NAFA Islamic Money Market Fund Report - April 2019

Transcription

1. NBP FUNDS NAFA Islamic Money Market Fund (NIMMF) Managing Your Savings MONTHLY REPORT (MUFAP's Recommended Format) Unit Price (30/04/2019): Rs. 10.0129 April 2019 Performance % Performance Period Apr 2019 FYTD 2019 Rolling 12 months Since Launch February 28, 2018* NAFA Islamic Money Market Fund 9.2% 7.7% 7.2% 6.8% 4.2% 3.2% 3.1% 3.0% *Annualized Return Based on Morning Star Methodology All other returns are Annualized Simple Return Launch Date: Fund Size: Fund Size (excluding investment by Fund of Funds) Type: Dealing Days: Dealing Time: Settlement: Pricing Mechanism Load: Back End Load: Management Fee: Total Expense Ratio: Risk Profile: Fund Stability Rating: Listing: Custodian & Trustee: Auditors: Benchmark: Fund Manager: Minimum Subscription: Asset Manager Rating: The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. February 28, 2018 Rs. 1,086 million Rs. 406 million To provide competitive return with maximum possible capital preservation by investing in low risk and liquid Shariah Compliant authorized instruments. Open-end – Shariah Compliant Money Market Fund Daily – Monday to Saturday (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.M 2-3 business days Forward Pricing Front End Load: 0.5% NIL 1.00% p.a. (Currently 0.5% p.a. w.e.f. April 23, 2019) 1.70% p.a (including 0.37% government levies) Very Low "AA (f)" by PACRA Pakistan Stock Exchange Central Depository Company (CDC) Deloitte Yousuf Adil Chartered Accountants Three months average deposit rates of three (3) AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP. Muhammad Ali Bhabha, CFA, FRM Growth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM1 by PACRA (Very High Quality) The Fund generated an annualized return of 9.2% p.a. for the month of April 2019 versus the Benchmark return of 4.2% p.a, thus registering an outperformance of 5% p.a. This reported return is net of management fee and all other expenses. Asset Allocation (% of Total Assets) Bank Deposits Others including receivables Total Leverage Fund Manager’s Commentary 30-Apr-19 30-Mar-19 98.5% 1.5% 100.0% Nil The fund aims to consistently provide better return than the profit rates offered by Islamic Banks / Islamic windows of commercial banks. Minimum eligible rating is AA, while the Fund is not allowed to invest in any security exceeding six months maturity. The weighted average time to maturity of the Fund cannot exceed 90 days while also providing easy liquidity along with a high quality credit profile. Around 99% of net assets of the Fund are invested in bank deposits which enhances the liquidity profile of the Fund. The weighted average time to maturity of the Fund is 1 day. We will rebalance the allocation of the Fund proactively based on the capital market outlook. Credit Quality of the Portfolio as of April 30, 2019 (% of Total Assets) AAA AA+ AA AAAOthers including receivables Total 1.6% 96.3% 0.4% 0.1% 0.1% 1.5% 100.0% 98.6% 1.4% 100.0% Nil Note: Amount invested by fund of funds is Rs. 680 million Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2,108,440/-. If the same were not made the NAV per unit/since inception return of scheme would be higher by Rs. 0.0194/0.21%. For details investors are advised to read note 6 of the latest financial statements of the Scheme. Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Muhammad Ali Bhabha, CFA, FRM Hassan Raza, CFA Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001. Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved. Page 07