NAV to NAV return with dividend reinvestment. Monthly ... 2.97%. % Positive Months. 71.5%. 64.9%. * This expense ratio i
From CIO’s Desk November 2017 Macroeconomic concerns particularly on PKR devaluation amid fragile domestic politics continued to weigh heavy on the market sentiments during the month. Consequently, equities (KSE100 index) only managed to deliver a return of ~0.99% M/M during November 2017. CPI inflation rose to 3.97% Y/Y in November 2017 vs 3.8%/3.81% in October 2017/November 2016. SBP reported CAD at ~$1.32bn for October 2017 vs ~$956mn in September 2017. The increment was mainly led by higher trade deficit and decline in workers’ remittances. But imposition of regulatory duty on imports of 731 non-essential items coupled with issuance of Eurobond/Sukuk worth $2.5bn is likely to improve the BoP and forex reserves situation for the time being. We continue to monitor political and macroeconomic situation as senate election is due in March 2018. We believe timely elections are likely to be taken positively by the market. With respect to stock market performance, index heavy weight E&P sector continued to register gains on the back of increase in international crude oil prices due to geopolitical concerns and relatively normalized global inventory levels. On the other hand, announcement of abrupt closure of FO based power plants led to closure of local refinery operations which translated into declining stock prices of the mid-down stream energy chain. Though the decision was subsequently reversed, we assign high probabilities that FO based electricity generation will be restricted once RLNG and coal based power plants come online. Initial impression of this development seems positive for inefficient FO based IPPs and negative for efficient FO based IPPs. SBP announced the last MPS for 2017 keeping target rate unchanged at 5.75%. In November 2017, SBP borrowed total funds worth PKR. 1,314bn in the T-Bill auction against a monthly target of PKR.1,200bn with a total maturing amount of PKR 1,142bn. The bidding pattern was skewed towards 3-months tenor. In the first auction, SBP borrowed PKR 699bn against the target of PKR 650bn, with maturing amount of PKR 615bn. However, the total borrowed amount in the second auction was PKR.615bn against the target of PKR. 550bn with maturing amount of PKR.527bn. The cut-off yields for 3-month and 6-month T-Bill were 5.9910% and 6.0109% respectively, whereas no bids were received for 12-month T-Bill in the given month. Furthermore, SBP rejected the PIB auction while total bid amount was PKR 23.7bn against the target amount of PKR 50bn exhibiting market expectations of a rate hike in the near future. Going forward; the mounting pressure on external account and currency coupled with possible reversal of inflationary pressures provide little room for downward adjustment of the policy rate. We continue to monitor all key sectors and portfolio holdings on regular basis and reassess our investment case. We remain open-minded and do not hesitate in admitting our shortcomings and believe in rectifying them. We would like to take this opportunity to reiterate our equity strategy of buying quality companies at discounted valuations. It is imperative for investors to acknowledge that equity market returns over medium to long term are likely to beat other asset classes. It is in times of such volatility that investors must remain focused on valuations and not get overwhelmed by short term equity price movements.
KSE 30 Perfomance
Shares in mn
16.0%
120
21,500
100
21,000
Monthly YoY Inflation
12.0%
80
20,500
60
8.0%
20,000
Volume (L.H.S)
29-Nov
23-Nov
17-Nov
19,000
13-Nov
-
7-Nov
19,500
1-Nov
20
KSE-30 (R.H.S)
4.0%
0.0%
Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17
40
1
Unit Trust of Pakistan (UTP) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income.
Fund Benchmark Difference
1M 1Y 3Y -1.07 -4.63 19.31 0.27 -2.85 11.65 -1.34 -1.78 7.66
5Y Launch 97.24 1700.99 52.36 873.64 44.88 827.35
Avg. Ann.* 15.46 11.98 3.48
* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.
Key information Fund type Category Fund launch date Net Assets (PKR mn) Net Assets Excluding JSIL FoFs (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage Management Quality Rating Entity Rating Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO
Monthly performance (%)
Open end Balanced Scheme 27 October, 1997 1,416.39
July August September October November December January February March April May June YTD Benchmark Difference
1,416.39 160.05 #
BM 2.00% (Exclusive of SST & FED) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Deloitte Yousuf Adil Medium PSX NIL AM2 by JCR-VIS A+ (Long Term), A1 (Short Term) by PACRA
FY16 2.89 -0.90 -4.24 5.66 -2.36 2.10 0.99 -4.01 2.85 2.25 1.84 0.20 6.98 3.84 3.14
FY15 2.42 -6.41 3.76 3.43 5.31 3.88 4.50 -1.95 -8.59 8.55 -2.10 1.35 13.52 7.85 5.67
FY14 5.47 -5.57 -0.66 2.44 6.40 4.53 1.18 -0.19 4.49 4.07 1.18 -1.36 23.56 18.21 5.35
Asset allocation (%) Nov-17 16.95 63.66 14.01 0.48 4.89 100.00
Cash Placement with Banks and DFIs Equity TFCs / Sukkuks PIBs T Bills MTS / Spread Transactions Other including receivables Total
3 Years Return on PKR 100 Invested in UTP Vs Benchmark UTP
-14.51 -9.24 -5.27
FY17 3.34 1.82 3.28 -2.91 5.75 6.69 3.26 0.09 0.54 3.22 3.66 -5.96 24.49 12.09 12.40
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Mr. Zahid Ullah Khan - CIO / Fund Manager Mr. Asad Ali - Acting Head of Research
160
FY18 -0.01 -9.18 0.51 -5.33 -1.07
Benchmark
150 140 130
Oct-17 37.30 52.01 8.99 0.40 1.29 100.00
Asset quality (%age of total assets)
120
AA16.73%
110 100 AA 0.21%
Nov-17
Jul-17
Sep-17
May-17
Jan-17
Mar-17
Nov-16
Jul-16
Sep-16
Mar-16
May-16
Jan-16
Sep-15
Nov-15
Jul-15
Mar-15
Jan-15
Nov-14
80
May-15
90
A+ 0.00%
Name of Investment Agritech Ltd. Azgard Nine Ltd.a Agritech Ltd.b Azgard Nine Ltd.c
Type
Value before provision
Sukuks PPTFC PPTFC PPTFC
112,298,115 31,980,766 -
Value after provision -
% of Net Assets 0.00 0.00 0.00 0.00
% of Gross Assets 0.00 0.00 0.00 0.00
(a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000.
Statistical analysis Information Ratio Correlation Standard Deviation Expense Ratio*
Fund -0.03 0.93 14.7% 2.97%
Beta Largest Month Gain Largest Month Loss % Positive Months
* Govt. securities (0.00%)
Equity sector breakdown (%)
Non Compliant Investments under Circular 07/2009 Provision held (if any) 112,298,115 (31,980,766) -
AA+ 0.00%
Fund 0.5 14.0% -24.0% 71.5%
BM 1.0 19.3% -33.8% 64.9%
* This expense ratio is annualized and includes 0.40% government levy, Sindh Worker’s Welfare Fund and SECP fee.
Oil & Gas Exploration Companies Commercial Banks Power Generation & Distribution Engineering Automobile Assembler Others Total
Nov-17 12.53 11.42 6.63 5.91 5.62 21.55 63.66
Oct-17 4.39 7.00 6.52 5.88 5.46 22.78 52.01
Top holding (%age of total assets) Mari Petroleum Co. Ltd. Oil & Gas Development Co. Ltd. Indus Motor Co. Ltd. Pak Elektron Ltd. Bank Al - Habib Ltd. Kot Addu Power Co. Ltd. Synthetic Products Enterprises Ltd. Pakistan National Shipping Corporation Ltd. MCB Bank Ltd. Century Paper & Board Mills Ltd.
7.48 5.05 4.89 4.61 3.60 3.22 3.11 2.99 2.81 2.19
#
Disclosure for Sindh Workers' Welfare Fund (SWWF)
Cumulative return is based as per MUFAP stated methodology.
The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 9,297,174/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.05/0.66%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.
Effective from 01-Sep ‘16: Rate of return of KSE-30 Index and six (6) month KIBOR, for any period of return, on the basis of actual proportions of the portfolio. Previously 50% 6M KIBOR & 50% KSE 30 Index.
2
EQUITY SCHEME
JS Growth Fund (JS GF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management.
