Pakistan: NAFA Islamic Asset Allocation Fund Report - September 2017

Transcription

1. Capital Review NAFA Markets Islamic Asset Allocation Fund (NIAAF) September 2017 Unit Price (29/09/2017): Rs. 15.8869 Performance % Sep FYTD 2017 2018 Performance Period FY 2017 Rolling 12 Months Oct 16 - Sep 17 FY 2016 FY 2015 FY 2014 Since Launch October 26, 2007* FY 2013 NAFA Islamic Asset Allocation Fund 0.8% (6.5%) 5.5% 20.3% 13.1% 33.8% 22.2% 36.3% 15.4% Benchmark** 4.1% 11.9% 9.2% 12.1% 17.7% 28.9% 10.5% 1.6% (5.1%) The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. * Annualized Return All Other returns are Cumulative Note:** Effective from September 01, 2016; Previously average of (i) average 3-month Islamic banks deposit rate (ii) 6-month KIBOR or its Shariah Compliant equivalent (iii) KMI 30 Index ** KSE-30 is used as equity component for the Benchmark before June 30, 2008, the launch date of KMI-30 Index. The fund category was changed to Islamic Asset Allocation from Islamic Balanced with effect from April 22, 2014. Consequently, allowed equity range is now 0% to 90% which previously was 30% to 70%. Previous benchmark was 50% KMI-30 Index & 50% Islamic Bank Deposit. Relative Performance of NAFA Islamic Asset Allocation Fund (NIAAF) for the Last Three Years *** effective from January 02, 2017 12.7% 9.1% 6.1% 4.6% 4.6% 18.3% Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Taha Khan Javed, CFA Hassan Raza, CFA Muhammad Ali Bhabha, CFA, FRM Benchmark ** 18.4% 10.8% 8.4% 8.0% NIAAF, 66.0% 60.0% 40.0% Benchmark ** 27.5% 20.0% 0.0% -20.0% Top Five Sectors (% of Total Assets) (as on 29 September, 2017) Oil & Gas Exploration Companies Cement Oil & Gas Marketing Companies Power Generation & Distribution Textile Composite Others Cum. Return 29-Sep-17 DY 4.4% 4.3% NIAAF Annualized Return Risk (Std. Deviation) 80.0% 30-Jun-17 PBV 1.5 1.6 100.0% 31-Mar-17 56.9% 41.2% 1.9% 100.0% Nil 31-Dec-16 PER 9.7 10.5 31-Aug-17 55.4% 43.6% 1.0% 100.0% Nil 30-Sep-16 NIAAF 29-Sep-17 30-Jun-16 Equities / Stocks Cash Others including receivables Total Leverage 30-Sep-14 Asset Allocation (% of Total Assets) 31-Mar-16 Fund Manager: Minimum Subscription: Asset Manager Rating: 31-Dec-15 Benchmark:** NIAAF started off the month with an allocation of around 57% in equities, which decreased to around 55% towards the end of the month. NIAAF underperformed the Benchmark in September as the Fund was underweight in select Fertilizer and Oil & Gas Exploration Companies sectors stocks which outperformed the market and overweight in select Cement, Textile Composite, Automobile Parts & Accessories, and Engineering sectors stocks which underperformed the market. During the month, the allocation was slightly increased in Fertilizer, Oil & Gas Exploration Companies, and Power Generation & Distribution Companies sectors, whereas it was reduced primarily in Engineering, Cement, Textile Composite, and Oil & Gas Marketing Companies sectors. 30-Sep-15 Selling & Marketing Expenses Risk Profile: Listing: Custodian & Trustee: Auditors: ‘s During the month under review, unit price (NAV) of NAFA Islamic Asset Allocation Fund (NIAAF) increased by 0.8%, whereas the Benchmark increased by 1.6%, thus an underperformance of 0.8% was recorded. Since inception your Fund has posted 15.4% p.a return, versus 10.5% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 4.9% p.a. This outperformance is net of management fee and all other expenses. 30-Jun-15 Management Fee: Total Expense Ratio (%) To generate capital appreciation by investing in Shariah Compliant equity and equity related securities and income by investing in Shariah Compliant bank deposits, debt & money market securities. 31-Mar-15 Settlement: Pricing Mechanism: Load:*** October 26, 2007 Rs. 13,892 million Open-end-Shariah Compliant -Asset Allocation Fund Daily – Monday to Friday (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.M 2-3 business days Forward Pricing 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: NIL 2% per annum 3.06% p.a (including 0.37% government levies) 0.4% per annum Moderate Pakistan Stock Exchange Central Depository Company (CDC) Deloitte Yousuf Adil Chartered Accountants Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation. Taha Khan Javed, CFA Growth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM1 by PACRA (Very High Quality) 31-Dec-14 Launch Date: Fund Size: Type: Dealing Days: Dealing Time: Top Ten Holdings (as on 29 September, 2017) % of Total Assets % of Total Assets Pakistan Oilfields Ltd Equity 3.5% Hub Power Company Ltd Equity 2.8% Mari Petroleum Company Ltd Equity 3.2% Pakistan State Oil Co. Ltd Equity 2.7% Oil & Gas Dev.Co Equity 3.1% Nishat Mills Ltd Equity 2.6% Engro Corporation Ltd Equity 2.9% Millat Tractors Ltd Equity 2.4% Pak Petroleum Ltd Equity 2.9% Lucky Cement Ltd Equity 2.3% Details of Non-Compliant Investments Sindh Workers' Welfare Fund (SWWF) The Scheme has maintained provisions against worker’s welfare Fund’s liability to the tune of Rs. 60,944,450/- if the same were not made the NAV Per unit/return of the  Scheme would be higher by Re. 0.0697/0.46%. For details  investors are advised to read the note 18 of the Financial Statements of the Scheme for the year ended June 30, 2017. Eden Housing (Sukuk II) Total SUKUK 4,921,875 4,921,875 - - - 4,921,875 4,921,875 - - - 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. 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 risk 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.