Pakistan: NAFA Saving Plus Fund Report - March 2017

Transcription

1. NAFA Savings Plus Fund (NSPF) March 2017 Unit Price (31/03/2017): Rs. 10.7923 Performance % FYTD 2017 Trailing 12 months Apr 16 - Mar 17 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 Since Launch November 21, 2009* NAFA Savings Plus Fund 5.2% 8.9% 8.2% 6.3% 8.7% 7.9% 8.8% 11.0% 9.0% 6.1% 5.7% 5.4% 4.7% 6.7% 7.1% 7.3% 8.4% 7.0% Performance Period Benchmark** Mar 2017 * Annualized Return Based on Morning Star Methodology All other returns are Annualized Simple Return Launch Date: Fund Size: Type: Dealing Days: Dealing Time: Settlement: Pricing Mechanism: Load:*** Management Fee: Total Expense Ratio: Risk Profile: Fund Stability Rating: Listing: Custodian & Trustee: Auditors: Benchmark:** Fund Manager: Minimum Subscription: Asset Manager Rating: The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. November 21, 2009 Rs. 429 million Open-end – Income fund 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 2-3 business days Forward Pricing Front End Load (Individual): without life insurance 0.5%, with life insurance 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 10% of Net Income (Min 0.5% p.a., Max 1.50% p.a.) 1.93% p.a. (including 0.42% government levies) Very Low "AA- (f)" by PACRA Pakistan Stock Exchange Central Depository Company (CDC) KPMG Taseer Hadi & Co. Chartered Accountants 6-Month KIBOR Muhammad Ali Bhabha, CFA, FRM Growth Unit: Rs. 1,000/Income Unit: Rs. 100,000/AM2++ by PACRA (High Investment Management Standards) To minimize risk, preserve capital and generate a reasonable return along with a high degree of liquidity from a portfolio primarily constituted of bank deposits and money market instruments. The Fund earned an annualized return of 5.2% during the month versus the Benchmark return of 6.1% thus registering an underperformance of 0.9% p.a. Since its launch in November 2009, the Fund offered an annualized return of 9.0% against the Benchmark return of 7.0%, hence an outperformance of 2.0% p.a. This outperformance is net of management fee and all other expenses. The Fund is allowed to invest in Government Securities up to a maximum maturity of 3 years and also in debt securities with rating of A and above with a maximum remaining maturity of 1 year. The Fund invests 25% of its net assets in less than 90 days T-Bills or saving accounts with banks, which further enhances liquidity profile of the Fund. The portfolio of NSPF is invested in Treasury bills, MTS, and bank deposits etc. The allocation in MTS is 9.4% of net assets. The weighted average time to maturity of the entire Fund is around 18 days. Our internal guidelines permit MTS financing in only fundamentally strong companies with lower volatility. It is pertinent to mention that in this asset class the Fund provides financing at only pre-determined rates of return with no direct exposure to the stock market. We will rebalance the allocation of the portfolio proactively based on the capital market outlook. ** effective from September 01, 2016; Previously Average 6-Month deposit rate (A & above rated banks) *** effective from January 02, 2017 Asset Allocation (% of Total Assets) T-Bills Margin Trading System (MTS) Placements with Banks Bank Deposits Others including receivables Total Leverage 31-Mar-17 28-Feb-17 6.7% 9.0% 18.9% 64.6% 0.8% 100.0% Nil 6.4% 28.3% 17.0% 47.4% 0.9% 100.0% Nil Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 854,765/-. If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs. 0.0215//0.22%. For details investors are advised to read note 12.1 of the Financial Statements of the Scheme for the half year ended December 31, 2016. Credit Quality of the Portfolio as of Mar 31, 2017 (% of Total Assets) Govt. Securities (AAA rated) AAA AA+ AA AAA+ A AMTS (Unrated) Others including receivables Total 6.7% 3.3% 36.6% 5.1% 28.4% 9.4% 0.2% 0.5% 9.0% 0.8% 100.0% 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.