Key information Fund type Open end Category Equity Scheme Fund launch date 06 June, 2006 * Net Assets (PKR mn) 2,142.71 Net Assets Excluding JSIL FoFs 2,142.71 (PKR mn) NAV (PKR) 185.17 KSE30 (Total Return Index) Effective from 01-Sep '16. Benchmark Management fee 2.00% (Exclusive of SST & FED) Front-end Load 3.00% Back-end Load NIL Pricing mechanism Forward MCB Financial Services Ltd Trustee Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Grant Thorton Auditor Risk profile High Listing PSX Leverage NIL Management Quality Rating AM2 by JCR-VIS A+ (Long Term), A1 (Short Term) by PACRA Entity Rating Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi-CSO Mr. Asad Ali - Acting Head of Research Mr. Zahid Ullah Khan - CIO / Fund Manager Mr. Khawar Iqbal - CFO
Fund Benchmark Difference
1M 1Y 3Y 5Y -0.73 -6.36 31.53 150.35 1.38 -6.32 7.49 62.84 -2.11 -0.04 24.04 87.51
Launch 199.11 79.45 119.66
Avg. Ann.* 10.00 5.22 4.78
* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.
Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference
FY18 0.76 -11.28 0.26 -5.86 -0.73
-16.25 -14.40 -1.85
FY17 3.46 3.45 3.02 0.94 10.55 9.87 7.16 -1.51 -0.73 2.78 3.12 -8.37 37.56 17.92 19.64
FY16 3.44 -2.40 -6.80 6.53 -4.82 3.81 -0.79 -4.46 4.74 3.49 1.02 1.06 3.88 0.37 3.51
FY15 2.92 -9.21 4.22 1.46 3.53 8.28 8.17 -5.12 -11.16 11.54 -2.67 2.53 12.42 5.67 6.75
FY14 11.41 -8.85 0.45 1.83 15.14 4.63 1.43 0.06 6.43 3.18 1.78 -1.28 40.12 25.96 14.16
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Asset allocation (%)
3 Years Return on PKR 100 Invested in JS Growth Fund Vs Benchmark Cash Equity Other including receivables Total
180 JSGF
Benchmark
160 140
Nov-17 11.00 83.80 5.21 100.00
Oct-17 19.30 79.50 1.20 100.00
Nov-17 14.81 11.06 10.06 9.19 6.04 32.63 83.80
Oct-17 14.97 5.29 9.73 8.68 6.16 34.67 79.50
Equity sector breakdown (%)
120
Insurance Oil & Gas Exploration Companies Commercial Banks Sugar & Allied Industries Engineering Others Total
Sep-17
Nov-17
Jul-17
May-17
Mar-17
Jan-17
Nov-16
Jul-16
Sep-16
Mar-16
May-16
Jan-16
Nov-15
Jul-15
Sep-15
Jan-15
Mar-15
Nov-14
80
May-15
100
Top holding (%age of total assets)
Equity
Cash
Shahtaj Sugar Mills Ltd. IGI Insurance Ltd. Adamjee Insurance Co. Ltd. Mari Petroleum Co. Ltd. Oil & Gas Development Co. Ltd. Pak Elektron Ltd. Rafhan Maize Products Ltd. Orix Leasing Pakistan Ltd. Attock Petroleum Ltd. Bank Alfalah Ltd.
Other including receivables
100 80 60 40 20
8.38 8.21 6.59 5.75 5.31 4.39 4.26 4.02 3.47 3.44
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Statistical analysis Information Ratio Correlation Standard Deviation Expense Ratio*
Fund -0.01 0.92 23.4% 2.88%
Beta Largest Month Gain Largest Month Loss % Positive Months
Fund 0.8 18.9% -35.2% 62.3%
BM 1.0 25.2% -45.1% 60.1%
* This expense ratio is annualized and includes 0.40% government levy, Sindh Worker’s Welfare Fund and SECP fee.Selling & Marketing Expense PKR 378,259.
Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 18,411,165/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.59/0.86%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 19 July, 2013. Cumulative return is based as per MUFAP stated methodology.
3
JS Value Fund (JS VF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in listed equity securities with better-than-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in cash and near cash instruments (excluding TDR) which may include Government securities not exceeding ninety (90) days maturity.
Fund Benchmark Difference
1M 1Y 3Y 5Y -0.41 -10.68 23.10 132.90 1.38 -6.32 7.49 62.84 -1.79 -4.36 15.61 70.06
10Y 122.84 30.44 92.40
Avg. Ann.* 8.34 2.69 5.64
* Average Annualized Return since last ten years as per Morning Star formula NAV to NAV return with dividend reinvestment.
Key information Monthly performance (%)
Fund type Open end Category Equity Scheme Fund launch date 14 January, 1996 * Net Assets (PKR mn) 967.31 Net Assets Excluding JSIL FoFs 967.31 (PKR mn) NAV (PKR) 203.04 KSE30 (Total Return Index) Effective from 01-Sep '16. Benchmark Management fee 2.00% (Exclusive of SST & FED) Front-end Load 3.00% Back-end Load NIL Pricing mechanism Forward Trustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Auditor Deloitte Yousuf Adil Risk profile High Listing PSX Leverage NIL Management Quality Rating AM2 by JCR-VIS Entity Rating A+ (Long Term), A1 (Short Term) by PACRA Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr. Khurram M. Arif - Fund Manager Mr. Syed Ali Turab Alvi-CSO Mr. Asad Ali - Acting Head of Research
July August September October November December January February March April May June YTD Benchmark Difference
JSVF
FY16 5.69 -2.69 -5.87 7.55 -3.25 4.21 0.09 -5.23 5.88 3.44 1.74 2.49 13.72 0.37 13.35
Cash Equity Other including receivables Total
140 120
Nov-17
Sep-17
Jul-17
May-17
Jan-17
Mar-17
Nov-16
Jul-16
Sep-16
May-16
Mar-16
Jan-16
Nov-15
Sep-15
Jul-15
Mar-15
May-15
Jan-15
Nov-14
100
Cash
FY14 8.16 -7.20 -0.82 3.02 12.94 4.30 0.57 0.73 6.46 2.87 2.13 -1.00 35.52 25.96 9.56
Nov-17 9.99 83.20 6.81 100.00
Oct-17 20.94 77.64 1.41 100.00
Nov-17 12.03 11.87 11.00 6.75 5.94 35.61 83.20
Oct-17 8.93 7.97 8.13 6.52 5.75 40.34 77.64
Equity sector breakdown (%)
Benchmark
Oil & Gas Exploration Companies Commercial Banks Engineering Power Generation & Distribution Automobile Assembler Others Total
Equity
FY15 2.04 -6.80 4.69 1.33 2.17 5.83 6.26 -2.35 -10.97 10.44 -3.52 2.16 9.72 5.67 4.05
Asset allocation (%)
160
80
-18.98 -14.40 -4.58
FY17 2.99 3.04 2.65 -1.84 6.48 11.35 3.18 -0.75 -0.90 3.38 2.65 -8.06 25.53 17.92 7.61
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
3 Years Return on PKR 100 Invested in JS Value Fund Vs Benchmark 180
FY18 -0.07 -11.07 -1.28 -7.26 -0.41
Other including receivables
100 80 60 40
Top holding (%age of total assets) Mari Petroleum Co. Ltd. Al-Abbas Sugar Mills Ltd. Oil & Gas Development Co. Ltd. Pak Elektron Ltd. Indus Motor Co. Ltd. International Steels Ltd. Bank Al - Habib Ltd. Thal Ltd. Bank Alfalah Ltd. IGI Insurance Ltd.
7.27 5.14 4.76 4.40 4.29 4.01 3.99 3.96 3.67 2.95
20 Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Statistical analysis Information Ratio Correlation Standard Deviation Expense Ratio*
Fund (0.07) 0.96 20.8% 3.25%
Beta Largest Month Gain Largest Month Loss % Positive Months
Fund 0.6 21.4% -24.4% 64.4%
BM 1.0 25.2% -45.0% 61.5%
* This expense ratio is annualized and includes 0.43% government levy, Sindh Worker’s Welfare Fund and SECP fee.Selling & Marketing Expense PKR 172,151.
Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 8,143,945/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.71/0.84%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 27 June, 2013. Cumulative return is based as per MUFAP stated methodology.
4
EQUITY SCHEME
JS Large Cap. Fund (JS LCF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity.
Key information
Fund Benchmark Difference
1M -0.05 1.38 -1.43
1Y -1.32 -6.32 5.00
3Y 5Y 44.97 210.75 7.49 62.84 37.48 147.91
Launch 608.80 196.18 412.62
Avg. Ann.* 15.54 8.34 7.20
* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.
