReportAugust 2019

July 2015

FUND MANAGER REPORT

For the month of August 2019

Macro Review and Outlook:

CPI Inflation

External Account

Aug-19, prints a +10.5% y/y growth based on new CPI methodology and rebased IndexAs per the guidance provided earlier by the incumbent government, Pakistan Bureau of Statistics (PBS) has finally revised the Price indices calculation methodology and rebased the index it 2015-16 year from previous 2008-09. Based on the new methodology the latest Aug-19 CPI has been established at +10.5% y/y. Had the old methodology been continued, the CPI for the said month would have been recorded at +11.63%, marking a 113bps difference.

Some of the highlighted changes in new calculation methodology includes, presentation of additional indices for Urban and Rural indices as well, having a fixed proportion of 60% / 40% respectively. As a result of which, key changes in national CPI are witnessed in weightage of Households’ Rent and Utility (House, Water, Electricity, Gas and Fuel-HWEGF) to 23.6% from previous 29.4%. Notably change for HWEGF is the change in housing rental index (HRI) whose weight has now been reduced to 15% on national CPI calculation from previously 21.8%. The leading impact has resulted in nearly 12bps y/y reduction in new HRI index. Similarly, food prices have also been revised to reflect urban & rural consumption pattern. Rural price basket consists of ~41% of total food goods compared to 30.4% for urban.

FY20 Inflation to remain below SBP and IMF target at 10%; hinting to possible monetary rate cycle reversal starting Jan-19 onwardsThe newer methodology will also help reduce some volatile movement particularly in the heavy weight segments HRI, Food and Utility prices. With the new CPI inflation, market now expects softening prices from Jan-20 onwards and forward guidance suggests a FY20 inflation to average 9-10% compared to SBP old target of 11-12% and IMF 13%. Based on this there is high probability of SBP reversing monetary rate cycle from current 13.75%. Moreover, recent yield patterns depicted a similar trend, with long-term bond yields dropping below shorter term maturity suggesting inflation softening.

C/a deficit continue to decline, down to ~2.5% of GDP from ~8.3% in Jul-2019For the month of Jul-19, C/a deficit clocked in at USD 0.58bn (USD 0.995bn Jul-19), down by 37% m/m and 73% y/y (USD 2.13bn in Jul18). The decline in C/a deficit was mainly attributable to a sharp 16% MoM contraction in the trade deficit, led by a +24% MoM refreshing jump in exports. In addition, remittances also increased by +24% m/m to USD 2.04bn on account of ‘Eid-ul-Azha’ inflows. Improvement was also witnessed under foreign portfolio investment which rose to USD 93mn from a mere USD 38mn last year in July, and compared to average monthly outflow of USD 106mn during FY19.

Consolidated fiscal deficit came at 8.9% of the GDP, one of the highest recorded deficitMoreover, during the month latest release by Ministry of Finance shows that the consolidated fiscal deficit for period 2018-19 touched PKR 3.45trn or in term of GDP fiscal deficit amounted to 8.9% versus initial budget deficit projection of 7.2% or PKR 2.76trn, a growth of 25%. More importantly, country’s primary deficit now stands at 3.5% of the GDP against a projected 2.0% and 0.6% under IMF recommendation. Nevertheless, revised number reveal major shortcomings on revenue side, while total expenditure remained relatively in-line with government projection.

With the new revenue base set lower, government will now require +43% tax revenue growth to reach its PKR 5.8trn target in FY20More intriguingly with the new revenue base set lower, government will now require +43% tax revenue growth to reach its PKR 5.8trn target in FY20. Similarly, non-tax revenue would need to increase two-fold to reach its target number of PKR 0.9trn from current PKR 0.4trn. Even adjusting for ~11% average inflation in FY20 total gross revenue growth comes at ~46% y/y. Given a weaker domestic GDP growth rate of ~3% in FY20, we think achieving such a revenue growth target will be an uphill task and we may see major slippages in revenue collection mainly on sales, excise and income tax

