ABL Asset Management: Fund Report - March 2021

Transcription

1. FUND MANAGER ’S REPORT MARCH 2021 1. In case of complaint, you may contact your Relationship Manager or call us at UAN 042-111-225-262. You may also email at contactus@ablamc.com or visit https://www.ablamc.com/investor-services/feedback-and-complaint/ 2. In case your complaint has not been properly addressed by us, you may also lodge a complaint on SECP's Service Desk: https://sdms.secp.gov.pk/.
2. AM2 ++ Rating as per JCR-VIS Turn your Tax Liability into Savings! Up to 20% Tax Savings by investing in ABL Mutual Funds Up to 20% Tax Savings by investing in ABL Pension Funds To avail Tax Credit, simply follow the steps given below Step 1 Step 2 Invest in ABL Funds up to your Tax ceiling before June 30 2021 Claim Tax Credit on your Tax Liability of 2020 - 2021 from your investment Invest Rs. 2,000,000 or 20% of taxable income (whichever is lower) in ABL Mutual Funds.1 Invest up to maximum of 20% of taxable income in ABL Pension Fund or ABL Islamic Pension Fund.2 As a Salaried individual, inform your HR or Finance Department of your investments to adjust your tax credit amount from monthly income tax deductions. Non-Salaried individuals can adjust tax payable by showing investment in wealth statement. The benefits shown in the following table are calculated as an illustration based on maximum Investments subject to respective income brackets as defined in ITO, 2001. Salaried Individual Annual Taxable Income (ATI) Tax Amount (as per Tax Law) Effective Tax Rate % Permissible Investment for Tax Credit Mutual Funds Permissible Investment for Tax Credit Pension Funds Tax Credit Through Mutual Funds (as per sec 62) Tax Credit Through Pension Fund (as per sec 63) Total Tax Credit in Mutual Funds and Pension Funds (PKR) A B C D=A*20% or Rs. 2mn1 E= A*20% F=DxC G=ExC H=F+G 1 1,200,000 30,000 2.50% 240,000 240,000 6,000 6,000 12,000 2 1,800,000 90,000 5.00% 360,000 360,000 18,000 18,000 36,000 3 2,500,000 195,000 7.80% 500,000 500,000 39,000 39,000 78,000 4 3,500,000 370,000 10.57% 700,000 700,000 74,000 74,000 148,000 5 5,000,000 670,000 13.40% 1,000,000 1,000,000 134,000 134,000 268,000 6 8,000,000 1,345,000 16.81% 1,600,000 1,600,000 269,000 269,000 538,000 7 12,000,000 2,345,000 19.54% 2,000,000 2,400,000 390,833 469,000 859,833 8 30,000,000 7,295,000 24.32% 2,000,000 6,000,000 486,333 1,459,000 1,945,333 9 50,000,000 13,295,000 26.59% 2,000,000 10,000,000 531,800 2,659,000 3,190,800 S. No. Non-Salaried Individual 1 600,000 10,000 1.67% 120,000 120,000 2,000 2,000 4,000 2 1,200,000 30,000 2.50% 240,000 240,000 6,000 6,000 12,000 3 2,400,000 250,000 10.42% 480,000 480,000 50,000 50,000 100,000 4 3,000,000 370,000 12.33% 600,000 600,000 74,000 74,000 148,000 5 4,000,000 620,000 15.50% 800,000 800,000 124,000 124,000 248,000 6 6,000,000 1,220,000 20.33% 1,200,000 1,200,000 244,000 244,000 488,000 7 10,000,000 2,620,000 26.20% 2,000,000 2,000,000 524,000 524,000 1,048,000 8 30,000,000 9,620,000 32.07% 2,000,000 6,000,000 641,333 1,924,000 2,565,333 9 50,000,000 16,620,000 33.24% 2,000,000 10,000,000 664,800 3,324,000 3,988,800 Amount in PKR 1 2 As per Section 62 of Income Tax Ordinance, 2001, an individual investor of open end Mutual Fund (unit trust schemes) can claim tax credit on investment of up to Rs. 2,000,000 or 20% of an individual’s taxable income (whichever is lower) on an investment made in Mutual Funds between July 1st and June 30th. As per Section 63 of Income Tax Ordinance, 2001, an individual investor of the Pension Fund scheme can claim tax credit subject upto maximum of 20% of current year’s taxable income. To avail Tax Rebate on Mutual Funds, a minimum holding period of two years from the date of investment is required, failing which taxes shall be applicable as per the tax laws. Disclaimer: All investments in Mutual Funds and Pension Funds 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 risks involved. Investors are expected to seek independent advice so as to determine the tax saving from investment in Mutual Funds and voluntary pension schemes.
3. IN FOCUS FUND MANAGER ’S REPORT MARCH 2021 ECONOMY AND CAPITAL MARKETS UPDATE Economic Review CPI for the month of Mar’21 clocked in at 9.05%YoY compared to 10.24%YoY in the same period last year (SPLY). On a monthly basis, CPI appeared at 0.36% vs 1.80% in Feb’21. The pace of monthly inflation lowered due to reduction in electricity tariff and the prices of liquefied hydrocarbons during the month. Similarly, the transport index showed negative growth amid fall over in prices of transport services. On the flip side, the food inflation is moving upward as expected due to higher international commodity prices, keeping the benefit in check. The same trend will persist next month keeping the Ramadan factor in consideration. The lower base effect will also push the inflation upward while the higher education index will cause the incremental inflation. Hence, the inflation is expected to go in double digits in April’21. Moving ahead, the average inflation has reached to 8.35%YoY during the 9MFY21 and is reckoned to settle at 9.2%YoY, slightly above the upper limit of the SBP’s target range of 7%-9%. On balance of payment (BOP) front, Pakistan posted current account deficit (CAD) of USD 50 million during the Feb’21 compared to USD 210 million deficit in the previous month, taking total current account position into surplus of USD 881 million for 8MFY21 against a deficit of ~USD 2.74 billion during same period last year (SPLY). Pakistan exported goods & services worth ~USD 2.65 billion during Feb’21 versus ~USD 2.578 billion in the previous month, up by ~2.75%MoM. Cumulatively, exports clocked in at ~USD 19.88 billion for 8MFY21 compared to ~USD 20.25 billion in the SPLY. On the other hand, Pakistan imported goods & services worth ~USD 5.18 billion during Feb’21 compared to ~5.08 billion in Jan’21, taking total imports for 8MFY21 to ~USD 37.30 billion compared to ~USD 35.72 billion in the SPLY. This increase in imports is led by higher commodity prices and revival in economic activity. Overall trade deficit increased by ~12.64%YoY during 8MFY21 compared to SPLY. This increase in imports is offset by increased remittances. During Feb’21, worker’s remittance clocked in at ~USD 2.27 billion compared to ~USD 1.83 billion in Feb’20. In aggregate, remittances for 8MFY21 arrived at ~USD 18.74 billion compared to ~USD 15.10 billion during 8MFY20. Foreign exchange reserves, at SBP, stood at ~USD 13.30 billion, as of April 1st 2021, providing a total import cover of ~3.03 months. On the fiscal side, FBR managed to collect PKR 475 billion during the month, taking the total collection for 9MFY21 to ~PKR 3.40 trillion while overshooting the target of~ PKR 3.30 trillion for the period by ~PKR 106 billion. Money Market Review The main event during Mar’21 was the announcement of Monetary Policy by SBP in which policy rate was kept unchanged at 7.00%. The State Bank expects the average inflation of FY21 to fall at the upper end of the previously announced range of 7-9 percent however over the medium term inflation should fall to the previous target range of 5-7 percent. Given this underlying inflation trajectory, the MPC continued with their existing accommodative stance to support the recovery while keeping inflation expectations well-anchored while maintaining financial stability. During the month, T-bill auctions saw considerable participation in 3M and 6M tenors with cutoff yields increasing exorbitantly as market participants expected an increase in the policy rate. 3M cutoff yield increased from 7.25% to 7.54%, 6M cutoff yield increased from 7.55% to 7.80% however the 12M cutoff yield remained unchanged. During Mar’21 government ended up borrowing a total of PKR 2,179.4bn across 3M, 6M and 12M tenors. PIB auction held during the month also saw significant increase in cutoff yields as the debt office issued supply across all tenors, however in limited quantity. 3Y cutoff yield increased from 8.99% to 9.41%, 5Y cutoff yield increased from 9.59% to 9.90% whereas the 10Y cutoff yield increased from 10.05% to 10.29% which resulted in further widening of yield spread from policy rate. During the month of Mar’21 SBP conducted nine OMO (Injections) and remained a net lender of PKR 860.3bn at a weighted average yield of 7.04%. Stock Market Review During the month, The KSE-100 index underwent a dip of 1,277 points (~2.78%MoM), and closed at 44,587 points. This took CYTD and FYTD returns to ~1.90% and ~29.53%, respectively. Average traded volume were down by ~11.61%MoM to ~234 million while the value declined by ~10.36%MoM to ~USD 95 million. Dismal performance of the market was due to political noise following the disagreement over the senate elections. The severity of Covid-19 third wave along with rising oil prices in international market also negatively impact the market. Foreign investors continued their selling spree by offloading shares worth of ~USD 9 million. On the domestic front, insurance companies and individuals bought massively with a net buying of ~USD 16 million and ~USD 11 million, respectively. A sector-wise analysis shows that Technology & communication and Power generation & distribution sectors marked foreign outflow of ~USD 8 million and ~USD 4 million, respectively. As for now, the KSE-100 index is trading at a 2021E P/E multiple of 6.7x and offering a dividend yield of 7.1%. ECONOMIC SUMMARY Last Reported Month Current Month Previous Month YTD March February February February February March March March 9.05% (2,349) 2,266 (50) 155 475 5.75% 20.836 8.70% (2,336) 2,274 (210) 193 328 - 8.35% (16,083) 18,743 881 1,301 3,390 - CPI Inflation Trade Deficit (USD mn) Remittances (USD mn) Current A/C (USD mn) FDI (USD mn) Tax Collection ** (PKR bn) M2 Growth* FX Reserves* (USD bn) Source SBP, FBS * Latest monthly figures ** Provisional figures FIXED INCOME YIELDS PKRV Yields (%) 6 Months 1 Year 3 Year 5 Year 10 Year 7.77 7.51 26 7.89 7.80 9 9.35 9.20 15 9.86 9.85 1.00 10.42 10.20 22 March 31 , 2021 February 28, 2021 M/M 1 Yr Low 1 Yr High 44,588 234 95 6.7 7.1% 45,865 265 105 - -2.8% -11.6% -10% - 29,232 54 15 - 46,934 541 155 - March 31, 2021 February 28, 2021 Change (bps) Source : FMA EQUITY MARKET PERFORMANCE KSE - 100 Index Avg. Daily Vol. (mn) Avg. Daily Val. (USD mn) 2021E PE(X) 2021E DY Source: PSX, Bloomberg FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