Monthly performance (%)
Fund type Category Fund launch date Net Assets (PKR mn) Net Assets Excluding JSIL FoFs (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage Management Quality Rating Entity Rating Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO
Open end Equity Scheme 14 May, 2004 * 723.33
July August September October November December January February March April May June YTD Benchmark
635.91 132.15 KSE30 (Total Return Index) Effective from 01-Sep '16. 2.00% (Exclusive of SST & FED) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Deloitte Yousuf Adil High PSX NIL AM2 by JCR-VIS A+ (Long Term), A1 (Short Term) by PACRA
FY16 6.07 -3.30 -7.28 7.83 -5.91 4.67 -0.49 -5.33 6.35 2.23 -0.21 1.50 4.77 0.37
FY15 3.43 -10.37 8.70 6.87 7.34 9.16 8.86 -3.83 -9.81 12.66 -3.00 1.18 31.74 5.67
FY14 12.94 -8.41 -1.23 3.16 12.98 5.55 4.48 -6.70 8.30 3.63 3.40 -1.79 39.64 25.96
Asset allocation (%) Cash Equity Other including receivables Total
3 Years Return on PKR 100 Invested in JS Large Cap Fund Vs Benchmark JSLCF
-15.85 -14.40
FY17 6.71 2.91 5.10 -2.91 9.81 8.99 6.12 -1.70 -0.04 5.35 4.76 -6.50 44.30 17.92
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Mr. Syed Ali Turab Alvi-CSO Mr. Asad Ali - Acting Head of Research Mr. Syed Sanakhawan - Fund Manager
200
FY18 0.41 -9.76 -0.63 -6.50 -0.05
Benchmark
Nov-17 7.79 89.64 2.57 100.00
Oct-17 7.46 90.23 2.31 100.00
180
Equity sector breakdown (%)
160 140 120
Equity
Cash
Nov-17
Jul-17
Sep-17
May-17
Mar-17
Jan-17
Nov-16
Sep-16
Jul-16
May-16
Mar-16
Jan-16
Nov-15
Sep-15
Jul-15
Mar-15
Jan-15
Nov-14
80
May-15
100
Power Generation & Distribution Oil & Gas Exploration Companies Commercial Banks Engineering Cable & Electrical Goods Others Total
Nov-17 13.46 11.80 11.07 8.02 6.45 38.84 89.64
Oct-17 9.23 9.44 8.89 8.23 7.11 47.34 90.23
Top holding (%age of total assets)
Other including receivables
Mari Petroleum Co. Ltd. The Hub Power Co. Ltd. Agriautos Industries Ltd. Attock Petroleum Ltd. Pak Elektron Ltd. Shifa International Hospitals Ltd. Bank Al - Habib Ltd. Oil & Gas Development Co. Ltd. Thal Ltd. Bank Alfalah Ltd.
100 80 60 40 20
7.95 4.82 4.76 4.49 4.17 4.11 3.95 3.85 3.49 3.48
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Statistical analysis Information Ratio Correlation Standard Deviation Expense Ratio*
Fund 0.07 0.89 22.2% 3.24%
Beta Largest Month Gain Largest Month Loss % Positive Months
Fund 0.7 14.7% -30.8% 60.1%
BM 1.0 25.2% -45.0% 60.7%
* This expense ratio is annualized and includes 0.44% government levy, Sindh Worker’s Welfare Fund and SECP fee.Selling & Marketing Expense PKR 127,807.
Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 5,875,542/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.07/0.81%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 26 September, 2010.
5
JS Islamic Fund (JS ISF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
JS Islamic Fund [JS ISF] aims to grow investor’s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance.
Key information
3Y 5Y 53.49 225.92 36.78 138.79 16.71 87.13
Launch 873.89 661.91 211.98
Avg. Ann.* 16.46 14.56 1.90
Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference
FY18 -0.13 -10.34 -1.03 -6.99 -1.01
-18.41 -13.36 -5.05
FY17 9.76 1.98 7.51 -2.04 10.44 8.12 3.13 -1.21 0.27 6.12 2.94 -7.02 46.06 18.80 27.26
FY16 2.96 -4.33 -6.10 5.97 -5.64 4.56 0.54 -5.20 7.66 2.37 1.85 2.33 5.88 15.53 -9.65
FY15 3.79 -11.70 9.19 8.71 7.98 8.68 7.41 -1.86 -10.57 13.79 -1.15 5.55 42.90 20.10 22.80
FY14 15.35 -11.98 1.59 1.02 10.07 4.84 5.64 -3.33 7.37 3.46 0.81 0.67 38.43 29.89 8.54
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Asset allocation (%) Cash Equity Other including receivables Total
3 Years Retun on PKR 100 Inveseted in JS Islamic Fund Vs Benchmark ISF
1M 1Y -1.01 -8.47 1.19 -4.67 -2.20 -3.80
* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.
Fund type Open end Category Shariah Compliant Islamic - Equity Scheme Fund launch date 27 December, 2002 1,422.44 Net Assets (PKR mn) Net Assets Excluding JSIL FoFs 1,248.57 (PKR mn) NAV (PKR) 106.65 Benchmark KMI-30 Index Management fee 2.00% (Exclusive of SST & FED) Front-end Load 3.00% Back-end Load NIL Pricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd. Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Auditor A. F. Ferguson & Co. Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Risk profile High Listing PSX Leverage NIL Management Quality Rating AM2 by JCR-VIS Entity Rating A+ (Long Term), A1 (Short Term) by PACRA Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO / Fund Manager Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO Mr. Asad Ali - Acting Head of Research
220
Fund Benchmark Difference
Benchmark
Nov-17 9.44 85.05 5.51 100.00
Oct-17 28.42 70.16 1.42 100.00
Nov-17 17.66 12.01 10.37 6.61 5.45 32.95 85.05
Oct-17 8.77 8.61 9.39 6.76 4.42 32.20 70.16
200 180
Equity sector breakdown (%)
160 140 120
Equity
Cash
Nov-17
Jul-17
Sep-17
May-17
Jan-17
Mar-17
Nov-16
Sep-16
Jul-16
May-16
Mar-16
Jan-16
Nov-15
Sep-15
Jul-15
Mar-15
Jan-15
Nov-14
80
May-15
100
Oil & Gas Exploration Companies Engineering Power Generation & Distribution Cable & Electrical Goods Automobile Parts & Accessories Others Total
Top holding (%age of total assets)
Other including receivables
Oil & Gas Development Co. Ltd. Mari Petroleum Co. Ltd. Agriautos Industries Ltd. Pak Elektron Ltd. Engro Corporation Ltd. International Steels Ltd. The Hub Power Co. Ltd. Attock Petroleum Ltd. Kot Addu Power Co. Ltd. Thal Ltd.
100 80 60 40 20
9.32 8.34 5.45 4.84 4.75 4.14 4.12 3.88 3.73 3.63
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17 Disclosure for Sindh Workers' Welfare Fund (SWWF)
Statistical analysis Information Ratio Correlation Standard Deviation Expense Ratio*
Fund (0.08) 0.93 21.9% 3.13%
Beta Largest Month Gain Largest Month Loss % Positive Months
Fund 0.8 15.4% -28.7% 67.2%
BM 1.0 20.2% -37.1% 64.2%
The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 9,243,107/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.69/0.65%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology.
* This expense ratio is annualized and includes 0.43% government levy, Sindh Worker’s Welfare Fund and SECP fee.Selling & Marketing Expense PKR 257,257.
6
JS Fund of Funds (JS FoF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
JS FoF is a fund of funds that aims to grow investor’s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens.
Fund Benchmark Difference
Fund type Open end Category Fund of Fund Scheme Fund launch date 31 October, 2005 Net Assets (PKR mn) 273.70 Net Assets Excluding JSIL FoFs 273.70 (PKR mn) NAV (PKR) 50.77 # Benchmark BM FOF Management fee 1.00% (Exclusive of SST & FED) Front-end Load 3.00% Back-end Load NIL Pricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd. Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Auditor Deloitte Yousuf Adil Risk profile Medium Listing PSX Leverage NIL Management Quality Rating AM2 by JCR-VIS Entity Rating A+ (Long Term), A1 (Short Term) by PACRA Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO / Fund Manager Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO Mr. Asad Ali - Acting Head of Research
Avg. Ann.* 12.90 8.43 4.48
Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference
FY18 -0.22 -8.63 0.17 -3.18 -1.32
-12.75 -12.10 -0.65
FY17 1.09 0.94 2.85 -3.09 5.77 8.27 4.48 -0.28 -0.78 3.95 3.85 -6.62 21.37 15.74 5.63
FY16 2.66 -2.28 -6.25 5.78 -2.97 3.78 -1.11 -3.30 6.21 3.63 3.71 -0.24 9.08 3.98 5.10
FY15 4.88 -7.37 3.52 2.93 4.47 5.34 5.35 -0.95 -7.01 10.03 -1.97 1.01 20.44 21.16 -0.72
FY14 13.60 -8.62 6.78 -0.05 7.87 4.63 3.32 -2.52 5.38 4.43 1.77 -0.67 40.09 19.79 20.30
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Asset allocation (%)
3 Years Return on PKR 100 Invested in JS Fund of Fund Vs Benchmark FoF
Launch 333.74 165.97 167.77
* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.
