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NBP FUNDSManaging Your Savings

Fund Manager ReportConventional SchemesDecember 2019

Formerly: NAFA Income Fund. Fund Stability Rating: A (f) by PACRA; Category: Open-end Income Fund; Fund size: Rs 107 crore as on 31 Decemeber 2019; *Benchmark annualized return for the month of December 2019 is 13.5% p.a. Benchmark:6-Month KIBOR. Since Inception return from March 28, 2008 till December 31, 2019 was 5.1% p.a vs benchmark 10.0% p.a; Last one year return was 11.7% vs benchmark 12.6%; Return of NBP-SF in fiscal year 2019, 2018, 2017, 2016 & 2015 was 9.3%, 5.5%, 6.5%, 6.9% & 13.7% respectively and benchmark was 10.2%, 6.3%, 6.1%, 6.5% & 9.0% respectively; Note: Performance is net of management fee and all other expenses based on dividend reinvestment and gross of withholding taxes where applicable excluding cost of frontend load; Subject to conditions as per section 62 of the Income Tax Ordinance, 2001; Disclaimer: All investment in mutual funds are subject to market risk. Past performance is not necessarily indicative of future results. Please read the O�ering Documents to understand the investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities.

12.8%NBP SAVINGSFUND

p.a profit*In Dec-19

MONEYTIME IS

MAKE YOUR INVESTMENTSWORK FOR YOU

Benefits at a Glance:

Earn DailyMunafa on

Savings

Save up to20% of your

Taxes***

Redeem yourSavings any time

without Penalty orProfit Reduction

Optional Life & AccidentalInsurance Coverage of

up to Rs. 50 Lacs**

Free ATM/DEBITCard and OnlineBanking Facility

NBP Fund Management Limited Rated by PACRAAM1

Contact our Investment Consultant for free Investment advice

/[email protected] SMS Invest to 9995 0800-20002 www.nbpfunds.com

Table of Contents NBP FUNDSManaging Your Savings

Table of Contents

NBP Money Market FundFormerly; NAFA Money Market Fund

04NMMF

NBP Government SecuritiesLiquid FundFormerly; NAFA Government SecuritiesLiquid Fund

03NGSLF

NBP Financial Sector Income FundFormerly; NAFA Financial Sector Income Fund

08NFSIFNBP Mahana Amdani Fund

Formerly; NAFA Savings Plus Fund 07NMAF

NBP Government SecuritiesSavings FundFormerly; NAFA Government SecuritiesSavings Fund

05NGSSF

NBP Savings FundFormerly; NAFA Income Fund

10NBP-SFNBP Income Opportunity Fund

Formerly; NAFA Income Opportunity Fund09

NIOF

NBP Balanced FundFormerly; NAFA Multi Asset Fund

12NBFNBP Sarmaya Izafa Fund

Formerly; NAFA Asset Allocation Fund11

NSIF

NBP Financial Sector FundFormerly; NAFA FinancialSector Fund

14NFSFNBP Stock Fund

Formerly; NAFA Stock Fund13

NSF

CEO’s Write-up01 Capital Market Review02

NAFA Pension Fund15NPF

NBP Government SecuritiesPlan - I06

NGSP-I

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results.


Pakistan’s economy is well on the path of stabilization due to painful yet necessary policy measures undertaken by the incumbent government with the support of the IMF. Although, GDP growth is likely to remain subdued at about 2.6% in FY2020, it is anticipated to improve to around 3.6% in FY2021 and 4.2% in FY2022 driven by gradual recovery in manufacturing and agriculture sectors amid expected decline in interest rate, low base effect, and pick-up in development spending. Inflation & Interest Rate: During CY20, we project inflation to remain elevated mainly in the first half of CY20, driven by upward adjustments in utility prices and second round impact on food prices. However, we estimate inflation to fall sharply in second half of the year. As a consequence, we expect interest rates to fall by around 200bps in CY20, with the major decline projected to take place in second half of the year.

External Account: Current Account Deficit (CAD) narrowed to USD 13.8 billion in FY2019 from USD 19.9 billion in FY2018. Continuing this trend, CAD has dropped massively by 73% to USD 1.8 billion during 5 months of FY2020 due to 21% decline in imports and 5% growth in exports. We expect the CAD to remain at manageable level of USD 5.3 billion for FY2020. Foreign exchange reserves of SBP improved from USD 7.3 billion at CY18 end to around USD 11 billion at CY19 end on account of start of IMF loan program and resumption of flows from multilateral agencies such as ADB & World Bank. In addition to this, the government has been able to attract sizable foreign portfolio investment in local government securities. We expect FX reserves to remain elevated due to the planned issuance of International Bonds in the first half of CY20.

Foreign Exchange Market: In the foreign exchange market, PKR suffered a further 11.5% devaluation versus the US Dollar in CY19. Resultantly, it is now slightly below its equilibrium value as measured by Real Effective Exchange Rate (REER) with latest reading of 95.8, indicating a low risk of substantial devaluation. Going forward, with the PKR now near its equilibrium value as measured by REER and improving external account position, we expect a measured 5-7% devaluation against the US Dollar during CY20.

Bond Market: During CY19, yields on fixed income avenues responded to a cumulative 3.25% increase in the Policy Rate by the SBP differently depending on their tenure. Yields on T-Bills largely tracked the change in policy rate, while PIB yields actually declined during the year largely in the second half due to higher demand of PIBs compared to supply; and increasing odds of peaking interest rates and reversal of monetary tightening cycle. For instance, yield on 6-month T-Bill & 1-year T-Bill increased by 277bps & 192bps to 13.4% & 13.1% respectively at CY19 end. However, yield on the 5-year & 10-year PIB declined by 179 bps & 216 bps respectively to 10.9% & 11.0% respectively at the end of year. As we expect around 200 bps reduction in SBP policy rate in CY20, we anticipate shorter tenure sovereign yields to move down in line with decrease in the policy rate during the year, while a marginal decline is expected for longer tenure bonds.

Stock Market: Given the mounting challenges on the economic front and rising tension on the border with India, the market remained under pressure amid heightened volatility throughout the year. During the first eight months of CY19, the market mostly traded in negative territory bottoming at 28,765 points in mid-August (down by 22% in CY19), but subsequently it made a spectacular recovery to not only regain its earlier losses of the year, but also post a net positive return of 10% for CY19 as the KSE-100 Index settled at 40,735 points.

From the valuations perspective, despite a robust 42% rebound from its lows, the market is trading at an attractive Price-to-Earnings multiple of 7.0 times and offers an attractive dividend yield of about 5.7%. In our view, earnings of the corporate listed sectors are expected to grow at around 12% for 2020 and 2021. There is ample local liquidity ready to enter the market, awaiting clarity on the economic recovery. The external account is now in manageable territory, and the country has successfully met the quarterly benchmarks set by the IMF program. This is expected to restore the confidence of foreign fund managers who remained sellers in Pakistani stock market during the CY16-18. To conclude, we expect the market to post 20% plus return during CY20 driven by expected corporate earnings growth of 12%, a decent 6% dividend yield, and some Price-to-Earnings re-rating. We advise investors to consider adding allocation in the stock market, keeping their long-term investment objectives in mind.

CPI, Jan-20, 13.3%

Infla�on (CPI)7.1%

DR, Jul-19, 13.8%

Discount Rate (DR), 10.0%

-1.0%

4.0%

9.0%

14.0%

Jul-1

3De

c-13

May

-14

Oct

-14

Mar

-15

Aug-

15Ja

n-16

Jun-

16N

ov-1

6Ap

r-17

Sep-

17Fe

b-18

Jul-1

8De

c-18

May

-19

Oct

-19

Mar

-20

Aug-

20Ja

n-21

Jun-

21

Infla�on (CPI) Discount Rate (DR)

Source: SBP, PBS, NBP Funds Research

Infla�on to Peak in 1QCY20 and then decline

2.8 4.9

12.6

19.9

13.8

5.3 5.6 6.3 1.0%1.7%

4.2%

6.3%

4.9%

1.9% 1.9% 2.1%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%

-

4.0

8.0

12.0

16.0

20.0FY

2015

FY20

16

FY20

17

FY20

18

FY20

19(p

)

FY20

20f

FY20

21f

FY20

22f

CAD (USD Bn) CAD as a % of GDPSource: SBP, NBP Funds Research

Current account deficit in manageable territory

Economic and Investment Outlook in 2020

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results.