(1.8)

(0.6)

(4.0)

(3.5)

(3.0)

(2.5)

(2.0)

(1.5)

(1.0)

(0.5)

-

(2.5)

(2.0)

(1.5)

(1.0)

(0.5)

-

07/18 09/18 11/18 01/19 03/19 05/19 07/19

Trade Balance (USDbn) Current Acc. Bal. (USDbn)

Source: SBP, PBS, Bloomberg

KSE100 underwent a significant decline of 2,266points; making it one of the worst performing months of CY19The domestic equity bourse underwent a decline of 2,266 points in Aug-19 to rest at 29,672.12 level. This brings negative return of 7.1% and 5.5% in USD terms during the month; making its one of the worst performing month CY19 and taking CY19 to date return to -19.9% (USD based -29.1%). Major reasons behind this subdued performance was heightened tension at the eastern border, news flow regarding a meeting of FATF’s regional subgroup Asia Pacific Group (APG) in Canberra and potential divestment of state owned companies by the government. On political front, market took a nosedive with event of India revoking the special status of Kashmir which led towards heightened tension at the eastern border. Corporate results also did not support the market, with major corporates results showing significant earning attrition. Sector-wise, Banks, Fertilisers, E&Ps trimmed away nearly ~1,600points. Foreign investment showed a net sell of USD 3.5mn compared to USD 30.4mn net buy in Jul-19.

KSE 100

Money Market Review and Outlook:Secondary market yields for longer tenure declined by an average 55bps; causing inverted yield curve Aug-19, was an exciting month for money market and bond instruments. During the month SBP held two T-bill whereby government swept up nearly PKR 1.887trn in auction against an aggregate target of PKR 2.6trn against a maturity of PKR 3.34trn. 3m paper saw the largest activity, with cut-off yields closing at 13.7499% and 13.9399% and 14.200% for 6m and 12m respectively. For fixed PIB auction government received participation of PKR 877.8bn against a target of PKR 100bn (PKR 9bn maturity). 3y bond attracted nearly ~41% of the total participation or PKR 368bn, followed by PKR 46.2bn and PKR 19.4bn for 5y and 10y respectively. Interestingly, yields for long-term bond dropped below to 13.500% and 13.1495% for 5y and 10y compared to 14.2500% for 3y tenure. For floating PIB government accepted, PKR 42bn with 75bps above benchmark.

Yield Curve

Equity Market Review and Outlook:

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

3m 6m 12m 3y 5y 10y

Aug-19 Jul-19 Aug-18

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Aug‐19 Jul‐19 MoM %

NAV per Unit (PKR) 246.3 260.4 ‐5.38%

Net Assets Value (PKR '000) 581,536 617,288 ‐5.79%

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

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

IGI Aggressive Fund ‐ IAF ‐5.38% ‐8.98% ‐12.89% ‐17.09% ‐18.93% ‐18.16% 8.26%

IGI Aggressive Fund ‐ IAF BID PRICE:

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

investment can fall as well as rise.

ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:

Absolute Return Annualized Return

High

Daily Forward Pricing

Monday to Friday

1.5%

25‐Apr‐08

ASSETS UNDER MANAGEMENT:

During the month the fund generated an

absolute return of ‐5.38% against its last

month absolute return of ‐3.80%.

Value of 100 Rupees invested 5 years ago

Fixed Income / Equity

IGI Aggressive Fund

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

proportion of fixed income & money market instruments.

