spotlight - june 2014 s · 2020-02-25 · telecard limited 0% per unit/return of the scheme would...

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June 2014

Investment Objective Fund FactsTo provide stable income stream with preservation of capital by investing in AA and above rated Fund Type Open-ended

banks and short term Government Securities. Category Money Market Fund

Launch Date Jan-2010

Asset Mix* Net Assets (mn)

Leverage & Maturity Profile NAV

T-Bills Leverage: Benchmark(BM) 50/50 composition of:

Weighted average time to 3-Month deposit rates of three

TDR maturity of the total assets (Days) scheduled banks (AA and above

rated)

Cash average of 3 Month PKRV rate

Others Dealing Days Monday to Friday

* % of Gross Asset Cut Off timings 9:00 am to 4:00 pm

Pricing mechanism Forward Pricing

Management Fee 0.85% of Annual Net Assets

Front-end load Nil

Asset Allocation (% of Total Assets ) Jun-14 Credit Quality of the Portfolio (% of Total Assets ) Jun-14 Trustee Central Depository Co.

Auditor Ernst & Young Ford Rhodes Sidat Hyder

Asset Manager Rating

Low

Workers' Welfare Fund (WWF)

The Scheme has maintained provisions against WWF contingent

liability of Rs. 33,845,651. If the same were not made the NAV

per unit/return of the Scheme would be higher by Rs. 2.81/0.56%.

For details please read Note 7.1 of the latest Financial Statements

of the Scheme.

Federal Excise Duty (FED)

Yearly Performance* Payout History

0

*Annualized Return *Final Payout

Trailing Performance

Returns 8.45% 8.45% 8.29% N/A 53.31% 10.09%

Benchmark 8.48% 8.48% 8.18% N/A 47.16% 8.93%

*Annualized Return

** CAGR Since Inception

Monthly Performance HistoryYear Dec Jan Feb Mar Apr May

2013-14 8.11% 8.49% 8.51% 8.55% 8.33%

2012-13 8.13% 7.67% 7.55% 7.9% 7.58%

*Annualized return: (Absolute return) *(365/No. of days)

MUFAP's Recommended Format

Investment Committee

Ali H. Shirazi M. Abdul Samad Khalid Mahmood Muhammad Umar Khan

Fund Manager

Disclaimer:

Jun-14 May-14

91.8%

0%

8.2%

67.1%

26.2%

6.6%

30 Days 90

Days

Jun YTD

7.53% 7.39% 7.23% 8.12% 6.89% 8.29%

Jul Aug Sep

8.44% 9.02%

0.1%

(% on Opening NAV)

PKR 6,050

PKR 502.53

Nil

AM2-(PACRA)

47.49

AMF

0%

Risk Profile of the Fund:

Fund Stability Rating : AA+(f) (PACRA)

M. Habib-ur-Rahman

CEO Chief Investment Officer Fund Manager

8.45%

10.35% 12.97% 8.82% 9.87% 7.33%

Fawad Javaid

Fund ManagerDirector

7.17%

8.31%

Oct Nov

CAGR**180 Days 365 Days

(1 Year)YTD 3 Years 5 Years

8.59%

8.47%

8.29%

Since

Inception

8.13%

31.43%

27.69%

4.90%

10.85% 10.66%

8.75%

7.96%

0%

2%

4%

6%

8%

10%

12%

2010 2011 2012 2013 2014

10.16%

11.64%11.33%

9.02% 8.29%9.49%

9.84%9.4%

7.89% 8.18%

0%

2%

4%

6%

8%

10%

12%

14%

2010 2011 2012 2013 2014

RETURN BENCHMARK

*

T-Bills, 67.1%

TDR, 26.2%

Cash, 6.6%

Others, 0.1%

All investments in mutual fund are subject to market risks. Past performance is not necessarily indicative of the future resu lts. Please read the Offering Document to understand the investment policies and the

risks involved.

*

The Finance Act, 2013 has enlarged the scope of Federal Excise

Duty (FED) on financial services to include Asset Management

Companies (AMCs) with effect from 13 June 2013. As the asset

management services rendered by the Management Company

of the Fund are already subject to provincial sales tax on services

levied by the Sindh Revenue Board, which is being charged to

the Fund, the management company is of the view that further

levy of FED is not justified, and has filed a constitutional petition in

the Honourable Sindh High Court, the hearing of which is

pending. In the meantime, as a matter of abundent caution,The

Scheme is providing for FED liability which amounted to

Rs.8,772,678 (Rs.0.73 per unit) as on June 30, 2014.

Execute

2

AA+, 9.8%AA, 23%

Govt

Securities,

67.1%

June 2014

Investment Objective Fund FactsTo earn a competitive return while preserving capital by investing in good quality corporate debt Fund Type Open-ended

instruments, bank deposits and government securities. Category Income Fund

Launch Date

Net Assets (mn)

Asset Mix* Leverage & Maturity Profile NAV

Leverage: Benchmark(BM) Average 6 Months KIBOR (Ask)

PIBs Weighted average time to Dealing Days Monday to Friday

T-Bills maturity of the total assets (Days) Cut Off timings 9:00 am to 4:00 pm

MTS Pricing mechanism Forward Pricing

TDR Management Fee 1.50% of Annual Net Assets

Cash Front-end load Nil

TFC Trustee Central Depository Company Ltd

Others Auditor A. F. Ferguson & Co.