December 2019

Stock Market Review

Money Market Review

Capital Market Review NBP FUNDSManaging Your Savings

Amid heightened volatility, rally at the local bourse extended during December as the benchmark KSE 100 Index increased by 1,447 points (3.7%) on a month-on-month basis, taking CY2019 return to 9.9%. The market started off the outgoing month on a strong note with the KSE 100 Index reaching a high of 41,769 points on December 17th, a hefty 6.3% rise from the last month closing level. However, the market lost momentum as heightened uncertainty surrounding the special court’s verdict in a high treason case against ex-president Musharraf weighed on investors’ sentiments amid fear of stand-off between the state institutions. Provocative statements by the Indian Army Chief against Pakistan and buildup of military installations along the Line of Control (LoC) also unnerved investors. However, the downside was short lived due to positive developments on the economic front.

The current account deficit (CAD) plunged by 73% to USD 319 million in November, as compared to USD 1,166 million in the same period last year. The SBP received concessionary loan of USD 1.3 billion from the Asian Development Bank for budgetary support and power sector reforms that lent support to the FX reserves in the wake of foreign loan payments. The SBP also received USD 452 million as a second tranche of the USD 6 billion IMF loan after successful review where it mentioned that Pakistan’s economic reform program is on track and decisive policy implementation is helping to preserve economic stability. In our view, this endorsement by the IMF would boost the confidence of foreign investors that would pave the way for fetching Foreign Investment (FDI & FPI), facilitate access to the international capital markets, and accelerate flows from the multilateral agencies. However, determination by the OGRA for significant increase in gas prices, that awaits government’s approval, weighed on the investors’ sentiments as it would stoke inflation and hurt the corporate profitability.

What lies ahead for the market in CY2020? In our view, the market holds potential to exhibit strong performance in CY2020. Despite robust rally from its lows, the market is trading at an attractive forward P/E multiple of 7.0, as per our estimates. Corporate earnings are expected to grow at double digit rates for 2020 and 2021. We expect economic growth to recover in FY2021 as economic stabilization takes hold in FY2020. There is ample local liquidity that is likely to enter the market amid declining appeal of alternative fixed income and real estate avenues. During CY2020, the odds of substantial foreign portfolio inflows have increased as economy is well on the path of stabilization.

The SBP raised interest rates by 325bps in CY19 to counter inflation and contain demand pressures. However, after achieving stability on the external front, the Discount Rate was left unchanged in the last two policy meetings. During CY20, we project inflation to remain elevated in mainly in the first half of the year; however, we estimate it to fall sharply in second half of the year. Resultantly, we expect interest rates to fall by around 200bps in CY20.

During the outgoing month, SBP held three T-Bill auctions with a combined target of Rs. 1,000 billion against the maturity of Rs. 546 billion. In the first T-Bill auction, an amount of Rs. 370 billion was accepted at a cut-off yield of 13.54%, 13.29% and 13.14% for 3-month, 6-month and 12-month tenures, respectively. In the second T-Bill auction, an amount of Rs. 449 billion was accepted at a cut-off yield of 13.49%, 13.29% and 13.13% for 3-month, 6-month and 12-month tenures, respectively. In the third T-Bill auction, an amount of Rs. 469 billion was accepted at a cut-off yield of 13.49%, 13.29% and 13.13% for 3-month, 6-month and 12-month tenures respectively. Besides this, in the PIB auction, bids worth Rs. 151 billion were realized for 3-year, 5-year and 10-year at a cut-off yield of 11.75%, 11.19% and 10.99% respectively; while bids for 20-year tenure were rejected. Furthermore, SBP in the recent floating rate PIB auction held on December 11th attracted bids worth Rs. 142 billion. Out of the total bids, only Rs. 77 billion was accepted at a cut-off margin of 39.5 basis points over the benchmark (i.e. weighted average yield of the 06-month Market Treasury Bills).

We have calibrated the portfolio of our money market and income funds based on our interest rate outlook and will remain alert to any developments that may influence our investment strategy.

NBP Government Securities Liquid Fund (NGSLF)Formerly; NAFA Government Securities Liquid Fund (NGSLF)

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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved.

Dr. Amjad Waheed, CFASajjad Anwar, CFA

Muhammad Ali Bhabha, CFA, FRMHassan Raza, CFA

December 2019

31-Dec-19Asset Allocation (% of Total Assets)

Sindh Workers' Welfare Fund (SWWF)

40.6%58.9%0.5%

100.0%Nil

30-Nov-19

72.9%25.9%1.2%

100.0%Nil

T-Bills Bank Deposits Others including receivables Total Leverage

Unit Price (31/12/2019): Rs. 10.2046

Launch Date: May 15, 2009 Fund Size: Rs. 2,134 million Type: Open-end – Money Market FundDealing Days: Daily – Monday to Saturday Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.M Settlement: 2-3 business days Pricing Mechanism: Forward Pricing Load: Front end: 0%, Back end: 0% Management Fee: 3% of Net Income (Min 0.4% p.a., Max 1.0% p.a.). 0.44% p.a. of average net assets.Total Expense Ratio: 1.68% p.a. (including 0.34% government levies) Selling & Marketing expenses: 0.7% p.a.Risk Profile: Exceptionally Low Fund Stability Rating: "AAA (f)" by PACRA Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC) Auditors: Deloitte Yousuf Adil Chartered Accountants Benchmark:** 70% 3-Month PKRV & 30% average 3-Month deposit rates of three AA rated banks as selected by MUFAP Fund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Growth Unit: Rs. 10,000/- Subscription: Income Unit: Rs. 100,000/- Asset Manager Rating: AM1 by PACRA (Very High Quality)

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 20,497,014/-. If the same were not made the NAV per unit / last one year return of scheme would be higher by Rs. 0.098/1.07%. For details investors are advised to read note 6 of the latest financial statements of the Scheme.

The Fund earned an annualized return of 12.5% p.a. during December 2019 versus the Benchmark return of 12.8% p.a. The return generated by the Fund is net of management fee and all other expenses.

NGSLF's stability rating is 'AAA (f)' awarded by PACRA. NGSLF is the largest Fund in Pakistan with this rating. The rating reflects exceptionally strong credit and liquidity profile of the Fund. Average daily allocation for the last 365 days in short-term T-Bills was 77% of net assets. While at the end of the month, T-Bills comprises around 40.6% of the Total Assets and around 71.1% of the Net Assets. Weighted average time to maturity of the Fund is 11 days.

We will rebalance the allocation of the Fund proactively based on the capital market outlook.

To generate optimal return with minimum risk, to provide easy liquidity and reasonable income to its unit holders by investing primarily in short-term Government Securities.

* Annualized Return Based on Morning Star Methodology All other returns are Annualized Simple Return

The performance reported is net of management fee & all other expenses and based ondividend reinvestment gross of with-holding tax where applicable.

Performance Period

Performance %Dec2019

12.5%

12.8%

FYTD2020

12.5%

12.7%

Rolling12

Months

11.4%

11.4%

8.5%

8.7%

FY2016

5.7%

6.0%

FY2017

7.6%

5.3%

FY2018

5.3%

5.4%

8.3%

8.7%

FY2015

8.4%

7.7%

Last 3years*

7.5%

7.2%

Last 5years*

8.6%

8.5%

Last 10years*

8.7%

8.7%

Since LaunchMay 15, 2009*

NBP Government Securities Liquid FundFormerly; NAFA Government Securities Liquid Fund (NGSLF)

Benchmark**

Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.

Credit Quality of the Portfolio as of December 31, 2019 (% of Total Assets)

T-Bills (AAA rated)AAAAA+AA-A-Others including receivablesTotal

40.6%0.5%58.1%0.2%0.1%0.5%

100.0%** effective from September 01, 2016; previously 70% 3-Month T-Bills & 30% average 3-Month depositrates (AA & above rated banks)

FY2019

Fund Manager’s Commentary

Page 03


NBP Money Market Fund (NMMF)Formerly; NAFA Money Market Fund (NMMF)


December 2019

To provide stable income stream with preservation of capital by investing in

AA and above rated banks and money market instruments.

