Pakistan: NAFA Islamic Pension Fund Report - June 2017

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1. NAFA Islamic Pension Fund (NIPF) June 2017 MONTHLY REPORT (MUFAP's Recommended Format) Performance % Fund Size NAV Per Unit (Rs.) FY 2017 (Rolling 12 Months) Jul 16-Jun 17 Since Launch July 02, 2013 (Rs. in mln) June 30, 2017 June 2017 NIPF-Equity Sub-fund 964.0 330.0453 (8.1%)* 35.8%* NIPF-Debt Sub-fund 365.7 124.3591 7.6% 3.9% 3.8% 5.6% 5.4% 253.2 124.2692 4.1% 3.8% 3.9% 6.2% 5.3% NIPF-Money Market Sub-fund * Cumulative Returns All Other returns are annualized Dealing Days: Dealing Time: Pricing Mechanism Front end Load: Back end Load: Management Fee: Total Expense Ratio (%) Risk Profile Custodian & Trustee: Auditors: Fund Manager: Minimum Subscription: Asset Manager Rating: Leverage Government Securities (AAA rated) AAA AA+ AA AAA+ Others Total Debt 44.7% 2.6% 17.2% 11.0% 6.6% 16.7% 1.2% 100.0% Money Market 5.9% 16.1% 17.5% 12.0% 26.6% 18.3% 3.6% 100.0% Asset Allocation (% of Total Assets) Equity Sub-fund 30-June-17 Equity Cash Equivalents Others including receivables Total Cash Equivalents GOP Ijara Sukuk Others Total Money Market Sub-fund Cash Equivalents GOP Ijara Sukuk Others Total 16.9%* 51.5%* 34.6% Investment Objective July 2, 2013 Rs. 1,583 million Open-end – Shariah Compliant Voluntary Pension Scheme 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 Forward Pricing Upto 3% on Contributions 0% On average Annual Net Assets of each Sub-Fund. Equity, Debt, Money Market 1.50% p.a. Equity 3.00% p.a. (including 1.19% government levies) Debt 2.16% p.a. (including 0.41% government levies) Money Market 2.23% p.a. (including 0.42% government levies) Investor dependent Central Depository Company (CDC) KPMG Taseer Hadi & Co. Chartered Accountants Sajjad Anwar, CFA Initial: Rs. 10,000/Subsequent: Rs. 1000/AM1 by PACRA (Very High Quality) Nil Credit Quality of the Portfolio (as on 30 June 2017) Debt Sub-fund FY 2015 The performance reported is net of management fee & all other expenses. General Information Launch Date: Fund size: NIPF Type: FY 2016 88.9% 9.9% 1.2% 100.0% 30-June-17 54.1% 44.7% 1.2% 100.0% 30-June-17 90.5% 5.9% 3.6% 100.0% Name of the Members of Investment Committee Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Taha Khan Javed, CFA, Muhammad Ali Bhabha, CFA, Hassan Raza, CFA To provide a secure source of savings and regular income after retirement to the Participants. Fund Manager’s Commentary During the month of June: NIPF Equity Sub-fund unit price decreased by 8.1% as compared to 10.1% decrease in KMI-30 Index. The Sub-fund was around 89% invested in equities with major weights in Cement, Oil & Gas Exploration Companies, and Automobile Assembler sectors. Equity Sub-fund maintains exposure of atleast 90% in listed equities on average. Last 90 days average allocation in equity was 95.1% of net asset. NIPF Debt Sub-fund generated annualized return of 7.6%. The Sub-fund was invested primarily in GoP Ijara Sukuks and Islamic bank deposits. Debt Sub-fund maintains a minimum combined exposure of 50% in Islamic Government Securities (25% minimum) and A+ rated Islamic banks / AA rated Islamic windows. Weighted Average Maturity of Sub-fund is 1.0 year. NIPF Money Market Sub-fund generated annualized return of 4.1%. The Sub-fund was invested primarily in Islamic bank deposits. Money Market Sub-fund average maturity cannot exceed 1 year. Weighted Average Maturity of Sub-fund is is 33 days. Top Five Sectors (% of Total Assets) (as on 30 June, 2017) Top Ten Holdings of Equity Sub-fund (as on 30 June, 2017) 31-May-17 95.1% 4.3% 0.6% 100.0% 31-May-17 61.8% 36.4% 1.8% 100.0% (% of Total Assets) Lucky Cement Ltd Engro Corporation Ltd Mari Petroleum Company Ltd Pakistan Oilfields Ltd Pak Petroleum Ltd 5.3% 4.8% 4.2% 3.8% 3.7% (% of Total Assets) D G Khan Cement Co Ltd Oil & Gas Dev.Co Hub Power Company Ltd Nishat Mills Ltd Pakistan State Oil Co. Ltd 3.5% 3.4% 3.3% 2.8% 2.7% Sindh Workers' Welfare Fund (SWWF) NIPF has maintained provisions against Sindh Workers’ Welfare Fund’s liability in individual Sub-funds as stated below: 31-May-17 91.3% 7.2% 1.5% 100.0% 16.9% 15.1% 8.6% 8.2% 5.7% 34.4% Cement Oil & Gas Exploration Companies Automobile Assembler Fertilizer Textile Composite Others Total amount Provided Rs Equity Sub-fund Amount Per Unit Rs Last One Year return would otherwise have been higher by: 6,842,531 2.3426 0.96% Debt Sub-fund 514,949 0.1751 0.15% Money Market Sub-fund 324,779 0.1594 0.13% For details investors are advised to read the Note 5of the Financial Statements of the Scheme for the periodended March 31, 2017. 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 63 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 Pension fund. All investments in Pension 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.