tpl life · tpl booster fund - tbf 3.53% 7.41% 11.81% 15.87% 16.71% 16.71% 9.91% * asset allocation...
TRANSCRIPT
June 2017
December 2019
Fund Performance Report
TPL LIFE
July 2015
2 of 7
December 2019
FUND MANAGER REPORT
Yield Curve
Macro Review and Outlook:
KSE-100 index increased by 3.68% to close at 40,735 points in December 2019. The
improvement in equities can mainly be attributed to stable PKR/USD, decline in current
account deficit, successful completion of IMF 1st review and expectations of monetary easing
coupled with declining bond yields and NSS rates.
Sectors that outperformed the benchmark index during the period include Oil & Gas
Exploration Companies, Chemical and Oil & Gas Marketing Companies. However, sectors that
underperformed benchmark index during the period include Engineering and Automobile
Assembler.
Moving ahead, Pakistan equities are expected to gain further traction due to cheaper
valuation, macroeconomic improvement and expected cut in policy rate. Currently, the
market is trading at a P.E multiple of 7.60x and has a dividend yield of 6.80%.
During the month of December 2019, SBP conducted three T-bill auctions with a target of PKR
1,000 billion against the maturity of PKR 546 billion. The total accepted amount was PKR 1,194
billion out of which PKR 733 billion was for 3M tenor (excluding non-competitive bids). The cut-
off yields were 13.49%, 13.29% and 13.13% for 3M, 6M and 12M tenor respectively.
SBP conducted Fixed PIB auction on December 11, 2019 with a target of PKR100 billion
against the maturity of PKR 255 billion. Cumulative participation of PKR 323.60 billion was
received in 3Y, 5Y, 10Y & 20Y tenors. The government accepted PKR 52.70 billion,
PKR 45.90 billion and PKR 33.80 billion in the 3Y, 5Y and 10Y tenors respectively, while
rejecting the bids in 20Y tenor. The cut off yields were 11.75%, 11.19% and 11.00% in the same
order leading to an inverted yield curve.
The money market during the year remained volatile as the State Bank of Pakistan raised the
policy rate by 350 basis points to bring inflation in check. We foresee the inflationary pressure
subside and CPI to fall to single digits during 1H CY 20 and subsequently monetary easing to
begin in 2H CY 20. However, any updward movement in oil prices as an aftermath of tension in
Middle East pose upside risk to inflation in the near term.
Equity Market Review and Outlook:
CPI for December 2019 clocked in at 12.63% YoY under new base compared to 12.42% under
the old methodology, as compared to 12.67% and 12.28% respectively in November 2019.
Decrease in CPI was due to decrease in prices of perishable food items such as chicken,
onions, tomatoes and fresh vegetables.
The Current Account deficit for the month of November 2019 clocked at USD 319 million,
taking 5MFY20 cumulative deficit to USD 1.80 billion (depicting s steep decline of 73%). The
government is exerting a tight control over preventable imports by enforcing higher regulatory
duties. The imports have dropped by 18% YoY while marginal growth of 4% YoY in exports has
been witnessed.
On the other hand, large scale manufacturing continued to plunge, taking the relevant index
down by 6.48% YoY for 4MFY20. The biggest decline has been witnessed in automobiles, steel
products and appliances.
Going forward, we expect the focus to remain on meeting FATF requirements, fiscal
management and government compliance with the IMF quarterly targets.
CPI Inflation
Source: PBS
KSE 100 Performance
Source: PSX
Money Market Review and Outlook:
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
CPI Inflation
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Dec-19 Nov-19 MoM %
NAV per Unit (PKR) 82.50 80.12 2.98%
Net Assets Value (PKR '000) 10,811 10,041 7.67%
30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception
TPL Progressive Fund - TPF 4.48% 13.88% 20.08% 15.99% 7.34% 7.34% -16.00%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
June 2017
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TPL Progressive Fund - TPF
INVESTMENT OBJECTIVE:This is an investment fund designed on an aggressive investment strategy to provide higher returns in long term by investing primarily in equities along with
debt / money market instruments.
FUND INFORMATION: RETURNS:
December 2019
Note: Fund returns are gross of management fee.
ASSETS UNDER MANAGEMENT:
Absolute Return
TPL Progressive Fund - TPF BID PRICE:
During the month the fund showed an absolute
return of 2.98% against its last month return of
9.12% in line with equity market performance.
Value of 100 Rupees invested since inception
Aggressive
High
Daily Forward Pricing
Monday to Friday
1.5%
30-Oct-16
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Dec-19 Nov-19
FUND PERFORMANCE:
63.00
66.00
69.00
72.00
75.00
78.00
81.00
84.00
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Unit Price 69.03 64.30 69.58 73.42 80.12 82.50
Deposits5%
T-Bills1%
TDR4%
PIB's20%Stock
68%
DFI & Others
2%
Deposits4%
TDR6%
PIB's20%Stock
69%
DFI & Others
1%
82.50
-
20.00
40.00
60.00
80.00
100.00
120.00
Since Inception Dec-19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Dec-19 Nov-19 MoM %
NAV per Unit (PKR) 108.25 106.38 1.76%
Net Assets Value (PKR '000) 10,483 10,042 4.39%
30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception
TPL Steady Fund - TSF 3.26% 6.10% 9.72% 13.45% 13.78% 13.78% 9.75%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
June 2017
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Balanced
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
TPL Steady Fund - TSF
INVESTMENT OBJECTIVE:
The primary investment objective of this fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.