The Fund earned an annualized return of 13.1% p.a. during December 2019 versus the Benchmark return of 12.8% p.a. Since its launch in February 2012, the Fund has outperformed its Benchmark by 1.4% p.a. by earning an annualized return of 8.2% p.a. This outperformance is net of management fee and all other expenses.

Being a money market scheme, the Fund has very restrictive investment guidelines. The authorized investments of the Fund include T-Bills, Bank Deposits and Money Market instruments. Minimum eligible rating is AA, while the Fund is not allowed to invest in any security exceeding six months maturity. The weighted average time to maturity of the Fund cannot exceed 90 days. The Fund is rated AA(f) by PACRA which denotes a very strong capacity to maintain relative stability in returns and very low exposure to risks.

Weighted average time to maturity of the Fund is 7 days. We will rebalance the allocation of the Fund proactively based on the capital market outlook.

Unit Price (31/12/2019): Rs. 9.8877MONTHLY REPORT (MUFAP's Recommended Format)

Launch Date: February 23, 2012Fund Size: Rs. 24,521 millionType: Open-end – Money Market FundDealing Days: Daily – Monday to SaturdayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual): without life insurance 0.5%, with life insurance 3% (Nil on investment above Rs. 26 million) Front End Load (Other): 0.5% (Nil on investment above Rs. 16 million) Back End Load: NILManagement Fee: 1% of Net Income (Min 0.15% p.a., Max 1.0% p.a.) w.e.f 13-Dec-19. 0.41% p.a. of average net assetsSelling & Marketing expenses: 0.7% p.a.Total Expense Ratio: 1.59% p.a. (including 0.34% government levies)Risk Profile: Very LowFund Stability Rating: "AA (f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsBenchmark:** 70% 3-Month PKRV & 30% average 3-Month deposit rates of three AA rated banks as selected by MUFAPFund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

T-Bills Commercial Paper Bank Deposits Others including receivables Total Leverage

Asset Allocation (% of Total Assets)


-8.9%

90.2%0.9%

100.0%Nil

31-Dec-1929.7%8.2%

61.3%0.8%

100.0%Nil

30-Nov-19

13.1%

12.8%

8.2%

6.8%

9.0%

8.7%

Dec2019

12.8%

12.7%

FYTD2020

11.9%

11.4%

Rolling12

Months

6.3%

4.6%

8.3%

7.7%

Last 3years*

7.7%

6.6%

Last 5years*

8.9%

6.8%

FY2015

FY2016

6.6%

5.1%

FY2017

5.6%

5.4%

FY2018

Since LaunchFebruary 23, 2012*


The performance reported is net of management fee & all otherexpenses and based on dividend reinvestment gross of with-holdingtax where applicable.

NBP Money Market FundFormerly: NAFA Money Market Fund

Performance Period

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.104,860,198. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0423/0.48%. For details investors are advised to read note 6 of the latest financial statements of the Scheme.



Notes: 1) The calculation of performance does not include cost of front end load.2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.

Performance %


AAAAA+AAA-Others including receivablesTotal

13.8%76.3%8.9%0.1%0.9%

100.0%** effective from September 01, 2016; Previously 3-Month deposit rates (AA & above rated banks)*** effective from January 02 , 2017

FY2019

Page 04



NBP Government Securities Savings Fund (NGSSF)Formerly; NAFA Government Securities Savings Fund (NGSSF)



The performance reported is net of management fee & all other expensesand based on dividend reinvestment gross of with-holding tax where applicable.



December 2019



21.0%28.8%45.4%3.5%1.3%

100.0%Nil

31-Dec-1932.2%33.8%26.3%6.1%1.6%

100.0%Nil

30-Nov-19PIBs T-Bills Bank Deposits Placement with BanksOthers including receivables Total Leverage

Unit Price (31/12/2019): Rs. 10.3368

Launch Date: July 10, 2014 Fund Size: Rs. 688 million Type: Open-end – Income Fund Dealing Days: Daily – Monday to Saturday Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business days Pricing Mechanism Forward Pricing Load:*** Front End Load (Individual): without life insurance 1%, with life insurance 3% (Nil on investment above Rs. 26 million) Front End Load (Other): 1% (Nil on investment above Rs. 16 million) Back End Load: NILManagement Fee: 1.5% of Net Income (min: 0.2% p.a., max: 1.0% p.a.) w.e.f. 12-Jul-19. 0.29% p.a. of average net assets.Total Expense Ratio: 1.59% p.a.(including 0.34% government levies)Selling & Marketing expenses: 0.7% p.aRisk Profile: Low Fund stability rating "AA- (f)" by PACRA Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC) Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark:** 6-Month PKRV Fund Manager: Muhammad Ali Bhabha, CFA, FRM Minimum Growth Unit: Rs. 10,000/- Subscription: Income Unit: Rs. 100,000/- Asset Manager Rating: AM1 by PACRA (Very High Quality)

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2,817,622/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0423/0.47%. For details investors are advised to read note 5 of the latest financial statements of the Scheme.

To provide competitive return from portfolio of low credit risk by investing primarily in Government Securities.

During the month under review, the Fund generated an annualized return of 15.4% p.a. against the Benchmark return of 13.3% p.a. Since its launch in July 2014, the Fund offered an annualized return of 8.8% p.a. against the Benchmark return of 8.0% p.a., hence an outperformance of 0.8% p.a. This outperformance is net of management fee and all other expenses.

NBP Government Securities Savings Fund (NGSSF) invests a minimum of 70% in Government Securities. The Fund invests a minimum 10% of its assets in less than 90 days T-Bills or saving accounts with banks, which enhances liquidity profile of the Fund.

As the asset allocation of the Fund shows, exposure in Government Securities was around 49.8% of the Total Assets and 73% of the Net Assets at the end of the month. Last one year asset allocation in Government Securities was around 74% of net assets. The weighted average time-to-maturity of the Fund is 1.2 years.


Performance Period

Performance %

8.8%

8.0%

Since LaunchJuly 10, 2014*

15.4%

13.3%

Dec2019

18.3%

13.5%

FYTD2020

13.8%

12.4%

Rolling12

Months

7.8%

9.9%

FY2019

5.8%

5.9%

6.5%

6.2%

FY2016

8.5%

8.6%

8.1%

7.9%

Last 3years*

Last 5years*

NBP Government Securities Savings FundFormerly: NAFA Government Securities Savings Fund (NGSSF)

Benchmark**



Government Securities (AAA rated)AAAAA+AA-A+AA-Others including receivablesTotal

49.8%1.0%30.1%0.9%13.2%3.6%0.1%1.3%

100.0%

** effective from September 01, 2016; Previously 70% average 6-Month PKRV & 30% average 3-Month deposit rates (A+ & above rated banks)*** effective from January 02, 2017

FY2017

5.0%

6.2%

FY2018

Page 05



NBP Government Securities Plan-I (NGSP-I)

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. Past performance is not necessarily indicative of future results.Please read the Offering Document to understand investment policies and the risks involved.



December 2019

PIBs T-Bills Bank Deposits Others including receivablesTotal Leverage

84.8%5.4%5.6%4.2%

100.0%Nil

31-Dec-1984.6%

5.4%6.3%3.7%

100.0%Nil

30-Nov-19Asset Allocation (% of Total Assets)


Unit Price (31/12/2019): Rs. 10.7549

Launch Date: March 18, 2019Fund Size: Rs. 272 millionType: Open-end – Income FundDealing Days: Daily – Monday to FridayDealing Time: (Mon - Fri) 9:00 A.M to 2:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad: Front End Load: without life takaful 1%, with life takaful (amount upto Rs.5 million) 3%, with life takaful (amount over & above Rs.5 million) 1% Back End: 0%, Contingent Load: 0.25%Management Fee: 0.6% p.a.Total Expense Ratio: 1.74% p.a.(including 0.40% government levies)Selling & Marketing expenses: 0.1% p.a.Risk Profile: LowFund Stability Rating: "AA-(f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered AccountantsBenchmark:** Average 6-month PKRVFund Manager: Muhammad Ali Bhabha CFA,FRMMinimum Subscription: Rs. 10,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To provide attractive return with capital preservation at maturity of the plan, by investing in Government Securities not exceeding maturity of the plan.

The Fund posted an annualized return of 12.2% p.a. in December 2019 as compared to the Benchmark return of 13.3% p.a. Since inception, the Fund generated an annualized return of 10.3% p.a. against the Benchmark return of 12.9% p.a. The performance is net of management fee and all other expenses.