* % of Gross Asset AM2-(PACRA)

Top Ten TFC (% of Total Assets ) ### Credit Quality of the Portfolio (% of Total Assets ) Jun-14

DESCRIPTION

Engro Corporation Limited 1.2%

Bank Alfalah Limited 1.1% Workers' Welfare Fund (WWF)

Bank Al Habib Limited 0.2%

United Bank Limited 0.1% The Scheme has maintained provisions against WWF contingent

Escort Investment Bank Limited 0% liability of Rs. 15,421,374. If the same were not made the NAV

Telecard Limited 0% per unit/return of the Scheme would be higher by Rs. 1.99/0.4%.

Azgard Nine Limited 0% For details please read Note 7.1 of the latest Financial Statements

Azgard Nine Limited 0% of the Scheme.

Agritech Limited 0%

### Federal Excise Duty (FED)

Non-Compliant Investment

Investment

Issuers

Agritech Limited Equity-shares

Agritech Limited PPTFC

Agritech Limited Sukuk

Bunnys Limited TFC

Telecard Limited TFC

Azgard Nine Limited TFC

Agritech Limited TFC-II Investment Plans

Agritech Limited TFC-IV

Azgard Nine Limited TFC-V

Escort Investment Bank LimitedTFC

Total* These shares have been received against Conversion of Azgard Nine's TFCs of Rs.10,589,906/- and are being marked to market on daily basis.

Income Multiplier Plan AIF

Yearly Performance Payout History (% on Opening NAV) Weight 85%

Weighted Av. Return (2013-14) 11.7%





Balanced Plan AIF

Weight 50%






*Annualized Return *Final Payout Growth Plan AIF

Weight 15%Trailing Performance Weighted Av. Return (2013-14) 26.8%



Returns 8.68% 7.42% 8.45% 48.66% 138.64% 8.83% Weighted Av. Return (2010-11) 35.2%

Benchmark 10.17% 10.17% 9.83% 57.53% 165.91% 10.51% Weighted Av. Return (2009-10) 22.6%

*Annualized Return



2013-14 7.28% 8.26% 12.82% 16.24% -2.41%

2012-13 8.04% 6.1% 7.86% 8.4% 4.27%




M. Habib-ur-Rahman Ali H. Shirazi M. Abdul Samad Khalid Mahmood Muhammad Umar Khan

CEO Director Fund Manager

Disclaimer:

Fawad Javaid

Chief Investment Officer Fund Manager Fund Manager

8.45%

9.02%

10.03% 8.68%

YTDJun

9.05% 9.58%

4,034,356

- -

-

365 Days

(1 Year)

8.45%

9.83%

YTD

26.05%

23.56%

5 Years

-

(11,015,000)

0.02

-

-

(5,375,000)

(7,871,511)

(29,976,000)

11,015,000

920,921

3 Years30 Days

2.6% 3.5%

Type

(Secured)

7.1%6.99%

Jul Aug Sep Oct Nov

7,494,000

15,225,000

0.10 87,531,107 (83,496,751)

920,921

5,375,000 - -

371

-

-

% of Net/Gross Assets

0.08

-

-

-

Suspended Mark up (fully

provided)

-

Medium

-

-

Fund Stability Rating :

85%

ASMF

32,283,450

Since

Inception

ASMF

CAGR**

ASMF


3,970,598

7,628,637

439,781

50%

15%

-

-

Mar-2004

May-14

47.6%

27.9%

17.2%

A+(f) (PACRA)

1,590,000

PKR 3,897

PKR 503.85Jun-14

38.3%

25.6%

13.8%

9.6% 0%


AIFNil

(1,590,000)

Value before

provisionProvision Held

11.05% 13.12% 10.59% 11.19%

8.25% 6.99% 7.96%

11.7%

90

Days

180 Days

9.03%

10.16%

7.9% 1.4%

-

(7,494,000)

15,187,030

2,050,716

3,006,688

Value after

provision

3,113,435 3,113,435

4,950,240 (4,950,240)

(15,225,000)

- -

7,871,511

29,976,000

-

2.3% 2.4%

These are allocations between AIF and ASMF aimimg at a

customized investment approach to the investors to meet

their personal goals and preferences.

Govt

Securities,

63.9%

AA, 19.9%

Non Rated,

13.8%

A, 1.2% AA-, 1.1%

9.75%

11.49%

9.99%9.47%

6.74%

9.33%

7.60%

5.74%

8.96%8.19%

0%

2%

4%

6%

8%

10%

12%

14%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

9.98%

7.24%6.06%

9.58%8.45%

12.4%13.42%

12.42%9.91%

9.83%

0%

2%

4%

6%

8%

10%

12%

14%

16%

2010 2011 2012 2013 2014

RETURN BENCHMARK

All investments in mutual fund are subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the

risks involved.












