Pakistan: NAFA Islamic Pension Fund Report - October 2017

Transcription

1. NAFA Islamic Pension Fund (NIPF) October 2017 MONTHLY REPORT (MUFAP's Recommended Format) Performance % Fund Size NAV Per Unit (Rs.) Oct (Rs. in mln) October 31, 2017 2017 FYTD Rolling FY 2018 12 Months 2017 Last 3 Since Launch Years July 02, 2013 FY 2015 FY 2016 NIPF-Equity Sub-fund 840.5 280.8302 NIPF-Debt Sub-fund 355.9 125.1744 3.3% 1.9% 3.0% 3.9% 3.8% 5.6% 4.1% 5.1% NIPF-Money Market Sub-fund 271.1 125.5194 3.4% 3.0% 3.3% 3.8% 3.9% 6.2% 4.4% 5.2% * Cumulative Returns All Other returns are annualized (4.5%)* (14.9%)* 4.2%* 35.8%* 16.9%* 51.5%* 20.6% The performance reported is net of management fee & all other expenses. General Information Launch Date: Fund size: Type: 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 Investment Objective July 2, 2013 Rs. 1,468 million Open-end – Shariah Compliant Voluntary Pension Scheme 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 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 2.09% p.a. (including 0.25% government levies) Debt 2.02% p.a. (including 0.28% government levies) Money Market 2.08% p.a. (including 0.31% 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 31 October, 2017) Government Securities (AAA rated) AAA AA+ AA AAA+ Others Total Debt 45.5% 21.0% 11.9% 1.4% 18.4% 0.2% 1.6% 100.0% Money Market 5.4% 16.0% 31.9% 7.9% 37.4% 0.1% 1.3% 100.0% Asset Allocation (% of Total Assets) Equity Sub-fund 31-Oct-17 Equity Cash Equivalents Others including receivables Total Debt Sub-fund Cash Equivalents GOP Ijara Sukuk Others Total Money Market Sub-fund Cash Equivalents GOP Ijara Sukuk Others Total 26.7% 87.9% 9.5% 2.6% 100.0% 31-Oct-17 52.9% 45.5% 1.6% 100.0% 31-Oct-17 93.3% 5.4% 1.3% 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 October: NIPF Equity Sub-fund unit price decreased by 4.5% as compared to 5.8% decrease in KMI-30 Index. The Sub-fund was around 88% invested in equities with major weights in Oil & Gas Exploration Companies, Cement and Fertilizer sectors. Equity Sub-fund maintains exposure of atleast 90% in listed equities on average. Last 90 days average allocation in equity was 90.9% of net asset. NIPF Debt Sub-fund generated annualized return of 3.3%. 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 0.9 year. NIPF Money Market Sub-fund generated annualized return of 3.4%. 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 23 days. Top Five Sectors (% of Total Assets) (as on 31 October, 2017) Top Ten Holdings of Equity Sub-fund (as on 31 October, 2017) 29-Sep-17 88.8% 9.3% 1.9% 100.0% 29-Sep-17 52.5% 46.3% 1.2% 100.0% (% of Total Assets) Pak Petroleum Ltd Pakistan Oilfields Ltd Oil & Gas Dev.Co Pakistan State Oil Co. Ltd Hub Power Company Ltd 7.3% 7.3% 4.4% 4.4% 3.9% (% of Total Assets) Engro Corporation Ltd D G Khan Cement Co Ltd Engro Fertilizer Ltd Nishat Mills Ltd Lucky Cement Ltd 3.8% 3.8% 3.3% 3.3% 3.0% Sindh Workers' Welfare Fund (SWWF) NIPF has maintained provisions against Sindh Workers’ Welfare Fund’s liability in individual Sub-funds as stated below: 29-Sep-17 92.3% 5.8% 1.9% 100.0% 22.0% 12.1% 8.9% 8.7% 6.3% 29.9% Oil & Gas Exploration Companies Cement Fertilizer Oil & Gas Marketing Companies Automobile Assembler Others Total amount Provided Rs Equity Sub-fund Amount Per Unit Rs Last One Year return would otherwise have been higher by: 6,827,479 2.2812 0.85% Debt Sub-fund 561,779 0.1976 0.16% Money Market Sub-fund 379,733 0.1758 0.14% For details investors are advised to read the Note 7 of the Financial Statements of the Scheme for the period ended September 30, 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.