Key information
170
1M 1Y 3Y 5Y -1.32 -1.55 28.63 118.33 0.93 -6.91 19.99 78.15 -2.25 5.36 8.64 40.18
Benchmark
Open End / Closed End Funds T Bills Cash Other including receivables
Nov-17 92.51 7.33 0.15
Oct-17 90.68 9.18 0.14
Total
100.00
100.00
160 150 140 130
Top holding (%age of total assets)
120 110 100 90
Open End / Closed End Funds
Nov-17
Sep-17
Jul-17
Mar-17
May-17
Jan-17
Nov-16
Jul-16
Sep-16
May-16
Jan-16
Mar-16
Nov-15
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
80
Cash
JS Large Cap. Fund JS Income Fund Atlas Stock Market Fund NAFA Islamic Energy Fund National Investment Trust ABL Stock Fund Alhamra Islamic Income Fund n/a Total
31.59 15.61 11.82 10.77 10.57 10.15 2.01 n/a 92.51
100 95 90 85 80 75 Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Statistical analysis Information Ratio Correlation Standard Deviation Expense Ratio*
Disclosure for Sindh Workers' Welfare Fund (SWWF)
Fund 0.09 0.94 16.1% 1.31%
Beta Largest Month Gain Largest Month Loss % Positive Months
Fund 0.9 13.6% -13.7% 65.8%
BM 1.0 11.0% -25.1% 67.8%
* This expense ratio is annualized and includes 0.21% government levy, Sindh Worker’s Welfare Fund and SECP fee.
The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,519,908/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.28/0.56%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology. #
'Weighted Average of "Three (3) months PKRV rates", "Six (6) months KIBOR rates" and "KSE-100 Index", on the basis of actual investment in money market, income and equity schemes '. "
7
SHARIAH COMPLIANT FUND OF FUNDS SCHEME
JS Islamic Hybrid Fund of Funds (JS IHFoF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
JS Islamic Hybrid Fund of Funds aims to generate need based returns for its clients by offering several Allocation Baskets/Plans with varying mix of exposures to low / high risk asset classes via underlying mutual funds. Investment Objectives of the Allocation Baskets/Plans initially offered under JSIHFOF are Mustanad, Mustahkem, Mutanasib, Mufeed & Munafa.
1M JSIHFOF - Mustanad * 3.52 Benchmark * 2.21 JSIHFOF - Mustahkem -0.03 Benchmark 0.38 JSIHFOF - Mutanasib -0.90 Benchmark 1.15 JSIHFOF - Munafa -1.27 Benchmark 1.25 JSIHFOF - Mufeed -1.00 Benchmark 1.24 * Annualized returns NAV to NAV return with dividend reinvestment.
Key information Fund type Category Fund launch date Benchmark Management fee
Open end Shariah Compliant Fund of Funds 7 June, 2017 BM IHFOF* Nil (Up to 1% M.Fee p.a. applicable on investments made in CIS not managed by JSIL Mustanad 0% | Mustehkam 0.5% | Mutanasib Up to 3% | Mufeed Up to 3% | Munafa Up to 3% of NAV(FED & SST rate applicable) NIL Forward MCB Financial Services Ltd. (Monday to Friday) 4:00 p.m. KPMG Taseer Hadi & Co. Low-Moderate-High (as per allocation basket/plan) PSX NIL AM2 by JCR-VIS A+ (Long Term), A1 (Short Term) by PACRA
Front-end Load
Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile
Listing Leverage Management Quality Rating Entity Rating Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO Mr. Khurram M. Arif - Fund Manager Mr. Asad Ali - Acting Head of Research
NAV (PKR) 103.97 95.62 82.42 81.53 81.42
JSIHFOF - Mustanad JSIHFOF - Mustahkem JSIHFOF - Mutanasib JSIHFOF - Munafa JSIHFOF - Mufeed
Net Assets (PKR mn) 54.24 256.84 62.77 16.13 65.50
1Y n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
3Y n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
5Y n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Launch 8.62 1.79 -4.38 -4.36 -17.58 -14.98 -18.47 -15.75 -18.58 -15.78
Monthly performance (%) JSIHFOF JSIHFOF JSIHFOF JSIHFOF JSIHFOF Mustanad* Mustahkem Mutanasib Munafa Mufeed FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 Jul 2.24 n/a 0.38 n/a 0.59 n/a 0.64 n/a 0.61 n/a Aug 4.46 n/a (2.85) n/a (9.97) n/a (9.43) n/a (9.82) n/a Sep 32.15 n/a 0.08 n/a (0.75) n/a (0.81) n/a (0.95) n/a Oct 3.87 n/a (1.29) n/a (5.94) n/a (6.67) n/a (6.56) n/a Nov 3.52 n/a (0.03) n/a (0.90) n/a (1.27) n/a (1.00) n/a Dec n/a n/a n/a n/a n/a Jan n/a n/a n/a n/a n/a Feb n/a n/a n/a n/a n/a Mar n/a n/a n/a n/a n/a Apr n/a n/a n/a n/a n/a May n/a n/a n/a n/a n/a Jun 3.02 -0.72 -1.62 -2.14 -2.08 YTD 9.22 3.02 -3.69 -0.72 -16.22 -1.62 -16.69 -2.14 -16.85 -2.08 BM 2.05 0.11 -2.61 -1.80 -11.70 -3.72 -11.34 -4.97 -11.90 -4.41 Diff. 7.18 2.91 -1.08 1.08 -4.52 2.10 -5.35 2.83 -4.95 2.33 * Annualized returns NAV to NAV return with dividend reinvestment.
Asset allocation (%)
Islamic Hybrid Fund of Fund Allocation 100 90 80 70 60 50 40 30 20 10 -
Nov-17 JSIHFOF Mustanad
Mustehkam Cash
Munafa
Mustanad
Investment in Mutual Funds
Mutansib
Mufeed
Other including receivables
Expense ratio
1.69 63.53 34.78 100.00
8.83 68.35 22.82 100.00
JSIHFOF Mutanasib 4.27 94.72 1.01 100.00
JSIHFOF Munafa 6.97 89.39 3.64 100.00
JSIHFOF Mufeed 7.06 92.00 0.95 100.00
Top holding (%age of total assets) Expense Ratio
JS Islamic Hybrid Fund Of Funds-Mustanad JS Islamic Hybrid Fund Of Funds-Mustahkem JS Islamic Hybrid Fund Of Funds-Mutanasib JS Islamic Hybrid Fund Of Funds-Munafa JS Islamic Hybrid Fund Of Funds-Mufeed
Cash Equity Open End Funds Other Total
JSIHFOF Mustahkem
0.55% 0.48% 0.71% 1.18% 0.71%
Includes government levy, Sindh Worker’s Welfare Fund and SECP fee 0.20% 0.12% 0.13% 0.16% 0.13%
All ratios are annualized
BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets".
Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 110,109/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.22(Mustanad), Rs. 0.00(Mustahkem), 0.21% (Mustanad), 0.00% (Mustahkem).For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme.
JSIHFOF - Mustanad Atlas Islamic Income Fund NAFA Riba Free Savings Fund Alhamra Islamic Income Fund JSIHFOF - Mustahkem Atlas Islamic Income Fund JS Islamic Fund NAFA Riba Free Savings Fund JSIHFOF - Mutanasib JS Islamic Fund NAFA Islamic Energy Fund Atlas Islamic Income Fund JSIHFOF - Munafa JS Islamic Fund NAFA Islamic Energy Fund JSIHFOF - Mufeed JS Islamic Fund NAFA Islamic Energy Fund
33.57 29.94 0.01 28.01 20.47 16.80 74.74 9.87 5.94 78.79 10.60
82.12 9.88
8
SHARIAH COMPLIANT FUND OF FUNDS SCHEME
JS Islamic Active Allocation Plan - I (JS IAAP I) November 2017 MUFAP Recommended Format
Investment philosophy JS Islamic Active Allocation Plan – I is a limited-term (2 Years) active allocation plan offered under “JS Islamic Hybrid Fund of Funds”. The plan aims to generate superior returns by dynamically managing the plan’s exposure in “Income Portion” and “Equity Portion” based on the investment view on the different asset classes. Performance (%)
Key information Fund type Category Fund launch date Benchmark Management fee
Front-end Load
Open end Shariah Compliant Fund of Funds 21 September, 2017 BM IHFOF* 1% (No M.Fee to be charged on investments made in CIS managed by JSIL) Up to 3% of NAV (FED & SST rate applicable)
Contingent Load
4% of NAV on redemption requests during 1st year of subscription and 2% of NAV on redemption requests during 2nd year of subscription Back-end Load NIL Pricing mechanism Forward Trustee MCB Financial Services Ltd. Dealing Days & Cut-off time (Monday to Friday) 4:00 p.m. Auditor KPMG Taseer Hadi & Co. Risk profile Medium to High Listing PSX Leverage NIL Management Quality Rating AM2 by JCR-VIS Investment Committee Members
NAV (PKR) 100.24
1M -0.07 -0.05 -0.02
6M n/a n/a n/a
1Y n/a n/a n/a
2Y n/a n/a n/a
Launch 0.24 -0.01 0.25
Avg. Ann.* n/a n/a n/a
NAV to NAV return with dividend reinvestment.