Rs.5,842,895(Rs.0.76 per unit) as on June 30, 2014.

Execute

3

June 2014

Investment Objective Fund FactsTo provide long term capital growth from an actively managed portfolio invested in listed companies Fund Type Open-ended

in Pakistan. Category Equity Fund

Launch Date

Net Assets (mn)

Asset Mix* Leverage & Maturity Profile ASMF NAV

Equity Leverage: Nil Benchmark KSE-100 Index

Weighted average time to maturity Dealing Days Monday to Friday

Others of the total assets Cut Off timings 9:00 am to 4:00 pm


Cash Management Fee 2% of Annual Net Assets

* % of Gross Asset Front-end load Nil

Trustee Central Depository Co.

Auditor A. F. Ferguson & Co.


Yearly Performance Payout History (% on Opening NAV)






of the Scheme.


For Investment Plans please refer to AIF on prepage.

Sector Allocation % of Total Assets Top 10 Holding % of Total Assets

Sector

Commercial Banks Bank AL-Habib Ltd 8.1

Oil and Gas Bank Al-Falah Ltd 7.4

Construction & Materials Oil & Gas Development Corporation Ltd7.1

Electricity Hub Power Co. Ltd 6.9

Chemicals United Bank Ltd 6.1

Personal Goods (Textile) Pakistan Petroleum Ltd 6.1

Pakistan State Oil Co. Ltd 5.3

Non Life Insurance Pakistan Oilfields Ltd 5.2

Pharma and Bio Tech D.G. Khan Cement Co. Ltd 4

Fixed Line Telecommunication Engro Corporation Ltd 3.2


Returns -0.89% 5.64% 30.1% 322.68% 415.66% 18.62%

Benchmark -0.29% 9.18% 41.2% 314.02% 437.72% 19.14%

*Actual Returns - Not Annualized



2013-14 2.76% 2.55% 4.74% 5.05% 1.47%

2012-13 1.75% 2.64% -0.01% 1.32% 14.67%




Fund Manager

Disclaimer:

Fawad Javaid

CEO Director Chief Investment Officer Fund Manager Fund Manager

3 Star (ST) and 4 Star (LT) (PACRA)

Commercial Banks

% Sectors

-4.15% -1.08% 3.53% 4.57%

5.62% -1.17% 2.42% 4.24%

M. Habib-ur-Rahman

-

30 Days 90

Days

-0.89%

Scrip

YTD

Commercial Banks

Oil and Gas

141.68%

137.3%

Jun-14

180 Days

27.0 28.0

May-14

24.3

8.2

-2.46%

Jun-14

Oil and Gas

Oil and Gas

Sep Oct Nov

-2.16%

Jun

Electricity

Commercial Banks

51.11%

Risk Profile of the Fund: High

Fund Ranking :

6.46%7.3%

11.42% 30.09%

PKR 1,050

PKR 441.08

AM2-(PACRA)

Nov-2004

N/A

May-14

86.6%

1.4%

12.1%

Jul

Chemicals

Since

InceptionCAGR**

Aug

Oil and Gas

Construction & Material

-

86.6%

10.1%

3.4%

365 Days


17.38%

10.69% 30.09%

41.16%

10.4

7.6

3.8

- Multiutilities (Gas & Water)

1.3

1.0

1.2

24.1

10.5

9.0

7.4

3.0

2.0

1.3

1.2

1.0

24.99%

18.59%

6.29%

0.00%

35.30% 34.68%

19.45%

36.13%

18.86%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2006 2007 2008 2009 2010 2011 2012 2013 2014

24.86%

40.07%

22.95%

51.11%

30.09%

35.74%

28.53%

10.45%

52.2%

41.2%

0%

10%

20%

30%

40%

50%

60%

2010 2011 2012 2013 2014RETURN BENCHMARK


risks involved.












Rs.3,697,277 (Rs.1.55 per unit) as on June 30, 2014.

Execute

4

June 2014

Investment Objective Fund FactsTo provide investors with capital appreciation through investment in Gold or Gold Futures Contracts Fund Type Open-ended

Traded on the Commodity Exchange. Category Commodity

Launch Date Jul-2013

Net Assets (mn)

Asset Mix* Leverage & Maturity Profile NAV

Gold/Gold Futures Cont. Leverage: Benchmark(BM) 70/30 composition of:

Weighted average time to Daily closing USD dollar per ounce

Cash maturity of the total assets (Days) gold prices at PMEX and deposit

rates of three scheduled banks

Others (AA and above rated)

T-Bills Dealing Days Monday to Friday

* % of Gross Asset Cut Off timings 9:00 am to 4:00 pm



Front-end load Nil

Asset Allocation (% of Total Assets ) Jun-14 Yearly Performance* Jun-14 Trustee Central Depository Co.