NBP Government Securities Plan I (NGSP-I) has a fixed maturity of August 12, 2021. The Fund invests a minimum of 90% in Government Securities and maximum 10% of its assets in saving accounts with banks or in upto 90 days T-Bills, which enhances liquidity profile of the Fund.

As the asset allocation of the Fund shows, exposure in Government Securities was around 90% of Total Assets and 91.1% of Net Assets at the end of the month. The weighted average time-to-maturity of the Fund is 1.3 years.


The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 458,968/. If the same were not made the NAV per unit/since inception return of scheme would be higher by Rs. 0.0182/0.23%. For details investors are advised to read the note 5 of the latest financial statements of the Scheme.

*Simple Annualized Return The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.

Performance Period

Performance %*

10.3%

12.9%

Since LaunchMarch 18, 2019

12.2%

13.3%

December 2019

14.9%

13.5%

FYTD2020

NBP Government Securities Plan-I

Benchmark




Government Securities (AAA rated)AA+AA-Others including receivablesTotal

90.2%4.8%0.8%4.2%

100.0%

Page 06


NBP Mahana Amdani Fund (NMAF)Formerly; NAFA Savings Plus Fund (NSPF)

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. Past performance is not necessarily indicative of future results.Please read the Offering Document to understand investment policies and the risks involved.

December 2019



T-Bills Placements with Banks Commercial Paper Bank Deposits MTS Others including receivables Total Leverage

5.0%1.3%4.1%

85.0%3.3%1.3%

100.0%Nil

31-Dec-194.8%3.7%3.9%

87.2%-

0.4%100.0%

Nil

30-Nov-19

Unit Price (31/12/2019): Rs. 10.8052

Launch Date: November 21, 2009Fund Size: Rs. 2,281 millionType: Open-end – Income fundDealing Days: Daily – Monday to SaturdayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual): without life insurance 0.5%, with life insurance 3% (Nil on investment above Rs. 26 million) Front End Load (Other): 0.5% (Nil on investment above Rs. 16 million) Back End Load: NILManagement Fee: 1% of Net Income (min: 0.15% p.a., max: 1.0% p.a.) w.e.f 13-Dec-19. 0.54% p.a. of average net assets.

Total Expense Ratio: 2.00% p.a. (including 0.35% government levies)Selling & Marketing expenses: 0.7% p.a.Risk Profile: Very LowFund Stability Rating: "AA- (f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered Accountants (from 2019-20)Benchmark:** 6-Month KIBOR Fund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Growth Unit: Rs. 1,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 3,281,955/-. If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs. 0.0155/0.16%. For details investors are advised to read note 6 of the latest financial statements of the Scheme.

To minimize risk, preserve capital and generate a reasonable return along with a high degree of liquidity from a portfolio primarily constituted of bank deposits and money market instruments.

The Fund earned an annualized return of 12.6% p.a. during the month versus the Benchmark return of 13.5% p.a. Since its launch in November 2009, the Fund has offered an annualized return of 8.7% p.a. against the Benchmark return of 7.6% p.a., hence an outperformance of 1.1% p.a. This outperformance is net of management fee and all other expenses.

The Fund is allowed to invest in Government Securities up to a maximum maturity of 3 years and also in debt securities with rating of A and above with a maximum remaining maturity of 1 year. The Fund invests 25% of its net assets in less than 90 days T-Bills or saving accounts with banks, which further enhances liquidity profile of the Fund.

The portfolio of NMAF is invested in TDRs, Commercial Papers and bank deposits. The weighted average time to maturity of the entire Fund is around 20 days. Our internal guidelines permit MTS financing in only fundamentally strong companies with low volatility. It is pertinent to mention that in this asset class, the Fund provides financing at only pre-determined rates of return with no direct exposure to the stock market.






Performance Period


12.6%

13.5%

FYTD2020

12.5%

13.7%

Rolling12

Months

9.1%

10.2%

11.8%

12.6%

8.7%

6.7%

FY2015

6.3%

4.7%

FY2016

8.1%

5.8%

FY2017

5.4%

6.3%

FY2018

8.8%

8.8%

Last 3years*

7.9%

7.4%

Last 5years*

8.7%

7.6%

Since LaunchNovember 21, 2009*

NBP Mahana Amdani FundFormerly; NAFA Savings Plus Fund

Benchmark**



Govt. Securities (AAA rated)AAAAA+AAAA-A+AA-MTS (Unrated)Others including receivablesTotal

5.0%0.4%60.9%4.2%0.1%23.4%1.3%0.1%3.3%1.3%

100.0%

** effective from September 01, 2016; Previously Average 6-Month deposit rate (A & above rated banks)*** effective from January 02, 2017

FY2019

Page 07






Launch Date: October 28, 2011 Fund Size: Rs. 7,881 Million Type: Open-end – Income Fund Dealing Days: Daily – Monday to Saturday Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business days Pricing Mechanism Forward Pricing Load:*** Front End Load (Individual): 1% (Nil on investment above Rs. 26 million) Front End Load (Other): 1% (Nil on investment above Rs. 16 million) Back End Load: NIL Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.5% p.a.) w.e.f 12-July-19. 0.84% p.a. of average net assets. Total Expense Ratio: 2.14% p.a. (including 0.40% government levies)Selling & Marketing expenses: 0.7% p.a.Risk Profile: Low Fund stability rating ‘A+(f)’ by PACRA Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered AccountantsBenchmark:** 6-Month KIBOR Fund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Growth Unit: Rs. 10,000/- Subscription: Income Unit: Rs. 100,000/- Asset Manager Rating: AM1 by PACRA (Very High Quality)

To provide income enhancement and preservation of capital by investing in prime quality Financial Sector TFCs/Sukuks, Bank deposits and short-term money market instruments.

The Fund generated an annualized return of 12.7% p.a. in the month of December 2019 versus the Benchmark return of 13.5% p.a. Since its launch in October 2011, the Fund has generated an annualized return of 9.0% p.a. against the Benchmark return of 8.4% p.a., hence an outperformance of 0.6% p.a. This outperformance is net of management fee and all other expenses.

The Fund is unique as it invests a minimum 70% of its assets in Financial Sector (mainly banks) debt securities, instruments or deposits. Minimum entity rating of issuers of debt securities is “AA-“. This minimizes credit risk and at the same time enhances liquidity of the Fund. Duration of the overall portfolio cannot be more than one year. This minimizes interest rate or pricing risk.

Exposure in TFCs was around 19% of net assets at the end of the month with average time to maturity of around 3.2 years. The TFC portfolio of the Fund is predominantly floating rate linked to KIBOR. The weighted average time-to-maturity of the Fund is 0.6 year.


TFC/Sukuk Commercial Paper T-Bills Bank Deposits Others including receivables Total Leverage

18.9%--

77.8%3.3%

100.0%Nil

31-Dec-1922.1%7.0%6.5%

62.4%2.0%

100.0%Nil


Unit Price (31/12/2019): Rs. 11.2067

Top TFC (as at December 31, 2019) (% of Total Assets)Name of TFCHub Power Suk Rev 22-AUG-19 22-AUG-23Jahangir Siddiqui and Company Ltd. 06-Mar-18 06-Mar-23JS Bank Limited 14-DEC-16 14-DEC-23Jahangir Siddiqui and Company Ltd. 18-Jul-17 18-Jul-22JS Bank Limited 29-DEC-17 29-DEC-24Habib Bank Limited 19-FEB-16 19-FEB-26Bank of Punjab Limited 23-APR-18 23-APR-28Askari Commercial Bank Limited 30-SEP-14 30-SEP-24Jahangir Siddiqui and Company Ltd. 24-JUN-16 24-Jun-21Total

% of Total Assets10.3%2.0%1.4%1.3%1.3%1.2%0.6%0.5%0.3%

18.9%



Performance Period


12.7%

13.5%

FYTD2020

13.1%

13.7%

Rolling12

Months

12.2%

12.6%

9.3%

10.2%

10.9%

8.3%

FY2015

6.4%

5.9%

FY2016

8.4%

6.0%

FY2017

6.0%

6.3%

FY2018

9.1%

8.8%

Last 3years*

8.4%

7.8%

Last 5years*

9.0%

8.4%

Since LaunchOctober 28, 2011*

NBP Financial Sector Income FundFormerly; NAFA Financial Sector Income Fund

Benchmark**


NBP Financial Sector Income Fund (NFSIF)Formerly; NAFA Financial Sector Income Fund (NFSIF)

December 2019


AAAAA+AAAA-A+AOthers including receivablesTotal

2.8%22.7%0.1%10.1%39.4%21.6%3.3%

100.0%

** effective from September 01, 2016; Previously 70% 6-Month KIBOR & 30% average 3-Month deposit rates (A & above rated banks)***effective from January 02, 2017

FY2019


Sindh Workers' Welfare Fund (SWWF)The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 19,975,181/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0284/0.28%. For details investors are advised to read note 6 of the latest financial statements of the Scheme.