4. IN FOCUS FUND MANAGER ’S REPORT MARCH 2021 RISK CATEGORIZATION OF COLLECTIVE INVESTMENT SCHEMES (CIS) Sr. No Name of Collective Investment Scheme Category Risk Profile Risk of Principal Erosion Money Market Scheme Low Principal at low risk CONVENTIONAL OFFERINGS 1 ABL Cash Fund 2 ABL Special Savings Fund (ABL Special Savings Plan - II) Capital Protected Scheme (Non-Equity) Low Principal at low risk 3 ABL Special Savings Fund (ABL Special Savings Plan - III) Capital Protected Scheme (Non-Equity) Low Principal at low risk 4 ABL Special Savings Fund (ABL Special Savings Plan - V) Capital Protected Scheme (Non-Equity) Low Principal at low risk 5 ABL Government Securities Fund Income Scheme Moderate Principal at moderate risk 6 ABL Income Fund Income Scheme Medium Principal at medium risk 7 ABL Financial Planning Fund (Conservative Allocation) Fund of Fund Scheme Medium Principal at medium risk 8 ABL Financial Planning Fund (Active Allocation) Fund of Fund Scheme High Principal at high risk 9 ABL Stock Fund Equity Scheme High Principal at high risk Asset Allocation Scheme High Principal at high risk Shariah Compliant Money Market Scheme Low Principal at low risk Shariah Compliant Income Scheme Moderate Principal at moderate risk Shariah Compliant Fund of Fund Scheme Medium Principal at medium risk Shariah Compliant Asset Allocation Scheme Medium Principal at medium risk 10 Allied Finergy Fund SHARIAH COMPLIANT OFFERINGS 1 ABL Islamic Cash Fund 2 ABL Islamic Income Fund 3 ABL Islamic Financial Planning Fund (Conservative Allocation) 4 ABL Islamic Asset Allocation Fund 5 ABL Islamic Financial Planning Fund (Active Allocation) Shariah Compliant Fund of Fund Scheme High Principal at high risk 6 ABL Islamic Financial Planning Fund (Aggressive Allocation) Shariah Compliant Fund of Fund Scheme High Principal at high risk 7 ABL Islamic Stock Fund Shariah Compliant Equity Scheme High Principal at high risk ADMINISTRATIVE PLAN 1 ABL AMC Financial Planner – Moderate Plan Medium Principal at medium risk 2 ABL AMC Financial Planner – Dynamic Plan Medium Principal at medium risk 3 ABL AMC Financial Planner – Aggressive Plan High Principal at high risk FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
5. IN FOCUS ABL INCOME FUND INVESTMENT OBJECTIVE The objective is to earn competitive risk adjusted rate of return by investing in a blend of short , medium, and long-term fixed income and debt instruments, both within and outside Pakistan. FUND MANAGER'S COMMENTS During the month of Mar’21, ABL Income Fund posted a return of 8.18% against the benchmark return of 7.79% thereby outperforming the benchmark by 39bps. During the month fund’s AUM increased significantly which resulted in a further decline in exposure in PIB’s and TFC’s while the fund kept on building position in MTS and Commercial Papers to improve the fund’s return. At month end the fund had 0.9% exposure in PIBs, 2.24% exposure in T-bills, 8.18% exposure in TFCs, 1.56% exposure in Commercial paper, 6.68% exposure in MTS/Spread Transactions and 74.89% of the funds were placed as Cash at the end of Mar’21. INVESTMENT COMMITTEE MEMBERS ABL-IF Vs Benchmark (MOM Returns %) 40 Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 35 30 25 20 15 10 5 0 -5 -10 APR 2020 MAY 2020 JUN 2020 JUL 2020 Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Stability Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage Open-end Income Scheme September 20, 2008 PKR 6,010.29mn as at March 31, 2021 PERFORMANCE PKR 5,891.48mn as at March 31, 2021 10.3726 as at March 31, 2021 6 Months KIBOR As Per Banking Days 4:00 PM Forward 8% of gross earning subject to minimum of 0.5% up to 1% of net assets p.a upto 1.5%(Front-end),NIL(Back-end) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson - Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) 31 December, 2020 Medium A+(f) (JCR-VIS) December 31, 2020 Fahad Aziz Pakistan Stock Exchange 1.67% 0.19% 4,182,989 0.0072 3,352,953 Nil ABL-IF Benchmark TECHNICAL INFORMATION Leverage Weighted average time to maturity of net assets TOP HOLDINGS (% OF TOTAL ASSETS) SEP 2020 ABL-IF BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark Dealing Days Cut-off time Pricing Mechanism Management Fees AUG 2020 NOV 2020 JAN 2021 FEB 2021 MAR 2021 6 Months Kibor March 31, 2021 YTD* St. Dev** Sharpe Ratio*** Alpha 8.18% 7.79% 3.85% 7.34% 2.41% 0.04% -0.46% 4.01% 1.28% N/A *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION Cash Others including Receivables TFCs T-Bills Commercial Paper Spread Transactions PIBs Total February 28, 2021 March 31, 2021 14.21% 26.15% 28.03% 21.17% 0.00% 5.72% 4.72% 100% 74.89% 5.55% 8.18% 2.24% 1.56% 6.68% 0.90% 100% Others Amount Invested by Fund of Funds is Rs. 118.81 million. ABL-IF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 4.65% 7.58% 5.04% 7.46% 6.31% 7.59% 9.15% 9.97% 8.39% 8.68% 16.94% 10.04% CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) March 31, 2021 AAA 23.04% 2.85% 1.79% 1.75% 1.16% 0.63% 8.18% Unrated 12.22% *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY AA 4.42% NonCompliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure(% of Total Asset) - - - - - - - *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 DEC 2020 *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load Nil 150.73 BAHL/TFC/061218 JSBL TFC 14-12-2016 BOP-TFC-ABLIF JSCL/TFC/180717 HUBCO SUKUK IF 6M (16-NOV-2020) Total OCT 2020 A 3.26% AA- 49.93% A+ 1.79% Govt Securities 3.15% AA+ 2.19% This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
6. IN FOCUS ABL CASH FUND INVESTMENT OBJECTIVE The objective of ABL-CF is to provide investors , consistent returns with a high level of liquidity, through a blend of money market and sovereign debt instruments. FUND MANAGER'S COMMENTS During the month of Mar’21, ABL Cash Fund posted an annualized return of 7.08% against the benchmark return of 6.78% thereby outperforming the benchmark by 30bps. The fund had almost all of its exposure in cash placed at special rates offered by banks at quarter end. At month end the fund had 88.25% exposure in Cash, 1.25% exposure in Money Market Investments, 1.62% exposure in Commercial Paper and 8.33% exposure in TDR at the end of Mar’21. INVESTMENT COMMITTEE MEMBERS ABL-CF Vs Benchmark (MOM Returns %) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager APR 2020 MAY 2020 JUN 2020 JUL 2020 AUG 2020 ABL-CF BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark* Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Stability Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage SEP 2020 Open-end Money Market Scheme July 31, 2010 PKR 35,906.1mn as at March 31, 2021 PERFORMANCE PKR 35,876.53mn as at March 31, 2021 10.2269 as at March 31, 2021 *70%-Avg of 3M PKRV rates + 30% 3M Avg Deposit Rate of 3 AA rated banks As Per Banking Days 4:00 PM Backward 0.50% of average daily net assets Up to 0.75% (Front-end),NIL (Back-end) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson - Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) December 31,2020 Low AA+(f) (JCR-VIS) December 31,2020 Fahad Aziz Pakistan Stock Exchange 0.55% 0.09% 3,526,367 0.001 0 Nil ABL-CF Benchmark TECHNICAL INFORMATION Leverage Weighted average time to maturity of net assets OCT 2020 NOV 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 Benchmark* March 31, 2021 YTD* St. Dev** Sharpe Ratio*** Alpha 7.08% 6.78% 6.75% 6.69% 0.26% 0.05% 0.64% -4.38% 0.39% N/A *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION Cash Placements with Banks(TDRs) Commercial Paper Investment in Money market Others including Receivables T-Bills Total February 28, 2021 March 31, 2021 1.03% 0.00% 2.50% 25.52% 0.36% 70.58% 100% 88.25% 8.33% 1.62% 1.25% 0.55% 0.00% 100% Others Amount Invested by Fund of Funds is Rs. 29.57 million. ABL-CF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 6.85% 6.70% 6.82% 6.67% 7.59% 7.20% 10.24% 8.94% 9.98% 7.32% 13.96% 6.86% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) Nil 3.09 AAA 96.87% *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY NonCompliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure(% of Total Asset) - - - - - - - *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. Unrated 0.55% FUND MANAGER'S REPORT, March 2021 AA+ 1.35% AA 1.23% This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