Auditor Ernst & Young Ford Rhodes Sidat Hyder


Medium / High



liability of Rs. 194,578. If the same were not made the NAV



of the Scheme.


Gold Price Performance

0

Gold Price Statistics1 Month

3 Month

6 Month

Trailing Performance 1 Year

3 Year

5 Year

Returns 5.29% 4.15% 6.11% N/A 6.11%

Benchmark 3.58% 1.58% **2.14% N/A 3.50%


**AGF benchmark was changed on May 13, 2014.


2013-14 -2.83% 3.5% -1.89% 0.95% -2.01%





Fund Manager

Disclaimer:

12.34%

7.98%

N/A

N/A

N/A

N/A

PKR 166

Jun-14 May-14 AGF PKR 106.10

1.2% 3.3%

0% 1.9%

AM2-(PACRA)

80% 75.8% Nil

N/A18.8% 19%


Fund Stability Rating : N/A

Since

Inception30 Days

90

Days

180 Days 365 Days


-2.87% 0.35% -4.18% 6.25% 5.29% 6.11%

Jul Aug Sep Oct Nov

High Low$1,327.23

$1,327.23

M. Habib-ur-Rahman Fawad Javaid


Jun YTD

0.6% 3.46%

$1,895.00

$1,243.74

$908.50

$1,385.00

$1,243.74

$1,221.00

$1,192.00

$1,192.00

$1,419.50

$1,895.00

6.11%

0%

1%

2%

3%

4%

5%

6%

7%

YTD

*


risks involved.

$1,200.00

$1,220.00

$1,240.00

$1,260.00

$1,280.00

$1,300.00

$1,320.00

$1,340.00

2-J

un

-14

3-J

un

-14

4-J

un

-14

5-J

un

-14

6-J

un

-14

7-J

un

-14

8-J

un

-14

9-J

un

-14

10-J

un

-14

11-J

un

-14

12-J

un

-14

13-J

un

-14

14-J

un

-14

15-J

un

-14

16-J

un

-14

17-J

un

-14

18-J

un

-14

19-J

un

-14

20-J

un

-14

21-J

un

-14

22-J

un

-14

23-J

un

-14

24-J

un

-14

25-J

un

-14

26-J

un

-14

27-J

un

-14

28-J

un

-14

29-J

un

-14

30-J

un

-14

Spot Gold Price

Source: World Gold Council

Source: World Gold Council

Gold Futures

Contract (total

market value),

80%

Cash, 18.8%

Others, 1.2%












Rs.510,830(Rs.0.33 per unit) as on June 30, 2014.

Execute

5

June 2014

Investment Objective Fund FactsTo seek preservation of capital and reasonable rate of return from a broadly diversified portfolio Fund Type Open-ended

of long, medium and short term, high quality Islamic income instruments. Category Islamic Income Fund

Launch Date Aug-2008

Net Assets (mn)

Asset Mix* Leverage & Maturity Profile AIIF NAV

Cash Leverage: Nil Benchmark Average Six Months profit rate

Weighted average time to of three Islamic Banks

Govt. Securities maturity of the total assets (Days) 103 Dealing Days Monday to Friday

Cut Off timings 9:00 am to 4:00 pm

Others Pricing mechanism Forward Pricing


0 Front-end load Nil

* % of Gross Asset Trustee Central Depository Co.

Auditor A. F. Ferguson & Co.

Asset Allocation (% of Total Assets ) Jun-14 Credit Quality of the Portfolio (% of Total Assets ) Jun-14

Shariah Advisor Mufti Muhammad Yahya Asim






of the Scheme.


Yearly Performance* Payout History

Shariah Compliant Investment Plans

Islamic Income Multiplier Plan

AIIF

0 Weight 85%




Weighted Av. Return (2010-11) 15%

Islamic Balanced PlanAIIF

Weight 50%Weighted Av. Return (2013-14) 15%


*Annualized Performance *Final Payout Weighted Av. Return (2011-12) 18.8%


Islamic Growth Plan

Trailing Performance AIIF

Weight 15%



Returns 5.85% 7.2% 8.22% 55.41% 68.08% 9.52% Weighted Av. Return (2011-12) 24.9%

Benchmark 7.2% 7.17% 6.93% 42.35% 53.97% 7.59% Weighted Av. Return (2010-11) 38.7%

*Annualized Return



2013-14 8.05% 7.52% 10.19% 6.61% 8.98%

2012-13 7.41% 6.66% 6.96% 6.9% 7.31%





Fund Manager

Disclaimer:

AM2-(PACRA)

AA-(f) (PACRA)



15%

AISF

AISF

AISF

85%

50%

7.91% 7.08% 7.04% 7.07%

NovSep


8.82%

CAGR**

8.22%

YTD

8.65%9.99% 16.68% 9.6% 8.62% 8.05% 4.99%

10.04%

OctAugJul

30 Days 90

Days

180 Days 365 Days

(1 Year)

Jun-14

53.5%

45.5%

1% 1.8%

PKR 521

May-14 PKR 505.02

54.3%

43.9%

6.42%

5.85%

Jun

Risk Profile of the Fund: Medium

Since

Inception

0%0%

Fund Stability Rating :

(% on Opening NAV)

YTD 3 Years 5 Years

8.13%

7.05%

8.22%

6.93%

29.47%

23.13%

These are allocations between AIIF and AISF aimimg at a

customized investment approach to the investors to meet their

personal goals and preferences.