FUND INFORMATION: RETURNS:


303.86 301.76307.81

300.90

280.22

302.23297.12 295.82

285.34 282.80

270.63

260.36

246.34

240.00

250.00

260.00

270.00

280.00

290.00

300.00

310.00

320.00

Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19

8.1%0.3%

26.0%

64.9%

0.7%

BankDeposits

TFC's /Sukuk

T‐Bills TDR PIB's Stock DFI &Others

8.4%0.3%

27.1%

63.5%

0.7%

BankDeposits

TFC's /Sukuk


98

118

138

158

178

198

218

238

258

278

298

Aug‐13

Aug‐14

Aug‐15

Aug‐16

Aug‐17

Aug‐18

Aug‐19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 261.6 266.0 ‐1.65%




IGI Balanced Fund ‐ IBF ‐1.65% ‐2.79% ‐4.24% ‐5.37% ‐5.55% ‐1.41% 8.84%

IGI Balanced Fund ‐ IBF BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Moderate


Monday to Friday

1.5%

25‐Apr‐08







IGI Balanced Fund

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

This fund is suited for investors with moderate risk tolerance.



3.7%

26.2%

40.9%

28.9%

0.3%

BankDeposits

TFC's /Sukuk


4.4%

27.2%

41.0%

27.2%

0.3%

BankDeposits

TFC's /Sukuk


98

118

138

158

178

198

218

238

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

276.98 276.08

280.30

275.99

264.09

278.02276.47 276.60

273.28 273.20

269.11266.01

261.62

250.00

255.00

260.00

265.00

270.00

275.00

280.00

285.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 222.6 220.3 1.01%

Net Assets Value (PKR '000) 571,483 563,066 1.49%



IGI Conservative Fund ‐ ICF 1.01% 1.87% 2.65% 4.78% 7.86% 11.42% 7.30%

IGI Conservative Fund ‐ ICF BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Low


Monday to Friday

1.5%

25‐Apr‐08



absolute return of 1.01% against its last

month absolute return of 0.85%.



IGI Conservative Fund

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

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



0.0%

41.1%

0.0%

56.8%

2.7% 0.0%

BankDeposits

TFC's /Sukuk


1.3%

41.3%

55.0%

2.4%

BankDeposits

TFC's /Sukuk


98

108

118

128

138

148

158

168

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

206.35 206.93208.62 207.83 206.83

210.32212.41

213.99215.36

216.81218.47

220.33222.56

200.00

205.00

210.00

215.00

220.00

225.00

230.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 164.5 163.3 0.79%




IGI Islamic Fund ‐ IIF 0.79% 1.69% 1.72% 3.81% 7.44% 7.81% 4.48%

IGI Islamic Fund ‐ IIF BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Low


Monday to Friday

1.5%

25‐Apr‐08






Islamic Fixed Income

IGI Islamic Fund

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

securities having good credit quality rating and liquidity.



58.1%

24.2%

5.6%12.1%

BankDeposits

TFC's /Sukuk


64.1%

21.4%

5.4% 9.2%

BankDeposits

TFC's /Sukuk


80

100

120

140

160

180

200

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

153.15153.84

154.61155.42

156.41157.45

158.51159.59

160.56161.76 161.81

163.26164.54

150.00

152.00

154.00

156.00

158.00

160.00

162.00

164.00

166.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 337.0 352.6 ‐4.42%




IGI FS Aggressive Fund ‐ IHA ‐4.42% ‐7.41% ‐10.72% ‐14.94% ‐16.68% ‐13.83% 13.61%

IGI FutureSecure Aggressive Fund ‐ IHA BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


High


Monday to Friday

1.5%

25‐Feb‐10







IGI Future Secure Adventurous Fund

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

fixed income & money market instruments.



9.7%2.5%

32.2%

55.1%

0.6%

BankDeposits

TFC's /Sukuk


10.3%2.6%

33.3%

53.2%

0.6%

BankDeposits

TFC's /Sukuk


95

145

195

245

295

345

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

404.53 401.60410.56

400.68

371.22

402.99396.21 394.74

380.89 377.50

364.02

352.62

337.04

320.00

340.00

360.00

380.00

400.00

420.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 233.7 237.6 ‐1.66%




IGI FS Balanced Fund ‐ IHB ‐1.66% ‐2.75% ‐4.16% ‐5.48% ‐5.58% ‐1.26% 9.30%

IGI FutureSecure Balanced Fund ‐ IHB BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Moderate


