Pakistan: NAFA Islamic Stock Fund Report - February 2017

Transcription

1. NAFA Islamic Stock Fund (NISF) February 2017 Unit Price (28/02/2017): Rs.15.4136 Performance Period Feb 2017 FYTD 2017 Rolling 12 Months Mar 16 - Feb 17 NAFA Islamic Stock Fund 1.1% 34.7% 57.9% 12.9% 27.9% (0.3%) 26.3% 55.5% 15.5% 24.3% 80% 88.8% 8.4% 2.8% 100.0% Nil 86.9% 12.9% 0.2% 100.0% Nil Annualized Return Risk (Std. Deviation) 27.9% 14.8% Peers Avg. 24.3% 15.4% 22.2% 15.1% NISF, 69.4% Benchmark, 59.3% 20% 0% 18.4% 12.9% 12.1% 11.4% 6.1% 27.9% Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 44,976,893/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 0.0997/1.02%. 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. 13-Jan-17 7-Oct-16 25-Nov-16 1-Jul-16 19-Aug-16 13-May-16 5-Feb-16 25-Mar-16 18-Dec-15 30-Oct-15 -20% DY 3.5% 3.9% Cumulative Return Peers Avg., 53.7% Top Ten Holdings (as on 28 Feb, 2017) % of Total Assets Top Five Sectors (% of Total Assets) (as on 28 Feb, 2017) Cement Oil & Gas Exploration Companies Fertilizer Oil & Gas Marketing Companies Automobile Assembler Others Benchmark 40% 24-Jul-15 PBV 3.9 2.8 NISF 28-Feb-17 31-Jan-17 Characteristics of Equity Portfolio*** PER 10.2 12.2 Relative Performance of NAFA Islamic Stock Fund (NISF) Since Launch of the Fund 11-Sep-15 28-Feb-17 Equities / Stocks Cash Equivalents Others including receivables Total Leverage NISF KMI-30 NISF started off the month with an allocation of around 87% in equities, which increased to around 89% towards the end of the month. NISF outperformed the Benchmark in February as the Fund was underweight in select Power Generation & Distribution Companies, Fertilizer, Oil & Gas Exploration Companies, Oil & Gas Marketing Companies, Food & Personal Care Products, and Pharmaceuticals sectors stocks which underperformed the market and overweight in select Oil & Gas Exploration Companies, Automobile Assembler, Cement, Engineering, and Textile Composite sectors stocks which outperformed the market. During the month, the allocation was increased primarily in Cement, Engineering, Miscellaneous, Power Generation & Distribution Companies, and Oil & Gas Marketing Companies Sectors, whereas it was reduced primarily in Food & Personal Care Products, Oil & Gas Exploration Companies, and Technology & Communication sectors. 60% ** effective from January 02, 2017 Asset Allocation (% of Total Assets) During the month under review, NAFA Islamic Stock Fund’s (NISF) unit price (NAV) increased by 1.1%, whereas the Benchmark decreased by 0.3%, thus an outformance of 1.4% was recorded. Since inception on January 9, 2015 your Fund has posted 27.9% p.a return, versus 24.3% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 3.6% p.a. This outperformance is net of management fee and all other expenses. 5-Jun-15 Benchmark: Fund Manager: Minimum Subscription: Asset Manager Rating: ‘ 17-Apr-15 Risk Profile Listing: Custodian & Trustee: Auditors: The objective of the Fund is to provide investors with long term capital growth from an actively managed portfolio of Shariah Compliant listed equities. 9-Jan-15 Management Fee: Total Expense Ratio (%) January 9, 2015 Rs. 6,953 million Open-end-Shariah Compliant-Equity Fund Daily – Monday to Friday (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 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 4.34% p.a.(including 1.90% government levies) 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/AM2++ by PACRA (High Investment Management Standards) 27-Feb-15 Settlement: Pricing Mechanism Load:** Since Launch* January 09, 2015 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 2016 % of Total Assets Engro Corporation Ltd Equity 6.8% Pakistan State Oil Co. Ltd Equity 3.6% Lucky Cement Ltd Equity 5.3% Shell Pakistan Ltd Equity 3.1% Mari Petroleum Company Ltd Equity 4.5% Oil & Gas Dev Co Ltd Equity 3.1% Hub Power Company Ltd Equity 3.8% D G Khan Cement Co Ltd Equity 3.1% Engro Fertilizer Ltd Equity 3.6% Nishat Mills Ltd Equity 3.0% 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.