Monthly performance (%) JS IAAP_I
Benchmark
Diff.
July
n/a
n/a
n/a
August
n/a
n/a
n/a
September
0.11
-
October
0.20
0.04
0.16
(0.07)
(0.05)
(0.02)
0.24
-0.01
0.25
November
0.11
December January February March April May June YTD NAV to NAV return with dividend reinvestment.
Mr. Hasnain Raza Nensey _ CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi- CSO Mr. Khurram M. Arif - Fund Manager Mr. Asad Ali - Acting Head of Research
JSIHFOF - JS IAAP_I
Fund Benchmark Difference
Asset allocation (%) Nov-17
Net Assets (PKR mn) 129.97
Sep-17
Cash
3.10
100.00
Equity
-
-
Open End / Closed End Funds
69.15
-
Other including receivables
27.74
-
100.00
100.00
Total
Top holding (%age of total assets) 29.03 28.13 7.19 4.79 n/a n/a n/a n/a n/a 69.14
Alhamra Islamic Income Fund Nafa Riba Free Savings Fund Atlas Islamic Income Fund JS Islamic Fund
n/a n/a n/a n/a n/a
Total
Expense Ratio Expense Ratio JS Islamic Hybrid FOF-IAAP-1 BM IHFOF*
Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets".
0.47%
Includes government levy, Sindh Worker’s Welfare Fund and SECP fee 0.14%
All ratios are annualized Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 5,638/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.00/0.00%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme
9
JS Cash Fund (JS CF) November 2017 MUFAP Recommended Format
Performance (%)
Investment philosophy JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk shortterm fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity.
Fund Benchmark Difference
Annualized performance2
1M 4.83 5.20 -0.37
1Y 5.60 5.36 0.23
3Y 6.71 6.23 0.48
5Y 8.23 8.05 0.18
Launch 11.55 10.69 0.85
NAV to NAV return with dividend reinvestment.
Key information Fund type Category Fund launch date Net Assets (PKR mn) Net Assets Excluding JSIL FoFs (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Fund stability rating (JCR-VIS) Leverage Management Quality Rating Entity Rating Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO
Annualized performance2
Monthly performance (%)
Open end Money Market Scheme 29 March, 2010 576.77
July August September October November December January February March April May June YTD Benchmark Difference
576.77 103.75 1
BM CF 0.50% (Exclusive of SST & FED) 1.00% NIL Backward MCB Financial Services Ltd (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. Extremely Low PSX AA+ (f) NIL AM2 by JCR-VIS A+ (Long Term), A1 (Short Term) by PACRA
FY18 4.98 4.96 4.87 4.92 4.83
4.95 5.23 -0.28
FY17 5.51 5.37 5.06 4.99 4.90 5.28 10.85 4.91 5.41 4.43 4.60 5.33 5.71 5.29 0.41
FY16 5.87 5.72 6.94 5.66 4.54 5.61 5.70 5.47 5.54 5.35 5.38 4.95 5.71 5.74 -0.03
FY15 8.62 8.69 8.68 9.05 9.34 8.33 10.03 7.62 7.17 8.93 6.65 14.10 9.30 8.20 1.10
FY14 7.28 7.24 5.83 7.27 7.65 8.04 8.06 8.17 8.86 8.88 8.91 8.84 8.21 8.73 -0.52
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Asset allocation (%) Nov-17 22.98 76.88 0.14 100.00
Cash Placement with Banks and DFIs T Bills Other including receivables Total
Mr Asim Ilyas - Fund Manager Mr. Asad Ali - Acting Head of Research
3 Years Return on PKR 100 Invested in JS Cash Fund Vs Benchmark 125
Oct-17 27.13 72.72 0.15 100.00
Asset quality (%age of total assets)
JSCF
120
AA+ 0.01%
Benchmark AA0.12%
115
AA 22.86%
110
Nov-17
Sep-17
Jul-17
May-17
Mar-17
Jan-17
Nov-16
Jul-16
Sep-16
May-16
Mar-16
Jan-16
Nov-15
Sep-15
Jul-15
May-15
Mar-15
Jan-15
100
Nov-14
105
AAA 76.88% * Govt. securities (76.88 %)
T Bills
Cash
100 80 60 40 20 Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Statistical analysis Standard Deviation Expense Ratio* Duration (Days) WAM (Days)
Fund 0.8% 1.12% 15 15
BM 0.6%
Largest Month Gain Largest Month Loss % Positive Months
Fund 1.2% 0.0% 100.0%
* This expense ratio is annualized and includes 0.26% government levy, Sindh Worker’s Welfare Fund and SECP fee.
BM 0.9% 0.0% 100.0%
Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,404,879/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.25/0.24%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.
1.
2.
70% three (3) months PKRV rates + 30% three (3) months average deposit rate of three (3) “AA” rated scheduled Banks as selected by MUF AP Annualized return is based as per MUFAP stated methodology.
10
JS Income Fund (JS IF) November 2017 MUFAP Recommended Format
JS IF is an income fund that aims to preserve investor’s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintain liquidity in the form of spread transactions and bank deposits.
Fund Benchmark Difference
1M 5.36 6.18 (0.82)
1Y 5.79 6.32 (0.54)
3Y 7.85 7.32 0.53
5Y 9.14 9.65 (0.51)
Launch 14.58 16.38 (1.80)
NAV to NAV return with dividend reinvestment.
Key information
July August September October November December January February March April May June YTD Benchmark Difference
FY18 6.02 4.40 6.41 4.60 5.36
FY17 13.78 5.72 7.13 5.17 9.04 6.66 5.32 4.82 5.75 4.10 6.17 8.03 7.04 6.27 0.76
5.40 6.22 -0.82
FY16 11.50 5.82 3.69 3.31 5.95 6.58 3.76 9.81 6.23 0.86 11.44 4.86 6.33 6.70 -0.37
FY15 7.44 9.04 9.55 8.90 14.85 20.84 16.64 7.55 5.65 17.17 2.59 1.75 10.65 9.35 1.30
FY14 4.86 6.71 -0.15 5.81 12.33 7.77 10.36 7.29 12.38 13.93 -0.41 8.34 7.67 10.30 -2.63
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Asset allocation (%)
#
The performance benchmark of the Fund shall be 'Average Return of Six (6) months KIBOR for any period of return. Effective from September 01 2016: Previously 40% 1Year PKRV rate + 60% 6M kibor.
3 Years Return on PKR 100 Invested in JS Income Fund VsBenchmark 128 IF
Annualized performance1
Monthly performance (%)
Fund type Open end Category Income Fund Scheme Fund launch date 26 August, 2002 Net Assets (PKR mn) 2,911.28 Net Assets Excluding JSIL FoFs 2,868.06 (PKR mn) NAV (PKR) 98.05 # Benchmark BM IF Management fee 0.75% (Exclusive of SST & FED) Front-end Load 1.00% Back-end Load NIL Pricing mechanism Forward Trustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Auditor Grant Thorton Anjum Rahman & Co Risk profile Low To Medium Listing PSX Fund stability rating (PACRA) A+ (f) Leverage NIL Management Quality Rating AM2 by JCR-VIS Entity Rating A+ (Long Term), A1 (Short Term) by PACRA Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr Asim Ilyas - Fund Manager Mr. Syed Ali Turab Alvi-CSO Mr. Asad Ali - Acting Head of Research
Benchmark
118
Nov-17 72.37 3.59 0.22 20.89 0.93 2.00 100.00
Cash Placement with Banks and DFIs Equity* T Bills PIBs TFCs / Sukkuks MTS / Spread Transactions Other including receivables Total
Oct-17 87.03 3.48 0.24 7.58 0.79 0.89 100.00
* Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided.