7. IN FOCUS ABL ISLAMIC CASH FUND INVESTMENT OBJECTIVE The objective of the fund is to provide competitive returns by investing in low risk and highly liquid Shari ’ah Compliant money market instruments. FUND MANAGER'S COMMENTS During the month of Mar’21, ABL Islamic Cash Fund generated an annualized return of 6.65% against the benchmark return of 3.18% therefore significantly outperforming the benchmark return by 347bps. Outperformance of the fund was due to better deposit deals negotiated with Banks at quarter end. At month end the fund had majority of its exposure in Cash which stood at 66.43%, Bai-Muajjal Placements at 18.84%, 7.55% in TDR and 6.44% of the funds exposure was placed in Short term Islamic commercial paper at the end of Mar’21. INVESTMENT COMMITTEE MEMBERS ABL-ICF Vs Benchmark (MOM Returns %) Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 9 8 7 6 5 4 3 2 1 0 APR 2020 MAY 2020 JUN 2020 JUL 2020 Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Stability Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage SEP 2020 ABL-ICF BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark AUG 2020 Open-end Shariah Compliant Money Market Scheme February 10, 2020 PKR 7,258.77mn as at March 31, 2021 PERFORMANCE PKR 7,159.09mn as at March 31, 2021 10 as at March 31, 2021 *Average deposit rates of three (3) AA rated Islamic Banks or Islamic windows of Conventional Banks As Per Banking Days 4:00 PM Backward 2% gross subject to minimum 0.25% up to 0.75% of NA p.a upto 1% (Front-end), NIL (Back-end) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson - Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) December 31,2020 Low AA(f) (JCR-VIS) December 31, 2020 Abdul Rehman Tahir, CFA Pakistan Stock Exchange 0.31% 0.05% N/A N/A 0 Nil ABL-ICF Benchmark OCT 2020 NOV 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 Benchmark* March 31, 2021 YTD* St. Dev** Sharpe Ratio*** Alpha 6.65% 3.18% 6.32% 3.54% N/A N/A N/A N/A 3.25% N/A *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION February 28, 2021 Cash Placements with Banks(TDRs)/Bai-Muajjal Commercial Paper Others including Receivables Total March 31, 2021 50.28% 39.14% 8.31% 2.26% 100% 66.43% 26.39% 6.44% 0.74% 100% Others Amount Invested by Fund of Funds is Rs. 99.68 million. ABL-ICF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 6.60% 3.17% 6.46% 3.37% 7.15% 3.90% N/A N/A N/A N/A 6.32% 4.09% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) TECHNICAL INFORMATION Leverage Weighted average time to maturity of net assets Nil 8.88 AAA 65.44% *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY NonCompliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure(% of Total Asset) - - - - - - - AA 21.36% *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. Unrated 0.73 FUND MANAGER'S REPORT, March 2021 AA+ 12.47% This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
8. IN FOCUS ABL GOVERNMENT SECURITIES FUND INVESTMENT OBJECTIVE The objective of the scheme is to deliver optimal risk adjusted returns by investing mainly in mix of short to long term Government Securities and other debt Instruments . FUND MANAGER'S COMMENTS During the month of Mar’21, ABL Government Securities Fund posted a return of 8.75% against the benchmark return of 7.66% thereby outperforming the benchmark by 109bps. The out performance was largely attributed towards mark to market gains on the PIB portfolio as yields tapered off after MPC announcement. At month end the fund had 44.15% exposure in PIBs, 5.90% exposure in TFCs / Sukuks and 1.05% of the funds exposure was placed as cash at the end of Mar’21. INVESTMENT COMMITTEE MEMBERS ABL-GSF-B Vs Benchmark (MOM Returns %) Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 35 30 25 20 15 10 5 0 -5 APR 2020 MAY 2020 JUN 2020 JUL 2020 AUG 2020 BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Stability Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage PERFORMANCE PKR 3,024.52mn as at March 31, 2021 10.3529 as at March 31, 2021 6 Months PKRV rates As Per Banking Days 4:00 PM Forward Class-B unit 1.25% p.a. Upto 1.5% (Front-end), Nil (Back-end) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson - Chartered Accountants AM2 ++ (Positive Outlook) (JCR-VIS) December 31, 2020 Moderate AA-(f) December 31, 2020 Fahad Aziz Pakistan Stock Exchange 1.29% 0.19% 10,609,429 0.0361 0 Nil ABL-GSF-B Benchmark TECHNICAL INFORMATION TOP HOLDINGS (% OF TOTAL ASSETS) BOP-TFC-GSF BAHL/TFC/061218 JSCL/TFC/180717 HUBCO SUKUK 22-AUG-19 JSCL TFC - 06-MAR-2018 (UPDATED) JSCL TFC (24-06-16) Total OCT 2020 ABL-GSF-B Open-end Income Scheme November 28, 2011 PKR 3,044.98mn as at March 31, 2021 Leverage Weighted average time to maturity of net assets SEP 2020 Nil 868.53 March 31, 2021 2.82% 1.37% 0.99% 0.47% 0.22% 0.03% 5.9% NOV 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 Benchmark March 31, 2021 YTD* St. Dev** Sharpe Ratio*** Alpha 8.75% 7.66% 4.20% 7.20% 21.32% 0.04% -0.02% 0.50% -0.55% N/A *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION Others including Receivables PIBs TFCs/SUKUK Cash T-Bills Total February 28, 2021 March 31, 2021 3.80% 78.08% 8.03% 1.85% 8.24% 100% 48.90% 44.15% 5.90% 1.05% 0.00% 100% Others Amount Invested by Fund of Funds is Rs. 20.46 million. ABL-GSF-B Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 4.78% 7.45% 6.20% 7.32% 6.90% 7.45% 9.97% 9.70% 9.27% 8.18% 14.11% 8.25% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) AAA 48.77% Govt Securities 44.15% *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY NonCompliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure(% of Total Asset) Government Government 70% 69.45% 67.99% -0.55% -2.01% Securities Securities *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 AA- 2.84% AA+ 1.81% unrated 1.05% AA 1.38% This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
9. IN FOCUS ABL ISLAMIC INCOME FUND INVESTMENT OBJECTIVE To provide investors with an opportunity to earn higher income over the medium to long-term by investing in a diversified portfolio consisting of different money market and debt instruments permissible under the Shariah principles . FUND MANAGER'S COMMENTS During the month of Mar’21, ABL Islamic Income Fund posted an annualized return of 5.89% against the benchmark return of 3.19% thereby outperforming the benchmark by 270bps. The fund had 26.72% of the exposure as Corporate Sukuks, 19.29% as TDR / Money Market Placements, 5.61% as Commercial paper, while 46.34% of the funds exposure was placed as Cash at the end of Mar’21 as Banks were offering special rate deposit deals at quarter end. INVESTMENT COMMITTEE MEMBERS ABL-IIF Vs Benchmark (MOM Returns %) Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 10 9 8 7 6 5 4 3 2 1 0 APR 2020 MAY 2020 JUN 2020 JUL 2020 AUG 2020 BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark* Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Stability Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage ABL-IIF Open-end Shariah Compliant Income Scheme July 31, 2010 PKR 4,706.29mn as at March 31, 2021 TECHNICAL INFORMATION Leverage Weighted average time to maturity of net assets NOV 2020 DEC 2020 JAN 2021 FEB 2021 Benchmark* March 31, 2021 YTD* St. Dev** Sharpe Ratio*** Alpha 5.89% 3.19% 5.77% 3.73% 0.73% 0.07% -2.01% -46.49% 1.58% N/A ABL-IIF Benchmark *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION February 28, 2021 Cash Corporate Sukuk Placement with Banks(TDRs/COM) Commercial Paper Others including Receivables Total March 31, 2021 34.84% 35.03% 22.25% 5.42% 2.46% 100% 46.34% 26.72% 19.29% 5.61% 2.05% 100% Others Amount Invested by Fund of Funds is Rs. 192.31 million. ABL-IIF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 5.16% 3.29% 5.37% 3.37% 5.96% 4.38% 9.12% 4.47% 8.09% 3.90% 12.24% 5.57% March 31, 2021 12.06% 7.18% 4.26% 2.70% 0.35% 0.15% 0.02% 26.72% CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) AA+ 24.72% AAA 48.46% AA 9.89% *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY A+ 7.24% NonCompliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure (% of Total Asset) - - - - - - - *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 MAR 2021 *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load Nil 410 Hubco Sukuk 22-AUG-19 DIB Sukuk (14-07-2017) EPCL/Suk/110419 Hubco/Suk/190320 MEBL Sukuk II FFCL Sukuk IIF KEL Sukuk (03-AUG-20) Total OCT 2020 PERFORMANCE PKR 4,513.98mn as at March 31, 2021 10.6536 as at March 31, 2021 *Average of 6 Months Deposit Rate of 3 A rated Islamic Banks As Per Banking Days 4:00 PM Forward 1 % p.a upto 1.5% (Front-end), NIL (Back-end) Central Depository Company of Pakistan Ltd (CDC) Deloitte - Yousuf Adil. Chartered Accountants AM2 ++ (Positive Outlook) (JCR-VIS) December 31, 2020 Moderate A+(f) (JCR-VIS) December 31, 2020 Abdul Rehman Tahir, CFA Pakistan Stock Exchange 1.19% 0.14% 4,679,344 0.0106 7,632,946 Nil TOP HOLDINGS (% OF TOTAL ASSETS) SEP 2020 A 7.03% AA- 0.6% Unrated 2.06% This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
