From the CEO’s desk - AWT Investments Manager Report... · 2018-07-02 · unbiased investment...

From the CEO’s deskFund Manager’s Report - March 2014

Economic Snapshot

Key Economic Indicators

Equity Market Review

Money Market Review

The past month remained very happening as some major events remained in the limelight throughout the month. To begin with, the Eurobond issued by Pakistan was oversubscribed by four times with total amount of USD 2bn, secondly the long awaited 3G/4G spectrum auction was successfully carried out by the government with total proceeds of USD 1.1bn, where Zong won both 3G and 4G licenses and Mobilink, Ufone and Telenor won only 3G license, while Warid did not participate in the auction. Financial advisors for the government’s divestment in OGDC, PPL and UBL were appointed during the month and announcement of increase in Pakistan’s weight in MSCI FM to 8.9% from previous 4.4% also played its role in boosting investor’s con�dence.Macroeconomic indicators also performed well during the month as forex reserves increased by 16% to USD 11.74bn as compared to reserves of USD 10.07bn in the month of March, which provided support to stabilize domestic currency. Large scale manufacturing also showed a growth of 5.1% during 8MFY14, higher than government’s full year target of 4%. Fiscal de�cit for the 9MFY14 declined to 3.1% of GDP (PKR 815bn) as compared to 4.6% (PKR 1046bn) in the corresponding period, while current account de�cit widened to 1.2% (USD 2.1bn) of GDP as compared to 0.7% (USD 1.2bn) in the corresponding period. However, CPI in�ation for the month of April surprised the investors as it was recorded at 9.18% against last month’s in�ation of 8.5%, leading to average FYTD in�ation of 8.67%. 2.1% rise in food in�ation and 9.8% rise in education expense led to MoM uptick of 1.7% in CPI in�ation. Though macroeconomic indicators are performing well, hike in in�ation may lead to status quo in upcoming monetary policy, whereas announcements related to budget for FY15 will set the direction for economy and capital markets going forward.

The equity market continued its rally in the month of April and earned a return of 6.5% after 5.3% hike in March. The major trigger for the market this month was announcement of increase in Pakistan’s weight in MSCI Frontier markets to 8.9% from 4.4%, which led to strong market participation by foreigners as net FIPI in�ow surged to USD 92mn, highest monthly in�ow during this �scal year. Trading volumes of the index spiked up by 35% MoM as daily average trading volumes were recorded at 206mn shares as compared to 153.4mn shares during the previous month. The index reached its all time high level of 29,458 points during the month, but dropped by 1.9% from that level and closed at 28,913 points largely due to institutional pro�t taking. Other important developments during the month, which kept the investors participation elevated, were successful issuance of Eurobonds worth USD 2bn, auction of 3G/4G spectrum license carried out by GOP and appointment of �nancial advisors for secondary o�ering of OGDC, PPL AND UBL.Sector wise performance shows that the top performing sectors during the month were Autos (13.8%, on margin improvement owing to strong PKR against other curriences), Banks (12.1%, heavy participation in high yield PIBs), Non life insurance (11.7%), Cements (7.2% on strong local demand) and electricity (5.4%). On the other hand, underperformers were Telecoms (-6.9%, on consideration of ICH structure and ASR rates), Textiles (-0.7%, on stronger PKR).In the months ahead, we expect market to remain volatile as announcements related to policy rate and budgetary measure may move the market in both directions.SBP conducted two T-Bill auctions during the month. Target of the �rst auction (2 April) was PKR 125 billion

against which SBP accepted PKR 44 billion (maturities PKR 94 billion). Cut o� for the 3-month, 6-month and 1 year were 9.9564%, 9.9791%, 9.99% respectively. Target for the second auction (16 April) was PKR 500 billion against which SBP accepted PKR 300 billion (maturities PKR 644 billion). Cut o� for the 3-month and 6-month and 1 year were 9.9564%, 9.9791% and 9.99% respectively. SBP also conducted a PIB auction on 23 April with a target of PKR 100 billion and accepted amount was 450 billion. Cut o� for 3,5 and 10 years PIBs came at 12.09%, 12.5521% and 12.9016% respectively.