Page 08


NBP Income Opportunity Fund (NIOF)Formerly; NAFA Income Opportunity Fund (NIOF)

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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities.

General Information

Top Ten TFC/Sukuk Holdings (as at December 31, 2019)

Investment Objective


Asset Allocation (% of Total Assets) 31-Dec-19

Name of the Members of Investment CommitteeDr. Amjad Waheed, CFA

Sajjad Anwar, CFAMuhammad Ali Bhabha, CFA, FRM

Hassan Raza, CFA

TFCs / Sukuks T-Bills Commercial Papers Placements with Banks RFS MTS Bank Deposits Others including receivables Total Leverage

41.5%2.8%5.6%5.1%

-0.3%

42.3%2.4%

100.0%Nil

30-Nov-1941.5%8.8%5.7%7.8%0.7%1.8%

29.1%4.6%

100.0%Nil

Launch Date: April 21, 2006Fund Size: Rs. 5,037 millionType: Open-end – Income FundDealing Days: Daily – Monday to SaturdayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:** Front End Load (Individual): 1% (Nil on investment above Rs. 26 million) Front End Load (Other): 1% (Nil on investment above Rs. 16 million) Back End Load: NILManagement Fee: 6% of Net Income (min: 0.5% p.a., max: 1.0% p.a.) w.e.f 12-July-19. 0.82% p.a. of average net assetsTotal Expense Ratio: 2.12% p.a.(including 0.37% government levies)Selling & Marketing expenses: 0.7% p.a.Risk Profile: LowFund Stability Rating: "A(f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsBenchmark: 6-Month KIBORFund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum: Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To seek maximum possible preservation of capital and a reasonable rate of return via investing primarily in money market & debt securities having good credit rating and liquidity.

The Fund posted an annualized return of 12.7% p.a. in December 2019 as compared to the Benchmark return of 13.5% p.a. The reported return is net of management fee and all other expenses.

The weighted average time to maturity of the Fund is around 1.5 years. The Fund's sector allocation is fairly diversified with exposure to Banking, Financial Service and Power Generation & Distribution. TFC portfolio of the Fund is predominantly floating rate linked to KIBOR. However, since TFCs prices may go up or down, therefore, only investors with medium-term investment horizon are advised to invest in this Fund.


Name of TFCs / SukuksDawood Hercules Corp Ltd 16-NOV-17 16-NOV-22Hub Power Suk-2 Rev 22-AUG-19 22-AUG-23JS Bank Limited 14-DEC-16 14-DEC-23Habib Bank Limited 19-FEB-16 19-FEB-26Bank Alfalah Limited - V - REVISED 20-FEB-13 20-FEB-21Jahangir Siddiqui and Company Ltd. 06-MAR-18 06-MAR-23Bank of Punjab Limited 23-APR-18 23-APR-28Masood Textile Mills Ltd. Suk 17-DEC-19 17-DEC-24Javedan Corp Ltd. Suk 04-Oct-18 04-Oct-26JS Bank Limited 19-DEC-17 29-DEC-24Total

6.9%5.8%5.4%3.7%3.1%2.8%2.8%1.9%1.8%1.7%35.9%

% of Total Assets

Details of Non-Compliant Investments

Particulars

AgriTech Limited I - Revised II 29-NOV-07 29-NOV-19

AgriTech Limited V 01-JUL-11 01-JAN-20

Azgard Nine Limited III (PP) - Revised 04-DEC-07 04-DEC-20

Azgard Nine Limited V (PPTFC Markup) 31-MAR-12 31-MAR-21

Dewan Cement Limited (Pre-IPO) 17-JAN-08 17-JAN-22

New Allied Electronics Limited (PP) 15-MAY-07 15-NOV-20

PACE Pakistan Limited - Revised 15-FEB-08 15-FEB-22

Saudi Pak Leasing Company Limited - Revised II 13-MAR-08 13-MAR-21

Worldcall Rs - III 10-APR-18 20-SEP-26

Eden House Limited - Sukuk Revised 29-MAR-08 29-SEP-19

New Allied Electronics Limited II - Sukuk 03-DEC-07 03-DEC-20

Azgard Nine Limited (Non-Voting Ordinary Shares)

Total

TFC

TFC

TFC

TFC

TFC

TFC

TFC

TFC

TFC

Sukuk

Sukuk

Equity

149,860,200

32,320,000

108,376,850

82,180,000

150,000,000

31,706,536

149,820,000

41,321,115

74,976,975

9,056,250

44,148,934

12,854

873,779,714

149,860,200

32,320,000

108,376,850

82,180,000

150,000,000

31,706,536

149,820,000

41,321,115

74,976,975

9,056,250

44,148,934

12,854

873,779,714

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.0%

-

-

-

-

-

-

-

-

-

-

-

-

0.0%

Type ofInvestment

Value of Investments

before Provision


after Provision

% of Net

Assets

% ofGrossAssets

Provisionheld

MONTHLY REPORT (MUFAP's Recommended Format)Unit Price (31/12/2019): Rs. 11.3603 December 2019

Sindh Workers' Welfare Fund (SWWF)The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 35,623,135/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0803/0.79%. For details investors are advised to read note 6 of the latest financial statements of the Scheme.



2.8%4.1%21.7%13.9%16.3%13.4%23.1%2.0%0.3%2.4%

100.0%

T-Bills (AAA rated)AAAAA+AAAA-A+AA-MTS (un-rated)Others including receivablesTotal

** effective from January 02, 2017


The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.

Performance Period


FY2015

13.2%

9.0%

FY2017

6.3%

6.1%

FY2018

5.3%

6.3%

FY2016

7.5%

6.5%

12.7%

13.5%

FYTD2020

11.6%

13.7%

Rolling12

Months

11.3%

12.6%

9.2%

10.2%

7.8%

8.8%

Last 3years*

8.1%

8.0%

Last 5years*

7.9%

9.7%

Last 10years*

8.2%

10.2%

Since LaunchApril 21, 2006 *

NBP Income Opportunity FundFormerly; NAFA Income Opportunity Fund (NIOF)

Benchmark

FY2019

Page 09


NBP Savings Fund (NBP-SF)Formerly; NAFA Income Fund (NIF)

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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities.


General Information

Name of the Members of Investment Committee

Details of Non-Compliant Investments

Investment Objective

Asset Allocation (% of Total Assets) 31-Dec-19



Particulars

AgriTech Limited II - Revised II 14-JAN-08-14-JUL-21

AgriTech Limited V 01-JUL-11-01-JAN-20

Saudi Pak Leasing Company Limited- Revised II13-MAR-08 13-MAR-21

Worldcall RS-III 10-APR-18 20-SEP-26

Eden House Limited - Sukuk Revised 29-MAR-08 29-SEP-19

New Allied Electronics Limited II - Sukuk 03-DEC-07 03-DEC-20

Total

149,875,800

22,180,000

41,321,115

23,326,170

19,687,500

49,054,371

305,444,956

149,875,800

22,180,000

41,321,115

23,326,170

19,687,500

49,054,371

305,444,956

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

TFC

TFC

TFC

TFC

SUKUK

SUKUK

Type ofInvestment


beforeProvision


after Provision

%of NetAssets

%of GrossAssets

ProvisionheldT-Bills

MTS Commercial paper Placement with Banks Bank Deposits Others including receivables Total Leverage

7.8%9.8%

19.3%6.0%

56.2%0.9%

100.0%Nil

30-Nov-194.1%

-17.3%13.4%64.0%

1.2%100.0%

Nil

Launch Date: March 28, 2008Fund Size: Rs. 1,069 millionType: Open-end – Income FundDealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:** Front End Load (Individual): without life insurance 1%, with life insurance (amount upto Rs. 5 million) upto 3%, with life insurance (amount over & above Rs. 5 million) upto 1% Front End Load (Other): 1% (Nil on investment above Rs. 16 million)Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.0% p.a.) w.e.f 12-July-19. 0.81% p.a. of average net assets Total Expense Ratio: 2.32% p.a. (including 0.39% government levies)Selling & Marketing expenses: 0.7% p.a.Risk Profile: LowFund Stability Rating "A (f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered AccountantsBenchmark: 6-Month KIBOR Fund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To earn a competitive rate of return while preserving capital to the extent possible by investing in liquid assets.