10. IN FOCUS ABL ISLAMIC ASSET ALLOCATION FUND INVESTMENT OBJECTIVE The investment objective of the Fund is to earn a potentially high return through asset allocation between Shariah Compliant Equity Instruments , Shariah Compliant Fixed Income Instruments, Shariah Compliant Money Market Instruments and any other Shariah Compliant instrument as permitted by the SECP and Shariah Advisor. FUND MANAGER'S COMMENTS During the month of Mar’21, ABL IAAF posted an absolute return of 0.53% against the benchmark return of 0.27% thereby outperforming the benchmark by 26bps. At months end, the total exposure in Corporate Sukuks and Cash stood at 68.75% and 27.10% respectively. INVESTMENT COMMITTEE MEMBERS ABL-IAAF Vs Benchmark (12m Rolling Returns) 8.00 % Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 7.00 % 6.00 % 5.00 % 4.00 % 3.00 % 2.00 % 1.00 % 0.00 % -1.00 % -2.00 % -3.00 % -4.50 % -5.00 % -6.00 % -7.00 % -8.00 % APR 2020 BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark* Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Performance Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage MAY 2020 JUN 2020 JUL 2020 AUG 2020 SEP 2020 ABL-IAAF Open-end Shariah Compliant Asset Allocation Scheme May 31, 2018 PKR 2,637.54mn as at March 31, 2021 PKR 2,637.54mn as at March 31, 2021 10.4627 as at March 31, 2021 Weighted average daily return of KMI 30 Index and 6M avg Islamic Banks or Islamic Banking windows of scheduled commercial banks based on actual proportion of Investment in Equity & Fixed Income Monday to Friday 4:00 PM Forward 0.2% of Net Assets Upto 3.00% (Front-end), NIL (Back-end) MCB Financial Services Limited (MCBFSL) A.F. Ferguson & Co, Chartered Accountants AM2++ (Positive outlook) (JCR-VIS) December 31, 2020 Medium N/A Abdul Rehman Tahir, CFA Pakistan Stock Exchange 0.3% 0.05% N/A N/A 0 Nil *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY NonCompliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) - - - - - - Exposure (% of Total Asset) OCT 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 PERFORMANCE ABL-IAAF Benchmark March 31, 2021 YTD* St. Dev** Beta*** Alpha 0.53% 0.27% 6.01% 2.84% N/A N/A N/A N/A 9.00% N/A *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION Corporate Sukuk Bank Balances Others Total February 28, 2021 March 31, 2021 77.34% 18.42% 4.24% 100% 68.75% 27.10% 4.15% 100% Others Amount Invested by Fund of Funds is Rs. 0.00 million. ABL-IAAF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 1.85% 0.82% 3.70% 1.70% 14.93% 5.93% N/A N/A N/A N/A 12.11% 4.40% *Funds returns computed on absolute annualized basis / Performance data does not include cost incurred by investor in the form of sales load TOP TFCs / SUKUK HOLDING ( % OF TOTAL ASSETS) March 31, 2021 Meezan Bank - Sukuk Tier 1 Byco Petro-Sukuk (18-01-17) (New) DIBPL Sukuk - Tier 1 K-Electric (3-AUG-2020) Pakistan Services Sukuk (30-11-17) IBL Sukuk (UPDATED STRUCTURE) AL Baraka Bank Sukuk (22-08-17) Bank Islami - Sukuk Teir 1 GOP Ijara Sukuk -Apr 2020 Aspin Pharma Sukuk (30-11-17) New Total 13.07% 10.24% 8.53% 7.66% 5.77% 5.57% 4.20% 3.94% 2.92% 2.37% 68.75% - *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. SECTOR ALLOCATION (% OF TOTAL ASSETS) 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 SUKUK BANK BALANCE & OTHERS FUND MANAGER'S REPORT, March 2021 NOV 2020 Benchmark* 68.75 31.25 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
11. IN FOCUS ABL STOCK FUND INVESTMENT OBJECTIVE To provide higher risk adjusted returns over the long term by investing in a diversified portfolio of equity instruments offering capital gain and dividends . FUND MANAGER'S COMMENTS ABL-SF decreased by 4.07 % in March’21 against 2.78 % decrease in the benchmark, reflecting an under performance of 1.29 basis points. As at March’ 31, ABL-SF was 96.83% invested in equities and remaining in bank deposits. ABL Stock Fund generated a negative return of 4.07 % during the month of March’ 21. During the month, The KSE-100 index underwent a dip of 1,277 points (~2.78%MoM), and closed at 44,587 points. This took CYTD and FYTD returns to ~1.90% and ~29.53%, respectively. Average traded volume was down by ~11.61%MoM to ~234 million while the value declined by ~10.36% MoM to ~USD 95 million. Dismal performance of the market was due to political noise following the disagreement over the senate elections. The severity of Covid-19 third wave along with rising oil prices in international market also negatively impact the market. Foreign investors continued their selling spree by offloading shares worth of ~USD 9 million. On the domestic front, insurance companies and individuals bought massively with a net buying of ~USD 16 million and ~USD 11 million, respectively. A sector-wise analysis shows that Technology & communication and Power generation & distribution sectors marked foreign outflow of ~USD 8 million and ~USD 4 million, respectively. As for now, the KSE-100 index is trading at a 2021E P/E multiple of 6.7x and offering a dividend yield of 7.1%. INVESTMENT COMMITTEE MEMBERS ABL-SF Vs Benchmark (12m Rolling Returns) 20.00 % Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 17.50 % 15.00 % 12.50 % 10.00 % 7.50 % 5.00 % 2.50 % 0.00 % -2.50 % -5.00 % -7.50 % -10.00 % -12.50 % -15.00 % -17.50 % -20.00 % BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Performance Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage APR 2020 JUL 2020 AUG 2020 SEP 2020 OCT 2020 NOV 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 KSE-100 PERFORMANCE PKR 6,090.5mn as at March 31, 2021 15.3677 as at March 31, 2021 KSE-100 Index As Per Pakistan Stock Exchange (PSX) 4:00 PM Forward 2% p.a Upto 2% (Front-end), NIL (Back-end) Central Depositary Company of Pakistan Limited (CDC) A.F. Ferguson & Co, Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) 31 December, 2020 High N/A Ali Ahmed Tiwana Pakistan Stock Exchange 3.52% 0.32% 56,599,751 0.1333 62,623,869 Nil February 28, 2021 March 31, 2021 8.93% 7.28% 6.37% 4.11% 3.83% 4.08% 4.20% 4.02% 2.60% 3.64% 8.66% 7.62% 6.48% 4.27% 4.21% 4.06% 3.66% 3.65% 3.63% 3.60% Lucky Cement Limited Habib Bank Limited United Bank Limited Mari Gas Company Limited Pioneer Cement Limited Hub Power Company Limited Pak Petroleum Ltd. Kohat Cement Limited Meezan Bank Ltd. Oil & Gas Dev.Co JUN 2020 ABL-SF Open-end Equity Scheme June 27, 2009 PKR 6,527.58mn as at March 31, 2021 TOP TEN HOLDINGS (% OF TOTAL ASSETS) MAY 2020 *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY March 31, 2021 YTD* St. Dev** Beta*** Alpha -4.07% -2.78% 32.99% 29.53% 20.17% 17.83% 1.11% 1.00% 6.20% N/A ABL-SF Benchmark *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION Stock/Equity Bank Balances Others Total Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure (% of Total Asset) - - - - - - - March 31, 2021 95.10% 3.17% 1.73% 100% 96.83% 1.79% 1.38% 100% Others Amount Invested by Fund of Funds is Rs. 437.08 million. ABL-SF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 2.16% 1.90% 12.17% 9.90% 58.73% 52.53% 0.88% -2.13% 33.45% 32.69% 657.93% 234.51% Funds returns computed on absolute annualized basis / Performance data does not include cost incurred by investor in the form of sales load SECTOR ALLOCATION (% OF TOTAL ASSETS) 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 37.5 40.0 23.86 COMMERCIAL BANKS CEMENT 21.3 OIL AND GAS EXPLORATION FERTILIZERS NonCompliant February 28, 2021 ENGINEERING Others 11.55 6.47 5.29 31.53 *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
12. IN FOCUS ABL ISLAMIC STOCK FUND INVESTMENT OBJECTIVE To provide capital appreciation to investors through higher , long term risk adjusted returns by investing in a diversified sharia compliant portfolio of equity instruments offering capital gains and dividends. FUND MANAGER'S COMMENTS ABL-ISF decreased by 5.37% in March’21 against 4.25% decrease in the benchmark, reflecting an under performance of 112 basis points. As at March ’21, ABL-ISF was 95.38 % invested in equities and remaining in bank deposits. ABL Islamic Stock Fund generated a negative return of 5.37 % during the month of March '21. During the month, the KMI-30 index declined by 3,238 points (~4.25%MoM) in Mar’ 21, and closed at 73,076 points. This took the CYTD and FYTD returns to ~2.63% and ~32.81%, respectively. Average traded volume declined by ~18.96%MoM to 94 million while the value decreased by ~22. 