Pakistan: NAFA Islamic Stock Fund (NISF) - August 2017

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1. NAFA Islamic Stock Fund (NISF) August 2017 Unit Price (31/08/2017): Rs. 11.6215 FYTD 2018 Rolling 12 Months Sep 16 - Aug 17 (10.6%) (11.3%) (11.9%) (11.3%) 15.9% 0.4% 18.8% 15.5% 11.4% 0.4% per annum High Pakistan Stock Exchange Central Depository Company (CDC) A. F. Ferguson & Co. Chartered Accountants KMI-30 Index Sajjad Anwar, CFA Growth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM1 by PACRA (Very High Quality) The objective of the Fund is to provide investors with long term capital growth from an actively managed portfolio of Shariah Compliant listed equities. ‘ During the month under review, NAFA Islamic Stock Fund’s (NISF) unit price (NAV) decreased by 10.6%, whereas the Benchmark decreased by 11.9%, thus an outperformance of 1.3% was recorded. Since inception on January 9, 2015 your Fund has posted 15.9% p.a return, versus 11.4% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 4.5% p.a. This outperformance is net of management fee and all other expenses. NISF started off the month with an allocation of around 85% in equities, which increased to around 86% towards the end of the month. NISF outperformed the Benchmark in August as the Fund was underweight in select Cement, Pharmaceuticals, Cable & Electric goods, and Refinery sectors stocks that underperformed the market and overweight in select Automobile Assembler, Oil & Gas Marketing Companies, Technology & Communication, Miscellaneous, and Textile Composite sectors stocks which outperformed the market. During the month, the allocation was increased primarily in Technology & Communication, Miscellaneous, Textile Composite, Oil & Gas Exploration Companies, and Engineering, whereas it was reduced primarily in Cable & Electrical Goods, Cement, Fertilizer, Chemical, Glass & Ceramics, and Power Generation & Distribution Companies sectors. Relative Performance of NAFA Islamic Stock Fund (NISF) Since Launch on January 09, 2015 100% ** effective from January 02, 2017 31-Aug-17 31-July-17 86.1% 12.4% 1.5% 100.0% Nil 85.4% 11.0% 3.6% 100.0% Nil Characteristics of Equity Portfolio*** 20% 0% 17.8% 14.9% 9.5% 6.2% 6.0% 31.7% 9-Jun-17 28-Jul-17 3-Mar-17 21-Apr-17 13-Jan-17 7-Oct-16 25-Nov-16 1-Jul-16 19-Aug-16 DY 4.0% 4.3% 13-May-16 -20% Top Ten Holdings (as on 31 August, 2017) % of Total Assets Top Five Sectors (% of Total Assets) (as on 31 August, 2017) Oil & Gas Exploration Companies Cement Oil & Gas Marketing Companies Textile Composite Fertilizer Others 11.0% 16.4% NISF, 47.7% 5-Feb-16 PBV 3.7 1.6 11.4% 17.3% Benchmark, 32.9% Peers Avg., 32.1% 9-Jan-15 PER 9.2 9.3 15.9% 16.2% Cumulative Return Peers Avg. 40% 17-Apr-15 NISF KMI-30 Benchmark 60% 27-Feb-15 Equities / Stocks Cash Equivalents Others including receivables Total Leverage NISF Annualized Return Risk (Std. Deviation) 80% Asset Allocation (% of Total Assets) Since Launch* January 09, 2015 31-Aug-17 January 9, 2015 Rs. 7,357 million Open-end-Shariah Compliant-Equity 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 3.26% p.a.(including 0.37% government levies) 25-Mar-16 Benchmark: Fund Manager: Minimum Subscription: Asset Manager Rating: 12.9% 30-Oct-15 Selling & Marketing Expenses Risk Profile Listing: Custodian & Trustee: Auditors: 32.5% 18-Dec-15 Management Fee: Total Expense Ratio (%) 8.8% 11-Sep-15 Settlement: Pricing Mechanism Load:** FY 2016 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 Launch Date: Fund Size: Type: Dealing Days: Dealing Time: FY 2017 5-Jun-15 NAFA Islamic Stock Fund Aug 2017 24-Jul-15 Performance Period % of Total Assets Pakistan Oilfields Ltd Equity 5.8% Nishat Mills Ltd Equity 3.5% Pak Petroleum Ltd Equity 4.9% Mari Petroleum Company Ltd Equity 3.5% Engro Corporation Ltd Equity 3.8% Lucky Cement Ltd Equity 3.3% Hub Power Company Ltd Equity 3.6% Sui Northern Gas Ltd Equity 3.3% Oil & Gas Dev.Co Equity 3.6% Pakistan State Oil Co. Ltd Equity 3.3% Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 44,440,040/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 0.0702/0.66%. For details investors are advised to read the Note 6 of the Financial Statements of the Scheme for the period ended March 31, 2017. 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. Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Taha Khan Javed, CFA Hassan Raza, CFA 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 the investment policies and the risks involved.