The period under review started o� well with good news for investors!!! Primus has successfully launched the PIML-INCOME FUND, which right from the day of its inception has outperformed its benchmark by magnanimous 17.65% posting a return of 27.33%. We invite you to visit us or contact our account executives to bene�t from this low risk and high returning fund.On the equity front, markets were an investor’s nirvana – until very recently. Market in late last year and this year spent most of its time in the sweet spot of investing where risk taking is rewarded. Structurally, rising stars tend to o�er the best risk adjusted return potential. We focus on identifying those rising stars and, conversely, avoiding “falling angels” – We �nd a number of rising stars, especially in the cyclical sectors that are bene�tting from the improved economic environment, such as the automotive, construction material and oil sector. The current environment of improving growth and disappointing in�ation keeps central bank engaged and is supportive for risk assets.Is the sky falling in the bond market? Many, before the last monetary policy, thought so, and after a period of cloudiness, fears returned. With rising in�ation it seems that fears will again be unfound. On the international front, The US economy is shifting into a fast gear, but interest rates remain low, part of the reason is that while economic growth is accelerating, there is still little evidence of in�ation. Price levels have been relatively stable in recent in�ation readings and wages aren’t really growing. This means the Federal Reserve is under no real pressure to raise interest rates any time soon.European economies, core and peripheries alike, continue to improve. Although the recovery is moving in the right direction, eurozone growth remains signi�cantly below the US and the UK. While both the US Federal Reserve and the Bank of England are contemplating the beginning of a rate hiking cycle in 2015, the European Central Bank (ECB) is moving in the opposite direction.Ukraine remains in the spot light, with Russians giving full support to Putin to handle the situation with severity. USA is stuck in this situation because sanctions on Russia would create problems for Europe as Russia is the major supplier of gas to Europe. The only choice left for Europe would be Iran, whose gas pipelines are already spread till Turkey!!!!We believe it’s our responsibility to help investors of all sizes, to succeed in the New World of Investing. We were built to provide the global market insight, breadth of capabilities, unbiased investment advice and deep risk management expertise these times require. Investing with PRIMUS gives you access to every asset class and investment style, as well as extensive market intelligence and risk analysis, to help build the dynamic, diverse portfolios �exible with the changing times.When you invest with PRIMUS, you invest with con�dence. We believe in a disciplined and methodical approach to investing. It is the foundation of everything we do and the best way to create long term value for investors. PRIMUS is one of the top mutual fund companies in Pakistan whose strength and credibility have made it one of the most respected �nancial institutions.We will do our best to re�ect all this in positioning the savings and investments you have entrusted to us to manage. We will be emphasizing the importance of economic growth and work very hard to identify opportunities that remain attractive. We will seek to navigate this environment for you by maintaining a higher degree of operational agility and a solid dose of resilience.Thank you for the trust you have placed in us. We value your con�dence, and will continue to work diligently to meet your expectations. If you have any query regarding any of your PRIMUS funds investments please contact your account manager at 0092-213-529-0006. We also invite you to visit our website www.primusinvestments.com to learn more about our fund, views and thought leadership.