20%MoM to USD 43 million. Dismal performance of the market was due to political noise following the disagreement over the senate elections. The severity of Covid-19 third wave along with rising oil prices in international market also negatively impact the market. Foreign investors continued their selling spree by offloading shares worth of ~USD 9 million. On the domestic front, insurance companies and individuals bought massively with a net buying of ~USD 16 million and ~USD 11 million, respectively. A sector-wise analysis shows that Technology & communication and Power gener tion & distribution sectors marked foreign outflow of ~USD 8 million and ~USD 4 million, respectively. As for now, the KSE-100 index is trading at a 2021E P/E multiple of 6.7x and offering a dividend yield of 7.1%. INVESTMENT COMMITTEE MEMBERS ABL-ISF Vs Benchmark (12m Rolling Returns) 20.00 % Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 17.50 % 15.00 % 12.50 % 10.00 % 7.50 % 5.00 % 2.50 % 0.00 % -2.50 % -5.00 % -7.50 % -10.00 % -12.50 % -15.00 % -17.50 % -20.00 % BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark Dealing Days Cut-off time Pricing Mechanism Management Fees Load Upto Trustee Auditor Asset Manager Rating Risk Profile of the Fund Performance Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage APR 2020 JUL 2020 AUG 2020 SEP 2020 OCT 2020 NOV 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 KMI-30 PERFORMANCE PKR 3,388.15mn as at March 31, 2021 15.9691 as at March 31, 2021 KMI-30 Index As Per Pakistan Stock Exchange (PSX) 4:00 PM Forward 2% p.a 2% (Front-end), NIL (Back-end) MCB Financial Services Limited(MCBFSL) A.F. Ferguson & Co, Chartered Accountants AM2++ (Positive outlook) (JCR-VIS) December 31, 2020 High N/A M. Abdul Hayee, CFA Pakistan Stock Exchange 3.38% 0.3% 24,604,841 0.1093 31,207,193 Nil February 28, 2021 March 31, 2021 12.59% 5.50% 5.78% 6.29% 5.47% 5.40% 5.35% 4.74% 2.44% 3.79% 12.40% 7.24% 7.15% 6.67% 5.68% 5.52% 5.40% 5.10% 4.41% 3.87% Lucky Cement Limited Meezan Bank Ltd. Hub Power Company Limited Mari Gas Company Limited Oil & Gas Dev.Co Pak Petroleum Ltd. Engro Corporation Pakistan State Oil Co. Ltd. Maple Leaf Cement Factory Limited Engro Polymer JUN 2020 ABL-ISF Open-end Shariah Compliant Equity Scheme June 12, 2013 PKR 3,596.28mn as at March 31, 2021 TOP TEN HOLDINGS (% OF TOTAL ASSETS) MAY 2020 *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY March 31, 2021 YTD* St. Dev** Beta*** Alpha -5.37% -4.25% 31.07% 32.81% 21.56% 22.15% 0.93% 1.00% -1.10% N/A ABL-ISF Benchmark *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure (% of Total Asset) - - - - - - - March 31, 2021 92.75% 4.74% 2.51% 100% 95.38% 4.08% 0.54% 100% Stock/Equity Bank Balances Others Total Others Amount Invested by Fund of Funds is Rs. 208.13 million. ABL-ISF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 2.15% 2.63% 12.10% 12.82% 61.02% 62.12% 3.37% -5.13% 30.89% 25.46% 99.29% 92.48% *Funds returns computed on absolute annualized basis / Performance data does not include cost incurred by investor in the form of sales load SECTOR ALLOCATION (% OF TOTAL ASSETS) 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 37.5 40.0 CEMENT 25.01 OIL AND GAS EXPLORATION 19.53 POWER GEN & DISTRIBUTION COMMERCIAL BANKS NonCompliant February 28, 2021 ENGINEERING Others 7.52 7.24 5.9 34.8 *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
13. IN FOCUS ABL ISLAMIC DEDICATED STOCK FUND INVESTMENT OBJECTIVE To provide capital appreciation to investors of ‘Fund of Funds’ schemes by investing in Shariah compliant equity securities. FUND MANAGER'S COMMENTS ABL-IDSF decreased by 4.41% in March’21 against 4.25% decreased in the benchmark, reflecting an under performance of 16 basis points. As at March’ 31 ABL-IDSF was 95.64% invested in equities and remaining in bank deposits. During the month, the KMI-30 index declined by 3,238 points (~4.25%MoM) in Mar’21, and closed at 73,076 points. This took the CYTD and FYTD returns to ~2.63% and ~32. 81%, respectively. Average traded volume declined by ~18.96%MoM to 94 million while the value decreased by ~22.20%MoM to USD 43 million. Dismal performance of the market was due to political noise following the disagreement over the senate elections. The severity of Covid-19 third wave along with rising oil prices in international market also negatively impact the market. Foreign investors continued their selling spree by offloading shares worth of ~USD 9 million. On the domestic front, insurance companies and individuals bought massively with a net buying of ~USD 16 million and ~USD 11 million, respectively. A sector-wise analysis shows that Technology & communication and Power generation & distribtion sectors marked foreign outflow of ~USD 8 million and ~USD 4 million, respectively. As for now, the KSE-100 index is trading at a 2021E P/E multiple of 6.7x and offering a dividend yield of 7.1%. INVESTMENT COMMITTEE MEMBERS ABL-IDSF Vs Benchmark (12m Rolling Returns) 20.00 % Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager 17.50 % 15.00 % 12.50 % 10.00 % 7.50 % 5.00 % 2.50 % 0.00 % -2.50 % -5.00 % -7.50 % -10.00 % -12.50 % -15.00 % -17.50 % -20.00 % APR 2020 BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Performance Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage JUL 2020 AUG 2020 SEP 2020 OCT 2020 NOV 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 KMI-30 PERFORMANCE Nil 8.8267 as at March 31, 2021 KMI-30 Index As Per Banking Days 4:00 PM Forward 2% p.a NIL (Front-end), NIL (Back-end) MCB Financial Services Limited(MCBFSL) A.F. Ferguson & Co, Chartered Accountants AM2++ (Positive outlook) (JCR-VIS) December 31, 2020 High N/A M. Abdul Hayee, CFA Pakistan Stock Exchange 3.7% 0.32% 1,553,156 0.0248 4,339,073 Nil February 28, 2021 March 31, 2021 9.56% 7.32% 6.89% 5.65% 7.21% 7.09% 6.54% 5.97% 1.52% 5.17% 9.19% 8.04% 7.18% 7.08% 6.54% 6.25% 6.05% 5.01% 4.64% 4.30% Lucky Cement Limited Oil & Gas Dev.Co Meezan Bank Ltd. Hub Power Company Limited Pak Petroleum Ltd. Mari Gas Company Limited Pakistan State Oil Co. Ltd. Engro Corporation Unity Food Pioneer Cement Limited JUN 2020 ABL-IDSF Open-end Shariah Compliant Equity Scheme December 20, 2016 PKR 553.66mn as at March 31, 2021 TOP TEN HOLDINGS (% OF TOTAL ASSETS) MAY 2020 *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY March 31, 2021 YTD* St. Dev** Beta*** Alpha -4.41% -4.25% 30.97% 32.81% 22.60% 22.15% 0.96% 1.00% -1.25% N/A ABL-IDSF Benchmark *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure (% of Total Asset) - - - - - - - March 31, 2021 96.56% 2.30% 1.14% 100% 95.64% 4.07% 0.29% 100% Stock/Equity Others Bank Balances Total Others Amount Invested by Fund of Funds is Rs. 553.66 million. ABL-IDSF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 2.56% 2.63% 12.87% 12.82% 60.87% 62.12% -2.11% -5.13% N/A N/A -9.98% -9.46% *Funds returns computed on absolute annualized basis / Performance data does not include cost incurred by investor in the form of sales load SECTOR ALLOCATION (% OF TOTAL ASSETS) 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 37.5 40.0 OIL AND GAS EXPLORATION 20.83 CEMENT 19.65 FERTILIZERS ENGINEERING NonCompliant February 28, 2021 COMMERCIAL BANKS OTHERS 9.25 7.66 7.18 35.43 *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
14. IN FOCUS ALLIED FINERGY FUND INVESTMENT OBJECTIVE To seek long term capital appreciation through investments in equity stocks , primarily from the financial and energy sector / segment / industry, fixed income Instruments, Money Market Instruments based on market outlook. FUND MANAGER'S COMMENTS AFF decreased by 1.65 % in March’21 against 1.44 % decrease in the benchmark, reflecting an under-performance of 0.21 basis points. At month end, the total exposure in Equities and Cash stood at 86.85% and 11.24% respectively. INVESTMENT COMMITTEE MEMBERS AFF Vs Benchmark (12m Rolling Returns) Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager Risk Profile of the Fund Performance Rating Fund Manager Listing Total expense ratio (TER) Government Levies SWWF SWWF Impact/Unit Selling and Marketing Exp Leverage TOP TEN HOLDINGS (% OF TOTAL ASSETS) Pakistan State Oil Co. Ltd. Adamjee Insurance Co. Ltd. Oil & Gas Dev.Co Pak Petroleum Ltd. Habib Bank Limited Hub Power Company Limited United Bank Limited Mari Gas Company Limited Meezan Bank Ltd. Pakistan Oil Fields Ltd. February 28, 2021 March 31, 2021 7.19% 6.73% 7.29% 8.34% 5.65% 6.91% 5.48% 6.01% 3.45% 4.03% 7.63% 7.56% 7.00% 6.93% 6.61% 6.29% 5.98% 5.84% 4.91% 3.72% *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY NonCompliant 4.00 % 3.00 % 2.00 % 1.00 % 0.00 % -1.00 % -2.00 % -3.00 % -4.50 % -5.00 % -6.00 % -7.00 % -8.00 % MAY 2020 JUN 2020 JUL 2020 AUG 2020 SEP 2020 OCT 2020 NOV 2020 DEC 2020 JAN 2021 FEB 2021 MAR 2021 Benchmark* PERFORMANCE PKR 848.92mn as at March 31, 2021 10.5183 as at March 31, 2021 Weighted avg daily return of KSE 100 index, (70% 3M PKRV + 30% 3M avg deposit rate of 3 AA rated scheduled banks as selected by MUFAP), based on the fund’s actual allocation in equity, fixed income & money market instruments Monday to Friday 4:00 PM Forward 2% p.a Upto 3% (Front-end), NIL (Back-end) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson & Co, Chartered Accountants AM2++ (Positive outlook) (JCR-VIS) December 31, 2020 High N/A Ali Ahmed Tiwana Pakistan Stock Exchange 3.58% 0.31% N/A N/A 6,413,490 Nil Auditor Asset Manager Rating 5.00 % AFF Open-end Asset Allocation Scheme November 23, 2018 PKR 848.92mn as at March 31, 2021 Dealing Days Cut-off time Pricing Mechanism Management Fees Load Trustee 7.00 % 6.00 % APR 2020 BASIC FUND INFORMATION Fund Type Category Launch Date Net Assets Net Assets (Excluding FoF Investments) NAV Benchmark* 8.00 % March 31, 2021 YTD* St. Dev** Beta*** Alpha -1.65% -1.44% 13.69% 17.32% N/A N/A N/A N/A -19.48% N/A AFF Benchmark *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION February 28, 2021 March 31, 2021 84.23% 14.50% 1.27% 100% 86.85% 11.24% 1.91% 100% Stock/Equity Bank Balances Others Total Others Amount Invested by Fund of Funds is Rs. 0.00 million. AFF Benchmark 3 month 6 month 1 Year 3 Year 5 Year Since Inception 2.00% 2.12% 4.77% 8.38% 27.27% 46.75% N/A N/A N/A N/A 5.17% 14.20% *Funds returns computed on absolute annualized basis / Performance data does not include cost incurred by investor in the form of sales load SECTOR ALLOCATION (% OF TOTAL ASSETS) 0 5 10 15 20 30 35 40 45 50 55 25.35 COMMERCIAL BANKS 23.49 OIL AND GAS EXPLORATION BANK BALANCE & OTHERS 13.15 POWER GEN & DISTRIBUTION 13.07 OIL AND GAS MARKETING COMPANIES 12.34 OTHERS 25 12.6 Type of Exposure % of Net % of Total Excess Exposure Exposure (% of Investment Limit Assets Assets (% of Net Asset) Total Asset) OIL AND GAS Per Sector EXPLORATION COMPANIES 25% 25.87% 25.35% 0.87% 0.35% *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
