NBP Islamic Daily Dividend Fund Report - January 2021

Transcription

1. NBP ISLAMIC DAILY DIVIDEND FUND (NIDDF) January 2021 MONTHLY REPORT (MUFAP's Recommended Format) Unit Price (31/01/2021): Rs.10.0000 Performance % Jan-2021 FYTD - 2021 Rolling 12 Months Since Launch November 1, 2019* NBP ISLAMIC DAILY DIVIDEND FUND 6.2% 6.4% 8.0% 9.1% BENCHMARK 3.1% 3.6% 4.3% 4.5% Performance Period * Simple Annualized return. The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. General Information Launch Date: Fund Size: Type: Dealing Days: Dealing Time: Settlement: Pricing Mechanism: Load: Management Fee: November 1, 2019 Rs. 15,113 million Open-end - Shari'ah Compliant Money Market Fund Daily – Monday to Friday (Mon - Fri) 9:00 A.M to 12:30 P.M 2-3 business days Backward Pricing Load: Front End Load (Individual with takaful coverage) :Amount upto Rs.5 million: 3%, Amount over and above Rs.5 million and up to Rs.25 million: 1%, Amount exceeding Rs.25 million, load will be charged on Rs.5 million: 3%. Front End Load (others): 1% (Nil if amount greater than 25 million),Back end Load: 0%. 1% of Net Income (min 0.1% p.a, max 1.0% p.a) 0.10% p.a. of average net assets during the month. Total Expense Ratio: 0.67% p.a (including 0.17% government levies) Selling & Marketing Expenses: Risk Profile / Risk of principal erosion: Fund Stability Rating: Listing: Custodian & Trustee: Auditors: Benchmark: 0.2% p.a. (w.e.f June 18, 2020) Low / Principal at low risk Fund Manager: Minimum Subscription: Asset Manager Rating: Muhammad Ali Bhabha CFA,FRM Growth Unit: Rs. 10,000/AM1 by PACRA (Very High Quality) 31-Jan-21 7.7% 13.6% 16.4% 61.5% 0.8% 100.0% Nil Fund Manager Commentary The Fund generated an annualized return of 6.2% p.a. during January 2021 versus the Benchmark return of 3.1% p.a., thus registering an out-performance of 3.1% p.a. This reported return is net of management fee and all other expenses. 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, thereby providing easy liquidity along with a high-quality credit profile. Around 62% 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 around 16 days. We will rebalance the allocation of the Fund proactively based on the capital market outlook. Credit Quality of the Portfolio as of January 31 , 2021 (% of Total Assets) "AA(f)" by PACRA Pakistan Stock Exchange Central Depository Company (CDC) A.F. Ferguson & Co, Chartered Accountants Three months average deposit rates of three (3) AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP. Asset Allocation (% of Total Assets) Short Term Sukuk Commercial Paper (Islamic) Placements with Banks and DFIs Bank Deposits Others including Receivables Total Leverage Investment Objective To provide competitive return along with daily dividend by investing in Shariah Compliant money market instruments. AAA AA+ AA Others including Receivables Total 74.5% 5.0% 19.7% 0.8% 100% Name of the Members of Investment Committee 31-Dec-20 8.2% 14.4% 21.0% 55.8% 0.6% 100.0% Nil Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Asim Wahab Khan, CFA Muhammad Ali Bhabha, CFA, FRM Hassan Raza, CFA Dispute Resolution / Complaint Handling Complaint Service : www.nbpfunds.com/contact-us/investor-relations SECP’s Service Desk Management System: sdms.secp.gov.pk Top Sukuk (as at January 31 , 2021) (% of Total Assets) KAPCO 6m STS 08-DEC-20 08-JUN-21 4.9% HUBCO 6M Sukuk-5 16-NOV-20 17-MAY-21 2.8% Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.14,189,300/-. If the same were not made the NAV per unit/since inception return of scheme would be higher by Rs. 0.0094/.1%. For details investors are advised to read the Note 6 of the latest Financial Statements of the Scheme. 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 03 04