Regards, CEO

Apr-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14External Sector IndicatorsOverall Balance of Payments USD million (327) (351) (529) 211 (261) 916 1,049 n.aCurrent Account Balance USD million (354) (96) (584) 173 (473) 164 (156) n.aExports USD million 2,186 2,068 1,844 2,358 2164 2,074 2,152 n.aImports USD million 3,429 3,616 3,177 3,563 3595 3,136 3,382 n.aWorker's Remittances USD million 1,216 1348 1,130 1,385 1,246 1,210 1,337 n.aForeign Direct Investment USD million 232 52.8 47.1 85 106.9 79.2 63.5 n.aForeign Portfolio Investment USD million 220 33.6 (73.0) 17 31.5 1.1 -5.4 n.aForex Reserves USD billion 11.81 9.52 8.25 8.31 7.99 8.74 10.07 11.74Exchange Rate against PKRUSD Month Avg. 98.31 106.27 108.56 107.51 106.97 105.39 99.97 98.79Inflation IndicatorsGeneral CPI YoY change 5.8% 9.1% 10.9% 9.2% 7.9% 7.9% 8.5% 9.2%Food CPI YoY change 5.5% 9.8% 13.0% 9.3% 7.2% 7.6% 9.3% 9.9%Core (NFNE) YoY change 8.7% 8.4% 8.50% 8.2% 8.0% 7.8% 7.6% 8.5%Core (Trimmed) YoY change 7.6% 9.0% 9.20% 8.7% 8.2% 8.1% 8.1% 9.0%Monetary GrowthBroad Money (M2) YoY growth 14.1% 14.2% 14.2% 14.4% 13.1% 12.9% 11.9% 12.7%GoP's Borrowing from SBP YoY growth 20.3% 83.6% 78.0% 69.1% 77.1% 64.2% 35.1% 32.2%Pvt. Sector Credit YoY growth 3.7% 1.1 1.0% 1.9% 3.8% 4.4% 4.0% 5.3%Interest RatesSBP Policy Rate Current 9.50% 9.50% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%6 Month KIBOR Month Avg. 9.58% 9.55% 10.08% 10.15% 10.19% 10.13% 10.18% 10.20%12 Month KIBOR Month Avg. 9.91% 10.02% 10.43% 10.48% 10.47% 10.43% 10.47% 10.45%3 Month T-Bill Yield Month Avg. 9.40% 9.32% 9.86% 10.12% 9.97% 9.95% 10.01% 9.97%6 Month T-Bill Yield Month Avg. 9.43% 9.46% 9.97% 10.15% 9.99% 9.97% 10.00% 9.98%12 Month T-Bill Yield Month Avg. 9.51% 9.77% 10.09% 10.22% 10.01% 9.99% 10.00% 10.00%10 Year PIB Yield Month Avg. 11.93% 12.85% 13.08% 12.75% 12.81% 12.80% 12.81% 12.81%

Source: SBP, MoF, PBSn.a.=Not Available

Fund Manager’s Review

Portfolio Allocation (as % of total assets)

Fund Objective

Fund Details

Investment Committee Members

Fund TypeCategoryFund Stability RatingBenchmark

Inception DateDealing DaysCut-o� TimePricing MechanismManagement FeeLoadRisk Pro�leListing

Trustee

AuditorLegal AdvisorFund Manager

Open End

Management Co. Rating AM3 by JCR-VIS

Money Market


Apr‘14

Cash at BanksPlacements with DFIsPlacements with Banks

Total

T-BillsOthers including receivables

Apr‘142.56%

33.82%13.43%

100.00%

49.78%0.41%

Mar‘140.74%

39.73%9.54%

100.00%

49.61%0.39%

Credit Quality of Portfolio (as % of total assets)

AAA (Government Securities)AAAAA+

NR (Others including receivables)Total

Apr‘1449.78%12.47%21.89%

0.41%100.00%

AA 15.45%

Mar‘1449.61%

0.06%29.20%

0.39%100.00%

20.75%

AA+ by PACRA50% 3 months PKRV + 3 months average

Ahmed AteeqRahaila AleemM. Ali KazmiSalman Kazmi

CEOCFO & Company SecretaryChief Investment O�cerFund Manager

Arfeen ZiaAli Kamal

Head of RiskHead of Research

Fund StatisticsNet Asset (PKR mn)

WWF Disclosure

NAV per Unit (PKR)Weighted Average Maturity (days)Sharpe Ratio *

5,012.928100.857154

-3.0877Information RatioStandard Deviation ** Annualized

0.56090.356%

deposit rate of AA & above rated Banks

1st January 2013Daily (days when Banks are open for business)

4.00 pmForward0.45%0% (Front-end) 0% (Back-end)Low RiskIslamabad Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.Deloitte PakistanMohsin Tayebaly & Co.Salman Kazmi

PDRF generated an annualized return of 8.96% versus the benchmark return of 8.74% for the month of April, an outperformance of 22bps. Also, the fund recorded YTD return of 8.81% compared to its benchmark return of 8.42% (an outperformance of 39bps).During April, we increased the weighted average time to maturity of the portfolio from 26 days to 54 days by increasing our exposure towards slightly longer duration government securities. We positioned 50% T-bill portfolio in order to take full advantage of yield curve movement which attributed in decent mark-to-market gains. Further, the placement with DFIs and Banks constituted 34% and 13% of net assets respectively, at attractive rates. Thus, the fund was able to generate competitive returns for the month.Going forward, we tend to maintain exposure in longer duration maturities and take advantage of any movement in the yield curve.

