Atlas Pension Islamic Fund Report - July 2019

Transcription

1. Atlas Pension Islamic Fund (APIF) July 2019 Fund Facts Investment Objective a) The APIF-ESF is to earn returns from investments in Pakistani Equity Markets. b) The APIF-DSF is to earn returns from investments in debt markets of Pakistan, thus incurring a relatively Lower risk than equity investments. c) The APIF-MMSF is to earn returns from investments in Money Markets of Pakistan, thus incurring a Relatively lower risk than debt investments. Yearly Performance Portfolio Composition APIF-Equity Sub-Fund APIF-Equity Sub-Fund 60% * 39.45% 40% 30.05% 30% 22.88% 20% Others incl. receivables, 0.6% Cash, 3.2% * 28.29% 24.88% 24.32% -6.27% -10% -20% -9.54% -19.14% Jan-00 Asset Allocation (% of Total Assets ) -30% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD APIF-Debt Sub-Fund APIF-Debt Sub-Fund Others incl. receivables, 2.2% 10.06% 5.79% 6% The Finance Act, 2013 imposed FED on AMC. 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. Meanwhile in Federal Budget 2016, the FED has been withdrawn from July 1, 2016 .In the meantime, as a matter of abundant caution, The Scheme has held provision for FED liability which amounted to (ESF) Rs.1,611,207, (DSF) Rs.1,046,875, (MSF) Rs.644,724 up till June 30, 2016 which is Rs.2.07, Rs.0.60, Rs.0.37 per unit respectively as on July 31, 2019 3.58% 2% Cash, 91.9% 0% 2010 2011 2012 2013 20142,015.002016 2017 2018 2019 YTD *Annualized Return APIF-Money Market Sub-Fund APIF-Money Market Sub-Fund 12% 10.58% 9.79%9.61% 10% 9.21% 7.67% 7.12% 8% Others incl. receivables, 2.2% Atlas Pension Islamic Fund Allocation Schemes The participant has the option to select from among six allocation schemes, allowing the participants to adopt a focused investment strategy, according to their risk/return. The return below is worked on asset allocation as indicated. Placement with banks & DFIs, 17.6% 7.57% 5.97% 6% (i) High Volatility Return based on Weighted Av. Return Weighted Av. Return Weighted Av. Return Weighted Av. Return (ii) Medium Volatility Return based on Weighted Av. Return Weighted Av. Return 4.88% 4.21% 4.02% 4% 2% 0% Cash, 80.2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD *Annualized Return Sector Allocation % Total Assets for APIF-Equity Sub Fund Sector Oil & Gas Exploration Fertilizer Commercial Banks Power Generation & Distribution Cement Oil & Gas Marketing Textile Composite Pharmaceuticals Engineering Inv. Bank/Inv. Companies/Securities Co. Chemicals Technology & Communications Trailing Performance APIF-Equity Sub-Fund 30 Days (1 Month) -6.27% Since Inception 358.64% CAGR** 13.85% PKR 461.80 PKR 218.39 PKR 231.33 Federal Excise Duty (FED) 5.39% 4.23% 4% PKR 360 PKR 380 PKR 400 Sukuk, 5.9% *7.3% 5.53% Dr. Mufti Muhammad Wasie Fasih Butt Net Assets (mn) NAV 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. 