Pakistan: NAFA Islamic Asset Allocation Fund Report - March 2017

Transcription

1. Capital Review NAFA Markets Islamic Asset Allocation Fund (NIAAF) March 2017 Unit Price (31/03/2017): Rs.19.0030 Performance % Mar FYTD Rolling 12 Months FY 2017 2017 Apr 16 - Mar 17 2016 Performance Period FY 2015 FY 2014 FY 2013 Since Launch FY 2012 October 26, 2007* NAFA Islamic Asset Allocation Fund 0.2% 21.9% 31.5% 13.1% 33.8% 22.2% 36.3% 13.2% 17.3% Benchmark** 20.6% 9.2% 12.1% 17.7% 28.9% 11.1% 12.0% (1.1%) 14.5% 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. PBV 4.3 2.7 DY 3.7% 4.0% 12.2% 10.2% 7.7% 7.0% 5.1% 18.4% Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Taha Khan Javed, CFA Hassan Raza, CFA Muhammad Ali Bhabha, CFA, FRM Benchmark ** 25.8% 10.3% 13.4% 5.8% NIAAF, 99.0% 80.0% 60.0% Benchmark ** 45.8% 40.0% 20.0% 0.0% Top Five Sectors (% of Total Assets) (as on 31 Mar, 2017) Cement Oil & Gas Exploration Companies Fertilizer Oil & Gas Marketing Companies Textile Composite Others NIAAF Annualized Return Risk (Std. Deviation) 100.0% Cum. Return 31-Mar-17 58.9% 0.3% 40.0% 0.8% 100.0% Nil 31-Dec-16 PER 10.6 11.9 60.6% 38.6% 0.8% 100.0% Nil Relative Performance of NAFA Islamic Asset Allocation Fund (NIAAF) for the Last Three Years 120.0% 30-Sep-16 NIAAF 28-Feb-17 30-Jun-16 Equities / Stocks Sukuks Cash Others Total Leverage 31-Mar-17 31-Mar-16 Asset Allocation (% of Total Assets) 31-Dec-15 *** effective from January 02, 2017 30-Sep-15 Fund Manager: Minimum Subscription: Asset Manager Rating: 30-Jun-15 Benchmark:** NIAAF started off the month with an allocation of around 59% in equities, which increased to around 61% towards the end of the month. NIAAF outperformed the Benchmark in March as the Fund was underweight in select Power Generation & Distribution Companies, and Oil & Gas Exploration Companies sectors stocks which underperformed the market and overweight in select Oil & Gas Marketing Companies, Oil & Gas Exploration Companies, Automobile Assembler, Glass & Ceramics, and Cable & Electrical good sectors stocks which outperformed the market. During the month, the allocation was primarily increased in Cement, Engineering, Oil & Gas Marketing Companies, and Power Generation & Distribution Companies sectors, whereas it was reduced Primarily in Oil & Gas Exploration Companies, Pharmaceutical, Textile Composite, and Fertilizer sectors. 31-Mar-15 Risk Profile: Listing: Custodian & Trustee: Auditors: 31-Dec-14 Management Fee: Total Expense Ratio (%) ‘s During the month under review, unit price (NAV) of NAFA Islamic Asset Allocation Fund increased by 0.2% whereas the Benchmark decreased by 1.1%, thus your Fund outperformed the Benchmark by 1.3 %. Since inception your Fund has posted 17.3% p.a return, versus 12.0% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 5.3% p.a. This outperformance is net of management fee and all other expenses. 30-Sep-14 Settlement: Pricing Mechanism: Load:*** 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. 30-Jun-14 October 26, 2007 Rs. 13,561 million Open-end-Shariah Compliant -Asset Allocation Fund Daily – Monday to Friday (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 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 2% per annum 3.70% p.a (including 1.34% government levies) 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/AM2++ by PACRA (High Investment Management Standards) 31-Mar-14 Launch Date: Fund Size: Type: Dealing Days: Dealing Time: Top Ten Holdings (as on 31 Mar, 2017) % of Total Assets % of Total Assets Engro Corporation Ltd Equity 4.4% Engro Fertilizer Ltd Equity 2.7% Mari Petroleum Company Ltd Equity 3.6% Millat Tractors Ltd Equity 2.6% Lucky Cement Ltd Equity 3.2% Nishat Mills Ltd Equity 2.6% Pakistan State Oil Co. Ltd Equity 3.1% Kohinoor Textile Mills Ltd Equity 2.5% D G Khan Cement Co Ltd Equity 2.9% Oil & Gas Dev Co Ltd Equity 2.4% Details of Non-Compliant Investments Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 63,868,057/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 0.0895/0.62%. For details investors are advised to read the Note 11 of the Financial Statements of the Scheme for the half year ended December 31, 2016. 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.