The objective of the fund is to generate consistent returns with minimal risk by investing primarily in Government Securities, cash and near cash instru-ments

* Please note that WWF liability for PRIMUS Daily Reserve Fund till the close of �nancial year ended June 30, 2013 since inception will be borne by the management company *The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs.7,705,943, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.1550/ 0.18% enhancing the YTD return to 9% p.a”

Fund PerformanceSince Inception 9.47% 9.34% 8.26% 8.81% 8.42%

*Simple Annualized**Morning Star

***Average of reporting period n.a = not applicable

PDRF* PDRF** Benchmark***

-

PDRFFYTD

-8.96% 9.34% 8.74%Apr-148.98% 9.36% 8.65%Mar-14 - -

BenchmarkFYTD

Fund Manager’s Report - April 2014Daily Reserve Fund

Portfolio Allocation (as % of total assets) Mar‘14Placements with DFIs

39.73%Placements with

Banks9.54%

Others including receivables

0.39%

Cash at Bank0.74%

T-Bills49.61%

“MUFAP’s Recommended Format”

Placements with Banks13.43%

Placements with DFIs33.82%

T-Bills49.78%

Cash at Bank2.56%


0.41%

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%

Jan-

13

Feb-

13

Mar-1

3

Apr-1

3

May-1

3

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct-1

3

Nov-1

3

Dec-1

3

Jan-

14

Feb-

14

Mar-1

4

Apr-1

4

Benchmark PDRF


Portfolio Allocation (as % of total assets)Fund Objective

Fund Details


Fund TypeCategoryFund Stability Rating

Benchmark


Trustee


Open EndIncome Scheme


Placements with Banks

Cash at Bank

T-Bills

Total

Apr‘14

Apr‘14

Apr‘14

3.95%

0.76%

23.66%Others including receivables 2.11%

100.00%


AAA (Government Securities) 87.64%AAA 4.70%AA+ 5.54%

Total 100.00%

Placements with DFIs 5.54%

AA 0.00%NR (Others including receivables) 2.11%

Mar‘14

Mar‘14

0.00%

1.41%PIBs 63.98% 0.00%

89.70%0.08%

100.00%

89.70%0.34%

8.82%

100.00%

8.81%

1.06% 0.08%

Rating in process70% 6 month Kibor & 30% average of 6 month depositrate of 3 banks rated AA- and above




Arfeen ZiaAli Kamal



WWF Disclosure


4,308.036102.365

-0.0191Information RatioStandard Deviation ** Annualized

0.13551.345%

17th April 2014Daily (days when Banks are open for business)

4.00 pmForward1.00%0% (Front-end) 0% (Back-end)Low RiskKarachi Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.M.Yousuf Adil Saleem & Co. ‘Chartered Accountants’

Mohsin Tayebaly & Co.Salman Kazmi

PIML Income Fund generated an outstanding return of 27.33% against the benchmark return of 9.68% for the month of April (massive outperformance of 17.65%). FYTD return of the fund also improved signi�cantly by 2.09% MoM to close at 9.85%. This outperformance was primarily attributed to (i) the major shift in asset mix where the funds’ scheme was changed to income scheme from money market category, (ii) building-up of PIB inventory and (iii) hefty mark-to-market gains in PIBs.The portfolio duration of the fund enhanced from 29 days in March to 764 days in April, on the back of increased exposure towards medium to long term government bonds, while taking advantage of the attractive yields o�ered by the PIBs.At month end, government securities constituted 90% (T-bills 24.31% & PIBs 65.71% of net asset) compared to 91% T-bills holding in March. The fund size grew considerably by 60% during the month to close at PKR 4.308 billion.Going forward, we tend to maintain high duration portfolio in anticipation of additional gains from government securities, translating into competitive returns.