AAA, 45.5%

A, 54.5%

9.20% 9.22%9.54% 9.49%

8.37%

7.47%

0%

2%

4%

6%

8%

10%

12%

2009 2010 2011 2012 2013 2014

9.22%

9.9%

10.11%

8.65%8.22%

7.14%

7.91% 7.7%6.91%

6.93%

0%

2%

4%

6%

8%

10%

12%

2010 2011 2012 2013 2014

RETURN BENCHMARK

*

Cash, 53.5%

Govt.

Securities,

45.5%

Others, 1%


risks involved.




management services rendered by the Management Company of

the Fund are already subject to provincial sales tax on services

levied by the Sindh Revenue Board, which is being charged to the

Fund, the management company is of the view that further levy of

FED is not justified, and has filed a constitutional petition in the

Honourable Sindh High Court, the hearing of which is pending. In

the meantime, as a matter of abundent caution,The Scheme is

providing for FED liability which amounted to Rs.837,119(Rs.0.81 Per

unit) as on June 30, 2014.

Execute

6

June 2014

Investment Objective Fund FactsTo provide long term capital growth from an actively managed portfolio invested in Shariah Fund Type Open-ended

compliant listed companies in Pakistan. Category Islamic Equity Fund

Launch Date

Net Assets (mn)

Asset Mix* Leverage & Maturity Profile AISF NAV

Equity Leverage: Nil Benchmark KMI - 30 Index

Weighted average time to maturity Dealing Days Monday to Friday

Cash of the total assets Cut Off timings 9:00 am to 4:00 pm


Others Management Fee 2% of Annual Net Assets

Front-end load Nil

0 Trustee Central Depository Co.

* % of Gross Asset Auditor A. F. Ferguson & Co.

Asset Manager Rating AM2-(PACRA)

Yearly Performance Payout History (% on Opening NAV) Shariah Advisor Mufti Muhammad Yahya Asim






of the Scheme.


For Shariah Compliant Investment Plans please refer to AIIF on pre-page

Sector Allocation % of Total Assets Top 10 Holdings % of Total Assets

Sector Scrip % Sectors

Oil and Gas Pakistan Oilfields Ltd 10 Oil and Gas

Construction & Materials (Cement) Oil & Gas Development Corporation Ltd9.8 Oil and Gas

Electricity Hub Power Co. Ltd 8.4 Electricity

Commercial Banks Meezan Bank Ltd 7.7 Commercial Banks

Automobile and Parts Pakistan State Oil Co. Ltd 6.7 Oil and Gas

Chemicals Pakistan Petroleum Ltd 6.5 Oil and Gas

Personal Goods (Textile) D.G. Khan Cement Co. Ltd 5.1 Construction & Materials

Fixed Line

Telecommunication

Lucky Cement Ltd 4.3 Construction & Materials

Engineering Fauji Fertilizer Company Ltd 3.9 Chemicals Multiutilities (Gas and

Water) Nishat Mills Ltd 3.9 Personal Goods (Textile


Returns 2.34% 5.89% 21.7% 315.17% 237.06% 17.69%

Benchmark 1.49% 6.9% 29.9% 310.22% N/A N/A



Monthly Performance HistoryYear Dec Jan Mar Apr May

2013-14 2.64% 2.6% 2.8% 2.9% 0.56%

2012-13 2.37% 1.91% 0.17% 1.86% 14.71%




Fund Manager

Disclaimer:

YTD

8.87% -3.55% -2.51% 3.96% 3.16% 21.73%-3.27%

Jul Aug Sep Oct Nov


48.67%5.7% 7.92% -0.48% 1.76%


11.6

7.7 8.3

4.7 4.8

1.3 -

3.9 3.7

3.9 4.4

1.4

Fund Ranking : 2 Star (ST) and 4 Star (LT) (PACRA)

Risk Profile of the Fund: High

PKR 809

PKR 408.67

Jan-2007

May-14

N/A

YTD 3 Years 5 Years

8.03%

May-14

37.3

1.6

1.5 1.8

0% 0%

1.26% 6.04%

2.34%

Jun

12.39% 29.89% 127.77%

-1.84%

Feb

Since

InceptionCAGR**

Jun-14

35.4

13.2 12.3

10.5

30 Days 90

Days

180 Days

21.73% 130.77%

365 Days

(1 Year)

Jun-14

84.6%

15%

0.5%

87.1%

12.3%

0.6%

3.00% 1.79%0.00%

51.65%

36.90%

20.55%

33.82%

12.05%

0%

10%

20%

30%

40%

50%

60%

2007 2008 2009 2010 2011 2012 2013 2014

25.14%

43.77%

27.51%

48.67%

21.73%

25.37%

43.66%

13.57%

54.41%

29.89%

0%

10%

20%

30%

40%

50%

60%

2010 2011 2012 2013 2014

RETURN BENCHMARK


risks involved.












