Atlas Islamic Income Fund Report - July 2019

Transcription

1. Atlas Islamic Income Fund (AIIF) July 2019 Fund Facts Fund Type Category Launch Date Net Assets (mn) Net Assets (Excluding Investment by fund of funds) (Rs mn) NAV Investment Objective To seek preservation of capital and reasonable rate of return from a broadly diversified portfolio of long, medium and short term, high quality Islamic income instruments. Jul-19 91.5% 6.8% 1.7% 100.0% 67.2% Asset Mix* Cash Sukuk Others incl. receivables Total Including FoF Total Excluding FoF Jun-19 91.0% 7.0% 2.0% 100.0% 66.3% Leverage & Maturity Profile Leverage: Weighted average time to maturity of the Net assets (Days) AIIF Nil Total Expense Ratio Govt Levy Benchmark 135.26 * % of Gross Asset Sukuk Holding (% of Total Assets ) Meezan Bank Sukuk Dawood Hercules Sukuk Credit Quality of the Portfolio (% of Total Assets ) Jan-00 3.41% 3.38% Jan-00 A, 60.3% 3.51% 3.50% AA+, 0.002% Yearly Performance* 12% (% on Opening NAV) 8% 6.76% 5.97% 4.97% 5.15% * 4% 3.69% 3% 2.44% 2% 2016 2017 2018 RETURN 4.87% 0 3.26% 2019 11.28% 5.42% Year 2019-20 2018-19 Jul 11.28% 5.38% Current level of Management Fee is 0.3% of Average Annual Net Assets Front End Load Trustee Registrar Auditor Asset Manager Rating Shariah Advisor Risk Profile of the Fund: Fund Stability Rating : Nil Central Depository Company Ltd. ITMinds Limited EY Ford Rhodes AM2+(PACRA) (As on 28-Jun-2019) Dr. Mufti Muhammad Wasie Fasih Butt Medium AA-(f) (PACRA) (As on 17-Apr-19) 0% 90 Days 180 Days 10.75% 5.20% 10.22% 4.81% Federal Excise Duty (FED) 1% 2014 2015 2016 2017 2018 2019 365 Days (1 Year) 9.02% 3.93% YTD 3 Years *** 5 Years *** Since Inception CAGR ** 11.28% 5.42% 20.62% 9.83% 35.77% 23.27% 130.39% 91.12% 8.03% 6.09% Feb *Annualized Return ** CAGR Since Inception *** 3Y and 5Y returns are till FY19 Monthly Performance History Management Fee Shariah Compliant Investment Plans *Annualized Performance Returns* Benchmark Monday to Friday 9:00 am to 4:00 pm Forward Pricing These are allocations between AIIF and AISF aimimg at a customized investment approach to the investors to meet their personal goals and preferences. *Funds returns computed on NAV to NAV with the dividend reinvestment,if any. 30 Days (1 Month) Dealing Days Cut Off timings Pricing mechanism 2% YTD BENCHMARK Trailing Performance Six (6) months average deposit rates of three (3) -A rated scheduled Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP The Finance Act, 2013 imposed Federal Excise Duty (FED) on financial services to include Asset Management Companies (AMC’s) with effect from 13th June, 2013. On September 04, 2013 a constitutional petition has been filed in Sindh High Court (SHC) jointly by various AMC`s, challenging the levy of FED. In a separate petition the Honorable Sindh High Court declared that the FED was unconstitutional and cannot be charged where provinces are collecting sales tax. The Federation has filed an appeal in the Honorable Supreme Court of Pakistan Further, via Finance Act 2016, the FED has been withdrawn from July 1, 2016. In the meantime, as a matter of abundant caution, the Scheme has held provision for FED liability which amounted to Rs.1,733,902 up till June 30, 2016. (Rs.0.61 per unit as on July 31, 2019) 5.68% 5.00% 5% 5.42% 4.92% 4% 2015 8.15% 7.92% 7.47% 6% 7.21% 6% (at month end) 0.83% - annualized (Incl Govt Levy) 0.3% rep Gov levy, WWF & SECP Fee The management company, as a matter of prudence and as recommended by MUFAP, made provision in respect of SWWF with effect from the date of enactment of the SWWF Act, 2014 (i.e. starting from 21 May 2015) on 12 January 2017. Accordingly, the provision for SWWF is being made on a daily basis going forward. Up till July 31, 2019, a sum of Rs. 4,323,884 (Rs. 1.51 per unit) has been provided for SWWF. 7% 8.48% 0% Payout History (at month end) PKR 508.75 9% 11.28% 10% 8% AA, 39.6% PKR 973 Sindh Workers' Welfare Fund (SWWF) AAA, 0.031% AA-, 0.004% Open-ended Islamic Income Scheme Oct-2008 PKR 1,453 (at month end) Aug Sep Oct Nov Dec Jan 6.09% 6.30% 6.39% 8.80% 7.94% 8.66% 9.20% Atlas Bachat Islamic Plan Weight Weighted Av. Return (2019-20) Weighted Av. Return (2018-19) Weighted Av. Return (2017-18) Atlas Bachat Balanced Islamic Plan AIIF 85% 8.71% 4.37% 3% AIIF AISF 15% Weight Weighted Av. Return (2019-20) Weighted Av. Return (2018-19) Weighted Av. Return (2017-18) Atlas Bachat Growth Islamic Plan Weight Weighted Av. Return (2019-20) Weighted Av. Return (2018-19) Weighted Av. Return (2017-18) 50% 2.71% -5.2% -1.5% AIIF 15% -3.3% -15% -6% 50% Mar Apr May 9.82% 8.98% 8.31% Jun 12.40 AISF AISF 85% YTD 11.28% 8.48% *Annualized return: (Absolute return) *(365/No. of days) MUFAP's Recommended Format Investment Committee M. Abdul Samad Chief Executive Officer Ali H. Shirazi Director Khalid Mahmood Chief Investment Officer Muhammad Umar Khan Head of Portfolio Management Fawad Javaid Head of Fixed Income Faran Ul Haq Head of Equities Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund.All investments in mutual fund 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 the risks involved. 6