The objective of the fund is to generate consistent returns with minimal risk by investing primarily in Government Securities, cash and near cash instruments

The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs. 8,182,737, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.1944/ 0.23% enhancing the YTD return to 10.08% p.a”

Fund PerformanceSince Inception 9.64% 9.33% 9.50%



PIML IF* PIML IF** Benchmark***PIML IFFYTD

- -27.33% 31.03% 9.68%Apr-147.98% 8.27% 9.97%Mar-14 - -

9.85% 9.50%

BenchmarkFYTD

Fund Manager’s Report - April 2014PIML Income Fund (PIML-IF) (formerly; PRIMUS Cash Fund PCF)

Portfolio Allocation (as % of total assets) Mar‘14Placements with

Banks8.81%

T-Bills89.70%Cash at Bank

1.41%


0.08%


Placements with Banks3.95%

Placements with DFIs

5.54%PIBs

63.98%

T- Bills23.66%

Cash at Bank0.76%


2.11%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Aug-

12Se

p-12

Oct-1

2No

v-12

Dec-1

2Ja

n-13

Feb-

13Ma

r-13

Apr-1

3Ma

y-13

Jun-

13Ju

l-13

Aug-

13Se

p-13

Oct-1

3No

v-13

Dec-1

3Ja

n-14

Feb-

14Ma

r-14

Apr-1

4

Benchmark PCF

Apr‘14

Fund Performance

Since Inception 8.87% 15.85%**

0.69% 3.97%**Apr-142.86% 3.66%**Mar-14

*Absolute Returns**Weighted Average Returns

PSMAF* Benchmark8.87%

PSMAFFYTD

- -- -

15.85%

BenchmarkFYTD



Fund Objective

Fund Details




Trustee


Open EndBalanced Fund Portfolio Allocation (as % of total assets)

Equity Securities

Others Including ReceiveablesTotal

Total

Cash at Bank

Apr‘1452.72%

9.29%100.00%

21.33%

Apr‘14 Mar‘14

Apr‘14

Sector Allocation (as % of Total Assets)


AAA (Government Securities)AAA

NR (includes equity investments)

16.66%5.24%

62.01%100.00%

PIB 16.66%

AA & Above 0.09%

Mar‘1455.26%

12.53%100.00%

15.51%

Mar‘1416.70%

0.04%

67.79%100.00%

16.70%

5.29%AA- 15.99% 10.18%

N/A


Ahmed Ateeq CEORahaila Aleem CFO & Company SecretaryM. Ali Kazmi Chief Investment O�cerM. Samir Malik, CFA Head of EquityArfeen Zia Head of RiskAli Kamal Head of Research


WWF Disclosure

NAV per Unit (PKR)Sharpe Ratio ^^

116.707108.040.4533

Treynor Ratio^^Standard Deviation *^^

3M PKRV yield used as Risk‐Free rate. ^^ The look back period is 169 working days (Since inception).* Annualized.**^R‐Square measures the correlation between the benchmark and the fund

0.0518Beta^^ 0.8228R-Square**^^^ 45.93%Value at Risk 0.98%

9.39%

23rd August 2013Daily (days when Banks are open for business)

4.00 pmForward2% p.a.2% (Front-end) 0% (Back-end)Moderate to HighKarachi Stock Exchange

Leverage NilCentral Depository Company of PakistanLtd.Deloitte PakistanMohsin Tayebaly & Co.M. Samir Malik, CFA

The Fund generated a return of 0.69%, compared to its benchmark return of 3.97% for the month of April. The underperformance of the Fund is primarily due to the underperfor-mance of the Construction & Material sector due to the sentiment in the market regarding the expansion plans of some cement players, threatening the pricing ability and pro�tability of the entire sector. The volatility in the KSE100 remained high and the index increased by 6.5% due to stronger Macroeconomic developments including 1) Higher than expected Eurobond issue, 2) Higher Reserve buildup 3) 3G Auction, 4) Increased net FIPI in�ow of USD91.9 million due to change in index methodology of the MSCI FM100 thereby increasing the weight of Pakistan from 4.4% to 8.9%. With the rebalancing of our portfolio and expectations of increased construction activity in the country we are hopeful to generate higher returns going forward.

The objective of PIML-SMAF, an open-end balanced scheme, is o�ering retail and institutional clients a product that aims to maximize return and minimize risk. For this purpose, a balanced portfolio is created that has an optimal mix of equity, debt securities and commodity.