FUND INFORMATION: RETURNS:
December 2019
Note: Fund returns are gross of management fee.
ASSETS UNDER MANAGEMENT:
Absolute Return
TPL Steady Fund - TSF BID PRICE:
During the month the fund showed an absolute
return of 1.76% against its last month return of
2.79% in line with equity market performance.
Value of 100 Rupees invested since inception30-Oct-16
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Dec-19 Nov-19
FUND PERFORMANCE:
93.00
96.00
99.00
102.00
105.00
108.00
111.00
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Unit Price 96.50 96.23 100.02 103.49 106.38 108.25
Deposits2%
TDR3%
PIB's75%
Stock19%
DFI & Others
1%
108.25
96.00
98.00
100.00
102.00
104.00
106.00
108.00
110.00
Since Inception Dec-19
Deposits1%
TDR2%
PIB's76%
Stock20%
DFI & Others
1%
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Dec-19 Nov-19 MoM %
NAV per Unit (PKR) 125.92 124.48 1.16%
Net Assets Value (PKR '000) 6,948 6,538 6.27%
30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception
TPL Reliance Fund - TRF 2.66% 3.31% 5.90% 11.94% 15.58% 15.58% 27.42%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
June 2017
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30-Oct-16
During the month the fund generated an
annualized return of 14.13% against its last month
annualized return of 7.80%.
Value of 100 Rupees invested since inception
INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate income by investing in a range of debt instruments of various maturities with a view to maximize
the optimal balance between yield, safety and liquidity.
FUND INFORMATION: RETURNS:
Conservative
Absolute Return
TPL Reliance Fund - TRF BID PRICE:
TPL Reliance Fund - TRF
IGI Conservative Fund - ICF BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Dec-19 Nov-19
FUND PERFORMANCE:
Note: Fund returns are gross of management fee.
ASSETS UNDER MANAGEMENT:
Low
Daily Forward Pricing
Monday to Friday
1.5%
December 2019
112.00
114.00
116.00
118.00
120.00
122.00
124.00
126.00
128.00
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Unit Price 115.59 117.74 120.61 123.68 124.48 125.92
TDR23%
PIB's77%
Deposits1% TDR
34%
PIB's65%
125.92
90.00
95.00
100.00
105.00
110.00
115.00
120.00
125.00
130.00
Since Inception Dec-19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 0%
Dec-19 Nov-19 MoM %
NAV per Unit (PKR) 108.41 106.25 2.03%
Net Assets Value (PKR '000) 1,047 1,028 1.78%
30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception
TPL Booster Fund - TBF 3.53% 7.41% 11.81% 15.87% 16.71% 16.71% 9.91%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
June 2017
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Balanced (without Bid-offer spread)
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
TPL Booster Fund - TBF
INVESTMENT OBJECTIVE:The primary investment objective of the fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.
Returns in this fund are maximized through low expense charge allocations.
FUND INFORMATION: RETURNS:
December 2019
Note: Fund returns are gross of management fee.
ASSETS UNDER MANAGEMENT:
Absolute Return
TPL Booster Fund - TBF BID PRICE:
During the month the fund showed an absolute
return of 2.03% against its last month return of
3.80% in line with equity market performance.
Value of 100 Rupees invested since inception30-Oct-16
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Dec-19 Nov-19
FUND PERFORMANCE:
91.00
94.00
97.00
100.00
103.00
106.00
109.00
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Unit Price 94.36 93.84 98.28 102.36 106.25 108.41
Deposits3%
T-Bills1%
PIB's67%
Stock28%
DFI & Others
1%
Deposits3%
T-Bills1%
PIB's66%
Stock30%
108.41
96.00
98.00
100.00
102.00
104.00
106.00
108.00
110.00
Since Inception Dec-19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Dec-19 Nov-19 MoM %
NAV per Unit (PKR) 96.15 95.29 0.91%
Net Assets Value (PKR '000) 1,052 1,013 3.84%
30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception
TPL Interest Free Fund - TIFF 2.41% 4.94% 6.49% 5.97% 4.58% 4.58% -2.35%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
June 2017
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Islamic Balanced
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
TPL Interest Free Fund - TIFF
INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate interest-free income by investing in a range of Islamic investment and shariah-compliant
instruments.
FUND INFORMATION: RETURNS:
December 2019
Note: Fund returns are gross of management fee.
ASSETS UNDER MANAGEMENT:
Absolute Return
TPL Interest Free Fund - TIFF BID PRICE:
During the month the fund showed an absolute
return of 0.91% against its last month return of
2.51% in line with equity market performance.
Value of 100 Rupees invested since inception30-Oct-16
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Dec-19 Nov-19
FUND PERFORMANCE:
89.00
90.00
91.00
92.00
93.00
94.00
95.00
96.00
97.00
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Unit Price 91.14 90.16 91.58 92.95 95.29 96.15
Deposits71%
Sukuk7%
Stock18%
DFI & Others
4%
96.15
80.00
85.00
90.00
95.00
100.00
105.00
Since Inception Dec-19
Deposits70%
Sukuk7%
Stock19%
DFI & Others
4%