Monday to Friday

1.5%

18‐Feb‐10







IGI Future Secure Balanced Fund

INVESTMENT OBJECTIVE:

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



6.3%

18.0%

47.6%

27.8%

0.3%

BankDeposits

TFC's /Sukuk


7.3%

18.6%

47.7%

26.1%

0.3%

BankDeposits

TFC's /Sukuk


95

115

135

155

175

195

215

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

247.47 246.45

250.35

246.38

235.64

248.53247.20 247.22 243.88

243.81

240.27237.60

233.67

230.00

235.00

240.00

245.00

250.00

255.00

260.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 174.7 173.0 0.97%




IGI FS Cautious Fund ‐ IHC 0.97% 1.83% 2.58% 4.77% 7.79% 10.99% 6.07%

IGI FutureSecure Cautious Fund ‐ IHC BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Low


Monday to Friday

1.5%

18‐Mar‐10







IGI Future Secure Cautious Fund

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

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



34.4%

62.9%

2.8% 0.0%

BankDeposits

TFC's /Sukuk


1.0%

34.8%

61.6%

2.5%

BankDeposits

TFC's /Sukuk


95

105

115

125

135

145

155

165

175

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

162.04 162.44163.63 163.03 162.75

165.18166.70

168.08169.19

170.27171.52

172.97174.65

158.00

163.00

168.00

173.00

178.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 220.2 217.8 1.09%



IGI FS Secure Fund ‐ IHS 1.09% 1.78% 2.72% 4.03% 6.11% 9.03% 8.70%

IGI FutureSecure Secure Fund ‐ IHS BID PRICE:



ASSET ALLOCATION:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Low


Monday to Friday

1.5%

18‐Mar‐10






Govt. Securiities

IGI Future Secure Fund


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



5.9% 0.3%

93.8%

BankDeposits

TFC's /Sukuk


6.2%0.3%

93.6%

BankDeposits

TFC's /Sukuk


95

105

115

125

135

145

155

165

175

185

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

207.48 207.35 206.77 207.14 207.67

209.79211.62

212.71214.42 214.33

216.31217.77

220.15

204.00

209.00

214.00

219.00

224.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 204.7 202.8 0.92%




Sarmaya Pakistan Income ‐ SPI 0.92% 1.93% 1.69% 3.66% 7.81% 7.76% 8.17%

IGI Sarmaya Pakistan Income Fund ‐ SPI BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Low


Monday to Friday

22‐Jul‐10






Fixed Income

IGI Sarmaya Pakistan Income Fund

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

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


Sarmaya Plus 1.5% / Sarmaya Premium 2.4%


28.7%32.6% 31.6%

4.1% 3.0%

BankDeposits

TFC's /Sukuk


44.2%

26.5% 26.8%

2.5%

BankDeposits

TFC's /Sukuk


95

105

115

125

135

145

155

165

175

185

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

189.89 190.79192.15 193.30

194.66195.97

197.49198.75

200.43 201.31 200.83202.84

204.71

180.00

185.00

190.00

195.00

200.00

205.00

210.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 258.9 278.3 ‐6.98%




Sarmaya Pakistan Stock ‐ SPS ‐6.98% ‐11.71% ‐16.77% ‐23.38% ‐26.63% ‐27.44% 11.72%

IGI Sarmaya Pakistan Stock Fund ‐ SPS BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


High


Monday to Friday

03‐Feb‐11






Equity

IGI Sarmaya Pakistan Stock Fund

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

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




12.1%

87.5%

0.4%

BankDeposits

TFC's /Sukuk


6.9%

92.2%

0.9%

BankDeposits

TFC's /Sukuk


100

150

200

250

300

350

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

352.83 349.24358.12

348.93

316.71

350.86

337.87 335.68

318.54311.03

293.21

278.30

258.86

250.00

270.00

290.00

310.00

330.00

350.00

370.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 176.0 176.0 0.00%

Net Assets Value (PKR '000) 0.78 1 28.31%



Sarmaya United Growth ‐ SUG 0.00% 0.48% 0.46% 2.88% 19.38% 12.68% 6.43%

IGI Sarmaya United Growth Income Fund ‐ SUG BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Moderate


Monday to Friday

05‐Aug‐10






Fixed Income

IGI Sarmaya United Growth & Income Fund

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

returns while preserving capital over the long‐term.