108
Nov-17
Jul-17
Sep-17
May-17
Mar-17
Jan-17
Nov-16
Sep-16
Jul-16
Mar-16
May-16
Jan-16
Nov-15
Jul-15
Sep-15
May-15
Mar-15
Jan-15
List of TFC/Sukuks Holdings (%) Nov-14
98
Annualized performance1
Performance (%)
Investment philosophy
Non Compliant Investments under Circular 07/2009 Name of Investment
Type
Value before provision
Provision held (if any)
Value after provision
% of Net Assets
Azgard Nine a
TFC
6,661,110
(6,661,110)
-
-
-
Azgard Nine b
PPTFCs
31,980,766
(31,980,766)
-
-
-
Sukuk
59,572,782
(59,572,782)
Agritech Ltd.
c
Agritech Ltd.d
PPTFC
Dewan Cement e Azgard Nine
f
TFC
50,000,000
PPTFC
(49,990,000)
-
-
% of Gross Assets
-
-
-
-
-
-
10,000
0.00
0.00
-
-
-
Asset quality (%age of total assets) AA 7.56%
Standard Deviation Expense Ratio* Duration (Yr) WAM (Yr)
A+ 0.07% A14.22% A 13.29%
a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limited’s Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limited’s PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limited’s Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000.
Statistical analysis
Nov-17 7.56 5.58 3.96
Dawood Hercules Sukuk Aspin Pharma (Pvt) Ltd Sukuk - Byco Oil Pakistan Ltd
AA57.74%
AA+ 0.00%
AAA 3.96%
* Govt. securities (0.00%) Disclosure for Sindh Workers' Welfare Fund (SWWF)
Fund 4.2% 1.32% 0.09 1.02
BM 1.0%
Largest Month Gain Largest Month Loss % Positive Months
* This expense ratio is annualized and includes 0.30% government levy, Sindh Worker’s Welfare Fund and SECP fee.
Fund 3.7% -10.3% 92.9%
BM 1.2% 0.0% 100.0%
The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 3,562,144 /-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.12/0.12%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme. 1
Annualized performance return is based as per MUFAP stated methodology.
11
JS Islamic Income Fund (JSIIF) November 2017
MUFAP Recommended Format Annualized performance2
Performance (%)
Investment philosophy The objective of JS Islamic Income Fund (JSIIF) is to generate stable returns and ensure capital preservation over medium to long term, by investing primarily in quality Sukuks, Shariah-compliant Government Securities, Shariah-compliant Bank Deposits and other Shariah-compliant debt instruments.
Fund Benchmark Difference
1M 1.79 2.57 -0.78
6M 3.74 3.01 0.73
1Y 1.35 3.61 -2.26
2Y 3.39 8.52 -5.13
Launch 5.61 6.46 -0.85
NAV to NAV return with dividend reinvestment.
Key information Fund type Category Fund launch date Net Assets (PKR mn) Net Assets Excluding JSIL FoFs (PKR mn) NAV (PKR) #
Open end Shariah Compliant Income Scheme 5 June, 2013 109.95
July August September October November December January February March April May June YTD Benchmark Difference
109.95 102.06
Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Shariah advisor Risk profile Listing Fund stability rating (PACRA) Leverage Management Quality Rating Entity Rating Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO
Annualized performance2
Monthly performance (%)
3
1
BM IIF 0.75% (Exclusive of SST & FED) 1.00% NIL Forward MCB Financial Services Ltd. (Monday to Friday) 3:00 p.m. Grant Thorton Anjum Rahman & Co
M/s. Al Hilal Shariah Advisors (Pvt) Limited Low to Medium PSX AA- (f) NIL AM2 by JCR-VIS A+ (Long Term), A1 (Short Term) by PACRA
FY18 -4.64 -0.47 6.50 2.90 1.79
1.17 2.78 -1.61
FY17 4.22 4.20 4.69 9.15 9.62 -6.16 -2.06 -0.13 -1.95 1.90 2.41 16.77 3.58 4.21 -0.63
FY16 4.58 3.98 -0.12 2.33 1.56 6.75 -1.27 3.34 7.50 4.03 6.06 4.33 3.66 5.49 -1.83
FY15 2.42 3.13 4.26 6.45 5.54 5.80 12.25 5.95 8.08 7.13 7.42 4.05 6.22 7.62 -1.41
FY14 6.83 6.91 7.88 6.81 12.54 9.47 6.55 11.28 13.07 6.10 10.17 4.19 8.80 7.16 1.64
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Asset allocation (%age of total assets) Nov-17 60.76 8.84 26.58 3.82 100.00
Cash Placement with Banks and DFIs TFCs / Sukkuks Other including receivables Total
Mr Asim Ilyas - Fund Manager Mr. Asad Ali - Acting Head of Research
Oct-17 89.51 8.92 0.00 1.57 100.00
Asset quality (%age of total assets)
3 Years Return on PKR 100 Invested in JS Islamic Income Fund Vs Benchmark
120
JSIIF
115
Benchmark AA 0.01%
110
AA+ 0.01%
105
AAA 26.58%
AA0.10%
100 * Govt. securities (0.00)%)
Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17
95
Sukuks allocation - Top Ten Holding TFCs / Sukkuks
Cash
125.0%
Other including receivables
100.0%
100
75.0%
80
50.0%
60
25.0%
40
0.0%
20 -
GoP Ijara Sukkuks
Disclosure for Sindh Workers' Welfare Fund (SWWF)
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Statistical analysis Standard Deviation Expense Ratio* WAM (Yr)
26.58%
Fund 1.3% 2.77% 1.34
BM 0.5%
Largest Month Gain Largest Month Loss % Positive Months
* This expense ratio is annualized and includes 0.28% government levy, Sindh Worker’s Welfare Fund and SECP fee.
Fund 1.4% -0.5% 85.5%
BM 0.7% 0.0% 100.0%
The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,691,908/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.57/1.54%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. 1.
From 18th Aug ‘17 the performance benchmark of the scheme shall be “Six (6) months average deposits rate of three (3) A rated scheduled Islamic banks or Islamic windows of conventional banks as selected by MUFAP.
2. 3.
Annualized return is based as per MUFAP stated methodology. The fund had converted from a Shariah Compliant Government Securities Fund to a th Shariah Compliant Income Fund effective 18 Aug ’17.
12
JS Capital Protected Fund V (JSCPF_V) November 2017 MUFAP Recommended Format
Investment philosophy JS Capital protected Fund V aims at protecting investor capital through the investment structure by placing 88% of the Fund’s Deposited property as term deposit(s) with Bank Alfalah Limited, having rating of “AA” with a positive outlook (Capital Protected Portion). The remaining Investment Portion of the Fund shall be invested in equity market or any other Authorized Investment instrument.
Performance (%) Fund Benchmark Difference
1M 6M 0.16 -0.47 0.47 1.45 -0.31 -1.92
1Y 2.97 5.45 -2.48
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Contingent Load
Open end Capital Protected Scheme 30 May, 2016 254.41 101.48
July August September October November December January February March April May June YTD Benchmark Difference
1
105 100
Equity sector breakdown (%)
Placement with Banks and DFIs
Equity
Nov-17
Oct-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Benchmark
Mar-17
Feb-17
Dec-16
Nov-16
Oct-16
Sep-16
Aug-16
Jan-17
JSCPF_V
-0.21 1.47 -1.68
FY17 -0.20 0.83 0.91 -0.08 0.97 0.83 0.89 0.24 0.42 0.63 0.40 -0.26 5.71 6.37 -0.66
FY16 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.10 0.10 0.15 -0.05
Asset allocation (%) Cash Equity TDR Placement with Banks and DFIs Total
110
FY18 0.31 -0.75 0.31 -0.24 0.16
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Mr. Syed Ali Turab Alvi-CSO Mr. Asad Ali - Acting Head of Research Mr. Syed Sanakhawan - Fund Manager
3 Years Return on PKR 100 Invested in JS Capital Protected Fund V Vs Benchmark
Jul-16
Avg. Ann.* 3.69 5.31 -1.63
Monthly performance (%)
BM 1.00% (Exclusive of SST & FED) 1.00% NIL Up to 2.0% of NAV during the first 12 months and three weeks Up to 1.0% of NAV during the last 12 months and three weeks Forward MCB Financial Services Limited (Monday to Friday) 3:00 p.m. Grant Thornton Anjum Rahman Chartered Accountants Very Low PSX NIL CP2+ (CP Two plus) by PACRA AM2 by JCR-VIS
Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage Capital Protection Rating Management Quality Rating Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO
TDR
100 98 96 94 92 90 88 86 84
Automobile Assembler Miscellaneous Glass & Ceramics Engineering Oil & Gas Marketing Companies Others Total
Nov-17 0.44 1.32 7.21 91.03 100.00
Oct-17 0.64 5.16 2.74 91.46 100.00
Nov-17 0.62 0.32 0.19 0.19 0.00 0.00 1.32
Oct-17 0.94 0.29 0.46 1.21 0.31 1.95 5.16
Top holding (%age of total assets) Indus Motor Co. Ltd. Synthetic Products Enterprises Ltd. Tariq Glass Industries Ltd. Ittefaq Iron Industries Ltd. Pakistan State Oil Co. Ltd. n/a n/a n/a n/a n/a
Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17
1
0.62 0.32 0.19 0.19 0.00 n/a n/a n/a n/a n/a
The benchmark of the Fund for any period of return shall be the “Weighted Average Daily Return of KSE-100 Index and Three (3) Months Deposit Rate of a Double A minus (AA-) or above rated Bank based on the Fund’s actual Proportion in the Investment and Capital Protection Portions”.