The Fund posted an annualized return of 12.8% p.a. during December 2019 versus the Benchmark return of 13.5% p.a. The reported return is net of management fee and all other expenses.

The weighted average time to maturity of the Fund is around 38 days. Potential recovery in fully provided TFCs (Face Value of around Rs. 305 million), is potential upside for the Fund. Thus, the Fund is expected to perform well over the medium to long term horizon. However, since TFCs prices may go up or down, therefore, only investors with medium term investment horizon are advised to invest in this Fund.



The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 5,839,438/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0568/0.61%. For details investors are advised to read note 6 of the latest financial statements of the Scheme.



Govt. Securities (AAA rated)AAAAA+AAAA-A+AA-MTS (Unrated)Others including receivablesTotal

7.8%1.2%35.7%17.2%6.5%8.0%12.8%0.1%9.8%0.9%

100.0%

** effective from January 02, 2017



Performance Period


12.8%

13.5%

FYTD2020

12.6%

13.7%

Rolling12

Months

11.7%

12.6%

9.3%

10.2%

13.7%

9.0%

FY2015

6.5%

6.1%

FY2017

5.5%

6.3%

FY2018

6.9%

6.5%

FY2016

8.1%

8.8%

Last 3years*

8.2%

8.0%

Last 5years*

4.8%

9.6%

Last 10years*

5.1%

10.0%

Since LaunchMarch 28, 2008*

NBP Savings FundFormerly; NAFA Income Fund

Benchmark

FY2019

Page 10



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. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved.


Taha Khan Javed, CFAHassan Raza, CFA

Muhammad Ali Bhabha, CFA, FRM

Characteristics of Equity Portfolio****

NSIFKSE-30

PER6.76.9

PBV1.21.6

DY5.9%6.1%

**** Based on NBP Funds estimates

To generate income by investing in Debt & Money Market securities and to generate capital appreciation by investing in equity and equity related securities.

During the month under review, NBP Sarmaya Izafa Fund's (NSIF) unit price (NAV) increased by 2.6%, whereas the Benchmark increased by 3.4%, thus an underperformance of 0.8% was recorded. Since inception on August 20, 2010 the Fund has posted 14.6% p.a return, versus 10.0% p.a by the Benchmark. Thus, to date the outperformance of your Fund stands at 4.6% p.a. This outperformance is net of management fee and all other expenses.

NSIF started off the month with an allocation of around 74% in equities, which decreased to around 71% towards the end of the month. NSIF underperformed the Benchmark in December as the Fund was underweight in select Oil & Gas Exploration Companies and Commercial Banks sectors stocks which outperformed the market and overweight in select Engineering, Fertilizer, and Paper & Board sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Textile, and Glass & Ceramics sectors, whereas it was reduced primarily in Fetilizer, Commercial Banks, Oil & Gas Exploration Companies and Oil & Gas Marketing Companies sectors.

Equities / Stocks Cash TFCs / Sukuks Others including receivables Total Leverage

71.1%23.8%3.4%1.7%

100.0%Nil

Launch Date: August 20, 2010Fund Size: Rs. 1,436 millionType: Open-end – Asset Allocation FundDealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual):3% (Nil on investment above Rs. 101 million) Front End Load (Other): 3% (Nil on investment above Rs. 50 million) Back End Load: NILManagement Fee: 1.5% per annum w.e.f 12-Jul-19 Total Expense Ratio (%) 4.06% p.a (including 0.86% government levies)Selling & Marketing Expenses 1.35% per annum Risk Profile: ModerateListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsBenchmark:** Daily weighted return of KSE-30 Total Return Index & 6-month KIBOR based on Fund's actual allocation.Fund Manager: Taha Khan Javed, CFAMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

Asset Allocation (% of Total Assets) 31-Dec-1974.1%20.5%3.4%2.0%

100.0%Nil

30-Nov-19


Hub Power Company LtdPak Petroleum LtdEngro Corporation LtdHabib Bank LtdOil & Gas Dev Co LtdUnited Bank LtdBank Al-Falah LtdHub Power Company LtdMari Petroleum Company LtdFauji Fertilizer Co. LtdTotal

EquityEquityEquityEquityEquityEquityEquitySukukEquityEquity

4.9%4.2%4.0%3.9%3.7%3.6%3.5%3.4%3.4%3.1%37.7%

% of TotalAssets

Top Ten Holdings (as on December 31, 2019)

The Scheme has maintained provisions against Sindh worker’s welfare Fund’s liability to the tune of Rs. 22,915,764/- if the same were not made the NAV Per unit/last one year return of the Scheme would be higher by Rs. 0.2715/1.80%. For details investors are advised to read the note 5 of the latest Financial Statements of the Scheme.


* Annualized Return All Other returns are Cumulative

The performance reported is net of management fee & all other expenses and based on dividend reinvestmentgross of with-holding tax where applicable.

Performance Period


2.6%

3.4%

FYTD2020

17.7%

20.1%

Rolling12

Months

12.7%

20.4%

FY2017

29.9%

14.2%

FY2018

(6.8%)

(2.8%)

FY2019

(8.7%)

(3.9%)

24.6%

9.6%

FY2015

7.6%

6.2%

FY2016

1.4%

3.8%

Last 3Years*

9.2%

7.4%

Last 5Years*

14.6%

10.0%

Since LaunchAugust 20, 2010*

NBP Sarmaya Izafa FundFormerly; NAFA Asset Allocation Fund

Benchmark**


Top Five Sectors (% of Total Assets) (as on December 31, 2019)

Commercial BanksOil & Gas Exploration CompaniesFertilizerPower Generation & DistributionTextile CompositeOthers

17.5%13.6%9.9%6.4%4.4%

19.3%

** effective from September 01, 2016; Previously 1/3 of average 3-month bank deposit rate; 1/3 of 6-month KIBOR; 1/3 of KSE 30 Index Total Return.*** effective from January 02, 2017

NBP Sarmaya Izafa Fund (NSIF)Formerly; NAFA Asset Allocation Fund (NAAF)


Page 11


NBP Balanced Fund (NBF)Formerly; NAFA Multi Asset Fund (NMF)

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. Past performance is not necessarily indicative of future results.Please read the Offering Documents to understand the investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial statements. The reported return may include provisions and reversal of provisions against some debt securities.



Muhammad Ali Bhabha, CFA, FRM

December 2019

Saudi Pak Leasing

Eden Housing (Sukuk II)

New Allied Electronics (Sukuk I)

Total

TFC

SUKUK

SUKUK

27,547,410

9,843,750

10,000,000

47,391,160

27,547,410

9,843,750

10,000,000

47,391,160

-

-

-

-

-

-

-

-

-

-

-

-

To provide investors with a combination of capital growth and income. NBF aims to achieve attractive returns at moderate levels of risk by investing in a variety of asset classes such as stocks, bonds, money market instruments, MTS etc.

During the month under review, NBP Balanced Fund's (NBF) unit price (NAV) increased by 2.5% whereas the Benchmark increased by 3.2%, thus an outperformance of 0.7% was recorded. Since inception on January 19, 2007 your Fund has posted 13.4% p.a return, versus 8.8% p.a by the Benchmark. Thus, to date the outperformance of your Fund stands at 4.6% p.a. This outperformance is net of management fee and all other expenses.

NBF started off the month with an allocation of around 68% in equities which decreased to around 65% towards the end of the month. NBF underperformed the Benchmark in December as the Fund was underweight in select Commercial Banks sector stocks which outperformed the market and overweight in select Technology & Communication, Engineering, Fertilizer, and Paper & Board sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Textile Composite sector, whereas it was reduced primarily in Commercial Banks, Fertilizer, and Oil & Gas Exploration Companies.

