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NBP Islamic Regular Income Fund Report - April 2020

IM Insights
By IM Insights
3 years ago
NBP Islamic Regular Income Fund Report - April 2020

Shariah, Shariah compliant


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  1. NBP ISLAMIC REGULAR INCOME FUND (NIRIF) (FORMERLY: NBP AITEMAAD REGULAR PAYMENT FUND) April 2020 MONTHLY REPORT (MUFAP's Recommended Format) Unit Price (30/04/2020): Rs.9.0182 Performance % Performance Period Since Launch October 31, 2018* Apr-2020 FYTD - 2020 Rolling 12 Months NBP ISLAMIC REGULAR INCOME FUND (FORMERLY: NBP AITEMAAD REGULAR PAYMENT FUND) 17.0% 8.9% 3.3% (6.7)% BENCHMARK 18.5% 11.4% 4.5% (6.8)% * Annualized return. All other returns are cumulative. 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: Total Expense Ratio: October 31, 2018 Rs. 111 million Open-end-Shariah Compliant -Asset Allocation Fund Daily – Monday to Friday (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.M 2-3 business days Forward Pricing Front end: 3%, Back end: 0% 1.5% per annum w.e.f 12-Jul-19 (Currently no fee is being changed) 2.59% p.a (including 0.26% government levies) Selling & Marketing Expenses: Risk Profile: Listing: Custodian & Trustee: Auditors: 1.35% per annum Moderate Pakistan Stock Exchange Central Depository Company (CDC) KPMG Taseer Hadi & Co, Chartered Accountants Benchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation. Asim Wahab Khan, CFA Growth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM1 by PACRA (Very High Quality) Dealing Days: Dealing Time: Settlement: Pricing Mechanism: Load: Management Fee: Fund Manager: Minimum Subscription: Asset Manager Rating: Asset Allocation (% of Total Assets) Equities / Stocks Cash Others Total Leverage 30-Apr-20 80.3% 17.3% 2.4% 100.0% Nil 31-Mar-20 Characterstics of Equity Portfolio** NIRIF KMI-30 ** Based on NBP Funds estimates PER 6.9 7.8 PBV 1.0 1.0 72.4% 24.8% 2.8% 100.0% Nil DY 5.3% 6.2% Top Five Sectors (% of Total Assets) (as on April 30 ,2020) Oil & Gas Exploration Companies 20.9 % Fertilizer 19.2 % Cement 13.2 % Power Generation & Distribution 12.5 % Oil & Gas Marketing Companies 6.4 % Others 8.1 % Investment Objective The objective of the Fund is to provide regular payments to investors by investing in Shariah Compliant Debt, Money Market & Equity investment avenues. Fund Manager Commentary NBP Islamic Regular Income Fund is aimed at meeting investors' regular income needs along with growth in investment value through investing in Shariah Compliant Debt, Money Market & Equity investment avenues. NIRIF started off the month with an allocation of around 72% in equities, which increased to around 80% towards the end of the month. NIRIF underperformed the Benchmark in April as the Fund was underweight in select Cement, Oil & Gas Exploration Companies and Oil & Gas Marketing Companies sectors stocks which outperformed the market and overweight in select Technology & Communication sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Cement, Oil & Gas Exploration Companies, and Oil & Gas Marketing Companies, and Power Generation & Distribution sectors, whereas it was reduced primarily in Technology & Communication, and Fertilizer sectors. Name Top Ten Holdings (as on April 30 , 2020) % of Total Assets Engro Corporation Limited 12.5% Hub Power Company Limited 12.1% Pakistan Oilfields Limited 8.9% Oil and Gas Development Co Limited 6.7% Engro Fertilizer Limited 6.7% Lucky Cement Limited 5.7% Pak Petroleum Limited 5.3% Pakistan State Oil Co Limited 3.3% Kohat Cement Limited 3.3% Fauji Cement Company Limited 2.8% Name of the Members of Investment Committee Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Muhammad Ali Bhabha, CFA, FRM Asim Wahab Khan, CFA Hassan Raza, CFA Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 196,087/-If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs 0.0159/0.18%. For details investors are advised to read the Note 12.1 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 10