Rs.3,106,969(Rs.1.57 per unit) as on June 30, 2014.

Execute

7

Investment Objectivea) The APF-ESF is to earn returns from investments in Pakistani Equity Markets.

b) The APF-DSF is to earn returns from investments in debt markets of Pakistan, thus incurring a relatively

Lower risk than equity investments.

c) The APF-MMSF is to earn returns from investments in Money Markets of Pakistan, thus incurring a

Relatively lower risk than debt investments. Fund Factsd) The APF-GSF is to provide investors with capital appreciation through investment in gold or gold Fund Inception Date

Futures contracts traded on the Pakistan Mercantile Exchange. Sales Load 3% (Front-end) of contribution

Management Fee 1.5% of Annual Net Assets (Equity)

Yearly Performance Portfolio Composition 1.25% of Annual Net Assets (Debt)

1.0% of Annual Net Assets (M.Market)

1.5% of Annual Net Assets (Gold)

Custodian & Trustee Central Depository Co.

Minimum Investment Rs.5,000/- or 10% of monthly

income (which ever is lower)

Eligibility Any Pakistani (resident or

non-resident), who holds a

valid NTN or CNIC/NICOP

*Annualized Return AM2-(PACRA)

APF-Equity (ESF)

APF-Debt (DSF)

APF-M.M (MMSF)

APF-Gold (GSF)


*Annualized Return

0

Atlas Pension Fund Allocation Schemes60-80%

* Actual Returns - Not Annualized Allocation Scheme APF-DSF APF-MMSF

(i) High Volatility

Return based on 80%

Weighted Av. Return (2013-14)



(ii) Medium Volatility

Return based on 50%




* Actual Returns - Not Annualized (iii) Low Volatility

Return based on 25%

Sector Allocation % Total Assets for Top 10 Holdings % Total Assets for Weighted Av. Return (2013-14)

APF-Equity Sub Fund APF-Equity Sub Fund Weighted Av. Return (2012-13)


(iv) Lower Volatility

Commercial Banks 26.3 8.0 Return based on Nil

Oil and Gas 21.3 6.8 Weighted Av. Return (2013-14)

Chemicals 13.4 6.4 Weighted Av. Return (2012-13)

Electricity 10.1 6.0 Weighted Av. Return (2011-12)

Construction & Materials (Cement) 9.5 6.0 (v) Lifecycle

Personal Goods (Textile) 2.9 5.7

Automobile and Parts 2.1 5.2

Engineering 1.3 5.0

Multiutilities (Gas and Water) 1.2 4.4

Pharma and Bio Tech 0.5 4.0

0 0 (vi) Customized 0-100% 0-100%

Trailing Performance Note: Gold Sub Fund was launched on July,2013

APF-Debt Sub-Fund* APF-Gold Sub-Fund

-0.47% 214.79%*Annualized return: (Absolute return) *(365/No. of days)





Fund Manager

Disclaimer:



83.75% 9.07% 5.25% 5.98%17.77% 6.26%

Since

InceptionCAGR**

30 Days

(1 Month)

Since

InceptionCAGR**

8.85% 80.61% 8.8% 8.28%

APF-Equity Sub-Fund APF-Money Market Sub-Fund*

30 Days

(1 Month)

Since

InceptionCAGR**

30 Days

(1 Month)

Since

InceptionCAGR**

30 Days

(1 Month)

0.8 Attock Cement Pakistan Ltd Construction & Materials

(Cement)0 0-100% 0-25%

1.5 Pakistan State Oil Co. Ltd Oil and Gas

0 Pakistan Oilfields Ltd Oil and Gas

3.4 Fauji Fertilizer Company Ltd Chemicals

2.8 United Bank Ltd Commercial Banks

11.5 Pakistan Petroleum Ltd Oil and Gas 10.24%

8.1 Oil & Gas Development Corporation Ltd Oil and Gas

23.7 Bank Al-Falah Ltd Commercial Banks 7.73%

11 Hub Power Co. Ltd Electricity 8.34%

29.1 Bank AL-Habib Ltd Commercial Banks 60% 40%

13.46%

60% 15%

14.66%

19.42%

Sector Jun-14 May-14 Scrip %

15.41%

40% 10%

21.54%

30.44%

Sectors11.83%

29.81%

43.68%

20% Nil

APF-ESF

20-35% Nil 25-35%



Net Assets (mn) NAV

PKR 185 PKR 314.79

PKR 191 PKR 180.61

June 2014

Jun-2007

Auditors Ernst & Young Ford Rhodes Sidat Hyder

PKR 153 PKR 183.75

PKR 34 PKR 106.23

7.24%

9.91% 9.51%

10.8% 10.35%

8.15%7.59%

0%

2%

4%

6%

8%

10%

12%

2008 2009 2010 2011 2012 2013 2014

APF-Money Market Sub-Fund

*

All investments in mutual fund are subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the risks

involved.