100.0%

0.0% 0.0% 0.0% 0.0%

BankDeposits

TFC's /Sukuk


100.0%

BankDeposits

TFC's /Sukuk


75

95

115

135

155

175

195

215

235

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

147.46 148.18 149.04 149.77

162.32 163.28

171.10172.91 174.31 175.22 175.19 176.03 176.03

140.00

145.00

150.00

155.00

160.00

165.00

170.00

175.00

180.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 292.7 319.2 ‐8.32%




Sarmaya United Stock ‐ SUS ‐8.32% ‐14.06% ‐18.97% ‐25.53% ‐27.76% ‐29.39% 12.56%

IGI United Stock Fund ‐ SUS BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


High


Monday to Friday

05‐Aug‐10






Equity

IGI United Stock Fund (Formerly: IGI Sarmaya United Stock Fund)

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

capital gains and dividend yield potential.




3.5%

96.5%

BankDeposits

TFC's /Sukuk


8.3%

90.7%

1.0%

BankDeposits

TFC's /Sukuk


95

115

135

155

175

195

215

235

255

275

295

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

405.17 398.72411.32

400.02

363.89

404.93393.04

384.14367.85 361.20

340.58

319.24

292.69

250.00

300.00

350.00

400.00

450.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 164.3 162.5 1.15%




Sarmaya United Money ‐ SUI 1.15% 2.29% 1.87% 4.52% 10.14% 9.62% 7.22%

IGI Sarmaya United Money Market Fund ‐ SUI BID PRICE:



ASSET ALLOCATION *:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Low


Monday to Friday

19‐Jul‐12





Value of 100 Rupees invested since inception

Fixed Income

IGI Sarmaya United Money Market Fund

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

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




7.6%

72.4%

20.0%

BankDeposits

TFC's /Sukuk


5.5%

79.3%

15.3%

BankDeposits

TFC's /Sukuk


100

105

110

115

120

125

130

135

140

145

Aug‐13

Aug‐14

Aug‐15

Aug‐16

Aug‐17

Aug‐18

Aug‐19

149.20 150.19151.92

153.04154.43

155.74157.22

158.90160.21

161.31 160.65162.46

164.32

142.00

147.00

152.00

157.00

162.00

167.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 276.4 271.3 1.86%

Net Assets Value (PKR '000) 2,750,101 2,741,975 0.30%


IGI Sarmaya Secure ‐ SSE 1.86% 2.90% 3.51% 4.66% 8.43% 10.11% 11.80%

IGI Secure Fund ‐ SSE BID PRICE:



ASSET ALLOCATION:

Aug‐19 Jul‐19

FUND PERFORMANCE:


Low


Monday to Friday

22‐Jul‐10






Govt. Securiities

IGI Secure Fund (Formerly: IGI Sarmaya Secure Fund)


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




5.6%

25.9%

68.5%

BankDeposits

TFC's /Sukuk


4.1%

26.3%

69.6%

BankDeposits

TFC's /Sukuk


100

120

140

160

180

200

220

240

Aug‐

13

Aug‐

14

Aug‐

15

Aug‐

16

Aug‐

17

Aug‐

18

Aug‐

19

254.89 255.26256.91 257.16

258.96261.00

264.09 265.07

268.27267.03

268.60271.35

276.39

250.00

255.00

260.00

265.00

270.00

275.00

280.00


funds performance report - igi lifeigilife.com.pk/.../09/igi-fund-management-report... · july 2015...

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