NBP Riba Free Savings Fund Report - November 2019

Transcription

1. NBP Riba Free Savings Fund (NRFSF) NBP FUNDS Managing Your Savings Formerly; NAFA Riba Free Savings Fund (NRFSF) Islamic Savings November 2019 Unit Price (30/11/2019): Rs. 10.7114 Performance % Performance Period Nov 2019 FYTD 2020 Rolling 12 Months FY 2019 NBP Riba Free Savings Fund 11.6% 11.8% 11.0% 8.8% Formerly; NAFA Riba Free Savings Fund (NRFSF) 6.5% 6.0% Benchmark** 5.0% 3.7% * Annualized Return Based on Morning Star Methodology All other returns are Annualized Simple Return Launch Date: Fund Size: Type: Fund Dealing Days: Dealing Time: Daily – Monday to Saturday (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.M Settlement: 2-3 business days Pricing Mechanism: Forward Pricing Front End Load (Individual): without life Load:*** Takaful 0.5%, with life Takaful 3% (Nil on investment above Rs. 26 million) Front End Load (Other): 0.5% (Nil on investment above Rs. 16 million) Back End Load: NIL Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.25% p.a.) w.e.f 12-jul-19. 0.77% p.a. of average net assets. Total Expense Ratio: 2.02% p.a. (including 0.37% government levies) Selling & Marketing expenses: 0.7% p.a. Risk Profile: Very Low Fund Stability Rating: "A(f)" by PACRA Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC) Auditors: Deloitte Yousuf Adil Chartered Accountants Benchmark:** 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 Fund Manager: Minimum Growth Unit: Rs. 10,000/Subscription: Income Unit: Rs. 100,000/Asset Manager Rating: AM1 by PACRA (Very High Quality) ** effective from September 01, 2016; Previously Average 6-month deposit rate of A- and above rated Islamic Banks *** effective from January 02, 2017 Asset Allocation (% of Total Assets) FY 2017 FY 2016 FY 2015 Last 3 years* Last 5 years* Since Launch August 20, 2010* 5.2% 5.9% 5.5% 7.4% 7.5% 7.0% 8.0% 2.4% 3.1% 4.9% 6.7% 3.4% 4.1% 5.7% The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. August 20, 2010 Rs. 5,176 million Open-end – Shari'ah Compliant Income Placement with Banks Commercial Paper (Islamic) Bank Deposits Others including receivables Total Leverage FY 2018 30-Nov-19 31-Oct-19 14.8% 14.6% 69.7% 0.9% 100.0% Nil 14.8% 16.1% 67.2% 1.9% 100.0% Nil To provide preservation of capital and earn a reasonable rate of return along with a high degree of liquidity by investing in short-term Shari'ah Compliant banks and money market / debt securities. Fund Manager’s Commentary The Fund generated an annualized return of 11.6% p.a. for the month of November 2019 versus the Benchmark return of 6.5% p.a thus registering an outperformance of 5.1% 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. The Fund is allowed to invest in short-term Shariah Compliant money market securities of up to six months maturity rated AA- or better. The Fund is not authorized to invest in corporate debt securities and equities. Around 71% 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 21 days. We will rebalance the allocation of the Fund proactively based on the capital market outlook. Credit Quality of the Portfolio as of November 30, 2019 (% of Total Assets) AAA AA+ AA A+ AOthers including receivables Total 5.0% 8.7% 6.0% 52.7% 26.7% 0.9% 100.0% Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 21,728,379/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.045/0.47% For details investors are advised to read note 6 of the latest financial statements of the Scheme. Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Muhammad Ali Bhabha, CFA, FRM Hassan Raza, CFA 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