The participant has the option to select from among six allocation

schemes, allowing the participants to adopt a focused investment

strategy, according to their risk/return. The weighted averag return

below is worked on asset allocation as indicated.

7.5%

9.07% 8.98%9.64%

10.16%

8.47%7.83%

0%

2%

4%

6%

8%

10%

12%

2008 2009 2010 2011 2012 2013 2014

APF-Debt Sub-Fund

*

0.96%

-17.31%

20.71%

29.73%

16.72%

52.48%

35.3%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2008 2009 2010 2011 2012 2013 2014

APF-Equity Sub-Fund

*

The Scheme has maintained provisions against WWF contingent liability

of Rs.2,051,799(ESF), Rs.690,498(DSF), Rs.608,380(MMSF). Rs.39,823(GSF). If

the same were not made the NAV per unit/return of the Scheme would

be higher by Rs. 3.49 / 1.11 %, Rs. 0.65/ 0.36%, Rs. 0.73 / 0.40 % , Rs. 0.13

/ 0.12 % respectively. For details please read Note 10.1 of the latest

Financial Statements of the Scheme.

Lifecycle scheme allocates investments among the sub-funds and the

varying allocations with the age of the participants, moving from higher

percentage in equities in younger years to lower percentage in equities in

older years to reduce the risk near retirement age, seeking capital growth

and preservation towards the later years in participants lifecycle.

5.98%

0%

1%

2%

3%

4%

5%

6%

7%

YTD

APF-Gold Sub-Fund

*

Gold/Gold

Futures

Cont., 78.6%

Cash, 20.8%Others, 0.6%

APF-Gold Sub-Fund

Equities,

88.9%

Cash, 10.5%

Others, 0.6%

APF-Equity Sub-Fund

PIB, 49.8%T_Bills, 41.1%

Cash, 5%

Others, 2.7%TFC, 1.4%

APF-Debt Sub-Fund

T-Bills, 79.4%

TDR, 16.2%Cash, 4.3% Others, 0.1%

APF-Money Market Sub-Fund

The Finance Act, 2013 has enlarged the scope of Federal Excise Duty

(FED) on financial services to include Asset Management Companies

(AMCs) with effect from 13 June 2013. As the asset management

services rendered by the Management Company of the Fund are

already subject to provincial sales tax on services levied by the Sindh

Revenue Board, which is being charged to the Fund, the management

company is of the view that further levy of FED is not justified, and has

filed a constitutional petition in the Honourable Sindh High Court, the

hearing of which is pending. In the meantime, as a matter of abundent

caution,The Scheme is providing for FED liability which amounted to

(ESF)Rs.348,548(Rs.0.59per unit), (DSF)Rs.342,401 (Rs.0.32per unit), (MMSF

)Rs.269,443(Rs.0.32per unit), (GSF)Rs.76,514 (Rs.0.24per unit)as on June

30, 2014.

Execute

8

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Investment Objectivea) The APIF-ESF is to earn returns from investments in Pakistani Equity Markets.

b) The APIF-DSF is to earn returns from investments in debt markets of Pakistan, thus incurring a relatively

Lower risk than equity investments. Fund Factsc) The APIF-MMSF is to earn returns from investments in Money Markets of Pakistan, thus incurring a Fund Inception Date

Relatively lower risk than debt investments. Sales Load 3% (Front-end) of contribution


1.25% of Annual Net Assets

1.0% of Annual Net Assets (M.Market)

Yearly Performance Portfolio Composition Custodian & Trustee Central Depository Co.

Minimum Investment Rs.5,000/- or 10% of monthly

income (which ever is lower)

Eligibility Any Pakistani (resident or

non-resident), who holds a

valid NTN or CNIC/NICOP

AM2-(PACRA)

APIF-Equity (ESF)

APIF-Debt (DSF)

Asset Allocation (% of Total Assets ) APIF-M.M (MMSF)

Workers' Welfare Fund (WWF)*Annualized Return


*Annualized Return Atlas Pension Islamic Fund Allocation Schemes

0

APIF-ESF

(i) High Volatility 65-80%

Return based on 80%





(ii) Medium Volatility 35-50%

Return based on 50%



* Actual Returns - Not Annualized Weighted Av. Return (2011-12)


Sector Allocation % Total Assets for Top 10 Holdings % Total Assets for (iii) Low Volatility 10-25%

APIF-Equity Sub Fund APIF-Equity Sub Fund Return based on 20%



Oil and Gas 33.3 9.4 Weighted Av. Return (2011-12)

Electricity 10.2 8.5 Weighted Av. Return (2010-11)

Construction & Materials (Cement) 10 7.1 (iv) Lower Volatility Nil

Chemicals 9.6 6.9 Return based on Nil

Commercial Banks 9.4 6.8 Weighted Av. Return (2013-14)