15. IN FOCUS ABL FINANCIAL PLANNING FUND INVESTMENT OBJECTIVE To generate returns on investment as per the respective allocation plan by investing in mutual funds in line with the risk tolerance of the investor . PERFORMANCE INVESTMENT COMMITTEE MEMBERS Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager BASIC FUND INFORMATION Fund Type Category Launch Date** Benchmark Dealing Days Pricing Mechanism Cut-off time Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Manager Listing Leverage Fund TER Open-end Fund of Funds Scheme December 31, 2015 Weighted average return of KSE100 Index and average 6 month deposit rate of three Banks Monday to Friday Forward 4.00 pm NIL (upto 1.50% p.a. on the value of underlying Funds not managed by ABLAMC) Up to 2% (Front-end), NIL (Backend Contingent) MCB Financial Services Limited (MCBFSL) Deloitte - Yousuf Adil . Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) December 31, 2020 Medium to High Ali Ahmed Tiwana Pakistan Stock Exchange Nil Government Levies SWWF SWWF Impact/Unit Conservative Allocation Returns Benchmark Active Allocation Returns Benchmark Strategic Allocation Returns Benchmark March 2021 -0.03% 0.19% -2.96% -2.33% -2.95% -2.41% YTD 6.59% 8.75% 28.05% 24.08% 28.07% 24.36% 3 Months 1.37% 1.99% 1.72% 1.92% 1.74% 1.9% 6 Months 3.85% 4.9% 11.06% 9.38% 11.11% 9.46% 1 Year 11.96% 22.79% 48.74% 57.34% 48.55% 57.24% Since Inception 39.57% 39.57% 25.47% 45.87% 16.58% 37.08% ASSET ALLOCATION CONSERVATIVE PLAN 31-Dec-15 February 28, 2021 March 31, 2021 Cash 3.22% 1.58% Equity Funds 15.68% 17.87% Govt. Securities Funds 10.03% 10.28% Income Funds 56.54% 55.41% Money Market Funds 14.52% 14.86% Others 0.01% 0.00% Total 100% 100% February 28, 2021 March 31, 2021 0.38% 0.63% Equity Funds 78.91% 92.63% Income Funds 10.34% 3.34% Money Market Funds 10.37% 3.40% 100% 100% ACTIVE ALLOCATION PLAN 31-Dec-15 Cash Total STRATEGIC ALLOCATION PLAN 30-Dec-16 February 28, 2021 Cash Equity Funds March 31, 2021 0.21% 0.88% 80.30% 94.54% Conventional 0.38% 0.03% 1,001,072 0.5924 Income Funds 8.65% 1.19% Active 0.27% 0.02% 3,529,915 2.4450 Money Market Funds 10.84% 3.39% Strategic 0.23% 0.02% 103,858 0.0442 Total 100% 100% TECHNICAL INFORMATION Net Assets (PKR) NAV (PKR) 197,683,437.00 116.9792 Active Allocation Plan 156,860,749.00 108.6506 Strategic Allocation Plan 266,910,660.00 113.7106 Conservative Allocation Plan Leverage is NIL for all Plans FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
16. IN FOCUS ABL ISLAMIC FINANCIAL PLANNING FUND INVESTMENT OBJECTIVE To generate returns on investment as per the respective allocation plan by investing in Shariah compliant mutual funds in line with the risk tolerance of the investor . ASSET ALLOCATION INVESTMENT COMMITTEE MEMBERS CONSERVATIVE PLAN 23-Dec-15 Alee Khalid Ghaznavi - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager Cash Equity Funds Income Funds Total AGGRESSIVE PLAN 23-Dec-15 Cash Equity Funds Income Funds Money Market Funds Total BASIC FUND INFORMATION Fund Type Category Launch Date** Benchmark Open-end Shariah Compliant Fund of Funds Scheme December 23, 2015 Weighted average return of KMI30 Index and average 6 month deposit rate of three Islamic Banks Monday to Friday Forward 4.00 pm NIL (upto 1.50% p.a. on the value of underlying Funds not managed by ABLAMC) Up to 2% (Front-end), **(Backend Contingent) MCB Financial Services Limited (MCBFSL) Deloitte - Yousuf Adil . Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) December 31, 2020 Medium to High Ali Ahmed Tiwana Nil Dealing Days Pricing Mechanism Cut-off time Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Manager Leverage Fund Conventional Aggressive: Active: Strategic: Strategic III: CPPI: TER Government Levies SWWF SWWF Impact/Unit 0.86% 0.26% 0.24% 0.22% 0.26% 0.23% 0.03% 0.03% 0.03% 0.02% 0.03% 0.02% 930,342 1,788,733 6,115,927 2,751,727 83,542 N/A 1.8420 7.5545 1.6097 1.6616 0.3052 N/A TECHNICAL INFORMATION Net Assets (PKR) ABL IFPF -CONSERVATIVE 62,703,805.00 ABL IFPF - AGGRESSIVE 27,737,652.00 ABL IFPF - ACTIVE 443,594,929.00 ABL IFPF - STRATEGIC ALLOCATION PLAN 200,816,432.00 ABL IFPF - STRATEGIC ALLOCATION PLAN - III 33,371,552.00 ABLIFPF-Capital Preservation Plan- I (ABLCPP-I) 285,376,236.00 ACTIVE ALLOCATION PLAN 23-Dec-15 Cash Equity Funds Income Funds Money Market Funds Total STRATEGIC ALLOCATION PLAN 31-Mar-16 Cash Equity Funds Income Funds Money Market Funds Total February 28, 2021 March 31, 2021 29.76% 11.93% 58.31% 100% 28.32% 11.01% 60.67% 100% February 28, 2021 March 31, 2021 3.43% 79.33% 13.16% 4.08% 100% 3.80% 90.14% 1.81% 4.25% 100% February 28, 2021 March 31, 2021 0.29% 83.12% 3.19% 13.40% 100% 3.10% 91.97% 0.02% 4.91% 100% February 28, 2021 March 31, 2021 0.53% 81.55% 13.13% 4.79% 100% 1.75% 93.52% 0.16% 4.57% 100% STRATEGIC ALLOCATION PLAN-III 3-Mar-17 February 28, 2021 Cash Equity Funds Income Funds Money Market Funds Total 3.86% 86.23% 4.08% 5.83% 100% 4.03% 94.31% 0.07% 1.59% 100% CAPITAL PRESERVATION PLAN-I 29-Mar-19 February 28, 2021 Cash Equity Funds Income Funds Money Market Funds Total Total NAV (PKR) 124.1512 117.1461 116.7565 121.2593 121.9031 115.7298 March 31, 2021 March 31, 2021 0.51% 24.47% 66.65% 8.37% 0.00% 100% 10.45% 24.92% 47.05% 15.84% 1.74% 100% Leverage is NIL for all Plans PERFORMANCE Conservative March 2021 YTD 3 Months 6 Months 1 Year Since Inception Aggressive Active Strategic Strategic-III CPP I Returns Benchmark Returns Benchmark Returns Benchmark Returns Benchmark Returns Benchmark Returns Benchmark -0.18% 7.28% 1.53% 3.83% 11.07% 30.34% 0.24% 43.81% 29.66% 35.37% 55.64% 81.39% -3.74% 21.33% 1.76% 10.35% 36.66% 29.61% -3.37% 33.09% 9.31% 18.98% 52.71% 51.38% -3.86% 26.41% 1.95% 11.04% 50.82% 24.14% -3.95% 33.17% 4.88% 14.68% 59.87% 30.72% -3.65% 25.11% 2.31% 10.95% 46.21% 30.15% -3.42% 33.16% 6.9% 16.4% 57.02% 35.09% -3.76% 21.57% 1.72% 10.03% 38.24% 22.18% -3.88% 32.52% 7.2% 16.91% 53.98% 31.51% -0.22% 15.66% 3.26% 8.23% 25.54% 25.46% -0.2% 43.6% 23.41% 31.16% 60.66% 60.78% *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load, *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
17. IN FOCUS ABL SPECIAL SAVINGS FUND INVESTMENT OBJECTIVE ABL Special Savings Fund shall be an open-end Capital Protected Fund that aims to not only provide its unit-holders capital preservation but competitive regular returns from a portfolio of fixed income investments in line with the risk tolerance of the Investor ASSET ALLOCATION INVESTMENT COMMITTEE MEMBERS Alee Khalid Ghaznavi - CEO Saqib Matin , ACA - CFO & CS Fahad Aziz - Head of Fixed Income Ali Ahmed Tiwana - Head of Equity Muhammad Tahir Saeed, CFA - Head of Risk Management Abdul Rehman Tahir, CFA - Fund Manager Muhammad Abdul Hayee, CFA - Fund Manager ABL SPECIAL SAVINGS PLAN-I 18-Sep-19 February 28, 2021 March 31, 2021 Cash 1.24% 60.69% Others including Receivables 1.26% 0.61% PIBs 25.90% 38.70% T-Bills 71.60% 0.00% 100% 100% February 28, 2021 March 31, 2021 Total ABL SPECIAL SAVINGS PLAN-II 19-Sep-19 BASIC FUND INFORMATION Fund Type Category Benchmark Open-end Capital Protected Scheme *Average of 6 Months PKRV Rates **Average of 3 Months PKRV Rates. ***Average of 1 Month PKRV Rates As Per Banking Days Forward 4.00 pm Up to 0.50% p.a Up to 2% (Front-end), Contigent (Back-end) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson - Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) December 31, 2020 Low Fahad Aziz Pakistan Stock Exchange Nil Dealing Days Pricing Mechanism Cut-off time Management Fees Load Trustee Auditor Asset Manager Rating Risk Profile of the Fund Fund Manager Listing Leverage Fund TER SSP-1 SSP-2: SSP-3: SSP-4: SSP-5: 1.46 0.38 0.41 0.94 0.01 Government Levies SWWF 0.09% 0.05% 0.05% 0.09% 0.00% N/A N/A N/A N/A N/A TECHNICAL INFORMATION SWWF Impact/Unit S&M Exp N/A N/A N/A N/A N/A 0.0 0.0 0.0 0.0 0.0 Net Assets (PKR) NAV (PKR) 590,315,814 515,827,636 307,238,197 186,407,601 2,049,957,555 10.2146 10.4755 10.075 10.1294 10.1223 ABL SPECIAL SAVING PLAN-I ABL SPECIAL SAVING PLAN-II ABL SPECIAL SAVING PLAN-III ABL SPECIAL SAVING PLAN-IV ABL SPECIAL SAVING PLAN-V Leverage is NIL for all Plans Cash 1.47% 2.83% Others including Receivables 0.48% 68.53% T-Bills 98.05% 28.64% 100% 100% February 28, 2021 March 31, 2021 Cash 4.51% 24.20% Others including Receivables 1.49% 47.50% PIBs 32.52% 28.30% T-Bills 61.48% 0.00% 100% 100% February 28, 2021 March 31, 2021 Cash 2.53% 31.24% Others including Receivables 1.81% 0.54% PIBs 43.07% 60.29% T-Bills 52.59% 7.93% 100% 100% February 28, 2021 March 31, 2021 Total ABL SPECIAL SAVINGS PLAN-III 10-Oct-19 Total ABL SPECIAL SAVINGS PLAN-IV 05-Dec-19 Total ABL SPECIAL SAVINGS PLAN-V 25-Feb-21 Cash 6.17% 0.13% Others including Receivables 3.85% 0.35% PIBs 89.98% 99.52% Total 100% 100% PERFORMANCE SSP-I March 2021 YTD 3 Months 6 Months 1 Year Since Inception SSP-II SSP-III SSP-IV SSP-V Returns Benchmark* Returns Benchmark** Returns Benchmark* Returns Benchmark*** Returns Benchmark*** 0.55% 1.67% 1.13% 2.21% 6.22% 15.93% 0.65% 5.55% 1.84% 3.7% 7.73% 15.05% 0.64% 5.04% 1.67% 3.36% 7.66% 15.87% 0.58% 5.26% 1.74% 3.59% 7.51% 15.35% 0.68% 4.93% 1.57% 4.39% 8.1% 15.51% 0.65% 5.54% 1.84% 3.72% 7.72% 14.09% 0.86% 2.86% 1.4% 3.34% 7.78% 14.26% 0.57% 5.22% 1.75% 3.5% 7.52% 12.14% 0.72% N/A N/A N/A N/A 1.22% 0.61% N/A N/A N/A N/A 0.67% Capital protection only applies to unit holders who hold their investments until maturity date FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