“Capital protection only applies to unit holders who hold their investments until the maturity date”
Statistical analysis Standard Deviation Expense Ratio*
Launch 5.60 8.10 -2.50
* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.
Key information
95
2Y n/a n/a n/a
Fund 1.7% 2.15%
Beta Largest Month Gain Largest Month Loss % Positive Months
Fund 1.1 1.0% -0.7% 73.7%
BM 1.0 1.3% -0.2% 89.5%
Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 304,253/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.12/0.12%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme.
* This expense ratio is annualized and includes 0.24% government levy, Sindh Worker’s Welfare Fund and SECP fee.
13
JS Pension Savings Fund (JS PSF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile.
Equity Sub Fund
Fund type Open end Category Voluntary Pension Scheme Fund launch date 26 June, 2007 n/a Benchmark Management fee 1.50% (Exclusive of SST & FED) Front-end Load 3.00% Back-end Load NIL Pricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd. Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Auditor KPMG Taseer Hadi & Co Risk profile Investor dependent Leverage NIL Management Quality Rating AM2 by JCR-VIS Entity Rating A+ (Long Term), A1 (Short Term) by PACRA Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO Mr. Syed Sanakhawan - Fund Manager Mr. Asad Ali - Acting Head of Research
July August September October November December January February March April May June YTD
465.93 232.25 186.90
3 Years Return on PKR 100 Invested in JS Pension Saving Fund
155 PSF-Equty
145
PSF-Debt
PSF-MM
135 125 115 105
Oct-17
Sep-17
Aug-17
Jul-17
Jun-17
Nov-17
Sep-17
Jul-17
May-17
Mar-17
Jan-17
Nov-16
Sep-16
Jul-16
May-16
Mar-16
Jan-16
Nov-15
Sep-15
Jul-15
May-15
Mar-15
Jan-15
95
Nov-14
Launch 365.97 132.27 86.92
Equity FY18 FY17 0.12 3.67 -11.77 3.10 -1.81 6.25 -7.58 -1.66 1.40 8.43 9.81 2.96 0.49 0.89 3.81 5.20 -6.81 -18.72 41.25
Annualized performance1
Debt 1 FY18 FY17 3.86 7.38 3.54 3.43 3.97 3.25 3.67 0.59 3.47 4.23 3.61 13.90 3.30 3.80 3.22 4.14 3.36 3.72 4.63
May-17
Equity Cash Equity Other including receivables Total Debt Cash Equity* TFCs / Sukkuks T Bills & PIBs Other including receivables Total Money Market Cash Placement with Banks Equity* T Bills Other including receivables Total
80 60 40 20 0 Other
JS Pension Equity
T Bills & PIBs
Cash
T Bills
JS Pension Debt
Cash
Other
JS Pension Money Market
Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2,462,894/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 4.22 (ESF), Rs. 0.48(DSF), Rs. 0.37 (MMF) / 0.91% (ESF), 0.21% (DSF), 0.20% (MMF). For details investors are advised to read the Note 8.1 of the latest Financial Statements of the Scheme.
Annualized performance return is based as per MUFAP stated methodology.
Nov-17 2.77 93.18 4.05 100.00 Nov-17 5.42 0.09 7.11 87.24 0.14 100.00 Nov-17 19.53 0.66 79.62 0.19 100.00
Oct-17 2.12 96.99 0.89 100.00 Oct-17 3.59 0.11 96.20 0.11 100.00 Oct-17 6.90 0.77 92.11 0.22 100.00
* Under debt-swap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC, these PPTFCs in sub funds had been fully provided.
Equity sector breakdown (%) Oil & Gas Exploration Companies Engineering Power Generation & Distribution Automobile Assembler Commercial Banks Others Total
100
Cash
MM 1 FY18 FY17 4.53 10.72 1.40 3.03 4.46 3.47 1.20 0.72 2.61 6.91 3.46 12.87 2.49 3.91 0.79 2.88 0.40 2.84 4.42
Asset allocation (%)
NAV (PKR) JS-PSF - Equity Sub Fund JS-PSF - Debt Sub Fund JS-PSF - MM Sub Fund
Equity
5Y 239.75 32.88 34.57
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
208.28 168.09 117.75
1
3Y 19.44 18.04 14.12
Monthly performance (%)
Net Assets (PKR mn) JS-PSF - Equity Sub Fund JS-PSF - Debt Sub Fund JS-PSF - MM Sub Fund
Nov-17
1Y -5.19 4.60 3.49
NAV to NAV return with dividend reinvestment.
Key information
165
Debt Sub Fund 1 1 MM Sub Fund
1M 1.40 3.47 2.61
Nov-17 13.12 11.22 8.41 7.93 7.59 44.91 93.18
Oct-17 11.40 13.14 7.52 8.14 4.17 52.62 96.99
Top holding (%age of total assets) Mari Petroleum Co. Ltd. Indus Motor Co. Ltd. The Hub Power Co. Ltd. Attock Petroleum Ltd. Century Paper & Board Mills Ltd. International Industries Ltd. Shifa International Hospitals Ltd. Pak Elektron Ltd. Agriautos Industries Ltd. Thal Ltd.
9.93 5.92 5.77 5.32 4.89 4.69 4.67 4.66 4.58 4.14
14
VPS - SHARIAH COMPLIANT FUND
JS Islamic Pension Savings Fund (JS IPSF) November 2017 MUFAP Recommended Format
Investment philosophy
Performance (%)
JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile.
Equity Sub Fund Debt Sub Fund 1 1 MM Sub Fund
1M 1.22 3.52 2.79
1Y -9.93 2.09 2.75
3Y 30.11 14.02 11.57
5Y 210.10 26.33 23.64
Launch 537.96 96.52 69.97
NAV to NAV return with dividend reinvestment.
Key information
July August September October November December January February March April May June YTD
NAV (PKR) JS-IPSF - Equity Sub Fund JS-IPSF - Debt Sub Fund JS-IPSF - MM Sub Fund
640.61 197.35 170.68
3 Years Return on PKR 100 Invested in JS Islamic Pension Saving Fund IPSF-Debt
Debt FY18 FY17 -6.23 8.31 1.50 4.94 2.24 4.57 3.48 8.07 3.52 14.20 -2.19 8.66 0.00 -1.57 1.07 2.06 12.57 0.87 5.17
1
MM FY18 FY17 -0.90 2.96 1.67 2.73 2.01 3.11 2.49 5.08 2.79 6.92 1.25 9.45 1.71 0.49 2.39 2.52 6.71 1.60 3.85
Asset allocation (%)
148.34 79.84 64.81
IPSF-Equty
Equity FY18 FY17 -0.54 4.52 -11.30 3.09 -1.30 7.76 -8.37 -3.66 1.22 10.64 7.42 3.64 -1.11 2.01 4.49 2.34 -7.14 -19.23 38.01
1
Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.