Personal Goods (Textile) 4.6 6.6 Weighted Av. Return (2012-13)

Automobile and Parts 4.3 6 Weighted Av. Return (2011-12)

Engineering 3.9 4.6 Weighted Av. Return (2010-11)

Fixed Line Telecommunication 2.5 4.3 (v) Lifecycle

Multiutilities (Gas and Water) 2.2 4.2

0 0


2.22% 299.51% 75.69% (vi) Customized 0-80%*Annualized return: (Absolute return) *(365/No. of days)





Fund Manager

Disclaimer:

June 2014

CAGR**Since

InceptionCAGR**

30 Days

(1 Month)

Since

InceptionCAGR**

23.15% 66.89% 4.87%8% 8.84%

30 Days

(1 Month)

4.32%

Since

Inception



Auditors Ernst & Young Ford Rhodes Sidat Hyder

40-55%

APIF-MMFAPIF-DSF

40.77%

10-25%

16.42%

21.51%

0

Nov-2007


PKR 138

PKR 176

Mufti Muhammad Yahya Asim

Net Assets (mn)

PKR 402.26PKR 202

(Equity)

(Debt)

Shariah Advisor

Jun-14

7.89%

7.52%

28.34%

Nil20-35%

Nil20%

Oil and Gas

Oil and Gas

40-60%

40%

8.03%

Electricity

Oil and Gas

Oil and Gas

65% 15%

60-75%

Attock Petroleum Ltd

Nishat Mills Ltd

Scrip Sectors15.94%

%

15-30%

11.35%

Pakistan State Oil Co. Ltd

Commercial Banks

Fauji Fertilizer Company Ltd

Oil & Gas Development Corporation Ltd

Pakistan Petroleum Ltd

Hub Power Co. Ltd

Meezan Bank Ltd

Oil and Gas

20-75%

7.39%

40-60%

Personal Goods (Textile)

0-60%

Pakistan Oilfields Ltd

60%

11.99%

13.12%

Chemicals

APIF-Equity Sub-Fund

30 Days

(1 Month)

D.G. Khan Cement Co. Ltd Construction & Materials (Cement)

Sector

4

4.1

3.7

5.1

9.2

Jun-14

2.5

APIF-Money Market Sub-Fund*APIF-Debt Sub-Fund*

May-14

33.6

11.2

10.8

8.6

18.78%

23.02%

25.44%

32.72%

PKR 176.90

PKR 168.04

NAV

40% 10%

6.79%

11%

9.21%9.79% 9.61%

7.12%7.67%

0%

2%

4%

6%

8%

10%

12%

2008 2009 2010 2011 2012 2013 2014

APIF-Money Market Sub-Fund

*

All investments in mutual fund are subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the risks

involved.

The participant has the option to select from among six

allocation schemes, allowing the participants to adopt a

focused investment strategy, according to their risk/return. The

return below is worked on asset allocation as indicated.

Govt.

Securities,

71.2%


APIF-Money Market Sub-Fund

6.93%

10.37%9.79%

5.79%

6.98%

7.79% 8.04%

0%

2%

4%

6%

8%

10%

12%

2008 2009 2010 2011 2012 2013 2014

APIF-Debt Sub-Fund

*

Govt.

Sec./Ijarah

Sukuks,

87.2%

Cash, 11.5%

Others, 1.3%

APIF-Debt Sub-Fund

-1.82% -1.88%

22.88%

39.45%

30.05%

49.02%

24.88%

-10%

0%

10%

20%

30%

40%

50%

60%

2008 2009 2010 2011 2012 2013 2014


*

Equities,

91.6%



Lifecycle scheme allocates investments among the sub-funds and the

varying allocations with the age of the participants, moving from

higher percentage in equities in younger years to lower percentage in

equities in older years to reduce the risk near retirement age, seeking

capital growth and preservation towards the later years in participants

lifecycle.

The Scheme has maintained provisions against WWF contingent liability

of Rs.2,403,359(ESF), Rs.664,592(DSF),Rs.577,152(MMSF). If the same were

not made the NAV per unit/return of the Scheme would be higher by Rs.

4.78 / 1.19 %, Rs. 0.64/ 0.38 %, Rs. 0.74 / 0.42% respectively. For details

please read Note 9.2 of the latest Financial Statements of the Scheme.




management services rendered by the Management Company of

the Fund are already subject to provincial sales tax on services

levied by the Sindh Revenue Board, which is being charged to the

Fund, the management company is of the view that further levy of

FED is not justified, and has filed a constitutional petition in the

Honourable Sindh High Court, the hearing of which is pending. In the

meantime, as a matter of abundent caution,The Scheme is

providing for FED liability which amounted to (ESF)Rs.401,760

(Rs.0.80per unit), (DSF)Rs.339,434 (Rs.0.32per unit), (MMSF)

Rs.252,803(Rs.0.32per unit) as on June 30, 2014.

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spotlight - june 2014 s · 2020-02-25 · telecard limited 0% per unit/return of the scheme would...

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