2,442,724 (Rs. 3.14 per unit) (ESF), Rs. 1,418,241 (Rs. 0.82 per unit) (DSF) and Rs. 1,185,082 (Rs. 0.68 per unit) (MSF) has been provided for SWWF. 12% 7.79%8.04% 6.98% 3% (Front-end) of contribution * (Equity) 1.5% of Avg. Annual N.A. (Debt) 0.75% of Avg. Annual N.A. (M.Market) 0.50% of Avg. Annual N.A. Central Depository Company Ltd. ITMinds Limited KPMG Taseer Hadi & Co Rs.5,000/- or 10% of monthly income (which ever is lower) Any Pakistani (resident or non-resident), who holds a valid NTN or CNIC/NICOP AM2+(PACRA) (As on 28-Jun-2019) Sindh Workers' Welfare Fund (SWWF) Equities, 96.2% * Actual Returns - Not Annualized 9.79% Nov-2007 APIF-Debt (DSF) APIF-M.M (MMSF) 0% 8% Asset Manager Rating Shariah Advisor (at month end) APIF-Equity (ESF) 4.99% 10% 10% Trustee Registrar Auditors Minimum Investment Eligibility 49.02% 50% Fund Inception Date Front End Load Management Fee Jul-19 Jun-19 31.3 16.1 11.8 8.9 8.8 8.0 3.6 2.8 2.0 1.1 1.0 0.8 31.0 15.5 10.7 9.5 8.9 7.6 3.6 2.5 2.1 1.0 0.5 2.7 Top 10 Holdings % Total Assets for APIF-Equity Sub Fund Scrip % Meezan Bank Limited Oil & Gas Development Co. Ltd Engro Corporation Limited Pakistan Petroleum Limited Hub Power Company Limited Pakistan Oilfields Limited Engro Fertilizers Limited Mari Petroleum Co. Ltd Lucky Cement Limited Pakistan State Oil Co. Ltd APIF-Debt Sub-Fund 30 Days * Since CAGR** (1 Month) Inception 10.06% *Annualized return: (Absolute return) *(365/No. of days) ** CAGR Since Inception 116.89% 6.82% 9.7 9.4 9.4 8.3 7.9 7.1 6.8 6.6 5.4 4.8 Sectors Commercial Banks Oil & Gas Exploration Fertilizer Oil & Gas Exploration Power Gen & Dist Oil & Gas Exploration Fertilizer Oil & Gas Exploration Cement Oil & Gas Marketing APIF-Money Market Sub-Fund 30 Days * (1 Month) 10.58% Since Inception 129.74% CAGR** 7.34% APIF-ESF 65-80% 80% (2019-20) (2018-19) (2017-18) (2016-17) 35-50% 50% (2019-20) (2018-19) APIF-DSF 20-35% 20% 40-55% 40% APIF-MMSF Nil Nil -3% -13.85% -6.92% 23.71% 10-25% 10% 1.95% -5.89% Weighted Av. Return (2017-18) -2.94% Weighted Av. Return (iii) Low Volatility Return based on Weighted Av. Return Weighted Av. Return Weighted Av. Return Weighted Av. Return (iv) Lower Volatility Return based on Weighted Av. Return Weighted Av. Return Weighted Av. Return Weighted Av. Return (v) Lifecycle 16.79% 15-30% 15% 6.06% 0.73% 0.37% 11.04% 40-60% 40% 10.27% 7.41% 3.76% 5.19% (2016-17) 10-25% 25% (2019-20) (2018-19) (2017-18) (2016-17) Nil Nil (2019-20) (2018-19) (2017-18) (2016-17) 60-75% 60% 40-60% 60% Lifecycle scheme allocates investments among the sub-funds and the varying allocations with the age of the participants, moving from higher percentage in equities in younger years to lower percentage in equities in older years to reduce the risk near retirement age, seeking capital growth and preservation towards the later years in participants lifecycle. (vi) Customized 0-100% 0-100% 0-100% 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. 12
2. Atlas Pension Islamic Fund (APIF) July 2019 Atlas Pension Islamic Fund (On allocation as stated in the box) Appreciation in value of investment over cost net of tax credit 300% 250% Cumulative Returns 200% Allocation Scheme High Volatility Medium Volatility Low Volatility Lower Volatility Equity Debt 80% 50% 25% 0% 20% 40% 60% 60% Money Mkt. 0% 10% 15% 40% Tax Credit 10% 10% 10% 10% 150% 100% 50% 0% Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 -50% Equal contribution made to the allocation schemes in APIF each month. 13 Assumptions: 1. Based on equal monthly contributions . 2. Reallocation/rebalancing once a year . Year ended June 30