Net Assets (PKR mn) JS-IPSF - Equity Sub Fund JS-IPSF - Debt Sub Fund JS-IPSF - MM Sub Fund
195
Annualized performance1
Monthly performance (%)
Fund type Open end Category Shariah Compliant Voluntary Pension Scheme Fund launch date 16 June, 2008 n/a Benchmark Management fee 1.50% (Exclusive of SST & FED) Front-end Load 3.00% Back-end Load NIL Pricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd. Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Auditor KPMG Taseer Hadi & Co Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Risk profile Investor dependent Leverage NIL Management Quality Rating AM2 by JCR-VIS Entity Rating A+ (Long Term), A1 (Short Term) by PACRA Investment Committee Members Mr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO Mr. Khawar Iqbal - CFO Mr. Syed Ali Turab Alvi-CSO Mr. Syed Sanakhawan - Fund Manager Mr. Asad Ali - Acting Head of Research
IPSF-MM
175 155
Equity Cash Equity Other including receivables Total Debt Cash IJARA Sukuk Bond Other including receivables Total Money Market Cash IJARA Sukuk Bond TDR Other including receivables Total
Nov-17 8.32 85.64 6.03 100.00 Nov-17 25.62 72.65 1.72 100.00 Nov-17 51.28 29.26 18.32 1.13 100.00
Oct-17 4.53 94.48 0.99 100.00 Oct-17 31.76 66.87 1.37 100.00 Oct-17 53.29 29.42 15.35 1.94 100.00
Nov-17 13.79 10.28 9.69 8.82 6.58 36.49 85.64
Oct-17 11.88 9.50 9.30 7.70 7.15 48.95 94.48
Equity sector breakdown (%)
135 115
Nov-17
Oct-17
Sep-17
Aug-17
Jul-17
Jun-17
Nov-17
Sep-17
Jul-17
May-17
Mar-17
Jan-17
Nov-16
Sep-16
Jul-16
May-16
Mar-16
Jan-16
Nov-15
Sep-15
Jul-15
May-15
Mar-15
Nov-14
Jan-15
95
May-17
Oil & Gas Exploration Companies Miscellaneous Engineering Power Generation & Distribution Cable & Electrical Goods Others Total
100
Top holding (%age of total assets) 80 60 40 20 0 Equity
Cash
Other
JS Islamic Pension Equity
Ijara
Cash
Other
JS Islamic Pension Debt
Ijara
Cash
TDR
Other
JS Islamic Pension Money Market
Disclosure for Sindh Workers' Welfare Fund (SWWF)
Mari Petroleum Co. Ltd. Synthetic Products Enterprises Ltd. The Hub Power Co. Ltd. Thal Ltd. Attock Petroleum Ltd. Pakistan National Shipping Corporation Ltd. Shifa International Hospitals Ltd. Pak Elektron Ltd. Oil & Gas Development Co. Ltd. Agriautos Industries Ltd.
9.57 5.64 5.53 5.39 4.99 4.75 4.63 4.45 4.22 3.78
The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,496,429/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 5.55 (ESF), Rs. 0.32 (DSF), Rs.0.21 (MMF) / 0.87% (ESF), 0.16% (DSF), 0.13% (MMF). For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. 1
Annualized performance return is based as per MUFAP stated methodology.
15
JS Performance Summary November 2017
Performance Summary of JSIL Funds November 2017 Fund Category
Fund Name
FY 12
FY 13
FY 14
FY 15
FY 16
FY 17
FY 18
Average Trailing One Annualised Year Return Return ***
CONVENTIONAL FUNDS
Equity
JS Growth Fund
17.92%
56.91%
40.12%
12.42%
3.88%
37.56%
-16.25%
10.00%
Benchmark
2.90%
35.95%
25.96%
5.67%
0.37%
17.92%
-14.40%
5.22%
-6.32%
JS Value Fund**
15.25%
64.30%
35.52%
9.72%
13.72%
25.53%
-18.98%
8.34%
-10.68%
Benchmark** JS Large Cap. Fund
-6.36%
2.90%
35.95%
25.96%
5.67%
0.37%
17.92%
-14.40%
2.69%
-6.32%
14.87%
54.57%
39.64%
31.74%
4.77%
44.30%
-15.85%
15.54%
-1.32%
2.90%
35.95%
25.96%
5.67%
0.37%
17.92%
-14.40%
8.34%
-6.32%
JS Income Fund*
13.07%
10.60%
7.67%
10.65%
6.33%
7.04%
5.40%
14.58%
5.79%
Benchmark*
13.01%
10.38%
10.30%
9.35%
6.70%
6.27%
6.22%
16.38%
6.32%
Unit Trust Of Pakistan
16.60%
42.01%
23.56%
13.52%
6.98%
24.49%
-14.51
15.46%
-4.63%
Benchmark
8.37%
22.77%
18.21%
7.85%
3.84%
12.09%
-9.24%
11.98
-2.85%
Money Market
JS Cash Fund*
11.65%
9.11%
8.21%
9.30%
5.71%
5.71%
4.95%
11.55%
5.60%
Benchmark*
10.12%
8.98%
8.73%
8.20%
5.74%
5.29%
5.23%
10.69%
5.36%
Capital Protected
JS Capital Protected Fund V
n/a
n/a
n/a
n/a
0.10%
5.71%
-0.21%
3.69%
2.97%
Benchmark
n/a
n/a
n/a
n/a
0.15%
6.37%
1.47%
5.31%
5.45%
Fund of Funds
20.00%
21.01%
40.09%
21.37%
Fund of Funds Benchmark
9.88%
26.91%
19.79%
Benchmark Income
Balanced
Fund of Funds
20.44%
-12.75%
12.90%
-1.55%
21.16%
9.08% 3.98%
15.74%
-12.10%
8.43%
-6.91%
-8.47%
SHARIAH COMPLIANT FUNDS Shariah Compliant Equity
JS Islamic Fund
25.84%
45.51%
38.43%
42.90%
5.88%
46.06%
-18.41%
16.46%
KMI 30
13.57%
54.41%
29.89%
20.10%
15.53%
18.80%
-13.36%
14.56%
-4.67%
Shariah Compliant Income
(JS Islamic Government Securities Fund)
JS Islamic Income Fund*
n/a
6.03%
8.80%
6.22%
3.66%
3.58%
1.17%
5.61%
1.35%
Benchmark*
n/a
6.70%
7.16%
7.62%
5.49%
4.21%
2.78%
6.46%
3.61%
SHARIAH COMPLIANT FUND OF FUNDS
JSIHFOF - Mustahkem
n/a
n/a
n/a
n/a
n/a
-0.72%
-3.69%
-4.38%
n/a
Benchmark
n/a
n/a
n/a
n/a
n/a
-1.80%
-2.61%
-4.36%
n/a
SHARIAH COMPLIANT FUND OF FUNDS
JSIHFOF - Munafa
n/a
n/a
n/a
n/a
n/a
-2.14%
-16.69%
-18.47%
n/a
Benchmark
n/a
n/a
n/a
n/a
n/a
-4.97%
-11.34%
-15.75%
n/a
JSIHFOF - Mustanad*
n/a
n/a
n/a
n/a
n/a
0.19%
9.22%
8.62%
n/a
Benchmark*
n/a
n/a
n/a
n/a
n/a
0.01%
2.05%
1.79%
n/a
SHARIAH COMPLIANT FUND OF FUNDS
JSIHFOF - Mutanasib
n/a
n/a
n/a
n/a
n/a
-1.62%
-16.22%
-17.58%
n/a
Benchmark
n/a
n/a
n/a
n/a
n/a
-3.72%
-11.70%
-14.98%
n/a
SHARIAH COMPLIANT FUND OF FUNDS
JSIHFOF - Mufeed
n/a
n/a
n/a
n/a
n/a
-2.08%
-16.85%
-18.58%
n/a
Benchmark
n/a
n/a
n/a
n/a
n/a
-4.41%
-11.90%
-15.78%
n/a
JS Islamic Active Allocation Plan - I
n/a
n/a
n/a
n/a
n/a
n/a
0.24%
n/a
0.24%
Benchmark
n/a
n/a
n/a
n/a
n/a
n/a
-0.01%
n/a
-0.01%
SHARIAH COMPLIANT FUND OF FUNDS
SHARIAH COMPLIANT FUND OF FUNDS
VOLUNTARY PENSION SCHEME Equity Sub Fund
JS Pension Savings
17.09%
78.21%
61.51%
22.91%
3.35%
41.25%
-18.72%
15.89%
-5.19%
Debt Sub Fund
JS Pension Savings*
11.15%
11.42%
4.36%
10.75%
5.30%
4.63%
3.72%
8.41%
4.60%
Money Market Sub Fund
JS Pension Savings*
10.72%
11.34%
6.91%
6.69%
4.11%
4.42%
2.84%
6.18%
3.49%
Equity Sub Fund
JS Islamic Pension Savings
18.29%
55.71%
49.02%
32.03%
4.13%
38.01%
-19.23%
21.63%
-9.93%
Debt Sub Fund
JS Islamic Pension Savings*
10.03%
7.86%
6.76%
3.90%
3.92%
5.17%
0.87%
7.40%
2.09%
Money Market Sub Fund
JS Islamic Pension Savings*
9.68%
6.56%
6.64%
5.32%
2.42%
3.85%
1.60%
5.77%
2.75%
* All returns are Annualized
** Average annualized Return since last ten year as per Morning Star Forumla *** Average annualized Return since inception as per Morning Star Forumla
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