NBP Islamic Sarmaya Izafa Fund Report - July 2019
NBP Islamic Sarmaya Izafa Fund Report - July 2019
Shariah, Shariah compliant, Sukuk
Shariah, Shariah compliant, Sukuk
Organisation Tags (11)
Dubai Islamic Bank
Meezan Bank
NBP Islamic Sarmaya Izafa Fund
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DIB Tier 1 Sukuk 2 Ltd (Dubai Islamic Bank) USD1 Billion 6.75% - Perpetual
DIB Tier 1 Sukuk Ltd (Dubai Islamic Bank) USD1 Billion 6.250% - Perpetual
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DIB Sukuk Limited (Dubai Islamic Bank) USD1 Billion 3.625% 06-Feb-2023
DIB Sukuk Limited (Dubai Islamic Bank) USD500 Million 3.600% 30-Mar-2021 - Tranche 3
DIB Tier 1 Sukuk 3 Ltd (Dubai Islamic Bank) USD750 Million 6.250% 22-Jan-2025
Transcription
- NBP FUNDS NBP Islamic Sarmaya Izafa Fund (NISIF) Formerly; NAFA Islamic Asset Allocation Fund (NIAAF) Managing Your Savings July 2019 Unit Price (31/07/2019): Rs. 13.1724 Performance % July 2019 Performance Period Rolling 12 Months FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Last 3 Years* Last 5 Last 10 Since Launch Years* Years* October 26, 2007* NBP Islamic Sarmaya Izafa Fund (4.1%) (15.0%) (11.4%) (8.7%) 20.3% 13.1% 33.8% (3.8%) 6.6% 13.9% 11.1% Benchmark** (3.5%) (14.2%) (10.5%) (3.6%) 11.9% 9.2% 12.1% (3.0%) 2.4% 10.6% 7.6% Formerly; NAFA Islamic Asset Allocation Fund The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. * Annualized Return All Other returns are Cumulative Note:** Effective from September 01, 2016; Previously average of (i) average 3-month Islamic banks deposit rate (ii) 6-month KIBOR or its Shariah Compliant equivalent (iii) KMI 30 Index ** KSE-30 is used as equity component for the Benchmark before June 30, 2008, the launch date of KMI-30 Index. The fund category was changed to Islamic Asset Allocation from Islamic Balanced with effect from April 22, 2014. Consequently, allowed equity range is now 0% to 90% which previously was 30% to 70%. Previous benchmark was 50% KMI-30 Index & 50% Islamic Bank Deposit. Launch Date: Fund Size: Type: Dealing Days: Dealing Time: 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: October 26, 2007 Rs. 5,693 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 Load (Individual): 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 3.20% p.a (including 0.26% government levies) 1.15% 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. Taha Khan Javed, CFA Growth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM1 by PACRA (Very High Quality) 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. ‘s During the month under review, unit price (NAV) of NBP Islamic Sarmaya Izafa Fund (NISIF) decreased by 4.1%, whereas the Benchmark decreased of 3.5%, thus an underperformance of 0.6% was recorded. Since inception your Fund has posted 11.1% p.a return, versus 7.6% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 3.5% p.a. This outperformance is net of management fee and all other expenses. NISIF started off the month with an allocation of around 49% in equities, which increased to around 56% towards the end of the month. NISIF underperformed the Benchmark in July as the Fund was underweight in select Cement sector stock which outperformed the market and overweight in select Engineering, Textile Composite, and Technology & Communication sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Commercial Banks and Fertilizer sectors, whereas it was reduced primarily in Textile Composite and Pharmaceutical sectors. *** effective from January 02, 2017 Asset Allocation (% of Total Assets) Equities / Stocks Cash Sukuk Others Total Leverage Relative Performance of NBP Islamic Sarmaya Izafa Fund (NISIF) for the Last Three Years 31-July-19 28-June-19 55.8% 41.2% 2.2% 0.8% 100.0% Nil 48.9% 35.1% 1.6% 14.4% 100.0% Nil 30.0% NISIF Annualized Return Risk (Std. Deviation) 20.0% Cum. Return Benchmark ** -3.8% 10.3% -3.0% 10.9% 10.0% 0.0% 19.3% 11.9% 5.8% 4.2% 3.3% 11.3% Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Muhammad Ali Bhabha, CFA, FRM Taha Khan Javed, CFA Hassan Raza, CFA NISIF, -11.1% 31-Jul-19 30-Apr-19 31-Jan-19 31-Oct-18 31-Jul-18 30-Apr-18 31-Jan-18 31-Oct-17 31-Jul-17 -20.0% Top Five Sectors (% of Total Assets) (as on July 31, 2019) Oil & Gas Exploration Companies Fertilizer Power Generation & Distribution Commercial Banks Oil & Gas Marketing Companies Others Benchmark ** -8.8% -10.0% 30-Apr-17 DY 7.6% 7.2% 31-Jan-17 **** Based on NBP Funds estimates PBV 1.3 0.9 31-Oct-16 PER 5.7 6.2 31-Jul-16 NISIF Top Ten Holdings (as on July 31, 2019) % of Total Assets % of Total Assets Oil & Gas Dev Co Ltd Equity 7.4% Meezan Bank Ltd Equity 4.2% Engro Corporation Ltd Equity 7.0% Mari Petroleum & Company Ltd Equity 3.3% Hub Power Company Ltd Equity 5.5% Pakistan Oilfields Ltd Equity 3.1% Pak Petroleum Ltd Equity 5.4% Dubai Islamic Bank Ltd Sukuk 2.2% Engro Fertilizer Ltd Equity 4.9% Lucky Cement Ltd Equity 1.9% Details of Non-Compliant Investments Sindh Workers' Welfare Fund (SWWF) The Scheme has maintained provisions against worker’s welfare Fund’s liability to the tune of Rs. 60,862,274/- if the same were not made the NAV Per unit/return of the Scheme would be higher by Rs. 0.122/0.79%. For details investors are advised to read the note 5 of the latest Financial Statements of the Scheme. Eden Housing (Sukuk II) Total SUKUK 4,921,875 4,921,875 - - - 4,921,875 4,921,875 - - - 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 risk 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 against some debt securities. Page 17
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