Pakistan: NAFA Pension Fund (NPF) - January 2018

Transcription

1. NAFA Pension Fund (NPF) January 2018 MONTHLY REPORT (MUFAP's Recommended Format) Performance % Fund Size NAV Per Unit (Rs.) Jan FYTD Rolling 2018 2018 12 Months (Rs. in mln) January 31, 2018 FY 2017 Last 3 Since Launch Years July 02, 2013 FY 2015 FY 2016 NPF-Equity Sub-fund 1,079.3 309.6943 8.5%* (6.5%)* (5.6%)* 37.3%* 14.8%* 49.6%* 15.4% 27.7% NPF-Debt Sub-fund 384.5 144.9076 4.6% 4.2% 4.4% 4.4% 5.5% 17.3% 5.6% 8.1% NPF-Money Market Sub-fund 506.2 131.6021 4.5% 4.3% 4.3% 4.4% 4.9% 7.8% 4.8% 5.9% * Cumulative Returns All Other returns are annualized 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. 1,970 million Open-end – 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 2.07% p.a. (including 0.25% government levies) Debt 2.05% p.a. (including 0.33% government levies) Money Market 2.05% p.a. (including 0.33% 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 January, 2018) Government Securities (AAA rated) AAA AA+ AA AAA+ Others Total Equity Sub-fund Debt 25.3% 17.2% 47.5% 2.1% 4.6% 2.3% 1.0% 100.0% Money Market 1.0% 19.0% 58.9% 19.6% 0.7% 0.8% 100.0% Asset Allocation (% of Total Assets) 30-Nov-17 31-Jan-18 29-Dec-17 93.8% 5.7% 0.5% 100.0% 91.0% 5.8% 3.2% 100.0% Debt Sub-fund 31-Jan-18 29-Dec-17 Cash Equivalents TFC/Sukuk Bank Placement T-Bills Others Total 40.0% 14.7% 19.0% 25.3% 1.0% 100.0% 43.8% 13.8% 17.9% 23.8% 0.7% 100.0% Money Market Sub-fund 31-Jan-18 29-Dec-17 Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Muhammad Ali Bhabha, CFA, FRM Taha Khan Javed, CFA Hassan Raza, CFA Fund Manager’s Commentary During the month of January: NPF Equity Sub-fund unit price increased by 8.5% compared with 8.8% increase in KSE-100 Index. The Sub-fund was around 94% invested in equities with major weights in Oil & Gas Exploration Companies, Commercial Banks, and Fertilizer sectors. Equity Sub-fund maintains exposure of atleast 90% in listed equities on average. Last 90 days average allocation in equity was 94% of net asset. NPF Debt Sub-fund generated annualized return of 4.6%.The Sub-fund was invested primarily in Government securities and TFCs. Debt Sub-fund maintains a minimum combined exposure of 50% in Government Securities (25% minimum) and AA+ rated banks. Weighted Average Maturity of Sub-fund is 0.7 year. NPF Money Market Sub-fund generated annualized return of 4.5%. In line with its investment strategy, the Sub Fund will maintain high exposure in money market securities. Money Market Sub-fund average maturity cannot exceed 90 days. Weighted Average Maturity of Sub-fund is 21 days. Top Five Sectors (% of Total Assets) (as on 31 January, 2018) 20.5% 17.8% 11.6% 9.6% 6.9% 27.4% Commercial Banks Oil & Gas Exploration Companies Fertilizer Cement Textile Composite Others Top Ten Holdings of Equity Sub-fund (as on 31 January, 2018) (% of Total Assets) Pak Petroleum Ltd Engro Corporation Ltd Habib Bank Ltd Oil & Gas Dev Co Ltd Bank Al-Falah Ltd 5.7% 5.2% 4.9% 4.6% 4.5% (% of Total Assets) Pakistan Oilfields Ltd Engro Fertilizer Ltd Mari Petroleum Company Ltd United Bank Ltd Hub Power Company Ltd 3.9% 3.9% 3.5% 3.3% 3.0% As on 31 January, 2018 Top TFC/Sukuk Holdings of Debt Sub-fund (% of Total Assets) Name Equity Cash Equivalents Others Total Cash Equivalents 62.5% Bank Placement 35.7% T-Bills 1.0% Others 0.8% Total 100.0% Name of the Members of Investment Committee To provide a secure source of savings and regular income after retirement to the Participants. 53.4% 34.9% 11.4% 0.3% 100.0% Askari Commercial Bank Limited 30-SEP-14 30-SEP-24 Jahangir Siddiqui and Company Ltd. 08-APR-14 08-APR-19 JS Bank Limited 14-DEC-16 14-DEC-23 Dawood Hercules Corp Ltd 16-NOV-17 16-NOV-22 Jahangir Siddiqui and Company Ltd. 18-Jul-17 18-Jul-22 Jahangir Siddiqui and Company Ltd. 24-Jun-16 24-Jun-21 Total 4.6% 3.0% 2.3% 2.1% 2.0% 0.7% 14.7% Sindh Workers' Welfare Fund (SWWF) NPF has maintained provisions against Sindh Workers’ Welfare Fund’s liability in individual Sub-funds as stated below: Rs Last One Year return would otherwise have been higher by: Equity Sub-fund 8,150,678 2.3387 0.71% Debt Sub-fund 1,085,167 0.4089 0.29% 988,081 0.2569 0.20% Total amount Provided Rs Money Market Sub-fund Amount Per Unit 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 risk involved.