The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs. 173,949. if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.1610 / 0.15% enhancing the YTD return to 9.02% p.a”

Fund Manager’s Report - April 2014Strategic Multi Asset Fund


Equity Securities52.72%

PIB16.66%

Cash at Bank21.33%


9.29%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00% Benchmark PSMAF

Construction and Materials (Cement) 17.96% 21.17%Oil and Gas 9.94% 7.09%Electricity 8.33% 9.20%Commercial Banks 6.15% 3.88%Non Life Insurance 3.16% 3.90%Personal Goods (Textile) 2.06% 5.81%Chemicals 1.87% 2.55%Pharma and Bio Tech 1.46% 0.41%Fixed Line Telecommunication 1.19% 1.26%Automobile and Parts 0.59% 0.00%Total 52.72% 55.26%

Top 10 Equity Holdings (as % of T.A.) Apr '141 Pakistan State Oil Co. Ltd. PSO 8.03%2 D.G. Khan Cement Co. Ltd. DGKC 6.89%3 Nishat Chunian Power Ltd. NCPL 4.25%4 Kot Addu Power Co. Ltd. KAPCO 4.08%5 Fauji Cement Co. Ltd. FCCL 3.61%6 Adamjee Insurance Co. Ltd. AICL 3.16%7 Lucky Cement Ltd. LUCK 2.93%8 Maple Leaf Cement Factory Ltd. MLCF 2.89%9 National Bank of Pakistan NBP 2.83%

10 Bank Alfalah Ltd. BAFL 2.01%

KSE 100 index, 3 month PKRV and Daily Closing Pakistan Rupee Spot Gold Prices at the Pakistan Mercantile Exchange Limited (PMEX) based on the weighted average exposure of the scheme to eqquity, debt and gold future contracts during the period under review

Fund Manager’s ReviewThe Fund generated a return of 0.87%, compared to its benchmark return of 3.30% for the month of April. We cautiously increased our exposure to Shariah compliant equity investments and ended the month with exposure of 74.13% in equities, up from 18.73% of net assets, respectively. This gradual increase has been the primary factor contributing to our underperformance for the outgoing month. We have tilted our portfolio in favor of Oil & Gas and Construction & Material sectors and are hopeful that the said sectors will outperform thereby assisting the Fund to meet its benchmark requirements going forward.

Fund Manager’s Report - April 2014Islamic Equity Fund

Apr‘14Portfolio Allocation (as % of total assets)

Fund Objective

Fund Details




Trustee


Open EndIslamic Equity Scheme


Equity Securities

Others Including ReceiveablesTotal

Total

Cash at Bank

Mar‘14

17.94%Shariah Compliant Govt. Securities 0.00%

7.48%100.00%

74.58%

Mar‘14Apr‘14

Mar‘14

Sector Allocation (as % of Total Assets)


AAAAANR (includes equity investments)

0.73%73.85%25.42%

100.00%

Apr‘14

71.21%0.00%

7.90%100.00%

20.90%

Apr‘141.76%

19.14%79.10%

100.00%

N/AKMI - 30 Index


Ahmed Ateeq CEORahaila Aleem CFO & Company SecretaryM. Ali Kazmi Chief Investment O�cerM. Samir Malik, CFA Head of EquityArfeen Zia Head of RiskAli Kamal Head of Research


WWF Disclosure

NAV per Unit (PKR)Sharpe Ratio ^^

109.767101.800.1076

Treynor Ratio^^Standard Deviation *^^

3M PKRV yield used as Risk‐Free rate. ^^ The look back period is 43 working days (Since inception).* Annualized.**^R‐Square measures the correlation between the benchmark and the fund

0.0188Beta^^ 0.3329R-Square**^^^ 54.74%Value at Risk 0.61%

5.82%

4th March 2014Daily (days when Banks are open for business)

4.00 pmForward2% p.a.2% (Front-end) 0% (Back-end)Moderate to HighIn Process

Leverage NilCentral Depository Company of PakistanLtd.KPMG Taseer Hadi & Co.Mohsin Tayebaly & Co.M. Samir Malik, CFA

The objective of PIML-IEF is to achieve long term capital growth by invest-ing mainly in Shariah Compliant listed equity securities.