18. IN FOCUS ABL PENSION FUND INVESTMENT OBJECTIVE FUND MANAGER 'S COMMENTS To provide a secure source of savings and regular income after retirement to the Participants ABL Pension Fund - Debt Sub Fund posted an annualized yield of 6.91 % during the month of March ’21. At month end, Cash at bank,Investment in Corporate TFC / Sukuks, Tbills and commercial papers stood at 2.34%, 12.15%, 44.73% and 6.39% respectively. Going forward, we intend to actively trade PIB’s and Corporate TFC's in order to improve fund's return while simultaneously maintain a low duration portfolio to avoid volatility. INVESTMENT COMMITTEE MEMBERS The Scheme has maintained the provision against Sindh Workers’ Welfare Fund’s Liability to the tune of Rs. 169,489, had the same not been made, the NAV per unit of the scheme would have been higher by Rs. 0.2875 per unit. Alee Khalid Ghaznavi, - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz, Head of Fixed Income Ali Ahmed Tiwana - Head of Equity M. Tahir Saeed, CFA - Head of Risk M. Abdul Hayee, CFA - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager ABL Pension Fund - Money Market Sub Fund generated an annualized return of 5.43 % in March’21. At month end portfolio comprised of 97.26% in T-bills, while cash at bank stood at 2.67%. Going forward, we intend to actively trade in the money market in order to improve returns while maintain a low duration portfolio to avoid volatility. The Scheme has maintained the provision against Sindh Workers’ Welfare Fund’s Liability to the tune of Rs. 88,030, had the same not been made, the NAV per unit of the scheme would have been higher by Rs.0.1105 per unit. ABL Pension Fund - Equity Sub Fund generated a return of -3.82% during the month of March '21. During the month, The KSE-100 index underwent a dip of 1,277 points (~2.78%MoM), and closed at 44,587 points. This took CYTD and FYTD returns to ~1.90% and ~29.53%, respectively. Average traded volume was down by ~11.61%MoM to ~234 million while the value declined by ~10.36%MoM to ~USD 95 million. Dismal performance of the market was due to political noise following the disagreement over the senate elections. The severity of Covid-19 third wave along with rising oil prices in international market also negatively impact the market. Foreign investors continued their selling spree by offloading shares worth of ~USD9 million. On the domestic front, insurance companies and individuals bought massively with a net buying of ~USD 16 million and ~USD 11 million, respectively. A sector-wise analysis shows that Technology & communication and Power generation & distribution sectors marked foreign outflow of ~USD 8 million and ~USD 4 million, respectively. As for now, the KSE-100 index is trading at a 2021E P/E multiple of 6.7x and offering a dividend yield of 7.1%. The Scheme has maintained the provision against Sindh Workers’ Welfare Fund’s Liability to the tune of Rs. 629,693, had the same not been made, the NAV per unit of the scheme would have been higher by Rs. 0.7078 per unit. BASIC FUND INFORMATION Fund Type Category Launch Date Dealing Days Cut-off time Pricing Mechanism Management Fees Front-end Load PERFORMANCE Open-end Voluntary Pension Scheme August 20, 2014 As Per Banking Days 4.00 pm Forward 1.5 % p.a. on average Net Assets of each Sub-Fund Maximum of 3 % on all Contributions, unless exempt under the Offering Document Central Depository Company of Pakistan Ltd (CDC) Deloitte – Yousuf Adil – Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) December 31, 2020 NA Investor dependent Ali Ahmed Tiwana Trustee Auditor Asset Manager Rating Fund Stability Rating Risk Profile of the Fund Fund Manager TECHNICAL INFORMATION PF-DSF PF-MMSF PF-ESF Fund Size (PKR Millions) NAV 108.4546 183.9542 117.7209 147.7227 150.9342 169.6593 EQUITY SUB-FUND (% OF TOTAL ASSETS) United Bank Limited Habib Bank Limited Lucky Cement Limited Aisha Steel Mills Limited Mari Petroleum Company Limited Pioneer Cement Limited Pakistan State Oil Company Limited Hub Power Company Limited Oil and Gas Development Co. Ltd. Maple Leaf Cement Factory Limited February 28,2021 March 31, 2021 8.05% 7.32% 5.75% 2.32% 5.12% 4.78% 3.81% 3.14% 2.86% 0.00% 7.79% 7.14% 5.52% 5.13% 5.11% 4.82% 4.30% 4.15% 3.80% 3.63% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF 2016 APF DEBT SUB FUND The Scheme has also mantained Total expense ratio (TER) 1.53% (0.21% representing Government Levies and SECP Fee etc.). APF MONEYMARKET SUB FUND Scheme has also mantained Total expense ratio (TER) 1.53% (0.21% representing Government Levies and SECP Fee etc). APF EQUITY SUB FUND The Scheme has also mantained Total expense ratio (TER) 2.08% (0.28% representing Government Levies and SECP Fee etc.). *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Fund - March - 2021 YTD APF-DSF APF-MMSF APF-ESF 6.91% 4.65% 5.43% 4.97% -3.82% 34.29% *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) February 28, 2021 APF DEBT SUB FUND Cash Commercial Paper Corporate TFC / Sukuk T-Bills PIBs Others Including Receivables Total APF MONEY MARKET SUB FUND February 28, 2021 Cash Corporate Sukuk PIBs T-Bills Others Including Receivables Total APF EQUITY SUB FUND February 28, 2021 3 month 6 month % of Net Assets % of Total Assets Excess exposure (% of net assets) Excess exposure (% of total assets) - - - - - - 2.67% 0.00% 0.00% 97.26% 0.07% 100.00% March 31, 2021 4.92% 5.19% 2.08% 5.57% 5.07% 13.11% 95.15% 2.12% 0.00% 2.74% NIL 100.00% 1 Year 3 Year 5 Year Since Inception 7.99% 6.67% 60.42% 9.77% 8.65% -1.64% 8.42% 7.19% 30.31% 12.69% 7.21% 69.66% *Fund returns are computed on simple annualized basis. Performance data does not include cost incurred by investor in the form of sales load. **Fund returns are computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. SECTOR ALLOCATION (% OF EQUITY SUB-FUND) 0.00% 6.00% 12.00% 18.00% 24.00% BANK BALANCE & OTHERS TEXTILE COMPOSITE ENGINEERING 30.00% 34.06 COMMERCIAL BANKS 21.83 CEMENT Exposure Limit March 31, 2021 94.91% 0.73% 0.00% 4.36% NIL 100.00% 17.43% OIL & GAS EXPLORATION COMPANIES Exposure Type 2.34% 6.39% 12.15% 44.73% 33.31% 1.09% 100.00% 5.54% 0.00% 0.00% 94.15% 0.31% 100.00% Stock/Equities Bank Balances T-Bills Others Leverage Total APF-DSF* APF- MMSF* APF- ESF** March 31, 2021 3.68% 6.41% 13.23% 41.13% 33.56% 1.99% 100.00% 12.64% 7.04% 7.00% *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. FUND MANAGER'S REPORT, March 2021 This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
19. IN FOCUS ABL ISLAMIC PENSION FUND INVESTMENT OBJECTIVE FUND MANAGER 'S COMMENTS To provide a secure source of savings and regular income after retirement to the Participants ABL Islamic Pension Fund - Debt Sub Fund posted an annualised return of 4.89 % during the month of March ’21. Other than 33.72 % in GoP Ijarah Sukuk, portfolio had an exposure of 12.65% in Corporate Sukuks and 44.08 % of the fund’s assets were placed as Cash at bank. Going forward, we intend to maintain the current portfolio allocations as we expect price appreciation in both Corporate and GOP Ijarah Sukuks in the near term owing to the lack of shariah complaint instruments in the market. INVESTMENT COMMITTEE MEMBERS Alee Khalid Ghaznavi, - CEO Saqib Matin, ACA - CFO & CS Fahad Aziz, Head of Fixed Income Ali Ahmed Tiwana - Head of Equity M. Tahir Saeed, CFA - Head of Risk M. Abdul Hayee, CFA - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager The Scheme has maintained the provision against Sindh Workers’ Welfare Fund’s Liability to the tune of Rs. 73,755, had the same not been made, the NAV per unit of the scheme would have been higher by Rs. 0.1738 per unit. ABL Islamic Pension Fund - Money Market Sub Fund generated an annualized return of 5.07 % during the month of March ’21. During the month significant allocation was maintained as bank deposits (i.e. 85.21 %) owing to better deposit rates offered by banks while 13.66 % of the portfolio was placed in GoP Ijarah Sukuks. The Scheme has maintained the provision against Sindh Workers’ Welfare Fund’s Liability to the tune of Rs. 39,909, had the same not been made, the NAV per unit of the scheme would have been higher by Rs 0.0737 per unit. ABL Islamic Pension Fund - Equity Sub Fund generated a return of - 4.16 % during the month of March '21. During the month, the KMI-30 index declined by 3,238 points (~4.25%MoM) in Mar’21, and closed at 73,076 points. This took the CYTD and FYTD returns to ~2.63% and ~32.81%, respectively. Average traded volume declined by ~18.96%MoM to 94 million while the value decreased by ~22.20%MoM to USD 43 million. Dismal performance of the market was due to political noise following the disagreement over the senate elections. The severity of Covid-19 third wave along with rising oil prices in international market also negatively impact the market. Foreign investors continued their selling spree by offloading shares worth of ~USD 9 million. On the domestic front, insurance companies and individuals bought massively with a net buying of ~USD 16 million and ~USD 11 million, respectively. A sector-wise analysis shows that Technology & communication and Power generation & distribution sectors marked foreign outflow of ~USD 8 million and ~USD 4 million, respectively. As for