NBP Islamic Sarmaya Izafa Fund Report - April 2020

Transcription

1. NBP ISLAMIC SARMAYA IZAFA FUND (NISIF) (FORMERLY: NAFA ISLAMIC ASSET ALLOCATION FUND) April 2020 MONTHLY REPORT (MUFAP's Recommended Format) Unit Price (30/04/2020): Rs.14.9066 Performance % Apr-2020 FYTD 2020 Rolling 12 Months FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Last 3 Years* Last 5 Years* Last 10 Years* NBP ISLAMIC SARMAYA IZAFA FUND (FORMERLY: NAFA ISLAMIC ASSET ALLOCATION FUND) Since Launch October 26, 2007* 13.4% 8.5% 3.7% (11.4)% (8.7)% 20.3% 13.1% 33.8% (5.3)% 4.2% 14.8% 11.5% BENCHMARK 13.1% 9.2% 4.9% (10.5)% (3.6)% 11.9% 9.2% 12.1% (3.4)% 3.3% 10.1% 8.2% Performance Period * 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: October 26, 2007 Rs. 5,099 million Open-end - Shari'ah Compliant Asset Allocation Dealing Days: Dealing Time: 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% (Nil on investment above Rs. 101 million) Front End Load (Other): 3% (Nil on investment above Rs. 50 million) Back End Load: NIL 1.5% per annum w.e.f 12-Jul-19 3.50% p.a (including 0.39% government levies) Settlement: Pricing Mechanism: Load: Management Fee: Total Expense Ratio: Selling & Marketing Expenses: Risk Profile: Listing: Custodian & Trustee: Auditors: Benchmark: Fund Manager: Minimum Subscription: Asset Manager Rating: 1.35% per annum Moderate Pakistan Stock Exchange Central Depository Company (CDC) Deloitte Yousuf Adil Chartered Accountants 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) Asset Allocation (% of Total Assets) Equities / Stocks GOP Ijara Sukuk Cash Sukuk Others including Receivables Total Leverage 30-Apr-20 54.4% 5.4% 22.5% 15.6% 2.1% 100.0% Nil 31-Mar-20 Characterstics of Equity Portfolio** NISIF KMI-30 ** Based on NBP Funds estimates PER 7.0 7.8 PBV 1.0 1.0 52.9% 0.0% 26.4% 18.8% 1.9% 100.0% Nil DY 5.3% 6.2% Top Five Sectors (% of Total Assets) (as on April 30 ,2020) Oil & Gas Exploration Companies 14.3 % Cement 8.2 % Fertilizer 8.2 % Power Generation & Distribution 5.4 % Textile Composite 3.4 % Others 14.9 % Investment Objective To generate capital appreciation by investing in Shariah Compliant equity and equity related securities and income by investing in Shariah Compliant bank deposits, debt & money market securities. Fund Manager Commentary During the month under review, unit price (NAV) of NBP Islamic Sarmaya Izafa Fund (NISIF) increased by 13.4% whereas the Benchmark increased by 13.1%, thus an outperformance of 0.3% was recorded. Since inception your Fund has posted 11.5% p.a return, versus 8.2% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 3.3% p.a. This outperformance is net of management fee and all other expenses. NISIF started off the month with an allocation of around 53% in equities, which increased to around 54% towards the end of the month. NISIF outperformed the Benchmark in April as the Fund was underweight in select Fertilizer, Power Generation & Distribution Companies, and Chemical sectors stocks which underperformed the market and overweight in select Textile Composite, Technology & Communication, Cement, and Glass & Ceramics sectors stocks which outperformed the market. During the month, the allocation was increased primarily in Cement, Oil & Gas Exploration Companies, Textile Composite, and Technology & Communication sectors, whereas it was reduced primarily in Commercial Banks and Fertilizer sectors. Top Ten Holdings (as on April 30 ,2020) Name Asset Class % of Total Assets Engro Corporation Limited Hub Power Company Limited Engro Powergen Thar (Pvt) Limited Hub Power Company Limited Lucky Cement Limited Mari Petroleum Company Limited Pak Petroleum Limited Oil and Gas Development Co Limited Meezan Bank Limited Dubai Islamic Bank - Sukuk Equity Sukkuk Sukkuk Equity Equity Equity Equity Equity Equity Sukkuk 6.7% 5.8% 5.7% 5.3% 4.7% 4.7% 4.4% 3.5% 3.1% 2.5% Details of Non-Compliant Investments Particulars Eden House Limited - Sukuk Revised 29-MAR-08 29-SEP-25 Total Value of Type of Investments Provision Investment before held Sukkuk Value of Investments after Provision % of Net Assets % of Gross Assets 4,921,875 4,921,875 0 0.0% 0.0% 4,921,875 4,921,875 0 0.0% 0.0% 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 provisions against worker’s welfare Fund’s liability to the tune of Rs.67,771,841/- if the same were not made the NAV Per unit/return of the Scheme would be higher by Rs.0.1981/1.37%. For details investors are advised to read the note 9.2 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 Documents to understand the investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial statements. The reported return may include provisions and reversal of provisions. Page 09