The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs. 33,483. if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.0311 / 0.03% enhancing the YTD return to 1.83% p.a”


Equity Securities71.21%

Cash at Bank20.90%


7.90%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

March April

Benchmark

PIEF

Oil and Gas 33.12% 3.60%Construction and Materials (Cement) 26.65% 12.88%Personal Goods (Textile) 3.54% 0.00%Automobile and Parts 3.22% 0.00%Fixed Line Telecommunication 2.24% 0.48%Pharma and Bio Tech 1.55% 0.31%Electricity 0.89% 0.00%Chemicals 0.00% 0.68%Total 71.21% 17.94%

Top 10 Equity Holdings (as % of T.A.) Apr '141 Pakistan State Oil Co. Ltd. PSO 12.43%2 Lucky Cement Ltd. LUCK 11.98%3 Pakistan Petroleum Ltd. PPL 7.10%4 Pakistan Oilfields Ltd. POL 6.97%5 Oil & Gas Development Co. OGDC 6.62%6 D.G. Khan Cement Co. Ltd. DGKC 5.39%7 Maple Leaf Cement Factory Ltd. MLCF 4.00%8 Nishat Mills Ltd. NML 3.54%9 Fauji Cement Co. Ltd. FCCL 3.07%

10 Pak Suzuki Motor Co. Ltd. PSMC 2.59%

Fund Performance

Since Inception 1.80% 7.0%**

0.87% 3.3%**Apr-140.92% 3.5%**Mar-14

*Absolute Returnsn.a=not applicable

PIEF* Benchmark1.80%

PIEFFYTD

- -- -

7.0%

BenchmarkFYTD

Fund PerformanceSince Inception 8.81% 9.14% 6.60%



PIMMF* PIMMF** Benchmark***PIMMFFYTD

- -6.39% 6.58% 6.69%Apr-1411.34% 11.95% 6.51%Mar-14 - -

8.81% 6.60%

BenchmarkFYTD


Fund Objective

Fund Details




Trustee


Open EndIslamic Money Market Scheme


Sukuk

Cash at Bank

Total

Mar‘14

Apr‘14

Mar‘14

0.00%

98.96%Others including receivables 1.04%

100.00%


AAA (Government Securities) 0.00%AAA 0.00%AA+ 0.00%

Total 100.00%

GOP Ijara Sukuk - Govt. Backed 0.00%

AA 98.96%NR (Others including receivables) 1.04%

Apr‘14

Apr‘14

0.00%

96.19%3.81%

100.00%

0.00%0.01%

0.00%

100.00%

0.00%

96.17%3.81%

N/A3 month deposit rate of three AA andabove rated Islamic Banks




Arfeen ZiaAli Kamal



WWF Disclosure


118.874101.401-1.2216

Information RatioStandard Deviation ** Annualized

0.33070.704%

4th March 2014Daily (days when Banks are open for business)

4.00 pmForward0.50%2% (Front-end) 2% (Back-end)Low RiskListing in process

Leverage NilCentral Depository Company of PakistanLtd.KPMG Taseer Hadi & CoMohsin Tayebaly & Co.Salman Kazmi

The objective of PIML-IMMF is to seek high liquidity, competitive return and maximum possible preservation of the capital for investors by investing in low risk Shariah Compliant securities.

The scheme has maintained provision against Worker’s Welfare Fund’s liability to the tune of Rs. 162,700, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs. 0.1388/ 0.86% enhancing the YTD return to 9.67% p.a”

Fund Manager’s Report - April 2014Islamic Money Market Fund

Fund Manager’s ReviewPIML Islamic Money Market Fund posted an annualized return of 6.39% versus the benchmark return of 6.69% for the month of April. The fund recorded YTD return of 8.81% compared to its benchmark return of 6.60%. We intend to allocate the portfolio optimally; however, the fund is well placed with liquidity to cash in any opportuni-ties that may arise in Shariah complaint securities/instruments. The weighted average time to maturity of the portfolio is 01 day.


Cash at Bank96.19%


3.81%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Mar-14 Apr-14

Benchmark

IMMF

Portfolio Allocation (as % of total assets) Mar‘14

Cash at Bank98.96%

Others Includingreceivables (NR)

1.04%

Contact Details

Sonam Peswani Head of Marketing, SMAs & Investor ServicesNadeem A. Khan Manager Investor ServicesSha�q ur Rehman Bhatti

+922135290006-9+922135290006-9+923218968076Regional Head Corporate Sales

Asif Ahmed Siddiqui +923002278139Regional Head Corporate Sales

From the CEO’s desk - AWT Investments Manager Report... · 2018-07-02 · unbiased investment...

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