now, the KSE-100 index is trading at a 2021E P/E multiple of 6.7x and offering a dividend yield of 7.1%. The Scheme has maintained the provision against Sindh Workers’ Welfare Fund’s Liability to the tune of Rs. 633,377, had the s ame not been made, the NAV per unit of the scheme would have been higher by Rs 1.0900 per unit. BASIC FUND INFORMATION Fund Type Category Launch Date Dealing Days Cut-off time Pricing Mechanism Management Fees Front-end Load Trustee Auditor Asset Manager Rating Fund Stability Rating Risk Profile of the Fund Fund Manager PERFORMANCE Open-end Voluntary Pension Scheme August 20, 2014 As Per Banking Days 4.00 pm Forward 1.5 % p.a. on average Net Assets of each Sub-Fund Maximum of 3 % on all Contributions, unless exempt under the Offering Document Central Depository Company of Pakistan Ltd (CDC) Deloitte – Yousuf Adil – Chartered Accountants AM2++ (Positive Outlook) (JCR-VIS) December 31, 2020 NA Investor dependent Ali Ahmed Tiwana TECHNICAL INFORMATION IPF-DSF IPF-MMSF IPF-ESF Fund Size (PKR Millions) NAV 56.7388 133.7299 70.1388 129.4657 106.0913 182.5790 EQUITY SUB-FUND (% OF TOTAL ASSETS) February 28, 2021 March 31, 2021 Lucky Cement Limited 10.12% 9.20% Meezan Bank Limited 6.46% 7.63% Oil and Gas Development Co. Ltd. 5.26% 6.25% Mari Petroleum Company Limited 5.76% 5.76% Pakistan Petroleum Limited 5.48% 5.75% Fauji Fertilizer Company Limited 4.94% 5.54% Pakistan State Oil Company Limited 4.27% 4.97% Hub Power Company Limited 3.27% 4.35% Aisha Steel Mills Limited 1.32% 4.21% Pioneer Cement Limited 4.41% 4.04% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF 2016 APF ISLAMIC DEBT SUB FUND The Scheme has also mantained Total expense ratio (TER) 1.58% (0.21% representing Government Levies and SECP Fee etc). APF ISLAMIC MONEY MARKET SUB FUND The Scheme has also mantained Total expense ratio (TER) 1.56% (0.21% representing Government Levies and SECP Fee etc). APF ISLAMIC EQUITY SUB FUND The Scheme has also mantained Total expense ratio (TER) 2.36% (0.28% representing Government Levies and SECP Fee etc). *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY APF-IMMSF APF-IESF 4.89% 4.54% 5.07% 4.26% -4.16% 38.14% *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ABL IPF DEBT SUB FUND February 28, 2021 41.07% 44.08% GoP Ijarah Sukuk 35.02% 33.72% Corporate Sukuk 14.41% 12.65% Others Including Receivables 2.30% 2.58% Commercial Paper 7.20% 6.97% 100.00% 100.00% Total ABL IPF MONEY MARKET SUB FUND February 28, 2021 % of Net Assets & % of Total Assets Exposure Limit Excess exposure (% of net assets & % of total assets) - - - - - March 31, 2021 Cash 85.17% 85.21% GoP Ijarah Sukuk 13.76% 13.66% Corporate Sukuk 0.00% 0.00% Others Including Receivables Total 1.07% 100.0% 1.12% 100.0% February 28, 2021 ABL IPF EQUITY SUB FUND March 31, 2021 Shariah Compliant Equities 89.88% 93.14% Bank Balances 6.71% 3.56% Others 3.41% 3.31% Leverage Total APF-IDSF* APF- IMMSF* APF- IESF** NIL NIL 100.00% 100.00% 3 month 6 month 1 Year 3 Year 5 Year 5.48% 4.59% 4.24% 3.96% 3.40% 68.01% 5.45% 5.02% 2.81% 4.62% 5.10% 4.15% 4.45% 36.36% 82.58% 4.73% 4.40% 16.36% Since Inception *Fund returns are computed on simple annualized basis. Performance data does not include cost incurred by investor in the form of sales load. **Fund returns are computed on Absolute Basis. Performance data does not include cost incurred by investor in the form of sales load. SECTOR ALLOCATION (% OF EQUITY SUB-FUND) 0.00% 6.00% 12.00% 18.00% 24.00% BANK BALANCE & OTHERS 36.03% 18.46% FERTILIZER ENGINEERING COMMERCIAL BANK 30.00% 19.99% OIL & GAS EXPLORATION COMPANIES Exposure Type March 31, 2021 Cash CEMENT Name of Fund FUND MANAGER'S REPORT, March 2021 APF-IDSF March -2021 YTD 9.06% 8.83% 7.63% This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
20. IN FOCUS FUND MANAGER ’S REPORT Last 5 Years Performance Since Inception Performance FY'16 FY'17 FY'18 FY'19 FY'20 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 ABL IF Benchmark 7.19% 6.54% 5.85% 6.10% 4.67% 6.35% 7.12% 10.31% 14.32% 12.23% 13.13% 12.90% 13.58% 13.05% 14.24% 12.87% 14.44% 12.26% 14.34% 11.84% 15.24% 11.42% 15.16% 10.79% 15.60% 10.48% 15.14% 9.99% ABL SF Benchmark 9.91% 0.37% -16.54% -1.44% -19.11% 1.53% 32.43% 25.69% 71.06% 116.12% 236.86% 347.69% 469.07% 525.44% 733.15% 592.90% 478.28% 469.93% 52.39% 56.81% 113.18% 168.52% 183.75% 184.79% 248.70% 214.43% 154.34% 380.55% ABL CF Benchmark 5.78% 3.81% 5.41% 4.96% 5.41% 5.35% 9.02% 8.71% 12.61% 11.62% - 11.88% 7.49% 12.18% 7.49% 11.87% 7.19% 11.65% 7.03% 12.06% 6.83% 11.58% 6.32% 12.01% 6.13% 11.75% 6.03% 12.38% 13.81% 6.33% 6.88% ABL IIF Benchmark 5.82% 5.10% 5.68% 3.05% 4.37% 2.46% 8.47% 3.69% 11.28% 6.35% - 10.16% 9.30% 11.12% 8.34% 11.15% 7.75% 11.30% 7.51% 11.56% 7.32% 11.15% 6.97% 10.90% 6.38% 10.49% 5.89% 11.05% 12.20% 5.64% 5.72% ABL GSF Benchmark 8.03% 5.67% 6.59% 5.85% 5.09% 6.20% 7.73% 9.99% 15.30% 12.07% - - 10.68% 10.52% 11.85% 9.46% 11.48% 9.21% 13.75% 8.87% 13.37% 8.17% 12.88% 7.76% 12.25% 7.52% 12.48% 14.50% 7.85% 8.34% ABL ISF Benchmark 5.58% 15.53% 31.18% -15.93% 18.80% -9.59% -16.65% -23.84% 0.56% 1.62% - - - -3.24% -2.30% 20.63% 26.90% 55.64% 52.40% 64.32% 115.56% 76.07% 109.16% 81.22% 89.10% 51.05% 51.89% 44.01% 46.35% ABL IDSF Benchmark - 2.86% -2.62% -16.40% -9.59% -16.93% -23.84% -3.77% 1.62% - - - - - - - 2.86% -14.01% -2.62% -11.96% -28.57% -31.26% -32.92% -31.83% ABL IAAF Benchmark - - 0.07% -0.02% -1.09% 5.01% 6.86% 6.90% - - - - - - - - 0.07% -0.02% -1.03% -5.02% 5.76% 1.52% AFF Benchmark - - - -2.12% -7.81% -5.48% 5.60% - - - - - - - - - -2.12% -7.81% -7.49% -2.65% ABL ICF Benchmark - - - - 10.03% 5.19% - - - - - - - - - - 10.03% 5.19% 33.21% -16.84% 22.44% -10.00% FY'19 FY'20 15.35% 17.30% 10.02% 10.32% ABL PF DSF MMSF ESF 12.14% 4.15% 10.56% 4.42% 3.89% 31.31% 3.72% 7.28% 3.85% 7.49% -16.26% -19.15% 15.54% 11.95% -0.20% - - - - - 20.92% 6.14% 28.79% 17.37% 5.18% 42.39% 13.35% 4.86% 86.97% 11.22% 4.74% 56.58% 11.06% 5.59% 26.59% 13.26% 7.23% 26.34% ABL IPF DSF MMSF ESF 3.52% 2.24% 11.31% 4.52% 3.22% 28.01% 1.26% 3.46% 1.68% 3.51% -11.98% -19.97% 7.97% 7.11% 0.36% - - - - - 6.56% 6.31% 30.84% 5.03% 4.18% 45.65% 5.00% 3.93% 86.96% 4.08% 3.39% 64.56% 4.06% 3.52% 31.69% 5.00% 4.34% 32.17% ABL FPF Conservative Plan Benchmark Active Plan Benchmark Strategic Plan Benchmark ABL IFPF Conservative Plan Benchmark Aggressive Plan Benchmark Active Plan Benchmark Strategic Plan Benchmark Strategic Plan III Benchmark CPP I Benchmark ABL Special Saving Plan SSP-I Benchmark SSP-II Benchmark SSP-III Benchmark SSP-IV Benchmark SSP-V Benchmark FUND MANAGER'S REPORT, February 2021 4.41% 4.17% 5.29% 6.99% - 10.35% 0.01% 3.45% 9.44% 19.28% -11.47% 13.56% -5.21% 0.57% -2.43% -0.25% 0.98% 2.02% 5.08% -6.71% -6.47% -3.44% -1.97% 11.40% 21.93% -5.52% 10.28% -3.81% 11.74% - - - - - - 4.41% 4.17% 5.29% 6.99% - 15.22% 14.01% 25.59% 20.32% 0.57% -0.25% 15.23% 18.02% 11.18% 14.21% -1.88% 0.67% 17.55% 24.01% 3.71% 6.53% 5.25% -1.35% 30.94% 51.25% -2.01% 17.57% -8.98% 10.19% 3.52% 5.92% 6.46% 14.58% 3.53% 10.27% 1.69% 4.00% 10.08% -0.67% 6.51% 0.40% 21.85% -10.64% 14.12% -5.46% 18.26% -10.92% 10.06% -6.14% 12.18% -7.64% 5.73% -3.62% 0.34% -1.72% -0.95% 0.99% 1.35% -1.53% -7.86% -13.12% -7.58% -12.87% -1.87% -6.41% -0.57% -4.73% 5.92% 13.07% 0.05% 5.91% -2.57% 0.07% -5.19% 2.81% 2.57% 6.39% - - - - - - - - - - - - 3.52% 5.92% 6.46% 14.58% 3.53% 10.27% 1.69% 4.00% - - - - - 14.71% 11.55% 6.78% 7.40% 0.79% -1.91% 3.41% -1.33% -2.02% -6.73% 21.50% 26.13% 6.84% 13.74% -1.80% -1.85% -1.96% 1.45% 0.50% -0.77% 0.03% 10.55% - 13.19% 13.27% 15.93% 23.63% 9.07% 12.56% 5.37% 5.43% -1.38% -2.05% 2.17% 1.30% - 13.96% 12.82% 29.72% 30.77% 22.44% 19.88% 14.08% 9.37% 0.34% -0.95% - - 2.17% 1.30% 2.19% 11.97% 14.02% 9.00% 10.31% 9.58% 10.09% 8.10% 11.08% 6.57% 1.22% 0.67% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14.02% - 9.00% - 10.31% - 9.58% - 10.09% - 8.10% - 11.08% - 6.57% - 1.22% - 0.67% This publication is for informational purposes only and nothing here in 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. The NAV based prices of units and any dividends /returns there on are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT)
21. Risk Disclaimer : 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 risk involved.
22. KARACHI Plot # 8, C/2, 2nd Floor, Main Khayaban-e-Ittehad, DHA Phase II, Karachi. Tel: 021-35311001 LAHORE Plot # 24-B, Mezzanine Floor, Zahoor Ellahi Road, Main Market Gulberg II, Lahore. Tel: 042-35752700 PESHAWAR Plot # 19, Pc-10918, Sector-08 Phase VII, Stage-1 Office Enclave, Hayatabad, Peshawar. Tel: 091-5890541 ISLAMABAD 1st Floor, ABL Building, F-10 Markaz, Islamabad. Tel: 051-2223001 FAISALABAD ABL Jail Road Branch (0983), Opposite Punjab Medical College (PMC), Faisalabad. Tel: 041-8813201-5 RAWALPINDI Plot # 17, A-1 Phase 1 DHA, Rawalpindi. Tel: 051-5788728 SIALKOT Aziz Shaheed Road, Cantt. Branch Sialkot. Tel: 052-4560048-9
23. SMS “Invest” to 8262 UAN: 042 111 225 262 contactus@ablamc.com www.ablamc.com ABLAssetManagement ablamcl abl.amc ABLAssetmanagement abl-asset-management https://www.facebook.com/ABLFunds https://twitter.com/ablamcl https://www.instagram.com/abl.amc/ https://www.youtube.com/channel/UCzifOGTQ3B94WQ4Vs_vte3A https://www.linkedin.com/company/abl-asset-management/ REGISTERED OFFICE LAHORE Plot No. 14, Main Boulevard, DHA Phase VI, Lahore. KARACHI OFFICE 11-B, Lalazar, M.T. Khan Road, Karachi.