NBP Islamic Money Market Fund Report - December 2020

Transcription

1. NBP ISLAMIC MONEY MARKET FUND (NIMMF) December 2020 MONTHLY REPORT (MUFAP's Recommended Format) Unit Price (31/12/2020): Rs.10.3413 Performance % Dec-2020 FYTD - 2021 Rolling 12 Months FY - 2020 FY - 2019 Since Launch February 28, 2018* NBP ISLAMIC MONEY MARKET FUND 6.1% 6.0% 8.4% 11.8% 8.1% 8.7% BENCHMARK 3.3% 3.7% 4.5% 5.4% 3.4% 4.0% Performance Period * Annualized Return Based on Morning Star Methodology. All other returns are Annualized Simple 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 Investment Objective Launch Date: Fund Size: Fund Size: (Excluding investment by fund of funds): Type: February 28, 2018 Rs. 4,695 million Rs. 4,628 million Dealing Days: Dealing Time: Daily – Monday to Friday (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M 2-3 business days Forward Pricing Front End Load (Individual with takaful coverage): Amount upto Rs.5 million: 3%, Amount over and above Rs.5 million and up to Rs.50 million: 1%, Amount exceeding Rs.50 million, load will be charged on Rs.5 million: 3% Front End Load (others): 1% (Nil if amount greater than 50 million), Back end Load: 0% Settlement: Pricing Mechanism: Load: To provide competitive return with maximum possible capital preservation by investing in low risk and liquid Shari'ah Compliant authorized instruments. Open-end - Shari'ah Compliant Money Market Management Fee: 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: Selling & Marketing Expenses: Risk Profile / Risk of principal erosion: Fund Stability Rating: Listing: Custodian & Trustee: Auditors: Benchmark: 1.13% (including 0.17% government levies) 0.5% per annum w.e.f 27-Oct-2020 Very Low / Principal at very low risk Fund Manager: Minimum: Subscription: Asset Manager Rating: Muhammad Ali Bhabha, CFA, FRM Growth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM1 by PACRA (Very High Quality) "AA (f)" by PACRA Pakistan Stock Exchange Central Depository Company (CDC) 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. Asset Allocation (% of Total Assets) Commercial Paper (Islamic) Bank Deposits Placements with Banks and DFIs (Islamic) Short term Sukuk Others including Receivables Total Leverage Note: Amount invested by fund of funds is Rs. 67 million. 31-Dec-20 2.0% 46.8% 30.9% 19.3% 1.0% 100.0% Nil 30-Nov-20 13.6% 48.1% 24.4% 12.9% 1.0% 100.0% Nil Fund Manager Commentary The Fund generated an annualized return of 6.1% p.a. for the month of December 2020 versus the Benchmark return of 3.3% p.a., thus registering an out performance of 2.8% 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 48% 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 42 days. We will rebalance the allocation of the Fund proactively based on the capital market outlook. Credit Quality of the Portfolio as of December 31 , 2020 (% of Total Assets) AAA AA+ AA AAA+ Others including Receivables Total 61.7% 5.3% 30.8% 0.2% 1.0% 1.0% 100% Name of the Members of Investment Committee 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 December 31 , 2020) (% of Total Assets) HUBCO 6M Sukuk-5 16-NOV-20 17-MAY-21 14.1% KAPCO 6m STS 08-DEC-20 08-JUN-21 5.2% Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.13,190,141/-. If the same were not made the NAV per unit/since inception return of scheme would be higher by Rs. 0.0291/.31%. For details investors are advised to read note 9 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 09