Unit Price (31/12/2019): Rs. 19.2434

Launch Date: January 19, 2007Fund Size: Rs 1,559 millionType: Open-end – Balanced FundDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual): 3%, (Nil on investment above Rs. 101 million) Front End Load (Other): 3% (Nil on investment above Rs. 50 million) Back End Load: NILManagement Fee: 1.5% per annum w.e.f 12-Jul-19Total Expense Ratio (%) 4.06% p.a.(including 0.89% government levies)Selling & Marketing Expenses 1.35% per annum Risk Profile: ModerateListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi Chartered AccountantsBenchmark:** Daily weighted return of KSE-30 Total Return Index & 6-month KIBOR based on Fund's actual allocation.Fund Manager: Taha Khan Javed, CFAMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

MONTHLY REPORT (MUFAP's Recommended Format)

Jahangir Siddiqui Co.LtdHub Power Company LtdPak Petroleum LtdHabib Bank LtdFauji Fertilizer Co. Ltd

TFCEquityEquityEquityEquity

4.9%4.6%4.0%3.7%3.3%

% of TotalAssets

% of TotalAssets

Bank Al-Falah LtdUnited Bank LtdEngro Corporation LtdOil & Gas Dev Co LtdHub Power Company Ltd

3.3%3.3%3.2%3.2%3.1%

EquityEquityEquityEquitySukuk

Equities / Stocks TFCs / Sukuks Cash Others including receivables Total Leverage

65.4%8.1%

25.2%1.3%

100.0%Nil

Asset Allocation (% of Total Assets) 31-Dec-1968.3%8.6%

21.3%1.8%

100.0%Nil

30-Nov-19



PER6.76.9

NBFKSE-30

PBV1.21.6

DY6.0%6.1%

The Scheme has maintained provisions against Sindh worker’s welfare Fund’sliability to the tune of Rs 16,747,190/- if the same were not made the NAV Perunit/last one year return of the Scheme would be higher by Rs 0.2067/1.20%. For details investors are advised to read the note 5 of the latest Financial Statements of the Scheme.

* Annualized ReturnAll Other returns are Cumulative

The performance reported is net of management fee & all other expenses and based on dividendreinvestment gross of with-holding tax where applicable.

Performance Period


2.5%

3.2%

FYTD2020

16.7%

19.4%

Rolling12

Months

12.0%

19.9%

(8.5%)

(3.6%)

13.4%

8.8%

26.8%

11.0%

FY2015

8.7%

7.1%

FY2016

28.4%

14.1%

FY2017

(6.2%)

(2.8%)

FY2018

1.1%

3.5%

Last 3Years*

9.2%

7.6%

Last 5Years*

16.0%

11.1%

Last 10Years*

Since Launch*January 19, 2007

Benchmark**

NBP Balanced FundFormerly; NAFA Multi Asset Fund



Commercial BanksOil & Gas Exploration CompaniesFertilizerPower Generation & DistributionTextile CompositeOthers

16.7%12.9%9.2%5.9%4.1%

16.6%

** effective from September 01, 2016; Previously 50% KSE-30 Total Return Index & 50% 3-month KIBOR. From January 01, 2014, KSE-30 Total Return Index*** effective from January 02, 2017

FY2019


Page 12

NBP Stock Fund (NSF)Formerly; NAFA Stock Fund (NSF)

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.Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved.

‘

Launch Date: January 19, 2007Fund Size: Rs. 15,243 millionType: Open-end – Equity FundDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual): 3% (Nil on investment above Rs. 101 million) Front End Load (Other): 3% (Nil on investment above Rs. 50 million) Back End Load: NILManagement Fee: 1.5% per annum w.e.f 12-Jul-19Total Expense Ratio (%) 4.10% p.a.(including 0.96% government levies)Selling & Marketing Expenses 1.35% per annumRisk Profile: HighListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co, Chartered AccountantsBenchmark: KSE-30 Total Return IndexFund Manager: Taha Khan Javed, CFAMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To provide investors with long term capital growth from an actively managed portfolio invested primarily in listed companies in Pakistan. The risk profile of the Fund will be moderate to high.

During the month under review, NBP Stock Fund’s (NSF) unit price (NAV) increased by 2.8%, whereas the Benchmark increased by 4.1%, thus an underperformance of 1.3% was recorded. Since inception on January 19, 2007 your Fund has posted 13.6% p.a return, versus 5.5% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 8.1% p.a. This outperformance is net of management fee and all other expenses.

NSF started off the month with an allocation of around 93% in equities which was maintained towards the end of the month. NSF underperformed the Benchmark in December as the Fund was underweight in select Oil & Gas Exploration Companies and Commercial Banks sectors stocks which outperformed the market and overweight in select Engineering, Fertilizer, and Automobile Parts & Accessories sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Oil & Gas Exploration Companies and Commercial Banks sectors, whereas it was reduced primarily in Power Generation & Distribution Companies, Fertilizer, and Oil & Gas Marketing Companies sectors.

December 2019

Equities / Stock Cash Others including receivables Total Leverage

93.3%6.2%0.5%

100.0%Nil

PER6.86.9

PBV1.21.6

DY5.7%6.1%



31-Dec-1992.9%6.6%0.5%

100.0%Nil


Top Ten Equity Holdings (as on December 31, 2019)

Unit Price (31/12/2019): Rs. 14.1580

The Scheme has maintained provisions against Sindh Worker’s Welfare Fund’s liability to the tune of Rs. 152,843,903/- if the same were not made the NAV Per unit/Last one year return of the Scheme would be higher by Rs. 0.142/1.09%. For details investors are advised to read the Note 5 of the latest Financial Statements of the Scheme.


Habib Bank Ltd

Bank Al-Falah Ltd

Hub Power Company Ltd

Pak Petroleum Ltd

Engro Corporation Ltd

Mari Petroleum Company Ltd

Bank AL-Habib Ltd

United Bank Ltd

Oil & Gas Dev Co Ltd

Lucky Cement Ltd

4.4%

4.3%

4.3%

4.2%

3.8%

7.1%

5.6%

5.3%

5.2%

4.6%

% of TotalAssets

% of TotalAssets


The performance reported is net of management fee & all other expenses and based on dividendreinvestment gross of with-holding tax where applicable.

**From January 01, 2014, KSE-30 Total Return Index

Performance Period


2.8%

4.1%

FYTD2020

18.1%

21.9%

Rolling12

Months

9.1%

16.0%

(18.0%)

(18.2%)

36.9%

12.3%

FY2015

11.4%

7.1%

FY2016

33.7%

17.9%

FY2017

(9.7%)

(10.0%)

FY2018

(4.1%)

(4.8%)

Last 3Years*

8.1%

4.0%

Last 5Years*

19.2%

10.5%

Last 10Years*

13.6%

5.5%

Since LaunchJanuary 19, 2007*

Benchmark**

NBP Stock FundFormerly; NAFA Stock Fund (NSF)



Commercial BanksOil & Gas Exploration CompaniesFertilizerPower Generation & DistributionCementOthers

27.2%17.1%9.7%7.1%6.8%

25.4%

*** effective from January 02, 2017

FY2019


Page 13


The Scheme has maintained provisions against sindh worker’s welfare Fund’s liability to the tune of Rs. 1,357,028/- if the same were not made the NAV Per unit/return of the Scheme would be higher by Rs 0.0162/0.18%.





Launch Date: February 14, 2018Fund Size: Rs. 848 millionType: Open Ended Equity SchemeDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingLoad: Front End Load (Individual): 3% (Nil on investment above Rs. 101 million)Front End Load (Other): 3% (Nil on investment above Rs. 50 million)Back End Load: NILManagement Fee: 1.5% per annum w.e.f 12-Jul-19Total Expense Ratio (%) 4.05% p.a (including 0.56% government levies)Selling & Marketing Expenses 1.35% per annumRisk Profile HighListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co., Chartered AccountantsBenchmark: KSE 30 Index (Total Return Index)Fund Manager: Taha Khan Javed, CFAAsset Manager Rating: AM1 by PACRA (Very High Quality)

The objective of NBP Financial Sector Fund (NFSF) formerly; NAFA Financial Sector Fund is to provide investors with long term capital growth from an actively managed portfolio of listed equities belonging to the Financial Sector.

