NBP Riba Free Savings Fund Report - January 2021

Transcription

1. NBP RIBA FREE SAVINGS FUND (NRFSF) January 2021 MONTHLY REPORT (MUFAP's Recommended Format) Unit Price (31/01/2021): Rs.10.6113 Performance % Jan-2021 FYTD 2021 Rolling 12 Months FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Last 3 Years* Last 5 Years* Last 10 Years* Since Launch August 20, 2010* NBP RIBA FREE SAVINGS FUND 5.6% 6.3% 7.5% 11.0% 8.8% 5.2% 5.9% 5.5% 8.6% 7.4% 7.9% 8.0% BENCHMARK 3.4% 3.9% 4.9% 6.3% 3.7% 2.4% 3.1% 4.9% 4.4% 4.0% 5.5% 5.6% 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 Launch Date: Fund Size: Type: Dealing Days: Dealing Time: August 20, 2010 Rs. 4,888 million Open-end – Shari'ah Compliant Income Daily – Monday to Friday (Mon - Fri) 9:00 A.M to 5:30 P.M Settlement: Pricing Mechanism: Load: 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.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% Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.25% average net assets during the month. p.a.) w.e.f 12-Jul-19. 0.51% p.a. of average net assets during the month. 1.70% p.a. (including 0.23% government levies) Total Expense Ratio: Selling & Marketing Expenses: Risk Profile / Risk of principal erosion: Fund Stability Rating: Listing: Custodian & Trustee: Auditors: Benchmark: Fund Manager: Minimum: Subscription: Asset Manager Rating: 0.7% p.a. Moderate / Principal at moderate risk "A+ (f)" by PACRA Pakistan Stock Exchange Central Depository Company (CDC) A.F. Ferguson & Co, Chartered Accountants 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP Muhammad Ali Bhabha CFA,FRM Growth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) GOP Ijara Sukuk Government backed security Sukuk Placement with Banks and DFIs Bank Deposits Commercial Paper (Islamic) Others including receivables Total Leverage 31-Jan-21 10.4% 5.6% 1.4% 29.6% 36.0% 16.2% 0.8% 100.0% Nil 31-Dec-20 7.8% 4.6% 1.1% 25.2% 43.8% 13.3% 4.2% 100.0% Nil Investment Objective To provide preservation of capital and earn a reasonable rate of return along with a high degree of liquidity by investing in Shariah Compliant banks and money market / debt securities. Fund Manager Commentary The Fund generated an annualized return of 5.6% p.a. for the month of January 2021 versus the Benchmark return of 3.4% 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, while also providing easy liquidity along with a high-quality credit profile. Around 37% of net assets of the portfolio are invested in bank deposits which enhance the liquidity profile of the Fund. The weighted average time to maturity of the Fund is around 1 year. 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) Government securities (AAA rated) AAA AA+ AA AAA+ Unrated Others including receivables Total 16.0% 15.2% 1.5% 16.2% 15.3% 34.9% 0.1% 0.8% 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 January 31 , 2021) (% of Total Assets) KAPCO 6m STS 08-DEC-20 08-JUN-21 1.4% Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund'sliability to the tune of Rs. 32,005,003/-. If the same were not made the NAV per unit/last one yearreturn of scheme would be higher by Rs. 0.0695/0.7% For details investors are advised to read note 6 of the latest financial statements ofthe 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 04