NFSF started off the month with an allocation of around 86% in equities, which increased to around 95% towards the end of the month. NFSF underperformed the Benchmark in December as the Fund was overweight in select financial sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Commercial Banks and insurance sectors.

Equities / Stocks Cash Equivalents Others including receivables Total Leverage

94.7%4.6%0.7%

100.0%Nil

31-Dec-1986.4%12.8%0.8%

100.0%Nil


Unit Price (31/12/2019): Rs. 10.1469

Characteristics of Equity Portfolio**

Sectors (% of Total Assets) (as on December 31, 2019)


[Returns are net of management fee & all other expenses]

Performance Period

Performance %

0.8%

(1.6%)

Since Launch*February 14, 2018

2.3%

4.1%

Dec2019

12.0%

21.9%

FYTD2020

13.3%

16.0%

Rolling12

Months

(9.4%)

(18.2%)

FY2019

NBP Financial Sector FundFormerly; NAFA Financial Sector Fund (NFSF)

Benchmark


NBP Financial Sector Fund (NFSF)Formerly; NAFA Financial Sector Fund (NFSF)

December 2019


PER6.56.9

NFSFKSE-30

PBV1.01.6

DY6.8%6.1%

Commercial Banks Insurance

81.2%13.5%

Habib Bank Ltd

Bank Al-Falah Ltd

United Bank Ltd

Adamjee Insurance Co. Ltd

Bank AL-Habib Ltd

MCB Bank Ltd

Allied Bank Ltd

Meezan Bank Ltd

IGI Holdings Limited

Bank Of Punjab Ltd

9.1%

5.8%

4.3%

3.5%

2.7%

18.8%

13.5%

12.9%

10.0%

9.9%

% of TotalAssets

% of TotalAssets


Page 14

** Based on NBP Funds estimates


General Information

NAFA Pension Fund (NPF)

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 Pension fund. All investments in Pension funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risk involved.

To provide a secure source of savings and regular income after retirement tothe Participants.

MONTHLY REPORT (MUFAP's Recommended Format) December 2019

Cash EquivalentsTFC/SukukPIBsT-BillsCommercial PapersOthersTotal

31.7%15.5%40.9%

-8.0%3.9%

100.0%31-December-19

30-Nov-17

Money Market Sub-fundCash EquivalentsBank PlacementT-BillsCommercial PapersOthersTotal

89.6%--

8.5%1.9%

100.0%


31-December-19Equity Sub-fund

EquityCash EquivalentsOthers Total

93.4%5.5%1.1%

100.0%

Hub Power Company Limited Sukuk-2 Rev 22-AUG-19 22-AUG-23Askari Commercial Bank Limited 30-SEP-14 30-SEP-24Bank Al-Falah Limited - V - REVISED 20-FEB-13 20-FEB-21JS Bank Limited 14-DEC-16 14-DEC-23Dawood Hercules Corp Ltd 16-NOV-17 16-NOV-22Jahangir Siddiqui and Company Ltd. 18-Jul-17 18-Jul-22Jahangir Siddiqui and Company Ltd. 24-Jun-16 24-Jun-21

7.4%2.9%1.5%1.3%1.2%1.1%0.2%

As on December 31, 2019Top TFC/Sukuk Holdings of Debt Sub-fund

Name (% of TotalAssets)

31-December-1917.3%13.4%34.8%24.7%6.8%3.0%

100.0%30-November-19

19.2%21.1%49.5%8.2%2.0%

100.0%

30-November-19

94.8%4.1%1.1%

100.0%30-November-19Debt Sub-fund


Muhammad Ali Bhabha, CFA, FRMTaha Khan Javed, CFA

Hassan Raza, CFA

Name of the Members of Investment Committee


General Information Investment Objective

NPF-Equity Sub-fund

NPF-Debt Sub-fund

NPF-Money Market Sub-fund

301.7729

170.8753

153.2571

935.7

539.5

960.6

The performance reported is net of management fee & all other expenses.* Cumulative Returns All Other returns are annualized

2.6%*

13.0%

11.6%

18.3%

8.4%

6.6%

NAV Per Unit(Rs.) Dec31, 2019

Dec2019

19.4%*

16.5%

11.6%

FYTD2020

12.1%*

12.5%

10.9%

Rolling12

Months

(7.4%)*

4.3%

4.4%

FY2018

(17.6%)*

6.8%

8.0%

FY2019

49.6%*

17.3%

7.8%

FY2015

10.9%

7.3%

6.2%

Last 5Years

(2.4%)

7.3%

6.8%

Last 3Years

14.8%*

5.5%

4.9%

FY2016

37.3%*

4.4%

4.4%

FY2017

Since LaunchJuly 02, 2013

Fund Size

(Rs. in mln)

Performance %

During the month of December:

NPF Equity Sub-fund unit price increased by 2.6% compared with 3.7% increase in KSE-100 Index. The Sub-fund was around 93% invested in equities with major weights in Commercial Banks, Oil & Gas Exploration Companies, and Fertilizer sectors. Equity Sub-fund maintains exposure of atleast 90% in listed equities on average. Last 90 days average allocation in equity was 97% of net asset.

NPF Debt Sub-fund generated annualized return of 13.0%. The Sub-fund was invested primarily in Government Securities and TFCs. Debt Sub-fund maintains a minimum combined exposure of 50% in Government Securities (25% minimum) and AA+ rated banks. Weighted Average Maturity of Sub-fund is 1.6 years.

NPF Money Market Sub-fund generated annualized return of 11.6%. In line with its investment strategy, the Sub Fund will maintain high exposure in money market securities. Money Market Sub-fund average maturity cannot exceed 90 days. Weighted Average Maturity of Sub-fund is 6 day.

Sindh Workers' Welfare Fund (SWWF)NPF has maintained provisions against Sindh Workers’ Welfare Fund’s liability inindividual sub-Funds as stated below:

Equity Sub-fund

Debt Sub-fund

Money Market Sub-fund

10,737,745

2,793,704

3,570,719

3.463

0.8848

0.5697

1.29%

0.58%

0.41%

Last One Yearreturn would

otherwise have been higher by:

Amount PerTotal amount

ProvidedRs

Unit

Rs

Notes1) The calculation of performance does not include cost of front-end load. 2) Taxes apply. Further, tax credit also available as per section 63 of the Income Tax Ordinance, 2001.

Top Five Sectors (% of Total Assets) (as on December 31, 2019)Commercial BanksOil & Gas Exploration CompaniesFertilizerPower Generation & DistributionCementOthers

26.9%17.3%8.3%7.3%6.6%27.0%Credit Quality of the Portfolio (as on December 31, 2019)

Government Securities (AAA rated)AAAAA+AAAA-A+OthersTotal

40.9%12.0%28.3%10.7%2.9%1.3%3.9%

100.0%

-39.3%22.8%8.6%

19.7%7.7%1.9%

100.0%

Debt Money Market

Launch Date: July 2, 2013Fund size: Rs. 2,436 millionType: Open-end – Voluntary Pension SchemeDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.MPricing Mechanism Forward PricingFront end Load: Upto 3% on ContributionsBack end Load: 0%Management Fee: On average Annual Net Assets of each Sub-Fund. Equity, Debt, Money Market 1.50% p.a. Equity 3.21% p.a. (including 1.04% government levies)Total Expense Ratio (%): Debt 2.29% p.a. (including 0.57% government levies) Money Market 2.16% p.a. (including 0.47% government levies)Risk Profile: Investor dependentCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsFund Manager: Sajjad Anwar, CFAMinimum: Initial: Rs. 10,000/-Subscription: Subsequent: Rs. 1000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)Leverage: Nil

Habib Bank LimitedMari Petroleum Company LimitedBank Al-Falah LimitedUnited Bank LimitedHub Power Company Limited

8.0%6.4%5.1%4.9%4.6%

(% of Total Assets)

Pak Petroleum LimitedEngro Corporation LimitedBank AL-Habib Limited Oil & Gas Dev Co LimitedMCB Bank Limited

4.4%4.0%3.9%3.7%3.1%

(% of Total Assets)

Top Ten Holdings of Equity Sub-fund (as on December 31, 2019)


Page 15

For details investors are advised to read the Note 5 of the latest Financial Statement of the Scheme.